For the quarterly period ended March 31, | 2019 | Commission File Number 0-10592 |
NEW YORK | 14‑1630287 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK | 12302 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (518) 377‑3311 |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
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 |
Common Stock | Number of Shares Outstanding as of April 30, | |
$ |
Part | FINANCIAL INFORMATION | PAGE |
Item 1. | Consolidated Interim Financial Statements (Unaudited): | |
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Interest and dividend income: | ||||||||
Interest and fees on loans | $ | 41,253 | 38,091 | |||||
Interest and dividends on securities available for sale: | ||||||||
U. S. government sponsored enterprises | 783 | 750 | ||||||
State and political subdivisions | 1 | 7 | ||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,555 | 1,763 | ||||||
Corporate bonds | 208 | 133 | ||||||
Small Business Administration-guaranteed participation securities | 297 | 352 | ||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial | - | 42 | ||||||
Other securities | 5 | 5 | ||||||
Total interest and dividends on securities available for sale | 2,849 | 3,052 | ||||||
Interest on held to maturity securities: | ||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 217 | 260 | ||||||
Total interest on held to maturity securities | 217 | 260 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 85 | 77 | ||||||
Interest on federal funds sold and other short-term investments | 3,009 | 2,017 | ||||||
Total interest income | 47,413 | 43,497 | ||||||
Interest expense: | ||||||||
Interest on deposits: | ||||||||
Interest-bearing checking | 121 | 106 | ||||||
Savings accounts | 377 | 419 | ||||||
Money market deposit accounts | 826 | 439 | ||||||
Time deposits | 5,976 | 2,860 | ||||||
Interest on short-term borrowings | 381 | 358 | ||||||
Total interest expense | 7,681 | 4,182 | ||||||
Net interest income | 39,732 | 39,315 | ||||||
Provision for loan losses | 300 | 300 | ||||||
Net interest income after provision for loan losses | 39,432 | 39,015 | ||||||
Noninterest income: | ||||||||
Trustco financial services income | 1,733 | 1,815 | ||||||
Fees for services to customers | 2,520 | 2,645 | ||||||
Other | 384 | 219 | ||||||
Total noninterest income | 4,637 | 4,679 | ||||||
Noninterest expenses: | ||||||||
Salaries and employee benefits | 11,451 | 10,422 | ||||||
Net occupancy expense | 4,167 | 4,315 | ||||||
Equipment expense | 1,902 | 1,751 | ||||||
Professional services | 1,650 | 1,430 | ||||||
Outsourced services | 1,925 | 1,925 | ||||||
Advertising expense | 785 | 630 | ||||||
FDIC and other insurance | 648 | 1,023 | ||||||
Other real estate (income) expense, net | (24 | ) | 372 | |||||
Other | 2,363 | 2,287 | ||||||
Total noninterest expenses | 24,867 | 24,155 | ||||||
Income before taxes | 19,202 | 19,539 | ||||||
Income taxes | 4,644 | 4,731 | ||||||
Net income | $ | 14,558 | 14,808 | |||||
Net income per share: | ||||||||
- Basic | $ | 0.150 | 0.154 | |||||
- Diluted | $ | 0.150 | 0.153 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Interest and dividend income: | ||||||||
Interest and fees on loans | $ | 38,091 | 36,044 | |||||
Interest and dividends on securities available for sale: | ||||||||
U. S. government sponsored enterprises | 750 | 595 | ||||||
State and political subdivisions | 7 | 12 | ||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,763 | 1,958 | ||||||
Corporate bonds | 133 | 151 | ||||||
Small Business Administration-guaranteed participation securities | 352 | 415 | ||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial | 42 | 23 | ||||||
Other securities | 5 | 4 | ||||||
Total interest and dividends on securities available for sale | 3,052 | 3,158 | ||||||
Interest on held to maturity securities: | ||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 260 | 316 | ||||||
Corporate bonds | - | 154 | ||||||
Total interest on held to maturity securities | 260 | 470 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 77 | 134 | ||||||
Interest on federal funds sold and other short-term investments | 2,017 | 1,246 | ||||||
Total interest income | 43,497 | 41,052 | ||||||
Interest expense: | ||||||||
Interest on deposits: | ||||||||
Interest-bearing checking | 106 | 124 | ||||||
Savings | 419 | 430 | ||||||
Money market deposit accounts | 439 | 466 | ||||||
Time deposits | 2,860 | 2,283 | ||||||
Interest on short-term borrowings | 358 | 349 | ||||||
Total interest expense | 4,182 | 3,652 | ||||||
Net interest income | 39,315 | 37,400 | ||||||
Provision for loan losses | 300 | 600 | ||||||
Net interest income after provision for loan losses | 39,015 | 36,800 | ||||||
Noninterest income: | ||||||||
Trustco financial services income | 1,815 | 1,858 | ||||||
Fees for services to customers | 2,645 | 2,637 | ||||||
Other | 219 | 232 | ||||||
Total noninterest income | 4,679 | 4,727 | ||||||
Noninterest expenses: | ||||||||
Salaries and employee benefits | 10,422 | 10,210 | ||||||
Net occupancy expense | 4,315 | 4,109 | ||||||
Equipment expense | 1,751 | 1,556 | ||||||
Professional services | 1,430 | 1,928 | ||||||
Outsourced services | 1,925 | 1,500 | ||||||
Advertising expense | 630 | 713 | ||||||
FDIC and other insurance | 1,023 | 1,047 | ||||||
Other real estate expense, net | 372 | 499 | ||||||
Other | 2,287 | 2,457 | ||||||
Total noninterest expenses | 24,155 | 24,019 | ||||||
Income before taxes | 19,539 | 17,508 | ||||||
Income taxes | 4,731 | 6,561 | ||||||
Net income | $ | 14,808 | 10,947 | |||||
Net income per share: | ||||||||
- Basic | $ | 0.154 | 0.114 | |||||
- Diluted | $ | 0.153 | 0.114 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Net income | $ | 14,808 | 10,947 | |||||
Net unrealized holding (loss) gain on securities available for sale | (7,160 | ) | 1,179 | |||||
Tax effect | 1,858 | (472 | ) | |||||
Net unrealized (loss) gain on securities available for sale, net of tax | (5,302 | ) | 707 | |||||
Amortization of net actuarial gain | (72 | ) | (63 | ) | ||||
Amortization of prior service cost | 23 | 23 | ||||||
Tax effect | 13 | 16 | ||||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax | (36 | ) | (24 | ) | ||||
Other comprehensive (loss) income, net of tax | (5,338 | ) | 683 | |||||
Comprehensive income | $ | 9,470 | 11,630 |
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Net income | $ | 14,558 | 14,808 | |||||
Net unrealized holding gain (loss) on securities available for sale | 4,588 | (7,160 | ) | |||||
Tax effect | (1,192 | ) | 1,858 | |||||
Net unrealized gain (loss) on securities available for sale, net of tax | 3,396 | (5,302 | ) | |||||
Amortization of net actuarial gain | (48 | ) | (72 | ) | ||||
Amortization of prior service (credit) cost | (85 | ) | 23 | |||||
Tax effect | 35 | 13 | ||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (98 | ) | (36 | ) | ||||
Other comprehensive income (loss), net of tax | 3,298 | (5,338 | ) | |||||
Comprehensive income | $ | 17,856 | 9,470 |
March 31, 2019 | December 31, 2018 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 43,064 | 49,260 | |||||
Federal funds sold and other short term investments | 576,123 | 454,449 | ||||||
Total cash and cash equivalents | 619,187 | 503,709 | ||||||
Securities available for sale | 546,466 | 501,463 | ||||||
Held to maturity securities (fair value 2019 $22,283; 2018 $22,924) | 21,609 | 22,501 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 8,953 | 8,953 | ||||||
Loans, net of deferred net costs | 3,861,153 | 3,874,096 | ||||||
Less: | ||||||||
Allowance for loan losses | 44,671 | 44,766 | ||||||
Net loans | 3,816,482 | 3,829,330 | ||||||
Bank premises and equipment, net | 34,428 | 34,694 | ||||||
Operating lease right-of-use assets | 51,559 | - | ||||||
Other assets | 57,637 | 58,263 | ||||||
Total assets | $ | 5,156,321 | 4,958,913 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 408,417 | 405,069 | |||||
Interest-bearing checking | 895,099 | 904,678 | ||||||
Savings accounts | 1,150,329 | 1,182,683 | ||||||
Money market deposit accounts | 538,043 | 507,311 | ||||||
Time deposits | 1,421,181 | 1,274,506 | ||||||
Total deposits | 4,413,069 | 4,274,247 | ||||||
Short-term borrowings | 159,778 | 161,893 | ||||||
Operating lease liabilities | 56,723 | - | ||||||
Accrued expenses and other liabilities | 25,033 | 32,902 | ||||||
Total liabilities | 4,654,603 | 4,469,042 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,180,132 and 100,175,032 shares issued at March 31, 2019 and December 31, 2018, respectively | 100,180 | 100,175 | ||||||
Surplus | 176,510 | 176,710 | ||||||
Undivided profits | 264,364 | 256,397 | ||||||
Accumulated other comprehensive loss, net of tax | (7,011 | ) | (10,309 | ) | ||||
Treasury stock at cost - 3,434,274 and 3,516,440 shares at March 31, 2019 and December 31, 2018, respectively | (32,325 | ) | (33,102 | ) | ||||
Total shareholders’ equity | 501,718 | 489,871 | ||||||
Total liabilities and shareholders’ equity | $ | 5,156,321 | 4,958,913 |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive Loss | Treasury Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2018 | $ | 99,998 | 175,651 | 219,436 | (1,806 | ) | (34,971 | ) | 458,308 | |||||||||||||||
Net income | - | - | 14,808 | - | - | 14,808 | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | - | - | 1,346 | (1,346 | ) | - | - | |||||||||||||||||
Other comprehensive income, net of tax | - | - | - | (5,338 | ) | - | (5,338 | ) | ||||||||||||||||
Stock options exercised (4,000 shares) | 4 | 16 | - | - | - | 20 | ||||||||||||||||||
Cash dividend declared, $0.0656 per share | - | - | (6,323 | ) | - | - | (6,323 | ) | ||||||||||||||||
Sale of treasury stock (65,289 shares) | - | (21 | ) | - | - | 615 | 594 | |||||||||||||||||
Stock based compensation expense | - | 28 | - | - | - | 28 | ||||||||||||||||||
Ending balance, March 31, 2018 | $ | 100,002 | 175,674 | 229,267 | (8,490 | ) | (34,356 | ) | 462,097 | |||||||||||||||
Beginning balance, January 1, 2019 | $ | 100,175 | $ | 176,710 | $ | 256,397 | $ | (10,309 | ) | $ | (33,102 | ) | $ | 489,871 | ||||||||||
Net income | - | - | 14,558 | - | - | 14,558 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 3,298 | - | 3,298 | ||||||||||||||||||
Stock options exercised (5,100 shares) | 5 | 30 | - | - | - | 35 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | - | - | (6,591 | ) | - | - | (6,591 | ) | ||||||||||||||||
Purchase of treasury stock (4,131 shares) | - | - | - | - | (35 | ) | (35 | ) | ||||||||||||||||
Sale of treasury stock (86,297 shares) | - | (218 | ) | - | - | 812 | 594 | |||||||||||||||||
Stock based compensation expense | - | (12 | ) | - | - | - | (12 | ) | ||||||||||||||||
Ending balance, March 31, 2019 | $ | 100,180 | 176,510 | 264,364 | (7,011 | ) | (32,325 | ) | 501,718 |
March 31, 2018 | December 31, 2017 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 39,373 | 44,125 | |||||
Federal funds sold and other short term investments | 577,797 | 568,615 | ||||||
Total cash and cash equivalents | 617,170 | 612,740 | ||||||
Securities available for sale | 559,083 | 571,965 | ||||||
Held to maturity securities (fair value 2018 $26,994; 2017 $28,701) | 26,174 | 27,551 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 8,779 | 8,779 | ||||||
Loans, net of deferred net costs | 3,666,975 | 3,636,407 | ||||||
Less: | ||||||||
Allowance for loan losses | 44,379 | 44,170 | ||||||
Net loans | 3,622,596 | 3,592,237 | ||||||
Bank premises and equipment, net | 35,240 | 35,157 | ||||||
Other assets | 62,522 | 59,579 | ||||||
Total assets | $ | 4,931,564 | 4,908,008 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 403,782 | 398,399 | |||||
Interest-bearing checking | 915,163 | 891,052 | ||||||
Savings accounts | 1,266,852 | 1,260,447 | ||||||
Money market deposit accounts | 539,839 | 556,462 | ||||||
Time deposits | 1,109,444 | 1,066,966 | ||||||
Total deposits | 4,235,080 | 4,173,326 | ||||||
Short-term borrowings | 203,910 | 242,991 | ||||||
Accrued expenses and other liabilities | 30,477 | 33,383 | ||||||
Total liabilities | $ | 4,469,467 | 4,449,700 | |||||
SHAREHOLDERS’ EQUITY: | ||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,002,482 and 99,998,482 shares issued at March 31, 2018 and December 31, 2017, respectively | 100,002 | 99,998 | ||||||
Surplus | 175,674 | 175,651 | ||||||
Undivided profits | 229,267 | 219,436 | ||||||
Accumulated other comprehensive loss, net of tax | (8,490 | ) | (1,806 | ) | ||||
Treasury stock at cost - 3,643,882 and 3,709,171 shares at March 31, 2018 and December 31, 2017, respectively | (34,356 | ) | (34,971 | ) | ||||
Total shareholders’ equity | 462,097 | 458,308 | ||||||
Total liabilities and shareholders’ equity | $ | 4,931,564 | 4,908,008 |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2017 | $ | 99,214 | 171,425 | 201,517 | (6,251 | ) | (33,219 | ) | 432,686 | |||||||||||||||
Net income | - | - | 10,947 | - | - | 10,947 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 683 | - | 683 | ||||||||||||||||||
Stock options exercised (279,000 shares) | 279 | 1,224 | - | - | - | 1,503 | ||||||||||||||||||
Cash dividend declared, $.0656 per share | - | - | (6,291 | ) | - | - | (6,291 | ) | ||||||||||||||||
Purchase of treasury stock (213,356 shares) | - | - | - | - | (1,503 | ) | (1,503 | ) | ||||||||||||||||
Sale of treasury stock (71,925 shares) | - | (63 | ) | - | - | 696 | 633 | |||||||||||||||||
Stock based compensation expense | - | 42 | - | - | - | 42 | ||||||||||||||||||
Ending balance, March 31, 2017 | $ | 99,493 | 172,628 | 206,173 | (5,568 | ) | (34,026 | ) | 438,700 | |||||||||||||||
Beginning balance, January 1, 2018 | $ | 99,998 | $ | 175,651 | $ | 219,436 | $ | (1,806 | ) | $ | (34,971 | ) | $ | 458,308 | ||||||||||
Net income | - | - | 14,808 | - | - | 14,808 | ||||||||||||||||||
Tax Cuts and Jobs Act of 2017, | ||||||||||||||||||||||||
Reclassification from AOCI to Retained | ||||||||||||||||||||||||
Earnings, Tax Effect | - | - | 1,346 | (1,346 | ) | - | - | |||||||||||||||||
Other comprehensive income, net of tax | - | - | - | (5,338 | ) | - | (5,338 | ) | ||||||||||||||||
Stock options exercised (4,000 shares) | 4 | 16 | - | - | - | 20 | ||||||||||||||||||
Cash dividend declared, $.0656 per share | - | - | (6,323 | ) | - | - | (6,323 | ) | ||||||||||||||||
Sale of treasury stock (65,289 shares) | - | (21 | ) | - | - | 615 | 594 | |||||||||||||||||
Stock based compensation expense | - | 28 | - | - | - | 28 | ||||||||||||||||||
Ending balance, March 31, 2018 | $ | 100,002 | 175,674 | 229,267 | (8,490 | ) | (34,356 | ) | 462,097 |
Three months ended March 31, | ||||||||
2018 | 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 14,808 | 10,947 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 942 | 946 | ||||||
Net gain on sale of other real estate owned | (137 | ) | (191 | ) | ||||
Writedown of other real estate owned | 199 | 188 | ||||||
Provision for loan losses | 300 | 600 | ||||||
Deferred tax (benefit) expense | (305 | ) | 368 | |||||
Net amortization of securities | 915 | 1,114 | ||||||
Stock based compensation expense | 28 | 42 | ||||||
(Increase) decrease in taxes receivable | (1,787 | ) | (411 | ) | ||||
Decrease in interest receivable | 862 | 328 | ||||||
Increase (decrease) in interest payable | 128 | (16 | ) | |||||
Increase in other assets | (946 | ) | (997 | ) | ||||
Decrease in accrued expenses and other liabilities | (3,039 | ) | (1,602 | ) | ||||
Total adjustments | (2,840 | ) | 369 | |||||
Net cash provided by operating activities | 11,968 | 11,316 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from calls of securities available for sale | 25,028 | 20,770 | ||||||
Proceeds from maturities of securities available for sale | 25,000 | - | ||||||
Proceeds from calls and maturities of held to maturity securities | 1,377 | 2,220 | ||||||
Purchases of securities available for sale | (45,224 | ) | (47,905 | ) | ||||
Net increase in loans | (31,151 | ) | (19,579 | ) | ||||
Proceeds from dispositions of other real estate owned | 1,486 | 1,867 | ||||||
Purchases of bank premises and equipment | (1,025 | ) | (655 | ) | ||||
Net cash (used in) provided by investing activities | (24,509 | ) | (43,282 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 61,754 | 2,306 | ||||||
Net (decrease) increase in short-term borrowings | (39,081 | ) | 11,540 | |||||
Proceeds from exercise of stock options | 20 | 1,503 | ||||||
Stock based award tax withholding payments | - | (312 | ) | |||||
Proceeds from sale of treasury stock | 594 | 633 | ||||||
Purchases of treasury stock | - | (1,503 | ) | |||||
Dividends paid | (6,316 | ) | (6,284 | ) | ||||
Net cash provided by financing activities | 16,971 | 7,883 | ||||||
Net increase (decrease) in cash and cash equivalents | 4,430 | (24,083 | ) | |||||
Cash and cash equivalents at beginning of period | 612,740 | 707,274 | ||||||
Cash and cash equivalents at end of period | $ | 617,170 | 683,191 |
Three months ended March 31, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 14,558 | 14,808 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 1,010 | 942 | ||||||
Amortization of right-of-use asset | 1,470 | - | ||||||
Net gain on sale of other real estate owned | (306 | ) | (137 | ) | ||||
Writedown of other real estate owned | 140 | 199 | ||||||
Provision for loan losses | 300 | 300 | ||||||
Deferred tax expense (benefit) | 498 | (305 | ) | |||||
Net amortization of securities | 688 | 915 | ||||||
Stock based compensation expense | (12 | ) | 28 | |||||
Increase in taxes receivable | (18 | ) | (1,787 | ) | ||||
(Increase) decrease in interest receivable | (13 | ) | 862 | |||||
Increase in interest payable | 448 | 128 | ||||||
Increase in other assets | (1,545 | ) | (946 | ) | ||||
Decrease in operating lease liabilities | (1,488 | ) | - | |||||
Decrease in accrued expenses and other liabilities | (3,141 | ) | (3,039 | ) | ||||
Total adjustments | (1,969 | ) | (2,840 | ) | ||||
Net cash provided by operating activities | 12,589 | 11,968 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from calls of securities available for sale | 16,041 | 25,028 | ||||||
Proceeds from calls and maturities of held to maturity securities | 851 | 1,377 | ||||||
Proceeds from maturities of securities available for sale | 10,000 | | 25,000 | |||||
Purchases of securities available for sale | (67,103 | ) | (45,224 | ) | ||||
Net decrease (increase) in loans | 11,863 | (31,151 | ) | |||||
Proceeds from dispositions of other real estate owned | 1,265 | 1,486 | ||||||
Purchases of bank premises and equipment | (744 | ) | (1,025 | ) | ||||
Net cash used in investing activities | (27,827 | ) | (24,509 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 138,822 | 61,754 | ||||||
Net decrease in short-term borrowings | (2,115 | ) | (39,081 | ) | ||||
Proceeds from exercise of stock options | 35 | 20 | ||||||
Proceeds from sale of treasury stock | 594 | 594 | ||||||
Purchases of treasury stock | (35 | ) | - | |||||
Dividends paid | (6,585 | ) | (6,316 | ) | ||||
Net cash provided by financing activities | 130,716 | 16,971 | ||||||
Net increase in cash and cash equivalents | 115,478 | 4,430 | ||||||
Cash and cash equivalents at beginning of period | 503,709 | 612,740 | ||||||
Cash and cash equivalents at end of period | $ | 619,187 | 617,170 | |||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | $ | 7,233 | 4,054 | |||||
Income taxes paid | 4,662 | 6,524 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 685 | 492 | ||||||
Increase in dividends payable | 6 | 7 | ||||||
Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes | 4,588 | (7,160 | ) | |||||
Change in deferred tax effect on unrealized (loss) gain on securities available for sale | (1,192 | ) | 1,858 | |||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans | (133 | ) | (49 | ) | ||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 35 | 13 | ||||||
In conjunction with the adoption of ASU 2016-02 as detailed in Note 9 to the Unaudited Consolidated Financial Statements, the following assets were recorded and liabilities were assumed: | ||||||||
Operating lease right-of-use assets | 53,029 | - | ||||||
Operating lease liabilities | 58,211 | - |
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | 4,054 | 3,668 | ||||||
Income taxes paid | 6,524 | 6,150 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 492 | 787 | ||||||
Increase in dividends payable | 7 | 7 | ||||||
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes | (7,160 | ) | 1,179 | |||||
Change in deferred tax effect on unrealized (loss) gain on securities available for sale | 1,858 | (472 | ) | |||||
Amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | (49 | ) | (40 | ) | ||||
Change in deferred tax effect of amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | 13 | 16 |
(in thousands, except per share data) | For the three months ended March 31: | For the three months ended March 31, | ||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
Net income | $ | 14,808 | 10,947 | $ | 14,558 | 14,808 | ||||||||||
Weighted average common shares | 96,353 | 95,879 | 96,744 | 96,353 | ||||||||||||
Stock Options | 131 | 108 | 78 | 131 | ||||||||||||
Weighted average common shares including potential dilutive shares | 96,484 | 95,987 | 96,822 | 96,484 | ||||||||||||
Basic EPS | $ | 0.154 | 0.114 | $ | 0.150 | 0.154 | ||||||||||
Diluted EPS | $ | 0.153 | 0.114 | $ | 0.150 | 0.153 |
For the three months ended March 31, | For the three months ended March 31, | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Service cost | $ | 11 | 11 | 26 | 28 | $ | 8 | 11 | 18 | 26 | ||||||||||||||||||||||
Interest cost | 326 | 329 | 54 | 56 | 315 | 326 | 60 | 54 | ||||||||||||||||||||||||
Expected return on plan assets | (687 | ) | (686 | ) | (190 | ) | (191 | ) | (752 | ) | (687 | ) | (248 | ) | (190 | ) | ||||||||||||||||
Amortization of net loss (gain) | 17 | 23 | (89 | ) | (86 | ) | - | 17 | (48 | ) | (89 | ) | ||||||||||||||||||||
Amortization of prior service cost | - | - | 23 | 23 | ||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | - | - | (85 | ) | 23 | |||||||||||||||||||||||||||
Net periodic benefit | $ | (333 | ) | (323 | ) | (176 | ) | (170 | ) | $ | (429 | ) | (333 | ) | (303 | ) | (176 | ) |
March 31, 2019 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 154,861 | - | 3,534 | 151,327 | $ | 149,870 | 26 | 1,604 | 148,292 | ||||||||||||||||||||||
State and political subdivisions | 515 | 10 | - | 525 | 168 | 4 | - | 172 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 318,864 | 198 | 6,116 | 312,946 | ||||||||||||||||||||||||||||
Corporate bonds | 35,347 | - | 120 | 35,227 | 30,299 | 89 | 130 | 30,258 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 307,679 | 75 | 10,121 | 297,633 | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 66,153 | - | 2,040 | 64,113 | ||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,743 | - | 170 | 9,573 | ||||||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 56,060 | - | 1,947 | 54,113 | ||||||||||||||||||||||||||||
Other | 685 | - | - | 685 | 685 | - | - | 685 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 574,983 | 85 | 15,985 | 559,083 | $ | 555,946 | 317 | 9,797 | 546,466 |
December 31, 2018 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 154,868 | - | 2,708 | 152,160 | |||||||||||
State and political subdivisions | 168 | 5 | - | 173 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 271,386 | 53 | 9,407 | 262,032 | ||||||||||||
Corporate bonds | 30,048 | - | 110 | 29,938 | ||||||||||||
Small Business Administration - guaranteed participation securities | 58,376 | - | 1,901 | 56,475 | ||||||||||||
Other | 685 | - | - | 685 | ||||||||||||
Total securities available for sale | $ | 515,531 | 58 | 14,126 | 501,463 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 5,165 | 5,166 | |||||
Due in one year through five years | 175,796 | 174,180 | ||||||
Due after five years through ten years | 61 | 61 | ||||||
Mortgage backed securities and collateralized mortgage obligations | 318,864 | 312,946 | ||||||
Small Business Administration - guaranteed participation securities | 56,060 | 54,113 | ||||||
$ | 555,946 | 546,466 |
March 31, 2019 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | - | - | 123,289 | 1,604 | 123,289 | 1,604 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 27,597 | 215 | 251,395 | 5,901 | 278,992 | 6,116 | ||||||||||||||||||
Corporate bonds | 4,870 | 130 | - | - | 4,870 | 130 | ||||||||||||||||||
Small Business Administration - guaranteed participation securities | - | - | 54,113 | 1,947 | 54,113 | 1,947 | ||||||||||||||||||
Total | $ | 32,467 | 345 | 428,797 | 9,452 | 461,264 | 9,797 |
December 31, 2018 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | 29,870 | 106 | 112,291 | 2,602 | 142,161 | 2,708 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 1,102 | 11 | 259,729 | 9,396 | 260,831 | 9,407 | ||||||||||||||||||
Corporate bonds | 14,943 | 98 | 9,995 | 12 | 24,938 | 110 | ||||||||||||||||||
Small Business Administration - guaranteed participation securities | - | - | 56,475 | 1,901 | 56,475 | 1,901 | ||||||||||||||||||
Total | $ | 45,915 | 215 | 438,490 | 13,911 | 484,405 | 14,126 |
(dollars in thousands) | Three months ended March 31, | |||||||
2019 | 2018 | |||||||
Proceeds from sales | $ | - | - | |||||
Proceeds from calls/paydowns | 16,041 | 25,028 | ||||||
Proceeds from maturities | 10,000 | 25,000 |
(dollars in thousands) | December 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. government sponsored enterprises | $ | 139,890 | 27 | 2,066 | 137,851 | |||||||||||
State and political subdivisions | 515 | 10 | - | 525 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 320,614 | 84 | 4,715 | 315,983 | ||||||||||||
Corporate bonds | 40,270 | - | 108 | 40,162 | ||||||||||||
Small Business Administration- guaranteed participation securities | 68,921 | - | 1,862 | 67,059 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,810 | - | 110 | 9,700 | ||||||||||||
Other | 685 | - | - | 685 | ||||||||||||
Total Securities Available for Sale | $ | 580,705 | 121 | 8,861 | 571,965 |
March 31, 2019 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 21,609 | 710 | 36 | 22,283 | |||||||||||
Total held to maturity | $ | 21,609 | 710 | 36 | 22,283 |
December 31, 2018 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 22,501 | 577 | 154 | 22,924 | |||||||||||
Total held to maturity | $ | 22,501 | 577 | 154 | 22,924 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 30,717 | 30,617 | |||||
Due in one year through five years | 150,597 | 147,053 | ||||||
Due after five years through ten years | 10,094 | 10,094 | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 307,679 | 297,633 | ||||||
Small Business Administration- guaranteed participation securities | 66,153 | 64,113 | ||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,743 | 9,573 | ||||||
$ | 574,983 | 559,083 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 21,609 | 22,283 | |||||
$ | 21,609 | 22,283 |
(dollars in thousands) | March 31, 2018 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 59,076 | 895 | 82,251 | 2,639 | 141,327 | 3,534 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 45,441 | 1,221 | 250,721 | 8,900 | 296,162 | 10,121 | ||||||||||||||||||
Corporate bonds | 5,218 | 19 | 30,008 | 101 | 35,227 | 120 | ||||||||||||||||||
Small Business Administration- guaranteed participation securities | - | - | 64,113 | 2,040 | 64,113 | 2,040 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | - | - | 9,573 | 170 | 9,573 | 170 | ||||||||||||||||||
Total | $ | 109,735 | 2,135 | 436,666 | 13,850 | 546,401 | 15,985 |
(dollars in thousands) | December 31, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 29,734 | 266 | 98,090 | 1,800 | 127,824 | 2,066 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 48,080 | 371 | 266,394 | 4,344 | 314,474 | 4,715 | ||||||||||||||||||
Corporate bonds | - | - | 40,162 | 108 | 40,162 | 108 | ||||||||||||||||||
Small Business Administration- guaranteed participation securities | - | - | 67,059 | 1,862 | 67,059 | 1,862 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | - | - | 9,700 | 110 | 9,700 | 110 | ||||||||||||||||||
Total | $ | 77,814 | 637 | 481,405 | 8,224 | 559,219 | 8,861 |
(dollars in thousands) | March 31, 2018 | |||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 26,174 | 882 | 62 | 26,994 | |||||||||||
Total held to maturity | $ | 26,174 | 882 | 62 | 26,994 |
(dollars in thousands) | December 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 27,551 | 1,150 | - | 28,701 | |||||||||||
Total held to maturity | $ | 27,551 | 1,150 | - | 28,701 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 26,174 | 26,994 | ||||||
Total held to maturity | $ | 26,174 | 26,994 |
March 31, 2019 | ||||||||||||||||||||||||
(dollars in thousands) | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Gross Unrec. Loss | Fair Value | Gross Unrec. Loss | Fair Value | Gross Unrec. Loss | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | - | - | 6,501 | 36 | 6,501 | 36 | |||||||||||||||||
Total | $ | - | - | 6,501 | 36 | 6,501 | 36 |
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2018 | Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Fair Value | Gross Unrec. Loss | Fair Value | Gross Unrec. Loss | Fair Value | Gross Unrec. Loss | ||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 10,958 | 154 | - | - | 10,958 | 154 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrecog. Loss | Fair Value | Gross Unrecog. Loss | Fair Value | Gross Unrecog. Loss | |||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 9,539 | 62 | - | - | 9,539 | 62 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,539 | 62 | - | - | 9,539 | 62 | $ | 10,958 | 154 | - | - | 10,958 | 154 |
March 31, 2018 | March 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 149,357 | 11,709 | 161,066 | $ | 152,731 | 15,386 | 168,117 | ||||||||||||||||
Other | 23,459 | 604 | 24,063 | 21,983 | 247 | 22,230 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,305,510 | 784,004 | 3,089,514 | 2,438,732 | 847,444 | 3,286,176 | ||||||||||||||||||
Home equity loans | 67,841 | 14,193 | 82,034 | 71,753 | 18,264 | 90,017 | ||||||||||||||||||
Home equity lines of credit | 257,714 | 44,171 | 301,885 | 237,874 | 44,160 | 282,034 | ||||||||||||||||||
Installment | 7,405 | 1,008 | 8,413 | 10,043 | 2,536 | 12,579 | ||||||||||||||||||
Total loans, net | $ | 2,811,286 | 855,689 | 3,666,975 | $ | 2,933,116 | $ | 928,037 | 3,861,153 | |||||||||||||||
Less: Allowance for loan losses | 44,379 | 44,671 | ||||||||||||||||||||||
Net loans | $ | 3,622,596 | $ | 3,816,482 |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 149,368 | 12,524 | 161,892 | $ | 156,278 | 15,275 | 171,553 | ||||||||||||||||
Other | 23,606 | 709 | 24,315 | 24,330 | 263 | 24,593 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,286,148 | 765,929 | 3,052,077 | 2,442,711 | 845,166 | 3,287,877 | ||||||||||||||||||
Home equity loans | 66,455 | 13,989 | 80,444 | 71,523 | 17,308 | 88,831 | ||||||||||||||||||
Home equity lines of credit | 263,275 | 45,641 | 308,916 | 243,765 | 45,775 | 289,540 | ||||||||||||||||||
Installment | 7,141 | 1,622 | 8,763 | 9,462 | 2,240 | 11,702 | ||||||||||||||||||
Total loans, net | $ | 2,795,993 | 840,414 | 3,636,407 | $ | 2,948,069 | 926,027 | 3,874,096 | ||||||||||||||||
Less: Allowance for loan losses | 44,170 | 44,766 | ||||||||||||||||||||||
Net loans | $ | 3,592,237 | $ | 3,829,330 |
March 31, 2018 | March 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Loans in non-accrual status: | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 1,100 | - | 1,100 | $ | 696 | - | 696 | ||||||||||||||||
Other | 113 | - | 113 | 5 | - | 5 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 17,687 | 2,025 | 19,712 | 18,282 | 1,542 | 19,824 | ||||||||||||||||||
Home equity loans | 200 | - | 200 | 363 | - | 363 | ||||||||||||||||||
Home equity lines of credit | 3,538 | 128 | 3,666 | 3,698 | 102 | 3,800 | ||||||||||||||||||
Installment | 19 | 4 | 23 | 26 | - | 26 | ||||||||||||||||||
Total non-accrual loans | 22,657 | 2,157 | 24,814 | 23,070 | 1,644 | 24,714 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 38 | - | 38 | 33 | - | 33 | ||||||||||||||||||
Total nonperforming loans | $ | 22,695 | 2,157 | 24,852 | $ | 23,103 | 1,644 | 24,747 |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Loans in non-accrual status: | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 1,443 | - | 1,443 | $ | 639 | - | 639 | ||||||||||||||||
Other | 100 | - | 100 | 6 | - | 6 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 16,654 | 2,259 | 18,913 | 18,202 | 1,812 | 20,014 | ||||||||||||||||||
Home equity loans | 93 | - | 93 | 247 | - | 247 | ||||||||||||||||||
Home equity lines of credit | 3,603 | 130 | 3,733 | 3,924 | 103 | 4,027 | ||||||||||||||||||
Installment | 57 | - | 57 | 4 | 15 | 19 | ||||||||||||||||||
Total non-accrual loans | 21,950 | 2,389 | 24,339 | 23,022 | 1,930 | 24,952 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 38 | - | 38 | 34 | - | 34 | ||||||||||||||||||
Total nonperforming loans | $ | 21,988 | 2,389 | 24,377 | $ | 23,056 | 1,930 | 24,986 |
New York and other states: | ||||||||||||||||||||||||
March 31, 2018 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
�� | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | 136 | 1,021 | 1,157 | 148,200 | 149,357 | |||||||||||||||||
Other | - | - | 113 | 113 | 23,346 | 23,459 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,831 | 759 | 9,633 | 15,223 | 2,290,287 | 2,305,510 | ||||||||||||||||||
Home equity loans | - | - | 162 | 162 | 67,679 | 67,841 | ||||||||||||||||||
Home equity lines of credit | 601 | 10 | 2,066 | 2,677 | 255,037 | 257,714 | ||||||||||||||||||
Installment | 23 | 13 | 13 | 49 | 7,356 | 7,405 | ||||||||||||||||||
Total | $ | 5,455 | 918 | 13,008 | 19,381 | 2,791,905 | 2,811,286 |
Florida: | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 11,709 | 11,709 | $ | 96 | - | 565 | 661 | 152,070 | 152,731 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 604 | 604 | - | - | - | - | 21,983 | 21,983 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 243 | 103 | 940 | 1,286 | 782,718 | 784,004 | 2,798 | 780 | 13,471 | 17,049 | 2,421,683 | 2,438,732 | ||||||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | 14,193 | 14,193 | 16 | 27 | 209 | 252 | 71,501 | 71,753 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 16 | - | 50 | 66 | 44,105 | 44,171 | 913 | 341 | 1,999 | 3,253 | 234,621 | 237,874 | ||||||||||||||||||||||||||||||||||||
Installment | 13 | 5 | 4 | 22 | 986 | 1,008 | 70 | 47 | 26 | 143 | 9,900 | 10,043 | ||||||||||||||||||||||||||||||||||||
Total | $ | 272 | 108 | 994 | 1,374 | 854,315 | 855,689 | $ | 3,893 | 1,195 | 16,270 | 21,358 | 2,911,758 | 2,933,116 |
Total: | ||||||||||||||||||||||||||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total 30+ days Past Due | Current | Total Loans | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | 136 | 1,021 | 1,157 | 159,909 | 161,066 | $ | - | - | - | - | 15,386 | 15,386 | ||||||||||||||||||||||||||||||||||
Other | - | - | 113 | 113 | 23,950 | 24,063 | - | - | - | - | 247 | 247 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 5,074 | 862 | 10,573 | 16,509 | 3,073,005 | 3,089,514 | 603 | 158 | 571 | 1,332 | 846,112 | 847,444 | ||||||||||||||||||||||||||||||||||||
Home equity loans | - | - | 162 | 162 | 81,872 | 82,034 | - | 50 | - | 50 | 18,214 | 18,264 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 617 | 10 | 2,116 | 2,743 | 299,142 | 301,885 | 120 | - | 50 | 170 | 43,990 | 44,160 | ||||||||||||||||||||||||||||||||||||
Installment | 36 | 18 | 17 | 71 | 8,342 | 8,413 | 5 | 19 | - | 24 | 2,512 | 2,536 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,727 | 1,026 | 14,002 | 20,755 | 3,646,220 | 3,666,975 | $ | 728 | 227 | 621 | 1,576 | 926,461 | 928,037 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 96 | - | 565 | 661 | 167,456 | 168,117 | |||||||||||||||||
Other | - | - | - | - | 22,230 | 22,230 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,401 | 938 | 14,042 | 18,381 | 3,267,795 | 3,286,176 | ||||||||||||||||||
Home equity loans | 16 | 77 | 209 | 302 | 89,715 | 90,017 | ||||||||||||||||||
Home equity lines of credit | 1,033 | 341 | 2,049 | 3,423 | 278,611 | 282,034 | ||||||||||||||||||
Installment | 75 | 66 | 26 | 167 | 12,412 | 12,579 | ||||||||||||||||||
Total | $ | 4,621 | 1,422 | 16,891 | 22,934 | 3,838,219 | 3,861,153 |
December 31, 2018 | ||||||||||||||||||||||||
New York and other states*: | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 198 | - | 370 | 568 | 155,710 | 156,278 | |||||||||||||||||
Other | - | - | - | - | 24,330 | 24,330 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,276 | 898 | 13,267 | 17,441 | 2,425,270 | 2,442,711 | ||||||||||||||||||
Home equity loans | 158 | 94 | 212 | 464 | 71,059 | 71,523 | ||||||||||||||||||
Home equity lines of credit | 963 | 348 | 1,691 | 3,002 | 240,763 | 243,765 | ||||||||||||||||||
Installment | 44 | 29 | 2 | 75 | 9,387 | 9,462 | ||||||||||||||||||
Total | $ | 4,639 | 1,369 | 15,542 | 21,550 | 2,926,519 | 2,948,069 |
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 15,275 | 15,275 | |||||||||||||||||
Other | - | - | - | - | 263 | 263 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 417 | 407 | 721 | 1,545 | 843,621 | 845,166 | ||||||||||||||||||
Home equity loans | 50 | - | - | 50 | 17,258 | 17,308 | ||||||||||||||||||
Home equity lines of credit | 40 | - | 50 | 90 | 45,685 | 45,775 | ||||||||||||||||||
Installment | 12 | 7 | 15 | 34 | 2,206 | 2,240 | ||||||||||||||||||
Total | $ | 519 | 414 | 786 | 1,719 | 924,308 | 926,027 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 198 | - | 370 | 568 | 170,985 | 171,553 | |||||||||||||||||
Other | - | - | - | - | 24,593 | 24,593 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,693 | 1,305 | 13,988 | 18,986 | 3,268,891 | 3,287,877 | ||||||||||||||||||
Home equity loans | 208 | 94 | 212 | 514 | 88,317 | 88,831 | ||||||||||||||||||
Home equity lines of credit | 1,003 | 348 | 1,741 | 3,092 | 286,448 | 289,540 | ||||||||||||||||||
Installment | 56 | 36 | 17 | 109 | 11,593 | 11,702 | ||||||||||||||||||
Total | $ | 5,158 | 1,783 | 16,328 | 23,269 | 3,850,827 | 3,874,096 |
New York and other states: | ||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 183 | 174 | 1,332 | 1,689 | 147,679 | 149,368 | |||||||||||||||||
Other | - | - | 100 | 100 | 23,506 | 23,606 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 5,669 | 1,300 | 9,014 | 15,983 | 2,270,165 | 2,286,148 | ||||||||||||||||||
Home equity loans | 6 | - | 45 | 51 | 66,404 | 66,455 | ||||||||||||||||||
Home equity lines of credit | 489 | 18 | 2,139 | 2,646 | 260,629 | 263,275 | ||||||||||||||||||
Installment | 46 | 17 | 25 | 88 | 7,053 | 7,141 | ||||||||||||||||||
Total | $ | 6,393 | 1,509 | 12,655 | 20,557 | 2,775,436 | 2,795,993 | |||||||||||||||||
�� | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 12,524 | 12,524 | |||||||||||||||||
Other | - | - | - | - | 709 | 709 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 277 | - | 1,404 | 1,681 | 764,248 | 765,929 | ||||||||||||||||||
Home equity loans | - | - | - | - | 13,989 | 13,989 | ||||||||||||||||||
Home equity lines of credit | - | - | - | - | 45,641 | 45,641 | ||||||||||||||||||
Installment | 3 | 5 | 26 | 34 | 1,588 | 1,622 | ||||||||||||||||||
Total | $ | 280 | 5 | 1,430 | 1,715 | 838,699 | 840,414 | |||||||||||||||||
Total: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 183 | 174 | 1,332 | 1,689 | 160,203 | 161,892 | |||||||||||||||||
Other | - | - | 100 | 100 | 24,215 | 24,315 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 5,946 | 1,300 | 10,418 | 17,664 | 3,034,413 | 3,052,077 | ||||||||||||||||||
Home equity loans | 6 | - | 45 | 51 | 80,393 | 80,444 | ||||||||||||||||||
Home equity lines of credit | 489 | 18 | 2,139 | 2,646 | 306,270 | 308,916 | ||||||||||||||||||
Installment | 49 | 22 | 51 | 122 | 8,641 | 8,763 | ||||||||||||||||||
Total | $ | 6,673 | 1,514 | 14,085 | 22,272 | 3,614,135 | 3,636,407 |
For the three months ended March 31, 2019 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the three months ended March 31, 2018 | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,324 | 39,077 | 769 | 44,170 | $ | 4,048 | 39,772 | 946 | 44,766 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | - | 131 | 71 | 202 | 7 | 392 | 29 | 428 | ||||||||||||||||||||||||
Florida | - | - | 3 | 3 | - | 29 | 31 | 60 | ||||||||||||||||||||||||
Total loan chargeoffs | - | 131 | 74 | 205 | ||||||||||||||||||||||||||||
Total loan chargeoffss | 7 | 421 | 60 | 488 | ||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 6 | 103 | 6 | 115 | 3 | 74 | 6 | 83 | ||||||||||||||||||||||||
Florida | - | - | - | - | - | 10 | - | 10 | ||||||||||||||||||||||||
Total recoveries | 6 | 103 | 6 | 115 | 3 | 84 | 6 | 93 | ||||||||||||||||||||||||
Net loans charged off (recoveries) | (6 | ) | 28 | 68 | 90 | |||||||||||||||||||||||||||
Net loans charged off | 4 | 337 | 54 | 395 | ||||||||||||||||||||||||||||
Provision for loan losses | (75 | ) | 310 | 64 | 300 | (310 | ) | 550 | 60 | 300 | ||||||||||||||||||||||
Balance at end of period | $ | 4,255 | 39,359 | 765 | 44,379 | $ | 3,734 | 39,985 | 952 | 44,671 |
For the three months ended March 31, 2018 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the three months ended March 31, 2017 | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,929 | 38,231 | 730 | 43,890 | $ | 4,324 | 39,077 | 769 | 44,170 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 72 | 430 | 41 | 543 | - | 131 | 71 | 202 | ||||||||||||||||||||||||
Florida | - | 84 | 2 | 86 | - | - | 3 | 3 | ||||||||||||||||||||||||
Total loan chargeoffs | 72 | 514 | 43 | 629 | - | 131 | 74 | 205 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 8 | 169 | 10 | 187 | 6 | 103 | 6 | 115 | ||||||||||||||||||||||||
Florida | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total recoveries | 8 | 169 | 10 | 187 | 6 | 103 | 6 | 115 | ||||||||||||||||||||||||
Net loans charged off | 64 | 345 | 33 | 442 | ||||||||||||||||||||||||||||
Net loans charged off (recoveries) | (6 | ) | 28 | 68 | 90 | |||||||||||||||||||||||||||
Provision for loan losses | (55 | ) | 695 | (40 | ) | 600 | (75 | ) | 310 | 64 | 300 | |||||||||||||||||||||
Balance at end of period | $ | 4,810 | 38,581 | 657 | 44,048 | $ | 4,255 | 39,359 | 765 | 44,379 |
March 31, 2018 | March 31, 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | $ | - | - | - | - | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,255 | 39,359 | 765 | 44,379 | 3,734 | 39,985 | 952 | 44,671 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,255 | 39,359 | 765 | 44,379 | $ | 3,734 | 39,985 | 952 | 44,671 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,923 | 22,510 | - | 24,433 | $ | 1,467 | 19,694 | - | 21,161 | ||||||||||||||||||||||
Collectively evaluated for impairment | 183,206 | 3,450,923 | 8,413 | 3,642,542 | 188,880 | 3,638,533 | 12,579 | 3,839,992 | ||||||||||||||||||||||||
Total ending loans balance | $ | 185,129 | 3,473,433 | 8,413 | 3,666,975 | $ | 190,347 | 3,658,227 | 12,579 | 3,861,153 |
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | $ | - | - | - | - | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,324 | 39,077 | 769 | 44,170 | 4,048 | 39,772 | 946 | 44,766 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,324 | 39,077 | 769 | 44,170 | $ | 4,048 | 39,772 | 946 | 44,766 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,248 | 22,032 | - | 24,280 | $ | 1,424 | 20,864 | - | 22,288 | ||||||||||||||||||||||
Collectively evaluated for impairment | 183,959 | 3,419,405 | 8,763 | 3,612,127 | 194,722 | 3,645,384 | 11,702 | 3,851,808 | ||||||||||||||||||||||||
Total ending loans balance | $ | 186,207 | 3,441,437 | 8,763 | 3,636,407 | $ | 196,146 | 3,666,248 | 11,702 | 3,874,096 |
New York and other states: | ||||||||||||||||||||||||||||||||
March 31, 2018 | March 31, 2019 | |||||||||||||||||||||||||||||||
New York and other states*: | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,710 | 2,680 | - | 2,264 | $ | 1,319 | $ | 1,490 | - | 1,281 | |||||||||||||||||||||
Other | 213 | 213 | - | 107 | 37 | 87 | - | 132 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 16,177 | 16,940 | - | 16,075 | 14,922 | 15,233 | - | 14,944 | ||||||||||||||||||||||||
Home equity loans | 265 | 285 | - | 267 | 247 | 267 | - | 252 | ||||||||||||||||||||||||
Home equity lines of credit | 2,751 | 2,992 | - | 2,692 | 2,161 | 2,301 | - | 2,585 | ||||||||||||||||||||||||
Total | $ | 21,116 | 23,110 | - | 21,405 | $ | 18,686 | 19,378 | - | 19,194 |
Florida: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | $ | 111 | 111 | - | 84 | ||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 2,687 | 2,793 | - | 2,694 | 2,030 | 2,030 | - | 2,291 | ||||||||||||||||||||||||
Home equity loans | 88 | 88 | - | 88 | 82 | 82 | - | 85 | ||||||||||||||||||||||||
Home equity lines of credit | 542 | 542 | - | 521 | 252 | 252 | - | 253 | ||||||||||||||||||||||||
Total | $ | 3,317 | 3,423 | - | 3,303 | $ | 2,475 | 2,475 | - | 2,713 |
Total: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,710 | 2,680 | - | 2,264 | $ | 1,430 | 1,601 | - | 1,365 | ||||||||||||||||||||||
Other | 213 | 213 | - | 107 | 37 | 87 | - | 132 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 18,864 | 19,733 | - | 18,769 | 16,952 | 17,263 | - | 17,235 | ||||||||||||||||||||||||
Home equity loans | 353 | 373 | - | 355 | 329 | 349 | - | 337 | ||||||||||||||||||||||||
Home equity lines of credit | 3,293 | 3,534 | - | 3,213 | 2,413 | 2,553 | - | 2,838 | ||||||||||||||||||||||||
Total | $ | 24,433 | 26,533 | - | 24,708 | $ | 21,161 | 21,853 | - | 21,907 |
New York and other states: | ||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2018 | |||||||||||||||||||||||||||||||
New York and other states*: | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,148 | 3,120 | - | 2,711 | $ | 1,274 | 1,444 | - | 1,503 | ||||||||||||||||||||||
Other | 100 | 100 | - | 87 | 38 | 88 | - | 123 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 15,850 | 16,540 | - | 16,508 | 15,210 | 15,661 | - | 15,577 | ||||||||||||||||||||||||
Home equity loans | 270 | 291 | - | 263 | 252 | 272 | - | 262 | ||||||||||||||||||||||||
Home equity lines of credit | 2,606 | 2,847 | - | 2,193 | 2,772 | 2,996 | - | 2,772 | ||||||||||||||||||||||||
Total | $ | 20,974 | 22,898 | - | 21,762 | $ | 19,546 | 20,461 | - | 20,237 |
Florida: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | $ | 112 | 112 | - | 57 | ||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 2,707 | 2,813 | - | 2,335 | 2,293 | 2,399 | - | 2,455 | ||||||||||||||||||||||||
Home equity loans | 89 | 89 | - | 92 | 84 | 84 | - | 86 | ||||||||||||||||||||||||
Home equity lines of credit | 510 | 510 | - | 561 | 253 | 253 | - | 326 | ||||||||||||||||||||||||
Total | $ | 3,306 | 3,412 | - | 2,988 | $ | 2,742 | 2,848 | - | 2,924 |
Total: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,148 | 3,120 | - | 2,711 | $ | 1,386 | 1,556 | - | 1,560 | ||||||||||||||||||||||
Other | 100 | 100 | - | 87 | 38 | 88 | - | 123 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 18,557 | 19,353 | - | 18,843 | 17,503 | 18,060 | - | 18,032 | ||||||||||||||||||||||||
Home equity loans | 359 | 380 | - | 355 | 336 | 356 | - | 348 | ||||||||||||||||||||||||
Home equity lines of credit | 3,116 | 3,357 | - | 2,754 | 3,025 | 3,249 | - | 3,098 | ||||||||||||||||||||||||
Total | $ | 24,280 | 26,310 | - | 24,750 | $ | 22,288 | 23,309 | - | 23,161 |
Three months ended 3/31/2019 | Three months ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 3/31/2018 | Three months ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 4 | $ | 642 | $ | 642 | 11 | $ | 1,947 | $ | 1,947 | 4 | $ | 656 | 656 | 4 | $ | 642 | 642 | ||||||||||||||||||||||||||||||
Home equity loans | - | - | - | 1 | 13 | 13 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3 | 240 | 240 | 4 | 158 | 158 | - | - | - | 3 | 240 | 240 | ||||||||||||||||||||||||||||||||||||
Total | 7 | $ | 882 | $ | 882 | 16 | $ | 2,118 | $ | 2,118 | 4 | $ | 656 | $ | 656 | 7 | $ | 882 | $ | 882 | ||||||||||||||||||||||||||||
Florida: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | - | - | - | 1 | $ | 80 | $ | 80 | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | 1 | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||
Total | - | $ | - | $ | - | 2 | $ | 150 | $ | 150 |
Florida: | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Home equity loans | - | - | - | |||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | ||||||||||||||||||
Total | - | $ | - | - | - | $ | - | - |
Three months ended 3/31/2018 | Three months ended 3/31/2017 | Three months ended 3/31/2019 | Three months ended 3/31/2018 | |||||||||||||||||||||||||||||
New York and other states*: | Number of | Recorded | Number of | Recorded | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||
(dollars in thousands) | Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | $ | - | ||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | - | $ | - | - | $ | - | - | $ | - | - | $ | - | ||||||||||||||||||||
Home equity lines of credit | 1 | 3 | - | - | - | - | 1 | 3 | ||||||||||||||||||||||||
Total | 1 | $ | 3 | - | $ | - | - | $ | - | 1 | $ | 3 |
Florida: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||
Florida: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | $ | - | ||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 1 | $ | 72 | 1 | $ | 80 | - | $ | - | 1 | $ | 72 | ||||||||||||||||||||
Home equity lines of credit | - | - | 1 | 70 | - | - | - | - | ||||||||||||||||||||||||
Total | 1 | $ | 72 | 2 | $ | 150 | - | $ | - | 1 | $ | 72 |
March 31, 2018 | March 31, 2019 | |||||||||||||||||||||||
New York and other states: | ||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||||||||||||||
Pass | Classified | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 142,463 | 6,894 | 149,357 | $ | 148,784 | 3,947 | 152,731 | ||||||||||||||||
Other | 21,842 | 1,617 | 23,459 | 20,985 | 998 | 21,983 | ||||||||||||||||||
$ | 164,305 | 8,511 | 172,816 | $ | 169,769 | 4,945 | 174,714 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 15,386 | - | 15,386 | ||||||||
Other | 247 | - | 247 | |||||||||
$ | 15,633 | - | 15,633 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 164,170 | 3,947 | 168,117 | ||||||||
Other | 21,232 | 998 | 22,230 | |||||||||
$ | 185,402 | 4,945 | 190,347 |
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 11,709 | - | 11,709 | ||||||||
Other | 604 | - | 604 | |||||||||
$ | 12,313 | - | 12,313 |
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 154,172 | 6,894 | 161,066 | ||||||||
Other | 22,446 | 1,617 | 24,063 | |||||||||
$ | 176,618 | 8,511 | 185,129 |
December 31, 2018 | ||||||||||||
New York and other states: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 152,045 | 4,233 | 156,278 | ||||||||
Other | 23,331 | 999 | 24,330 | |||||||||
$ | 175,376 | 5,232 | 180,608 |
December 31, 2017 | ||||||||||||||||||||||||
New York and other states: | ||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||||||||||||||
Pass | Classified | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 140,806 | 8,562 | 149,368 | $ | 15,163 | 112 | 15,275 | ||||||||||||||||
Other | 21,936 | 1,670 | 23,606 | 263 | - | 263 | ||||||||||||||||||
$ | 162,742 | 10,232 | 172,974 | $ | 15,426 | 112 | 15,538 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 167,208 | 4,345 | 171,553 | ||||||||
Other | 23,594 | 999 | 24,593 | |||||||||
$ | 190,802 | 5,344 | 196,146 |
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 12,406 | 118 | 12,524 | ||||||||
Other | 709 | - | 709 | |||||||||
$ | 13,115 | 118 | 13,233 |
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 153,212 | 8,680 | 161,892 | ||||||||
Other | 22,645 | 1,670 | 24,315 | |||||||||
$ | 175,857 | 10,350 | 186,207 |
Fair Value Measurements at March 31, 2018 Using: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | March 31, 2019 Using: | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 151,327 | $ | - | $ | 151,327 | $ | - | $ | 148,292 | $ | - | $ | 148,292 | $ | - | ||||||||||||||||
State and political subdivisions | 525 | - | 525 | - | 172 | - | 172 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 297,633 | - | 297,633 | - | 312,946 | - | 312,946 | - | ||||||||||||||||||||||||
Corporate bonds | 35,227 | - | 35,227 | - | 30,258 | - | 30,258 | - | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 64,113 | - | 64,113 | - | 54,113 | - | 54,113 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,573 | - | 9,573 | - | ||||||||||||||||||||||||||||
Other securities | 685 | - | 685 | - | 685 | - | 685 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 559,083 | - | 559,083 | - | $ | 546,466 | $ | - | $ | 546,466 | $ | - |
Fair Value Measurements at December 31, 2017 Using: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2018 Using: | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 137,851 | $ | - | $ | 137,851 | $ | - | $ | 152,160 | $ | - | $ | 152,160 | $ | - | ||||||||||||||||
State and political subdivisions | 525 | - | 525 | - | 173 | - | 173 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 315,983 | - | 315,983 | - | 262,032 | - | 262,032 | - | ||||||||||||||||||||||||
Corporate bonds | 40,162 | - | 40,162 | - | 29,938 | - | 29,938 | - | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 67,059 | - | 67,059 | - | 56,475 | - | 56,475 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,700 | - | 9,700 | - | ||||||||||||||||||||||||||||
Other securities | 685 | - | 685 | - | 685 | - | 685 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 571,965 | - | 571,965 | - | $ | 501,463 | $ | - | $ | 501,463 | $ | - |
Fair Value Measurements at March 31, 2018 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | March 31, 2019 Using: | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 2,190 | $ | - | $ | - | $ | 2,190 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | $ | 1,261 | $ | - | $ | - | $ | 1,261 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 750 | - | - | 750 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) | 439 | - | - | 439 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) |
Fair Value Measurements at December 31, 2017 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | December 31, 2018 Using: | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 3,246 | $ | - | $ | - | $ | 3,246 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | $ | 1,675 | $ | - | $ | - | $ | 1,675 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 844 | - | - | 844 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) | 459 | - | - | 459 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | March 31, 2018 Using: | Carrying | March 31, 2019 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 617,170 | 617,170 | - | - | 617,170 | $ | 619,187 | 619,187 | - | - | 619,187 | ||||||||||||||||||||||||||||
Securities available for sale | 559,083 | 35 | 559,048 | - | 559,083 | 546,466 | - | 546,466 | - | 546,466 | ||||||||||||||||||||||||||||||
Held to maturity securities | 26,174 | - | 26,994 | - | 26,994 | 21,609 | - | 22,283 | - | 22,283 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,779 | N/A | N/A | N/A | N/A | 8,953 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,622,596 | - | - | 3,598,673 | 3,598,673 | 3,861,153 | - | - | 3,781,951 | 3,781,951 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 10,579 | 85 | 2,611 | 7,883 | 10,579 | 11,354 | 149 | 2,214 | 8,991 | 11,354 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 403,782 | 403,782 | - | - | 403,782 | 408,417 | 408,417 | - | - | 408,417 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,831,298 | 2,721,854 | 1,122,106 | - | 3,843,960 | 4,004,652 | 2,583,471 | 1,415,390 | - | 3,998,861 | ||||||||||||||||||||||||||||||
Short-term borrowings | 203,910 | - | 203,910 | - | 203,910 | 159,778 | - | 159,778 | - | 159,778 | ||||||||||||||||||||||||||||||
Accrued interest payable | 665 | 75 | 590 | - | 665 | 1,472 | 176 | 1,296 | - | 1,472 |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | December 31, 2017 Using: | Carrying | December 31, 2018 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 612,740 | 612,740 | - | - | 612,740 | $ | 503,709 | 503,709 | - | - | 503,709 | ||||||||||||||||||||||||||||
Securities available for sale | 571,965 | 35 | 571,930 | - | 571,965 | 501,463 | - | 501,463 | - | 501,463 | ||||||||||||||||||||||||||||||
Held to maturity securities | 27,551 | - | 28,701 | - | 28,701 | 22,501 | - | 22,924 | - | 22,924 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,779 | N/A | N/A | N/A | N/A | 8,953 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,692,237 | - | - | 3,598,213 | 3,598,213 | 3,829,330 | - | - | 3,753,966 | 3,753,966 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,441 | 243 | 2,440 | 8,758 | 11,441 | 11,341 | 353 | 2,371 | 8,617 | 11,341 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 398,399 | 398,399 | - | - | 398,399 | 405,069 | 405,069 | - | - | 405,069 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,774,927 | 2,707,961 | 1,076,213 | - | 3,784,174 | 3,869,178 | 2,594,672 | 1,264,772 | - | 3,859,444 | ||||||||||||||||||||||||||||||
Short-term borrowings | 242,991 | - | 242,991 | - | 242,991 | 161,893 | - | 161,893 | - | 161,893 | ||||||||||||||||||||||||||||||
Accrued interest payable | 537 | 77 | 460 | - | 537 | 1,024 | 104 | 920 | - | 1,024 |
Three months ended 3/31/18 | ||||||||||||||||||||
(dollars in thousands) | Balance at 12/31/2017 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2018 | Balance at 3/31/2018 | |||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (5,030 | ) | (5,302 | ) | - | (5,302 | ) | (10,332 | ) | ||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and Adjustment postretirement benefit plans, net of tax | 3,224 | - | (36 | ) | (36 | ) | 3,188 | |||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | - | - | (1,346 | ) | - | (1,346 | ) | |||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (1,806 | ) | (5,302 | ) | (1,382 | ) | (5,338 | ) | (8,490 | ) |
Three months ended 3/31/2019 | ||||||||||||||||||||
(dollars in thousands) | Balance at 12/31/2018 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2019 | Balance at 3/31/2019 | |||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | (10,416 | ) | 3,396 | - | 3,396 | (7,020 | ) | ||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | - | - | - | 423 | |||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | (316 | ) | - | (98 | ) | (98 | ) | (414 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | $ | (10,309 | ) | 3,396 | (98 | ) | 3,298 | (7,011 | ) |
Three months ended 3/31/2018 | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Three months ended 3/31/2017 | Balance at 12/31/2017 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2018 | Balance at 3/31/2018 | ||||||||||||||||||||||||||||||||||
Balance at 12/31/2016 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2016 | Balance at 3/31/2017 | ||||||||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (6,762 | ) | 707 | - | 707 | (6,055 | ) | ||||||||||||||||||||||||||||||||
Net unrealized holding (gain) loss on securities available for sale, net of tax | $ | (5,030 | ) | (5,302 | ) | - | (5,302 | ) | (10,332 | ) | ||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 3,054 | - | - | - | 3,054 | |||||||||||||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax | 511 | - | (24 | ) | (24 | ) | 487 | 170 | - | (36 | ) | (36 | ) | 134 | ||||||||||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | - | - | (1,346 | ) | - | (1,346 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (6,251 | ) | 707 | (24 | ) | 683 | (5,568 | ) | $ | (1,806 | ) | (5,302 | ) | (1,382 | ) | (5,338 | ) | (8,490 | ) |
Three months ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
(dollars in thousands) | Three months ended March 31, | 2019 | 2018 | Affected Line Item in Financial Statements | ||||||||||||||
2018 | 2017 | Affected Line Item in Statements | ||||||||||||||||
Amortization of pension and postretirement benefit items | ||||||||||||||||||
Amortization of net actuarial (gain) loss | $ | (72 | ) | $ | (63 | ) | Salaries and employee benefits | |||||||||||
Amortization of pension and postretirement benefit items: | ||||||||||||||||||
Amortization of net actuarial gain (loss) | $ | 48 | (72 | ) | Salaries and employee benefits | |||||||||||||
Amortization of prior service cost | 23 | 23 | Salaries and employee benefits | 85 | 23 | Salaries and employee benefits | ||||||||||||
Income tax benefit | 13 | 16 | Income taxes | (35 | ) | 13 | Income taxes | |||||||||||
Net of tax | (36 | ) | (24 | ) | 98 | (36 | ) | |||||||||||
Total reclassifications, net of tax | $ | (36 | ) | $ | (24 | ) | $ | 98 | (36 | ) |
(dollars in thousands) | Three months ended | |||||||||||||||
March 31, | Three months ended | |||||||||||||||
2018 | 2017 | March 31, | ||||||||||||||
(dollars in thousands) | 2019 | 2018 | ||||||||||||||
Non-interest income | ||||||||||||||||
Service Charges on Deposits | ||||||||||||||||
Overdraft fees | $ | 827 | $ | 859 | $ | 850 | $ | 827 | ||||||||
Other | 114 | 79 | 110 | 114 | ||||||||||||
Interchange Income | 1,306 | 1,266 | 1,531 | 1,306 | ||||||||||||
Wealth management fees | 1,815 | 1,858 | 1,733 | 1,815 | ||||||||||||
Other (a) | 617 | 665 | 413 | 617 | ||||||||||||
Total non-interest income | $ | 4,679 | $ | 4,727 | $ | 4,637 | $ | 4,679 |
(dollars in thousands) | Three months ended March 31, | |||||||
2019 | 2018 | |||||||
Operating lease cost | $ | 1,891 | $ | 1,912 | ||||
Variable lease cost | 466 | 586 | ||||||
Total Lease costs | $ | 2,357 | $ | 2,498 |
(dollars in thousands) | Three months ended March 31, | |||
2019 | ||||
Supplemental cash flows information: | ||||
Cash paid for amounts included in the measurement of | ||||
lease liabilities: | ||||
Operating cash flows from operating leases | $ | 1,949 | ||
Right-of-use assets obtained in exchange for lease obligations: | 53,029 | |||
Weighted average remaining lease term | 9.8 years | |||
Weighted average discount rate | 3.30 | % |
(dollars in thousands) | ||||
Year ending December 31, | ||||
2019(a) | $ | 5,799 | ||
2020 | 7,675 | |||
2021 | 7,613 | |||
2022 | 7,139 | |||
2023 | 6,812 | |||
Thereafter | 32,254 | |||
Total lease payments | $ | 67,292 | ||
Less: Interest | 10,569 | |||
Present value of lease liabilities | $ | 56,723 |
(dollars in thousands) | ||||
2019 | $ | 7,799 | ||
2020 | 7,622 | |||
2021 | 7,555 | |||
2022 | 7,048 | |||
2023 | 6,673 | |||
2024 and after | 32,722 | |||
| $ | 69,419 |
(Bank Only) | ||||||||||||||||
As of March 31, 2019 | Well Capitalized(1) | Adequately Capitalized(1)(2) | ||||||||||||||
(dollars in thousands) | Amount | Ratio | ||||||||||||||
Tier 1 leverage capital | $ | 492,918 | 9.760 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 492,918 | 18.299 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 492,918 | 18.299 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 526,727 | 19.555 | 10.000 | 10.500 |
As of December 31, 2018 | Well | Adequately | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Capitalized(1)(3) | ||||||||||||
Tier 1 (core) capital | $ | 484,581 | 9.767 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 484,581 | 18.233 | 6.500 | 6.380 | ||||||||||||
Tier 1 risk-based capital | 484,581 | 18.233 | 8.000 | 7.880 | ||||||||||||
Total risk-based capital | 517,948 | 19.489 | 10.000 | 9.880 |
(Consolidated) | ||||||||||||
Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||
As of March 31, 2019 | ||||||||||||
(dollars in thousands) | Amount | Ratio | ||||||||||
Tier 1 leverage capital | $ | 508,176 | 10.057 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 508,176 | 18.856 | 7.000 | |||||||||
Tier 1 risk-based capital | 508,176 | 18.856 | 8.500 | |||||||||
Total risk-based capital | 542,003 | 20.111 | 10.500 |
(dollars in thousands) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | |||||||||||
As of December 31, 2018 | ||||||||||||
Amount | Ratio | |||||||||||
Tier 1 leverage ratio | $ | 499,626 | 10.129 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 499,626 | 18.790 | 6.380 | |||||||||
Tier 1 risk-based capital | 499,626 | 18.790 | 7.880 | |||||||||
Total risk-based capital | 533,009 | 20.046 | 9.880 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The March 31, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
(3) | The December 31, 2018 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a transition capital conservation buffer of 1.88 percent |
Independent Member Crowe |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | |||
Q1/18 | Beg of Q1 | 1.39 | 1.89 | 2.20 | 2.40 | 0.51 | |
Peak | 1.81 | 2.34 | 2.69 | 2.94 | 0.78 | ||
Trough | 1.39 | 1.89 | 2.20 | 2.40 | 0.47 | ||
End of Q1 | 1.73 | 2.27 | 2.56 | 2.74 | 0.47 | ||
Average in Q1 | 1.58 | 2.15 | 2.53 | 2.75 | 0.60 | ||
Q2/18 | Beg of Q2 | 1.73 | 2.27 | 2.56 | 2.74 | 0.47 | |
Peak | 1.95 | 2.59 | 2.94 | 3.11 | 0.54 | ||
Trough | 1.71 | 2.25 | 2.55 | 2.73 | 0.31 | ||
End of Q2 | 1.93 | 2.52 | 2.73 | 2.85 | 0.33 | ||
Average in Q2 | 1.87 | 2.47 | 2.76 | 2.92 | 0.44 | ||
Q3/18 | Beg of Q3 | 1.93 | 2.52 | 2.73 | 2.85 | 0.33 | |
Peak | 2.22 | 2.83 | 2.99 | 3.10 | 0.27 | ||
Trough | 1.96 | 2.53 | 2.70 | 2.82 | 0.29 | ||
End of Q3 | 2.19 | 2.81 | 2.94 | 3.05 | 0.24 | ||
Average in Q3 | 2.07 | 2.67 | 2.81 | 2.92 | 0.25 | ||
Q4/18 | Beg of Q4 | 2.19 | 2.81 | 2.94 | 3.05 | 0.24 | |
Peak | 2.45 | 2.98 | 3.09 | 3.24 | 0.26 | ||
Trough | 2.19 | 2.48 | 2.51 | 2.69 | 0.21 | ||
End of Q4 | 2.45 | 2.48 | 2.51 | 2.69 | 0.21 | ||
Average in Q4 | 2.35 | 2.80 | 2.88 | 3.04 | 0.24 | ||
Q1/19 | Beg of Q1 | 2.45 | 2.48 | 2.51 | 2.69 | 0.21 | |
Peak | 2.49 | 2.62 | 2.62 | 2.79 | 0.17 | ||
Trough | 2.37 | 2.22 | 2.18 | 2.39 | 0.17 | ||
End of Q1 | 2.40 | 2.27 | 2.23 | 2.41 | 0.14 | ||
Average in Q1 | 2.44 | 2.49 | 2.46 | 2.65 | 0.16 |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | ||||||||||||||||||
Q1/17 | Beg of Q1 | 0.16 | 1.06 | 1.76 | 2.27 | 1.21 | ||||||||||||||||
Peak | 0.79 | 1.40 | 2.14 | 2.62 | 1.30 | |||||||||||||||||
Trough | 0.50 | 1.12 | 1.80 | 2.31 | 1.11 | |||||||||||||||||
End of Q1 | 0.76 | 1.27 | 1.93 | 2.40 | 1.13 | |||||||||||||||||
Average in Q1 | 0.60 | 1.24 | 1.95 | 2.45 | 1.20 | |||||||||||||||||
Q2/17 | Beg of Q2 | 0.76 | 1.27 | 1.93 | 2.40 | 1.13 | ||||||||||||||||
Peak | 1.04 | 1.38 | 1.94 | 2.42 | 1.11 | |||||||||||||||||
Trough | 0.79 | 1.18 | 1.71 | 2.14 | 0.78 | |||||||||||||||||
End of Q2 | 1.03 | 1.38 | 1.89 | 2.31 | 0.93 | |||||||||||||||||
Average in Q2 | 0.91 | 1.30 | 1.81 | 2.26 | 0.96 | |||||||||||||||||
Q3/17 | Beg of Q3 | 1.03 | 1.38 | 1.89 | 2.31 | 0.93 | ||||||||||||||||
Peak | 1.18 | 1.47 | 1.95 | 2.39 | 1.00 | |||||||||||||||||
Trough | 0.98 | 1.27 | 1.63 | 2.05 | 0.77 | |||||||||||||||||
End of Q3 | 1.06 | 1.47 | 1.92 | 2.33 | 0.86 | |||||||||||||||||
Average in Q3 | 1.05 | 1.36 | 1.81 | 2.24 | 0.88 | |||||||||||||||||
Q4/17 | Beg of Q4 | 1.06 | 1.47 | 1.92 | 2.33 | 0.86 | ||||||||||||||||
Peak | 1.47 | 1.92 | 2.26 | 2.49 | 0.86 | |||||||||||||||||
Trough | 1.01 | 1.47 | 1.91 | 2.28 | 0.51 | |||||||||||||||||
End of Q4 | 1.39 | 1.89 | 2.20 | 2.40 | 0.51 | |||||||||||||||||
Average in Q4 | 1.23 | 1.70 | 2.07 | 2.37 | 0.68 | |||||||||||||||||
Q1/18 | Beg of Q1 | 1.39 | 1.89 | 2.20 | 2.40 | 0.51 | ||||||||||||||||
Peak | 1.81 | 2.34 | 2.69 | 2.94 | 0.78 | |||||||||||||||||
Trough | 1.39 | 1.89 | 2.20 | 2.40 | 0.47 | |||||||||||||||||
End of Q1 | 1.73 | 2.27 | 2.56 | 2.74 | 0.47 | |||||||||||||||||
Average in Q1 | 1.58 | 2.15 | 2.53 | 2.75 | 0.60 |
An increase in the average balance of interest earning assets of $117.5 million to $4.91 billion for the first quarter of 2019 compared to the same period in 2018 |
(dollars in thousands) | ||||
Under 1 year | $ | 1,038,795 | ||
1 to 2 years | 362,146 | |||
2 to 3 years | 11,768 | |||
3 to 4 years | 5,628 | |||
4 to 5 years | 2,567 | |||
Over 5 years | 277 | |||
$ | 1,421,181 |
(dollars in thousands) | ||||
Under 1 year | $ | 685,655 | ||
1 to 2 years | 371,771 | |||
2 to 3 years | 44,460 | |||
3 to 4 years | 1,579 | |||
4 to 5 years | 5,731 | |||
Over 5 years | 248 | |||
$ | 1,109,444 |
(dollars in thousands) | As of March 31, 2018 | As of December 31, 2017 | As of March 31, 2019 | As of December 31, 2018 | ||||||||||||||||||||||||||||
Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | |||||||||||||||||||||||||
Commercial | $ | 4,146 | 4.81 | % | $ | 4,205 | 4.85 | % | $ | 3,579 | 4.58 | % | $ | 3,903 | 4.74 | % | ||||||||||||||||
Real estate - construction | 357 | 0.80 | % | 379 | 0.85 | % | 318 | 0.71 | % | 310 | 0.69 | % | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 34,084 | 85.93 | % | 33,622 | 85.56 | % | 35,301 | 87.08 | % | 34,918 | 86.80 | % | ||||||||||||||||||||
Home equity lines of credit | 5,027 | 8.23 | % | 5,195 | 8.50 | % | 4,521 | 7.30 | % | 4,689 | 7.47 | % | ||||||||||||||||||||
Installment Loans | 765 | 0.23 | % | 769 | 0.24 | % | 952 | 0.33 | % | 946 | 0.30 | % | ||||||||||||||||||||
$ | 44,379 | 100.00 | % | $ | 44,170 | 100.00 | % | $ | 44,671 | 100.00 | % | $ | 44,766 | 100.00 | % |
The economic environment in the Upstate New York and Florida territories over the last several years, as well as in the Company’s other market areas. |
As of March 31, | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | % | |||
+300 BP | ||||
+200 BP | ||||
+100 BP | ||||
Current rates | ||||
-100 BP | ||||
-200 BP | 16.90 |
(Bank Only) | ||||||||||||||||||||||||||||||||
As of March 31, 2019 | Well Capitalized(1) | Adequately Capitalized(1)(2) | ||||||||||||||||||||||||||||||
(dollars in thousands) | As of March 31, 2018 | Well | Adequately | Amount | Ratio | |||||||||||||||||||||||||||
Amount | Ratio | Capitalized(1) | Capitalized(1)(2) | |||||||||||||||||||||||||||||
Tier 1 leverage capital | $ | 455,335 | 9.333 | % | 5.000 | % | 4.000 | % | $ | 492,918 | 9.760 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 455,335 | 17.750 | 6.500 | 6.380 | 492,918 | 18.299 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 455,335 | 17.750 | 8.000 | 7.880 | 492,918 | 18.299 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 487,547 | 19.010 | 10.000 | 9.880 | 526,727 | 19.555 | 10.000 | 10.500 |
(dollars in thousands) | As of December 31, 2017 | Well | Adequately | As of December 31, 2018 | Well Capitalized(1) | Adequately Capitalized(1)(3) | ||||||||||||||||||||||||||
Amount | Ratio | Capitalized(1) | Capitalized(1)(3) | |||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Well Capitalized(1) | Adequately Capitalized(1)(3) | ||||||||||||||||||||||||||||
Tier 1 (core) capital | $ | 444,931 | 9.152 | % | 5.000 | % | 4.000 | % | $ | 484,581 | 9.767 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 444,931 | 17.460 | 6.500 | 5.750 | 484,581 | 18.233 | 6.500 | 6.380 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 444,931 | 17.460 | 8.000 | 7.250 | 484,581 | 18.233 | 8.000 | 7.880 | ||||||||||||||||||||||||
Total risk-based capital | 476,942 | 18.720 | 10.000 | 9.250 | 517,948 | 19.489 | 10.000 | 9.880 |
(Consolidated) | ||||||||||||
Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||
As of March 31, 2019 | ||||||||||||
(dollars in thousands) | Amount | Ratio | ||||||||||
Tier 1 leverage capital | $ | 508,176 | 10.057 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 508,176 | 18.856 | 7.000 | |||||||||
Tier 1 risk-based capital | 508,176 | 18.856 | 8.500 | |||||||||
Total risk-based capital | 542,003 | 20.111 | 10.500 |
Minimum for | ||||||||||||
Capital Adequacy plus | ||||||||||||
As of December 31, 2018 | Capital Conservation | |||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | $ | 499,626 | 10.129 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 499,626 | 18.790 | 6.380 | |||||||||
Tier 1 risk-based capital | 499,626 | 18.790 | 7.880 | |||||||||
Total risk-based capital | 533,009 | 20.046 | 9.880 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The March 31, |
(3) | The December |
(dollars in thousands) | As of March 31, 2018 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||
Amount | Ratio | Buffer(1)(2) | ||||||||||
Tier 1 leverage capital | $ | 470,033 | 9.629 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 470,033 | 18.320 | 6.380 | |||||||||
Tier 1 risk-based capital | 470,033 | 18.320 | 7.880 | |||||||||
Total risk-based capital | 502,268 | 19.570 | 9.880 |
(dollars in thousands) | As of December 31, 2017 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||
Amount | Ratio | Buffer(1)(3) | ||||||||||
Tier 1 leverage ratio | $ | 459,561 | 9.449 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 459,561 | 18.020 | 5.750 | |||||||||
Tier 1 risk-based capital | 459,561 | 18.020 | 7.250 | |||||||||
Total risk-based capital | 491,590 | 19.280 | 9.250 |
Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018 | March 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Change in | Variance | Variance | Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Rate | Balance | Rate | Interest | Balance | Rate | March 31, 2019 | March 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/ | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Expense | Average Balance | Interest | Average Rate | Average Balance | Interest | AverageRate | Change in InterestIncome/ Expense | Variance BalanceChange | Variance RateChange | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 156,593 | 750 | 1.92 | % | $ | 142,495 | 595 | 1.67 | % | $ | 155 | 62 | 93 | $ | 154,258 | 783 | 2.03 | % | $ | 156,593 | 750 | 1.92 | % | $ | 33 | (65 | ) | 98 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 313,753 | 1,763 | 2.25 | % | 367,956 | 1,958 | 2.13 | % | (195 | ) | (312 | ) | 117 | 273,004 | 1,555 | 2.28 | % | 313,753 | 1,763 | 2.25 | % | (208 | ) | (359 | ) | 151 | ||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 515 | 10 | 7.81 | % | 873 | 19 | 8.71 | % | (9 | ) | 9 | (18 | ) | 168 | 2 | 7.85 | % | 515 | 10 | 7.81 | % | (8 | ) | (8 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 33,297 | 133 | 1.60 | % | 41,580 | 151 | 1.45 | % | (18 | ) | (93 | ) | 75 | 26,862 | 208 | 3.09 | % | 33,297 | 133 | 1.60 | % | 75 | (158 | ) | 233 | |||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 67,106 | 352 | 2.10 | % | 78,591 | 415 | 2.11 | % | (63 | ) | (61 | ) | (2 | ) | 57,057 | 297 | 2.08 | % | 67,106 | 352 | 2.10 | % | (55 | ) | (52 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial | 9,775 | 42 | 1.71 | % | 10,089 | 23 | 0.91 | % | 19 | (5 | ) | 24 | - | - | - | % | 9,775 | 42 | 1.71 | % | (42 | ) | (21 | ) | (21 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 685 | 5 | 2.52 | % | 685 | 4 | 2.34 | % | 1 | - | 1 | 685 | 5 | 2.92 | % | 685 | 5 | 2.52 | % | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 581,724 | 3,055 | 2.12 | % | 642,269 | 3,165 | 1.97 | % | (110 | ) | (400 | ) | 290 | 512,034 | 2,850 | 2.23 | % | 581,724 | 3,055 | 2.12 | % | (205 | ) | (663 | ) | 458 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 528,947 | 2,017 | 1.55 | % | 641,126 | 1,246 | 0.78 | % | 771 | (167 | ) | 938 | 502,976 | 3,009 | 2.43 | % | 528,947 | 2,017 | 1.55 | % | 992 | (662 | ) | 1,654 | ||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | - | - | 0.00 | % | 9,992 | 154 | 6.16 | % | (154 | ) | (77 | ) | (77 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 26,799 | 260 | 3.88 | % | 34,303 | 316 | 3.68 | % | (56 | ) | (154 | ) | 98 | 22,037 | 217 | 3.94 | % | 26,799 | 260 | 3.88 | % | (43 | ) | (69 | ) | 26 | ||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 26,799 | 260 | 3.88 | % | 44,295 | 470 | 4.24 | % | (210 | ) | (231 | ) | 21 | 22,037 | 217 | 3.94 | % | 26,799 | 260 | 3.88 | % | (43 | ) | (69 | ) | 26 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 8,779 | 77 | 6.00 | % | 9,579 | 134 | 5.60 | % | (57 | ) | (72 | ) | 15 | 8,953 | 85 | 3.80 | % | 8,779 | 77 | 3.51 | % | 8 | 2 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 185,646 | 2,420 | 5.21 | % | 187,590 | 2,429 | 5.18 | % | (9 | ) | (85 | ) | 76 | 193,738 | 2,583 | 5.33 | % | 185,646 | 2,420 | 5.21 | % | 163 | 107 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 3,148,735 | 32,257 | 4.11 | % | 2,911,987 | 30,367 | 4.17 | % | 1,890 | 4,651 | (2,761 | ) | 3,374,990 | 34,864 | 4.14 | % | 3,148,735 | 32,257 | 4.11 | % | 2,607 | 2,367 | 240 | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 306,290 | 3,210 | 4.25 | % | 330,338 | 3,085 | 3.74 | % | 125 | (1,129 | ) | 1,254 | 286,199 | 3,537 | 5.01 | % | 306,290 | 3,210 | 4.25 | % | 327 | (1,162 | ) | 1,489 | ||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 8,365 | 205 | 9.90 | % | 8,228 | 169 | 8.22 | % | 36 | 21 | 15 | 11,897 | 269 | 9.17 | % | 8,365 | 205 | 9.90 | % | 64 | 158 | (94 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,649,036 | 38,092 | 4.19 | % | 3,438,143 | 36,050 | 4.19 | % | 2,042 | 3,459 | (1,417 | ) | 3,866,824 | 41,253 | 4.28 | % | 3,649,036 | 38,092 | 4.19 | % | 3,161 | 1,470 | 1,691 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 4,795,285 | 43,501 | 3.64 | % | 4,775,412 | 41,065 | 3.44 | % | 2,436 | 2,589 | (153 | ) | 4,912,824 | 47,414 | 3.87 | % | 4,795,285 | 43,501 | 3.64 | % | 3,913 | 78 | 3,835 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (44,393 | ) | (44,236 | ) | (44,947 | ) | (44,393 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 124,867 | 130,186 | 176,009 | 124,867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,875,759 | $ | 4,861,362 | $ | 5,043,886 | $ | 4,875,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 877,776 | 106 | 0.05 | % | $ | 809,039 | 124 | 0.06 | % | (18 | ) | 16 | (33 | ) | $ | 880,474 | 121 | 0.06 | % | $ | 877,776 | 106 | 0.05 | % | 15 | - | 15 | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 547,136 | 439 | 0.33 | % | 580,006 | 466 | 0.32 | % | (27 | ) | (38 | ) | 11 | 517,995 | 826 | 0.65 | % | 547,136 | 439 | 0.33 | % | 387 | (162 | ) | 549 | |||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,260,360 | 419 | 0.13 | % | 1,274,757 | 430 | 0.13 | % | (11 | ) | (31 | ) | 20 | 1,160,142 | 377 | 0.13 | % | 1,260,360 | 419 | 0.13 | % | (42 | ) | (42 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,080,893 | 2,860 | 1.07 | % | 1,133,942 | 2,283 | 0.81 | % | 577 | (97 | ) | 674 | 1,353,160 | 5,976 | 1.79 | % | 1,080,893 | 2,860 | 1.07 | % | 3,116 | 849 | 2,267 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,766,165 | 3,824 | 0.41 | % | 3,797,744 | 3,303 | 0.35 | % | 521 | (151 | ) | 671 | 3,911,771 | 7,300 | 0.76 | % | 3,766,165 | 3,824 | 0.41 | % | 3,476 | 645 | 2,831 | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 234,384 | 358 | 0.62 | % | 229,719 | 349 | 0.61 | % | 9 | 5 | 4 | 159,076 | 381 | 0.97 | % | 234,384 | 358 | 0.62 | % | 23 | (587 | ) | 610 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,000,549 | 4,182 | 0.42 | % | 4,027,463 | 3,652 | 0.36 | % | 530 | (146 | ) | 676 | 4,070,847 | 7,681 | 0.77 | % | 4,000,549 | 4,182 | 0.42 | % | 3,499 | 58 | 3,441 | |||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 386,563 | 370,552 | 397,522 | 386,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 29,129 | 26,781 | 80,579 | 29,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 459,519 | 436,566 | 494,938 | 459,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,875,760 | $ | 4,861,362 | $ | 5,043,886 | $ | 4,875,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 39,319 | 37,413 | $ | 1,906 | 2,734 | (829 | ) | 39,733 | 39,319 | $ | 414 | 20 | 394 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.22 | % | 3.08 | % | 3.11 | % | 3.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.29 | % | 3.14 | % | 3.24 | % | 3.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (4 | ) | (13 | ) | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 39,315 | 37,400 | 39,732 | 39,315 |
Exhibit No. | Description |
15 | Crowe |
31(a) | Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer. |
31(b) | Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial |
32 | Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer. |
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 | XBRLTaxonomy Extension Presentation Linkbase Document |
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 | ||
and Chief Financial Officer | ||
Reg S-K
|