(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: |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
Common Stock, $1.00 par value | TRST | Nasdaq Global Select Market |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
Common Stock | Number of Shares Outstanding as of April 30, |
$ |
Part I. | FINANCIAL INFORMATION | PAGE NO. |
Item 1. | Consolidated Interim Financial Statements (Unaudited): | |
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | OTHER INFORMATION | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
Three months ended March 31, | Three months ended March 31, | |||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest and fees on loans | $ | 41,253 | 38,091 | $ | 42,063 | 41,253 | ||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||
U. S. government sponsored enterprises | 783 | 750 | 421 | 783 | ||||||||||||
State and political subdivisions | 1 | 7 | 1 | 1 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,555 | 1,763 | 2,113 | 1,555 | ||||||||||||
Corporate bonds | 208 | 133 | 238 | 208 | ||||||||||||
Small Business Administration-guaranteed participation securities | 297 | 352 | 245 | 297 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial | - | 42 | ||||||||||||||
Other securities | 5 | 5 | 6 | 5 | ||||||||||||
Total interest and dividends on securities available for sale | 2,849 | 3,052 | 3,024 | 2,849 | ||||||||||||
Interest on held to maturity securities: | ||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 217 | 260 | 175 | 217 | ||||||||||||
Total interest on held to maturity securities | 217 | 260 | 175 | 217 | ||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 85 | 77 | 82 | 85 | ||||||||||||
Interest on federal funds sold and other short-term investments | 3,009 | 2,017 | 1,267 | 3,009 | ||||||||||||
Total interest income | 47,413 | 43,497 | 46,611 | 47,413 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits: | ||||||||||||||||
Interest-bearing checking | 121 | 106 | 16 | 121 | ||||||||||||
Savings accounts | 377 | 419 | 233 | 377 | ||||||||||||
Money market deposit accounts | 826 | 439 | 1,096 | 826 | ||||||||||||
Time deposits | 5,976 | 2,860 | 6,391 | 5,976 | ||||||||||||
Interest on short-term borrowings | 381 | 358 | 322 | 381 | ||||||||||||
Total interest expense | 7,681 | 4,182 | 8,058 | 7,681 | ||||||||||||
Net interest income | 39,732 | 39,315 | 38,553 | 39,732 | ||||||||||||
Provision for loan losses | 300 | 300 | 2,000 | 300 | ||||||||||||
Net interest income after provision for loan losses | 39,432 | 39,015 | 36,553 | 39,432 | ||||||||||||
Noninterest income: | ||||||||||||||||
Trustco financial services income | 1,733 | 1,815 | 1,600 | 1,733 | ||||||||||||
Fees for services to customers | 2,520 | 2,645 | 2,315 | 2,520 | ||||||||||||
Net gain on securities transactions | 1,155 | - | ||||||||||||||
Other | 384 | 219 | 264 | 384 | ||||||||||||
Total noninterest income | 4,637 | 4,679 | 5,334 | 4,637 | ||||||||||||
Noninterest expenses: | ||||||||||||||||
Salaries and employee benefits | 11,451 | 10,422 | 11,373 | 11,451 | ||||||||||||
Net occupancy expense | 4,167 | 4,315 | 4,306 | 4,167 | ||||||||||||
Equipment expense | 1,902 | 1,751 | 1,802 | 1,902 | ||||||||||||
Professional services | 1,650 | 1,430 | 1,481 | 1,650 | ||||||||||||
Outsourced services | 1,925 | 1,925 | 2,075 | 1,925 | ||||||||||||
Advertising expense | 785 | 630 | 488 | 785 | ||||||||||||
FDIC and other insurance | 648 | 1,023 | 294 | 648 | ||||||||||||
Other real estate (income) expense, net | (24 | ) | 372 | |||||||||||||
Other real estate expense (income), net | 194 | (24 | ) | |||||||||||||
Other | 2,363 | 2,287 | 2,255 | 2,363 | ||||||||||||
Total noninterest expenses | 24,867 | 24,155 | 24,268 | 24,867 | ||||||||||||
Income before taxes | 19,202 | 19,539 | 17,619 | 19,202 | ||||||||||||
Income taxes | 4,644 | 4,731 | 4,306 | 4,644 | ||||||||||||
Net income | $ | 14,558 | 14,808 | $ | 13,313 | 14,558 | ||||||||||
Net income per share: | ||||||||||||||||
- Basic | $ | 0.150 | 0.154 | $ | 0.138 | 0.150 | ||||||||||
- Diluted | $ | 0.150 | 0.153 | $ | 0.138 | 0.150 |
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 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income | $ | 13,313 | 14,558 | |||||
Net unrealized holding gain on securities available for sale | 10,732 | 4,588 | ||||||
Reclassification adjustments for net gain recognized in income | (1,155 | ) | - | |||||
Tax effect | (2,487 | ) | (1,192 | ) | ||||
Net unrealized gain on securities available for sale, net of tax | 7,090 | 3,396 | ||||||
Amortization of net actuarial gain | (166 | ) | (48 | ) | ||||
Amortization of prior service credit | (49 | ) | (85 | ) | ||||
Tax effect | 56 | 35 | ||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (159 | ) | (98 | ) | ||||
Other comprehensive income, net of tax | 6,931 | 3,298 | ||||||
Comprehensive income | $ | 20,244 | 17,856 |
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, 2020 | December 31, 2019 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 43,362 | 48,198 | |||||
Federal funds sold and other short term investments | 492,691 | 408,648 | ||||||
Total cash and cash equivalents | 536,053 | 456,846 | ||||||
Securities available for sale | 503,166 | 573,823 | ||||||
Held to maturity securities (fair value 2020 $19,035; 2019 $19,680) | 17,720 | 18,618 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,183 | 9,183 | ||||||
Loans, net of deferred net costs | 4,099,392 | 4,062,196 | ||||||
Less: | ||||||||
Allowance for loan losses | 46,155 | 44,317 | ||||||
Net loans | 4,053,237 | 4,017,879 | ||||||
Bank premises and equipment, net | 34,428 | 34,622 | ||||||
Operating lease right-of-use assets | 49,955 | 51,475 | ||||||
Other assets | 52,905 | 58,876 | ||||||
Total assets | $ | 5,256,647 | 5,221,322 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 480,255 | 463,858 | |||||
Interest-bearing checking | 895,254 | 875,672 | ||||||
Savings accounts | 1,122,116 | 1,113,146 | ||||||
Money market deposit accounts | 617,198 | 599,163 | ||||||
Time deposits | 1,367,005 | 1,398,177 | ||||||
Total deposits | 4,481,828 | 4,450,016 | ||||||
Short-term borrowings | 148,090 | 148,666 | ||||||
Operating lease liabilities | 54,998 | 56,553 | ||||||
Accrued expenses and other liabilities | 23,546 | 27,830 | ||||||
Total liabilities | 4,708,462 | 4,683,065 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,204,832 and 100,204,832 shares issued at March 31, 2020 and December 31, 2019, respectively | 100,205 | 100,205 | ||||||
Surplus | 176,431 | 176,427 | ||||||
Undivided profits | 294,553 | 288,067 | ||||||
Accumulated other comprehensive income, net of tax | 11,392 | 4,461 | ||||||
Treasury stock at cost - 3,772,175 and 3,283,175 shares at March 31, 2020 and December 31, 2019, respectively | (34,396 | ) | (30,903 | ) | ||||
Total shareholders’ equity | 548,185 | 538,257 | ||||||
Total liabilities and shareholders’ equity | $ | 5,256,647 | $ | 5,221,322 |
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 | - |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||
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 | |||||||||||||||
Beginning balance, January 1, 2020 | $ | 100,205 | 176,427 | 288,067 | 4,461 | (30,903 | ) | 538,257 | ||||||||||||||||
Net income | - | - | 13,313 | - | - | 13,313 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 6,931 | - | 6,931 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | - | - | (6,827 | ) | - | - | (6,827 | ) | ||||||||||||||||
Purchase of treasury stock (489,000 shares) | - | - | - | - | (3,493 | ) | (3,493 | ) | ||||||||||||||||
Stock based compensation expense | - | 4 | - | - | - | 4 | ||||||||||||||||||
Ending balance, March 31, 2020 | $ | 100,205 | 176,431 | 294,553 | 11,392 | (34,396 | ) | 548,185 |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 13,313 | 14,558 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 999 | 1,010 | ||||||
Amortization of right-of-use asset | 1,520 | 1,470 | ||||||
Net gain on sale of other real estate owned | (82 | ) | (306 | ) | ||||
Writedown of other real estate owned | 80 | 140 | ||||||
Provision for loan losses | 2,000 | 300 | ||||||
Deferred tax expense | 846 | 498 | ||||||
Net amortization of securities | 858 | 688 | ||||||
Stock based compensation expense | 4 | (12 | ) | |||||
Net gain on sales of securities | (1,155 | ) | - | |||||
Decrease (increase) in taxes receivable | 3,682 | (18 | ) | |||||
Decrease (increase) in interest receivable | 673 | (13 | ) | |||||
(Decrease) increase in interest payable | (200 | ) | 448 | |||||
Increase in other assets | (2,171 | ) | (1,545 | ) | ||||
Decrease in operating lease liabilities | (1,555 | ) | (1,488 | ) | ||||
Decrease in accrued expenses and other liabilities | (4,307 | ) | (3,141 | ) | ||||
Total adjustments | 1,192 | (1,969 | ) | |||||
Net cash provided by operating activities | 14,505 | 12,589 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales and calls of securities available for sale | 98,363 | 16,041 | ||||||
Proceeds from calls and maturities of held to maturity securities | 859 | 851 | ||||||
Proceeds from maturities of securities available for sale | 5,000 | 10,000 | ||||||
Purchases of securities available for sale | (22,793 | ) | (67,103 | ) | ||||
Net decrease (increase) in loans | (37,792 | ) | 11,863 | |||||
Proceeds from dispositions of other real estate owned | 731 | 1,265 | ||||||
Purchases of bank premises and equipment | (805 | ) | (744 | ) | ||||
Net cash provided by (used in) investing activities | 43,563 | (27,827 | ) | |||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 31,812 | 138,822 | ||||||
Net decrease in short-term borrowings | (576 | ) | (2,115 | ) | ||||
Proceeds from exercise of stock options | - | 35 | ||||||
Proceeds from sale of treasury stock | - | 594 | ||||||
Purchases of treasury stock | (3,493 | ) | (35 | ) | ||||
Dividends paid | (6,604 | ) | (6,585 | ) | ||||
Net cash provided by financing activities | 21,139 | 130,716 | ||||||
Net increase in cash and cash equivalents | 79,207 | 115,478 | ||||||
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | ||||||
Cash and cash equivalents at end of period | $ | 536,053 | 619,187 | |||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | $ | 8,258 | 7,233 | |||||
Income taxes paid | 626 | 4,662 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 434 | 685 | ||||||
Increase in dividends payable | 223 | 6 | ||||||
Change in unrealized gain on securities available for sale-gross of deferred taxes | 9,577 | 4,588 | ||||||
Change in deferred tax effect on unrealized gain on securities available for sale | (2,487 | ) | (1,192 | ) | ||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans | (215 | ) | (133 | ) | ||||
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and postretirement benefit plans | 56 | 35 |
(in thousands, except per share data) | For the three months ended March 31, | For the three months ended March 31, | ||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Net income | $ | 14,558 | 14,808 | $ | 13,313 | 14,558 | ||||||||||
Weighted average common shares | 96,744 | 96,353 | 96,727 | 96,744 | ||||||||||||
Stock Options | 78 | 131 | 22 | 78 | ||||||||||||
Weighted average common shares including potential dilutive shares | 96,822 | 96,484 | 96,749 | 96,822 | ||||||||||||
Basic EPS | $ | 0.150 | 0.154 | $ | 0.138 | 0.150 | ||||||||||
Diluted EPS | $ | 0.150 | 0.153 | $ | 0.138 | 0.150 |
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) | 2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Service cost | $ | 8 | 11 | 18 | 26 | $ | 12 | 8 | 19 | 18 | ||||||||||||||||||||||
Interest cost | 315 | 326 | 60 | 54 | 266 | 315 | 54 | 60 | ||||||||||||||||||||||||
Expected return on plan assets | (752 | ) | (687 | ) | (248 | ) | (190 | ) | (819 | ) | (752 | ) | (296 | ) | (248 | ) | ||||||||||||||||
Amortization of net loss (gain) | - | 17 | (48 | ) | (89 | ) | ||||||||||||||||||||||||||
Amortization of prior service (credit) cost | - | - | (85 | ) | 23 | |||||||||||||||||||||||||||
Amortization of net gain | - | - | (166 | ) | (48 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit | - | - | (49 | ) | (85 | ) | ||||||||||||||||||||||||||
Net periodic benefit | $ | (429 | ) | (333 | ) | (303 | ) | (176 | ) | $ | (541 | ) | (429 | ) | (438 | ) | (303 | ) |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | $ | 149,870 | 26 | 1,604 | 148,292 | $ | 54,900 | 70 | - | 54,970 | ||||||||||||||||||||||
State and political subdivisions | 168 | 4 | - | 172 | 110 | 2 | - | 112 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 318,864 | 198 | 6,116 | 312,946 | 343,168 | 8,906 | 7 | 352,067 | ||||||||||||||||||||||||
Corporate bonds | 30,299 | 89 | 130 | 30,258 | 47,943 | 779 | 158 | 48,564 | ||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 56,060 | - | 1,947 | 54,113 | 46,392 | 376 | - | 46,768 | ||||||||||||||||||||||||
Other | 685 | - | - | 685 | 685 | - | - | 685 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 555,946 | 317 | 9,797 | 546,466 | |||||||||||||||||||||||||||
Total securities available for sale | $ | 493,198 | 10,133 | 165 | 503,166 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | $ | 154,868 | - | 2,708 | 152,160 | $ | 104,895 | 36 | 419 | 104,512 | ||||||||||||||||||||||
State and political subdivisions | 168 | 5 | - | 173 | 160 | 2 | - | 162 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 271,386 | 53 | 9,407 | 262,032 | 388,537 | 2,406 | 1,426 | 389,517 | ||||||||||||||||||||||||
Corporate bonds | 30,048 | - | 110 | 29,938 | 30,164 | 367 | 95 | 30,436 | ||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 58,376 | - | 1,901 | 56,475 | 48,991 | - | 480 | 48,511 | ||||||||||||||||||||||||
Other | 685 | - | - | 685 | 685 | - | - | 685 | ||||||||||||||||||||||||
Total securities available for sale | $ | 515,531 | 58 | 14,126 | 501,463 | $ | 573,432 | 2,811 | 2,420 | 573,823 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 5,165 | 5,166 | $ | 10,062 | 10,104 | ||||||||||
Due in one year through five years | 175,796 | 174,180 | 83,558 | 84,189 | ||||||||||||
Due after five years through ten years | 61 | 61 | 10,018 | 10,038 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations | 318,864 | 312,946 | 343,168 | 352,067 | ||||||||||||
Small Business Administration - guaranteed participation securities | 56,060 | 54,113 | 46,392 | 46,768 | ||||||||||||
$ | 555,946 | 546,466 | $ | 493,198 | 503,166 |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | 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 | 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 | $ | - | - | 4,390 | 7 | 4,390 | 7 | |||||||||||||||||||||||||||||||||||
Corporate bonds | 4,870 | 130 | - | - | 4,870 | 130 | - | - | 4,843 | 158 | 4,843 | 158 | ||||||||||||||||||||||||||||||||||||
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 | $ | - | - | 9,233 | 165 | 9,233 | 165 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | 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 | 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 | $ | 19,820 | 180 | 74,656 | 239 | 94,476 | 419 | ||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 1,102 | 11 | 259,729 | 9,396 | 260,831 | 9,407 | 67,322 | 446 | 169,169 | 980 | 236,491 | 1,426 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 14,943 | 98 | 9,995 | 12 | 24,938 | 110 | 4,905 | 95 | - | - | 4,905 | 95 | ||||||||||||||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | - | - | 56,475 | 1,901 | 56,475 | 1,901 | 48,510 | 480 | - | - | 48,510 | 480 | ||||||||||||||||||||||||||||||||||||
Total | $ | 45,915 | 215 | 438,490 | 13,911 | 484,405 | 14,126 | $ | 140,557 | 1,201 | 243,825 | 1,219 | 384,382 | 2,420 |
(dollars in thousands) | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Proceeds from sales | $ | - | - | $ | 29,219 | - | ||||||||||
Proceeds from calls/paydowns | 16,041 | 25,028 | 69,144 | 16,041 | ||||||||||||
Proceeds from maturities | 10,000 | 25,000 | 5,000 | 10,000 | ||||||||||||
Gross realized gains | 1,155 | - | ||||||||||||||
Gross realized losses | - | - |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 21,609 | 710 | 36 | 22,283 | $ | 17,720 | 1,315 | - | 19,035 | ||||||||||||||||||||||
Total held to maturity | $ | 21,609 | 710 | 36 | 22,283 | $ | 17,720 | 1,315 | - | 19,035 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 22,501 | 577 | 154 | 22,924 | $ | 18,618 | 1,062 | - | 19,680 | ||||||||||||||||||||||
Total held to maturity | $ | 22,501 | 577 | 154 | 22,924 | $ | 18,618 | 1,062 | - | 19,680 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 21,609 | 22,283 | $ | 17,720 | 19,035 | ||||||||||
$ | 21,609 | 22,283 | $ | 17,720 | 19,035 |
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) | 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 | |||||||||||||||||
Total | $ | 10,958 | 154 | - | - | 10,958 | 154 |
March 31, 2019 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 152,731 | 15,386 | 168,117 | ||||||||
Other | 21,983 | 247 | 22,230 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,438,732 | 847,444 | 3,286,176 | |||||||||
Home equity loans | 71,753 | 18,264 | 90,017 | |||||||||
Home equity lines of credit | 237,874 | 44,160 | 282,034 | |||||||||
Installment | 10,043 | 2,536 | 12,579 | |||||||||
Total loans, net | $ | 2,933,116 | $ | 928,037 | 3,861,153 | |||||||
Less: Allowance for loan losses | 44,671 | |||||||||||
Net loans | $ | 3,816,482 |
December 31, 2018 | March 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 156,278 | 15,275 | 171,553 | $ | 158,630 | 17,579 | 176,209 | ||||||||||||||||
Other | 24,330 | 263 | 24,593 | 19,221 | 375 | 19,596 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,442,711 | 845,166 | 3,287,877 | 2,558,048 | 982,078 | 3,540,126 | ||||||||||||||||||
Home equity loans | 71,523 | 17,308 | 88,831 | 68,628 | 18,367 | 86,995 | ||||||||||||||||||
Home equity lines of credit | 243,765 | 45,775 | 289,540 | 217,101 | 48,652 | 265,753 | ||||||||||||||||||
Installment | 9,462 | 2,240 | 11,702 | 8,386 | 2,327 | 10,713 | ||||||||||||||||||
Total loans, net | $ | 2,948,069 | 926,027 | 3,874,096 | $ | 3,030,014 | 1,069,378 | 4,099,392 | ||||||||||||||||
Less: Allowance for loan losses | 44,766 | 46,155 | ||||||||||||||||||||||
Net loans | $ | 3,829,330 | $ | 4,053,237 |
December 31, 2019 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 162,186 | 17,752 | 179,938 | ||||||||
Other | 19,326 | 235 | 19,561 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,541,440 | 953,995 | 3,495,435 | |||||||||
Home equity loans | 69,791 | 18,548 | 88,339 | |||||||||
Home equity lines of credit | 221,487 | 46,435 | 267,922 | |||||||||
Installment | 8,706 | 2,295 | 11,001 | |||||||||
Total loans, net | $ | 3,022,936 | 1,039,260 | 4,062,196 | ||||||||
Less: Allowance for loan losses | 44,317 | |||||||||||
Net loans | $ | 4,017,879 |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||
(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 | $ | 696 | - | 696 | $ | 517 | - | 517 | ||||||||||||||||
Other | 5 | - | 5 | 113 | - | 113 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 18,282 | 1,542 | 19,824 | 15,741 | 1,258 | 16,999 | ||||||||||||||||||
Home equity loans | 363 | - | 363 | 139 | 48 | 187 | ||||||||||||||||||
Home equity lines of credit | 3,698 | 102 | 3,800 | 2,690 | 186 | 2,876 | ||||||||||||||||||
Installment | 26 | - | 26 | 24 | - | 24 | ||||||||||||||||||
Total non-accrual loans | 23,070 | 1,644 | 24,714 | 19,224 | 1,492 | 20,716 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 33 | - | 33 | 27 | - | 27 | ||||||||||||||||||
Total nonperforming loans | $ | 23,103 | 1,644 | 24,747 | $ | 19,251 | 1,492 | 20,743 |
December 31, 2018 | December 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 | $ | 639 | - | 639 | $ | 733 | - | 733 | ||||||||||||||||
Other | 6 | - | 6 | 83 | - | 83 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 18,202 | 1,812 | 20,014 | 15,385 | 1,468 | 16,853 | ||||||||||||||||||
Home equity loans | 247 | - | 247 | 218 | 48 | �� | 266 | |||||||||||||||||
Home equity lines of credit | 3,924 | 103 | 4,027 | 2,804 | 98 | 2,902 | ||||||||||||||||||
Installment | 4 | 15 | 19 | 3 | - | 3 | ||||||||||||||||||
Total non-accrual loans | 23,022 | 1,930 | 24,952 | 19,226 | 1,614 | 20,840 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 34 | - | 34 | 29 | - | 29 | ||||||||||||||||||
Total nonperforming loans | $ | 23,056 | 1,930 | 24,986 | $ | 19,255 | 1,614 | 20,869 |
March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 96 | - | 565 | 661 | 152,070 | 152,731 | $ | 211 | - | 332 | 543 | 158,087 | 158,630 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 21,983 | 21,983 | - | - | 113 | 113 | 19,108 | 19,221 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 2,798 | 780 | 13,471 | 17,049 | 2,421,683 | 2,438,732 | 3,410 | 2,129 | 11,114 | 16,653 | 2,541,395 | 2,558,048 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 16 | 27 | 209 | 252 | 71,501 | 71,753 | 205 | 122 | 80 | 407 | 68,221 | 68,628 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 913 | 341 | 1,999 | 3,253 | 234,621 | 237,874 | 729 | 85 | 871 | 1,685 | 215,416 | 217,101 | ||||||||||||||||||||||||||||||||||||
Installment | 70 | 47 | 26 | 143 | 9,900 | 10,043 | 17 | 9 | 24 | 50 | 8,336 | 8,386 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,893 | 1,195 | 16,270 | 21,358 | 2,911,758 | 2,933,116 | $ | 4,572 | 2,345 | 12,534 | 19,451 | 3,010,563 | 3,030,014 |
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 | $ | - | - | - | - | 15,386 | 15,386 | $ | - | - | - | - | 17,579 | 17,579 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 247 | 247 | - | - | - | - | 375 | 375 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 603 | 158 | 571 | 1,332 | 846,112 | 847,444 | 629 | 385 | 500 | 1,514 | 980,564 | 982,078 | ||||||||||||||||||||||||||||||||||||
Home equity loans | - | 50 | - | 50 | 18,214 | 18,264 | 62 | - | - | 62 | 18,305 | 18,367 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 120 | - | 50 | 170 | 43,990 | 44,160 | 99 | - | 140 | 239 | 48,413 | 48,652 | ||||||||||||||||||||||||||||||||||||
Installment | 5 | 19 | - | 24 | 2,512 | 2,536 | 16 | - | - | 16 | 2,311 | 2,327 | ||||||||||||||||||||||||||||||||||||
Total | $ | 728 | 227 | 621 | 1,576 | 926,461 | 928,037 | $ | 806 | 385 | 640 | 1,831 | 1,067,547 | 1,069,378 |
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 | 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 | $ | 211 | - | 332 | 543 | 175,666 | 176,209 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 22,230 | 22,230 | - | - | 113 | 113 | 19,483 | 19,596 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 3,401 | 938 | 14,042 | 18,381 | 3,267,795 | 3,286,176 | 4,039 | 2,514 | 11,614 | 18,167 | 3,521,959 | 3,540,126 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 16 | 77 | 209 | 302 | 89,715 | 90,017 | 267 | 122 | 80 | 469 | 86,526 | 86,995 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,033 | 341 | 2,049 | 3,423 | 278,611 | 282,034 | 828 | 85 | 1,011 | 1,924 | 263,829 | 265,753 | ||||||||||||||||||||||||||||||||||||
Installment | 75 | 66 | 26 | 167 | 12,412 | 12,579 | 33 | 9 | 24 | 66 | 10,647 | 10,713 | ||||||||||||||||||||||||||||||||||||
Total | $ | 4,621 | 1,422 | 16,891 | 22,934 | 3,838,219 | 3,861,153 | $ | 5,378 | 2,730 | 13,174 | 21,282 | 4,078,110 | 4,099,392 |
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 198 | - | 370 | 568 | 170,985 | 171,553 | $ | 141 | - | 617 | 758 | 161,428 | 162,186 | ||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 24,593 | 24,593 | 80 | - | 33 | 113 | 19,213 | 19,326 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 3,693 | 1,305 | 13,988 | 18,986 | 3,268,891 | 3,287,877 | 3,444 | 292 | 11,328 | 15,064 | 2,526,376 | 2,541,440 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 208 | 94 | 212 | 514 | 88,317 | 88,831 | 183 | 7 | 133 | 323 | 69,468 | 69,791 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1,003 | 348 | 1,741 | 3,092 | 286,448 | 289,540 | 232 | 149 | 1,141 | 1,522 | 219,965 | 221,487 | ||||||||||||||||||||||||||||||||||||
Installment | 56 | 36 | 17 | 109 | 11,593 | 11,702 | 37 | 8 | 3 | 48 | 8,658 | 8,706 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,158 | 1,783 | 16,328 | 23,269 | 3,850,827 | 3,874,096 | $ | 4,117 | 456 | 13,255 | 17,828 | 3,005,108 | 3,022,936 |
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 | $ | - | - | - | - | 17,752 | 17,752 | |||||||||||||||||
Other | - | - | - | - | 235 | 235 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 542 | - | 617 | 1,159 | 952,836 | 953,995 | ||||||||||||||||||
Home equity loans | 63 | - | - | 63 | 18,485 | 18,548 | ||||||||||||||||||
Home equity lines of credit | 80 | - | 50 | 130 | 46,305 | 46,435 | ||||||||||||||||||
Installment | - | - | - | - | 2,295 | 2,295 | ||||||||||||||||||
Total | $ | 685 | - | 667 | 1,352 | 1,037,908 | 1,039,260 |
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 | $ | 141 | - | 617 | 758 | 179,180 | 179,938 | |||||||||||||||||
Other | 80 | - | 33 | 113 | 19,448 | 19,561 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,986 | 292 | 11,945 | 16,223 | 3,479,212 | 3,495,435 | ||||||||||||||||||
Home equity loans | 246 | 7 | 133 | 386 | 87,953 | 88,339 | ||||||||||||||||||
Home equity lines of credit | 312 | 149 | 1,191 | 1,652 | 266,270 | 267,922 | ||||||||||||||||||
Installment | 37 | 8 | 3 | 48 | 10,953 | 11,001 | ||||||||||||||||||
Total | $ | 4,802 | 456 | 13,922 | 19,180 | 4,043,016 | 4,062,196 |
For the three months ended March 31, 2019 | For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | $ | 4,048 | 39,772 | 946 | 44,766 | $ | 3,999 | 39,748 | 570 | 44,317 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 7 | 392 | 29 | 428 | 3 | 191 | 7 | 201 | ||||||||||||||||||||||||
Florida | - | 29 | 31 | 60 | - | - | 19 | 19 | ||||||||||||||||||||||||
Total loan chargeoffss | 7 | 421 | 60 | 488 | ||||||||||||||||||||||||||||
Total loan chargeoffs | 3 | 191 | 26 | 220 | ||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 3 | 74 | 6 | 83 | 2 | 51 | 3 | 56 | ||||||||||||||||||||||||
Florida | - | 10 | - | 10 | - | 2 | - | 2 | ||||||||||||||||||||||||
Total recoveries | 3 | 84 | 6 | 93 | 2 | 53 | 3 | 58 | ||||||||||||||||||||||||
Net loans charged off | 4 | 337 | 54 | 395 | 1 | 138 | 23 | 162 | ||||||||||||||||||||||||
Provision for loan losses | (310 | ) | 550 | 60 | 300 | |||||||||||||||||||||||||||
Provision (credit) for loan losses | (38 | ) | 2,033 | 5 | 2,000 | |||||||||||||||||||||||||||
Balance at end of period | $ | 3,734 | 39,985 | 952 | 44,671 | $ | 3,960 | 41,643 | 552 | 46,155 |
For the three months ended March 31, 2018 | For the three months ended March 31, 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | 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 | |||||||||||||||||||||||||||
Provision for loan losses | (75 | ) | 310 | 64 | 300 | |||||||||||||||||||||||||||
Net loans charged off | 4 | 337 | 54 | 395 | ||||||||||||||||||||||||||||
Provision (credit) for loan losses | (310 | ) | 550 | 60 | 300 | |||||||||||||||||||||||||||
Balance at end of period | $ | 4,255 | 39,359 | 765 | 44,379 | $ | 3,734 | 39,985 | 952 | 44,671 |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||||||||||
(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 | 3,734 | 39,985 | 952 | 44,671 | 3,960 | 41,643 | 552 | 46,155 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 3,734 | 39,985 | 952 | 44,671 | $ | 3,960 | 41,643 | 552 | 46,155 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,467 | 19,694 | - | 21,161 | $ | 1,115 | 19,172 | - | 20,287 | ||||||||||||||||||||||
Collectively evaluated for impairment | 188,880 | 3,638,533 | 12,579 | 3,839,992 | 194,690 | 3,873,702 | 10,713 | 4,079,105 | ||||||||||||||||||||||||
Total ending loans balance | $ | 190,347 | 3,658,227 | 12,579 | 3,861,153 | $ | 195,805 | 3,892,874 | 10,713 | 4,099,392 |
December 31, 2018 | December 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 | 4,048 | 39,772 | 946 | 44,766 | 3,999 | 39,748 | 570 | 44,317 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,048 | 39,772 | 946 | 44,766 | $ | 3,999 | 39,748 | 570 | 44,317 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,424 | 20,864 | - | 22,288 | $ | 1,437 | 19,539 | - | 20,976 | ||||||||||||||||||||||
Collectively evaluated for impairment | 194,722 | 3,645,384 | 11,702 | 3,851,808 | 198,062 | 3,832,157 | 11,001 | 4,041,220 | ||||||||||||||||||||||||
Total ending loans balance | $ | 196,146 | 3,666,248 | 11,702 | 3,874,096 | $ | 199,499 | 3,851,696 | 11,001 | 4,062,196 |
March 31, 2019 | ||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||
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 | $ | 1,319 | $ | 1,490 | - | 1,281 | $ | 866 | $ | 1,006 | - | 1,245 | ||||||||||||||||||||
Other | 37 | 87 | - | 132 | 145 | 145 | - | 91 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 14,922 | 15,233 | - | 14,944 | 13,872 | 14,249 | - | 14,095 | ||||||||||||||||||||||||
Home equity loans | 247 | 267 | - | 252 | 232 | 252 | - | 237 | ||||||||||||||||||||||||
Home equity lines of credit | 2,161 | 2,301 | - | 2,585 | 2,209 | 2,349 | - | 2,286 | ||||||||||||||||||||||||
Total | $ | 18,686 | 19,378 | - | 19,194 | $ | 17,324 | 18,001 | - | 17,954 |
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 | $ | 104 | 104 | - | 106 | ||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 2,030 | 2,030 | - | 2,291 | 2,615 | 2,615 | - | 2,405 | ||||||||||||||||||||||||
Home equity loans | 82 | 82 | - | 85 | - | - | - | 30 | ||||||||||||||||||||||||
Home equity lines of credit | 252 | 252 | - | 253 | 244 | 244 | - | 247 | ||||||||||||||||||||||||
Total | $ | 2,475 | 2,475 | - | 2,713 | $ | 2,963 | 2,963 | - | 2,788 |
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 | $ | 1,430 | 1,601 | - | 1,365 | $ | 970 | 1,110 | - | 1,352 | ||||||||||||||||||||||
Other | 37 | 87 | - | 132 | 145 | 145 | - | 91 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 16,952 | 17,263 | - | 17,235 | 16,487 | 16,864 | - | 16,500 | ||||||||||||||||||||||||
Home equity loans | 329 | 349 | - | 337 | 232 | 252 | - | 267 | ||||||||||||||||||||||||
Home equity lines of credit | 2,413 | 2,553 | - | 2,838 | 2,453 | 2,593 | - | 2,533 | ||||||||||||||||||||||||
Total | $ | 21,161 | 21,853 | - | 21,907 | $ | 20,287 | 20,964 | - | 20,743 |
December 31, 2019 | ||||||||||||||||
New York and other states*: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,217 | 1,359 | - | 1,385 | |||||||||||
Other | 115 | 115 | - | 38 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 14,414 | 14,714 | - | 14,358 | ||||||||||||
Home equity loans | 235 | 255 | - | 241 | ||||||||||||
Home equity lines of credit | 2,160 | 2,300 | - | 2,274 | ||||||||||||
Total | $ | 18,141 | 18,743 | - | 18,296 |
Florida: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 105 | 105 | - | 82 | |||||||||||
Other | - | - | - | 26 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,486 | 2,486 | - | 2,259 | ||||||||||||
Home equity loans | - | - | - | 51 | ||||||||||||
Home equity lines of credit | 244 | 244 | - | 249 | ||||||||||||
Total | $ | 2,835 | 2,835 | - | 2,667 |
Total: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,322 | 1,464 | - | 1,467 | |||||||||||
Other | 115 | 115 | - | 64 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,900 | 17,200 | - | 16,617 | ||||||||||||
Home equity loans | 235 | 255 | - | 292 | ||||||||||||
Home equity lines of credit | 2,404 | 2,544 | - | 2,523 | ||||||||||||
Total | $ | 20,976 | 21,578 | - | 20,963 |
December 31, 2018 | ||||||||||||||||
New York and other states*: | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,274 | 1,444 | - | 1,503 | |||||||||||
Other | 38 | 88 | - | 123 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 15,210 | 15,661 | - | 15,577 | ||||||||||||
Home equity loans | 252 | 272 | - | 262 | ||||||||||||
Home equity lines of credit | 2,772 | 2,996 | - | 2,772 | ||||||||||||
Total | $ | 19,546 | 20,461 | - | 20,237 |
Florida: | ||||||||||||||||
(dollars in thousands) | 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 | 2,293 | 2,399 | - | 2,455 | ||||||||||||
Home equity loans | 84 | 84 | - | 86 | ||||||||||||
Home equity lines of credit | 253 | 253 | - | 326 | ||||||||||||
Total | $ | 2,742 | 2,848 | - | 2,924 |
Total: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,386 | 1,556 | - | 1,560 | |||||||||||
Other | 38 | 88 | - | 123 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 17,503 | 18,060 | - | 18,032 | ||||||||||||
Home equity loans | 336 | 356 | - | 348 | ||||||||||||
Home equity lines of credit | 3,025 | 3,249 | - | 3,098 | ||||||||||||
Total | $ | 22,288 | 23,309 | - | 23,161 |
Three months ended 3/31/2019 | Three months ended 3/31/2018 | Three months ended 3/31/2020 | Three months ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | 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 | 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 | 4 | $ | 656 | 656 | 4 | $ | 642 | 642 | 1 | $ | 167 | 167 | 4 | $ | 656 | 656 | ||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | 3 | 240 | 240 | 1 | 70 | 70 | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 656 | $ | 656 | 7 | $ | 882 | $ | 882 | 2 | $ | 237 | $ | 237 | 4 | $ | 656 | $ | 656 |
Florida: (dollars in thousands) | 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 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1 | $ | 147 | 147 | - | $ | - | - | ||||||||||||||||
Home equity loans | - | - | - | - | - | - | ||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | ||||||||||||||||||
Total | 1 | $ | 147 | 147 | - | $ | - | - |
Three months ended 3/31/2019 | Three months ended 3/31/2018 | |||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | - | $ | - | - | $ | - | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | - | $ | - | - | $ | - | ||||||||||
Home equity lines of credit | - | - | 1 | 3 | ||||||||||||
Total | - | $ | - | 1 | $ | 3 |
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 | ||||||||||
Home equity lines of credit | - | - | - | - | ||||||||||||
Total | - | $ | - | 1 | $ | 72 |
March 31, 2019 | March 31, 2020 | |||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 148,784 | 3,947 | 152,731 | $ | 153,910 | 4,720 | 158,630 | ||||||||||||||||
Other | 20,985 | 998 | 21,983 | 18,721 | 500 | 19,221 | ||||||||||||||||||
$ | 169,769 | 4,945 | 174,714 | $ | 172,631 | 5,220 | 177,851 |
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 15,386 | - | 15,386 | $ | 17,579 | - | 17,579 | ||||||||||||||||
Other | 247 | - | 247 | 375 | - | 375 | ||||||||||||||||||
$ | 15,633 | - | 15,633 | $ | 17,954 | - | 17,954 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 164,170 | 3,947 | 168,117 | $ | 171,489 | 4,720 | 176,209 | ||||||||||||||||
Other | 21,232 | 998 | 22,230 | 19,096 | 500 | 19,596 | ||||||||||||||||||
$ | 185,402 | 4,945 | 190,347 | $ | 190,585 | 5,220 | 195,805 |
December 31, 2019 | ||||||||||||
New York and other states*: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 157,280 | 4,906 | 162,186 | ||||||||
Other | 18,384 | 942 | 19,326 | |||||||||
$ | 175,664 | 5,848 | 181,512 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 17,752 | - | 17,752 | ||||||||
Other | 235 | - | 235 | |||||||||
$ | 17,987 | - | 17,987 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 175,032 | 4,906 | 179,938 | ||||||||
Other | 18,619 | 942 | 19,561 | |||||||||
$ | 193,651 | 5,848 | 199,499 |
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 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 15,163 | 112 | 15,275 | ||||||||
Other | 263 | - | 263 | |||||||||
$ | 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 |
Fair Value Measurements at | Fair Value Measurements at | |||||||||||||||||||||||||||||||
March 31, 2019 Using: | March 31, 2020 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) | 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 | $ | 148,292 | $ | - | $ | 148,292 | $ | - | $ | 54,970 | $ | - | $ | 54,970 | $ | - | ||||||||||||||||
State and political subdivisions | 172 | - | 172 | - | 112 | - | 112 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 312,946 | - | 312,946 | - | 352,067 | - | 352,067 | - | ||||||||||||||||||||||||
Corporate bonds | 30,258 | - | 30,258 | - | 48,564 | - | 48,564 | - | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 54,113 | - | 54,113 | - | 46,768 | - | 46,768 | - | ||||||||||||||||||||||||
Other securities | 685 | - | 685 | - | 685 | - | 685 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 546,466 | $ | - | $ | 546,466 | $ | - | $ | 503,166 | $ | - | $ | 503,166 | $ | - |
Fair Value Measurements at | Fair Value Measurements at | |||||||||||||||||||||||||||||||
December 31, 2018 Using: | December 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) | 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 | $ | 152,160 | $ | - | $ | 152,160 | $ | - | $ | 104,512 | $ | - | $ | 104,512 | $ | - | ||||||||||||||||
State and political subdivisions | 173 | - | 173 | - | 162 | - | 162 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 262,032 | - | 262,032 | - | 389,517 | - | 389,517 | - | ||||||||||||||||||||||||
Corporate bonds | 29,938 | - | 29,938 | - | 30,436 | - | 30,436 | - | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 56,475 | - | 56,475 | - | 48,511 | - | 48,511 | - | ||||||||||||||||||||||||
Other securities | 685 | - | 685 | - | 685 | - | 685 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 501,463 | $ | - | $ | 501,463 | $ | - | $ | 573,823 | $ | - | $ | 573,823 | $ | - |
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2019 Using: | March 31, 2020 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) | 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 | $ | 1,261 | $ | - | $ | - | $ | 1,261 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | $ | 1,284 | $ | - | $ | - | $ | 1,284 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 5% (3 | %) | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 439 | - | - | 439 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) | |||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 417 | - | - | 417 | Sales comparison approach | Adjustments for differences between comparable sales | 11% - 13% (12 | %) |
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 Using: | December 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) | 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 | $ | 1,675 | $ | - | $ | - | $ | 1,675 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7 | %) | $ | 1,579 | $ | - | $ | - | $ | 1,579 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 21% (7 | %) | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 459 | - | - | 459 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10 | %) | |||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 120 | - | - | 120 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 17% (9 | %) | |||||||||||||||||||||||||||||||||||||
Home equity lines of credit |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | March 31, 2019 Using: | Carrying | March 31, 2020 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 619,187 | 619,187 | - | - | 619,187 | $ | 536,053 | 536,053 | - | - | 536,053 | ||||||||||||||||||||||||||||
Securities available for sale | 546,466 | - | 546,466 | - | 546,466 | 503,166 | - | 503,166 | - | 503,166 | ||||||||||||||||||||||||||||||
Held to maturity securities | 21,609 | - | 22,283 | - | 22,283 | 17,720 | - | 19,035 | - | 19,035 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,953 | N/A | N/A | N/A | N/A | 9,183 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,861,153 | - | - | 3,781,951 | 3,781,951 | 4,099,392 | - | - | 4,131,365 | 4,131,365 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,354 | 149 | 2,214 | 8,991 | 11,354 | 10,242 | 8 | 1,841 | 8,393 | 10,242 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 408,417 | 408,417 | - | - | 408,417 | 480,255 | 480,255 | - | - | 480,255 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 4,004,652 | 2,583,471 | 1,415,390 | - | 3,998,861 | 4,001,573 | 2,634,568 | 1,375,391 | - | 4,009,959 | ||||||||||||||||||||||||||||||
Short-term borrowings | 159,778 | - | 159,778 | - | 159,778 | 148,090 | - | 148,090 | - | 148,090 | ||||||||||||||||||||||||||||||
Accrued interest payable | 1,472 | 176 | 1,296 | - | 1,472 | 1,259 | 145 | 1,114 | - | 1,259 |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | December 31, 2018 Using: | Carrying | December 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 | $ | 503,709 | 503,709 | - | - | 503,709 | $ | 456,846 | 456,846 | - | - | 456,846 | ||||||||||||||||||||||||||||
Securities available for sale | 501,463 | - | 501,463 | - | 501,463 | 573,823 | - | 573,823 | - | 573,823 | ||||||||||||||||||||||||||||||
Held to maturity securities | 22,501 | - | 22,924 | - | 22,924 | 18,618 | - | 19,680 | - | 19,680 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,953 | N/A | N/A | N/A | N/A | 9,183 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,829,330 | - | - | 3,753,966 | 3,753,966 | 4,017,879 | - | - | 4,078,210 | 4,078,210 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,341 | 353 | 2,371 | 8,617 | 11,341 | 10,915 | 216 | 2,221 | 8,478 | 10,915 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 405,069 | 405,069 | - | - | 405,069 | 463,858 | 463,858 | - | - | 463,858 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,869,178 | 2,594,672 | 1,264,772 | - | 3,859,444 | 3,986,158 | 2,587,981 | 1,397,271 | - | 3,985,252 | ||||||||||||||||||||||||||||||
Short-term borrowings | 161,893 | - | 161,893 | - | 161,893 | 148,666 | - | 148,666 | - | 148,666 | ||||||||||||||||||||||||||||||
Accrued interest payable | 1,024 | 104 | 920 | - | 1,024 | 1,459 | 174 | 1,285 | - | 1,459 |
Three months ended 3/31/2019 | Three months ended 3/31/2020 | |||||||||||||||||||||||||||||||||||||||
(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 | Balance at 12/31/2019 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2020 | Balance at 3/31/2020 | ||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | (10,416 | ) | 3,396 | - | 3,396 | (7,020 | ) | ||||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | 286 | 7,945 | (855 | ) | 7,090 | 7,376 | |||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | - | - | - | 423 | 4,840 | - | - | - | 4,840 | ||||||||||||||||||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | (316 | ) | - | (98 | ) | (98 | ) | (414 | ) | |||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (665 | ) | - | (159 | ) | (159 | ) | (824 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | (10,309 | ) | 3,396 | (98 | ) | 3,298 | (7,011 | ) | $ | 4,461 | 7,945 | (1,014 | ) | 6,931 | 11,392 |
Three months ended 3/31/2018 | Three months ended 3/31/2019 | |||||||||||||||||||||||||||||||||||||||
(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 | 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 (gain) loss on securities available for sale, net of tax | $ | (5,030 | ) | (5,302 | ) | - | (5,302 | ) | (10,332 | ) | ||||||||||||||||||||||||||||||
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 | 3,054 | - | - | - | 3,054 | 423 | - | - | - | 423 | ||||||||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax | 170 | - | (36 | ) | (36 | ) | 134 | |||||||||||||||||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | - | - | (1,346 | ) | - | (1,346 | ) | |||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (316 | ) | - | (98 | ) | (98 | ) | (414 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (1,806 | ) | (5,302 | ) | (1,382 | ) | (5,338 | ) | (8,490 | ) | $ | (10,309 | ) | 3,396 | (98 | ) | 3,298 | (7,011 | ) |
Three months ended | ||||||||||||||||||
March 31, | Three months ended March 31, | |||||||||||||||||
(dollars in thousands) | 2019 | 2018 | Affected Line Item in Financial Statements | 2020 | 2019 | Affected Line Item in Financial Statements | ||||||||||||
Unrealized gains on securities available for sale | ||||||||||||||||||
Realized gain on securities transactions | $ | 1,155 | - | Net gain on securities transactions | ||||||||||||||
Income tax expense | (300 | ) | - | Income taxes | ||||||||||||||
Net of tax | 855 | - | ||||||||||||||||
Amortization of pension and postretirement benefit items: | ||||||||||||||||||
Amortization of net actuarial gain (loss) | $ | 48 | (72 | ) | Salaries and employee benefits | |||||||||||||
Amortization of prior service cost | 85 | 23 | Salaries and employee benefits | |||||||||||||||
Amortization of net actuarial gain | $ | 166 | 48 | Salaries and employee benefits | ||||||||||||||
Amortization of prior service credit | 49 | 85 | Salaries and employee benefits | |||||||||||||||
Income tax benefit | (35 | ) | 13 | Income taxes | (56 | ) | (35 | ) | Income taxes | |||||||||
Net of tax | 98 | (36 | ) | 159 | 98 | |||||||||||||
Total reclassifications, net of tax | $ | 98 | (36 | ) | $ | 159 | 98 |
Three months ended | Three months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2020 | 2019 | ||||||||||||
Non-interest income | ||||||||||||||||
Service Charges on Deposits | ||||||||||||||||
Overdraft fees | $ | 850 | $ | 827 | $ | 873 | $ | 850 | ||||||||
Other | 110 | 114 | 108 | 110 | ||||||||||||
Interchange Income | 1,531 | 1,306 | 277 | 1,531 | ||||||||||||
Wealth management fees | 1,733 | 1,815 | 1,600 | 1,733 | ||||||||||||
Net gain on securities transactions (a) | 1,155 | - | ||||||||||||||
Other (a) | 413 | 617 | 1,321 | 413 | ||||||||||||
Total non-interest income | $ | 4,637 | $ | 4,679 | $ | 5,334 | $ | 4,637 |
(dollars in thousands) | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Operating lease cost | $ | 1,891 | $ | 1,912 | $ | 1,995 | $ | 1,891 | ||||||||
Variable lease cost | 466 | 586 | 480 | 466 | ||||||||||||
Total Lease costs | $ | 2,357 | $ | 2,498 | $ | 2,475 | $ | 2,357 |
(dollars in thousands) | Three months ended March 31, | Three months ended March 31, | ||||||||||
2019 | 2020 | 2019 | ||||||||||
Supplemental cash flows information: | ||||||||||||
Cash paid for amounts included in the measurement of | ||||||||||||
lease liabilities: | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||
Operating cash flows from operating leases | $ | 1,949 | $ | 1,995 | 1,949 | |||||||
Right-of-use assets obtained in exchange for lease obligations: | 53,029 | - | 53,029 | |||||||||
Weighted average remaining lease term | 9.8 years | 9.2 years | 9.8 years | |||||||||
Weighted average discount rate | 3.30 | % | 3.25 | % | 3.30 | % |
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||
Year ending December 31, | ||||||||
2019(a) | $ | 5,799 | ||||||
2020 | 7,675 | |||||||
2020(a) | $ | 6,039 | ||||||
2021 | 7,613 | 8,033 | ||||||
2022 | 7,139 | 7,533 | ||||||
2023 | 6,812 | 7,227 | ||||||
2024 | 7,100 | |||||||
Thereafter | 32,254 | 28,361 | ||||||
Total lease payments | $ | 67,292 | $ | 64,293 | ||||
Less: Interest | 10,569 | 9,295 | ||||||
Present value of lease liabilities | $ | 56,723 | $ | 54,998 |
(dollars in thousands) | (dollars in thousands) | |||||||
2019 | $ | 7,799 | ||||||
Year ending December 31, | ||||||||
2020 | 7,622 | $ | 8,039 | |||||
2021 | 7,555 | 8,033 | ||||||
2022 | 7,048 | 7,533 | ||||||
2023 | 6,673 | 7,227 | ||||||
2024 and after | 32,722 | |||||||
2024 | 7,100 | |||||||
Thereafter | 28,361 | |||||||
Total lease payments | $ | 66,293 | ||||||
Less: Interest | 9,740 | |||||||
| $ | 69,419 | ||||||
Present value of lease liabilities | $ | 56,553 |
(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 |
(Bank Only) | ||||||||||||||||
Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||
As of March 31, 2020 | Well | |||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 522,527 | 10.058 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 522,527 | 18.470 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 522,527 | 18.470 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 558,027 | 19.724 | 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 |
As of December 31, 2019 | Well | Adequately | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Capitalized(1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 |
(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 |
(Consolidated) | ||||||||||||
Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||
As of March 31, 2020 | ||||||||||||
(dollars in thousands) | Amount | Ratio | ||||||||||
Tier 1 leverage ratio | $ | 536,239 | 10.316 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 536,239 | 18.943 | 7.000 | |||||||||
Tier 1 risk-based capital | 536,239 | 18.943 | 8.500 | |||||||||
Total risk-based capital | 571,760 | 20.198 | 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 |
As of December 31, 2019 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | $ | 533,243 | 10.254 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 533,243 | 18.988 | 7.000 | |||||||||
Tier 1 risk-based capital | 533,243 | 18.988 | 8.500 | |||||||||
Total risk-based capital | 568,463 | 20.242 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The March 31, 2020 and December 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 |
Independent Member Crowe Global |
/s/ Crowe LLP |
● | As a result of the current pandemic related to COVID-19, TrustCo may experience a decline in the demand for products and services; an increase in loan delinquencies; problem assets and foreclosures; a decline in collateral value; a work stoppage, forced quarantine, or other interruption or the unavailablilty of key employees; an increase in the allowance for loan losses; a reduction in wealth management revenues; an increase in Federal Deposit Insurance Corporation premiums; a reduction in the value of the securities portfolio; and a decline in the net worth and liquidity of loan guarantors; |
● | TrustCo’s ability to continue to originate a significant volume of one- to- four family mortgage loans in its market areas and to otherwise maintain or increase its market share in the areas in which it operates; |
● | TrustCo’s ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income; |
● | TrustCo’s ability to make accurate assumptions and judgments regarding the credit risks associated with its lending and investing activities, including changes in the level and direction of loan delinquencies and charge-offs, changes in property values, and changes in estimates of the adequacy of the allowance for loan and lease losses; |
● | the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations; |
● | restrictions or conditions imposed by TrustCo’s and Trustco Bank’s regulators on their operations that may make it more difficult to achieve TrustCo’s and Trustco Bank’s goals; |
● | the future earnings and capital levels of TrustCo and Trustco Bank and the continued non objection from TrustCo’s and Trustco Bank’s primary federal banking regulators under regulatory rules to distribute capital from Trustco Bank to TrustCo, which could affect the ability of TrustCo to pay dividends; |
● | the results of supervisory monitoring or examinations of Trustco Bank and the Company by their respective primary federal banking regulators, including the possibility that the regulators may, among other things, require us to increase our loss allowances or to take other actions that reduce capital or income; |
● | adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio; |
● | the perceived overall value of TrustCo’s products and services by users, including the features, pricing and quality compared to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for TrustCo’s products and services; |
● | changes in consumer spending, borrowing and savings habits; |
● | the effect of changes in financial services laws and regulations (including laws concerning taxation, banking and securities) and the impact of other governmental initiatives affecting the financial services industry, including regulatory capital requirements; |
● | changes in management personnel; |
● | real estate and collateral values; |
● | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board; |
● | disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions; |
● | technological changes and electronic, cyber and physical security breaches; |
● | changes in local market areas and general business and economic trends; |
● | TrustCo’s success at managing the risks involved in the foregoing and managing its business; and |
● | other risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2019. |
New York and Other states*: | Number of loans | Outstanding loan balance (in thousands) | ||||||
Commercial | 67 | $ | 35,910 | |||||
Residential mortgage loans | 344 | 74,534 | ||||||
Home equity line of credit | 28 | 2,050 | ||||||
Installment loans | 3 | 113 | ||||||
Total | 442 | $ | 112,607 |
Florida: | Number of loans | Outstanding loan balance (in thousands) | ||||||
Commercial | 3 | $ | 4,579 | |||||
Residential mortgage loans | 150 | 35,896 | ||||||
Home equity line of credit | 6 | 383 | ||||||
Installment loans | 2 | 84 | ||||||
Total | 161 | $ | 40,942 |
Total: | Number of loans | Outstanding loan balance (in thousands) | ||||||
Commercial | 70 | $ | 40,489 | |||||
Residential mortgage loans | 494 | 110,430 | ||||||
Home equity line of credit | 34 | 2,433 | ||||||
Installment loans | 5 | 197 | ||||||
Total | 603 | $ | 153,549 |
● | The establishment of the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, and the Primary Dealer Credit Facility; |
● | The expansion of central bank liquidity swap lines; |
● | Steps to enhance the availability and ease terms for borrowing at the discount window; |
● | The elimination of reserve requirements; |
● | Guidance encouraging banks to be flexible with customers experiencing financial challenges related to the coronavirus and to utilize their liquidity and capital buffers in doing so; |
● | expand access to its Paycheck Protection Program Liquidity Facility (PPPLF) for additional SBA-qualified lenders; |
● | Statements encouraging the use of daylight credit at the Federal Reserve. |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | |||
Q1/19 | Beg of Q1 | 2.45 | 2.48 | 2.51 | 2.69 | 0.21 | |
Peak | 2.49 | 2.62 | 2.62 | 2.79 | 0.21 | ||
Trough | 2.37 | 2.22 | 2.18 | 2.39 | 0.13 | ||
End of Q1 | 2.40 | 2.27 | 2.23 | 2.41 | 0.14 | ||
Average in Q1 | 2.44 | 2.49 | 2.46 | 2.65 | 0.17 | ||
Q2/19 | Beg of Q2 | 2.40 | 2.27 | 2.23 | 2.41 | 0.14 | |
Peak | 2.47 | 2.41 | 2.41 | 2.60 | 0.30 | ||
Trough | 2.11 | 1.71 | 1.73 | 2.00 | 0.14 | ||
End of Q2 | 2.12 | 1.75 | 1.76 | 2.00 | 0.25 | ||
Average in Q2 | 2.35 | 2.13 | 2.12 | 2.34 | 0.21 | ||
Q3/19 | Beg of Q3 | 2.12 | 1.75 | 1.76 | 2.00 | 0.25 | |
Peak | 2.26 | 1.92 | 1.88 | 2.13 | 0.28 | ||
Trough | 1.80 | 1.43 | 1.32 | 1.47 | -0.04 | ||
End of Q3 | 1.88 | 1.63 | 1.55 | 1.68 | 0.05 | ||
Average in Q3 | 2.03 | 1.69 | 1.63 | 1.80 | 0.11 | ||
Q4/19 | Beg of Q4 | 1.88 | 1.63 | 1.55 | 1.68 | 0.05 | |
Peak | 1.82 | 1.68 | 1.75 | 1.94 | 0.34 | ||
Trough | 1.52 | 1.39 | 1.34 | 1.52 | 0.09 | ||
End of Q4 | 1.55 | 1.58 | 1.69 | 1.92 | 0.34 | ||
Average in Q4 | 1.61 | 1.59 | 1.61 | 1.79 | 0.20 | ||
Q1/20 | Beg of Q1 | 1.55 | 1.58 | 1.69 | 1.92 | 0.34 | |
Peak | 1.59 | 1.58 | 1.67 | 1.88 | 0.68 | ||
Trough | 0.00 | 0.23 | 0.37 | 0.54 | 0.12 | ||
End of Q1 | 0.11 | 0.23 | 0.37 | 0.70 | 0.47 | ||
Average in Q1 | 1.10 | 1.08 | 1.14 | 1.37 | 0.28 |
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 |
● | An increase in the average balance of interest earning assets of $143.2 million to $5.1 billion for the first quarter of 2020 compared to the same period in 2019. |
● | A decrease in taxable equivalent net interest margin for the first quarter of 2020 to 3.05% from 3.24% in the prior year period. The decrease in the margin, coupled with the increase in average earning assets, resulted in a decrease of $1.2 million in taxable equivalent net interest income in the first quarter of 2020 compared to the first quarter of 2019. |
● | An increase of $1.7 million in provision for loan losses for the first quarter of 2020 compared to the first quarter 2019. |
● | An increase of $697 thousand in noninterest income for the first quarter of 2020 compared to the first quarter of 2019, primarily driven by a $1.2 million gain on securities transactions. |
● | A decrease of $599 thousand in noninterest expense for the first quarter 2020 compared to the first quarter 2019. |
● | The average balance of Federal Funds sold and other short-term investments decreased by $90.9 million while the average yield decreased 119 basis points in the first quarter of 2020 compared to the same period in 2019. The decrease in the average balance helped to fund the $209.1 million increase in loans. |
● | The average balance of securities available for sale increased by $28.7 million while the average yield increased 3 basis points to 2.26%. The average balance of held to maturity securities decreased by $3.9 million and the average yield decreased 8 basis points to 3.86% for the first quarter of 2020 compared to the same period in 2019. |
● | The average loan portfolio grew by $209.1 million to $4.08 billion and the average yield decreased 15 basis points to 4.13% in the first quarter of 2020 compared to the same period in 2019. |
● | The average balance of interest bearing liabilities (primarily deposit accounts) increased $54.6 million and the average rate paid increased 2 basis points to 0.79% in the first quarter of 2020 compared to the same period in 2019. |
(dollars in thousands) | ||||
Under 1 year | $ | 1,274,928 | ||
1 to 2 years | 75,461 | |||
2 to 3 years | 10,461 | |||
3 to 4 years | 3,161 | |||
4 to 5 years | 2,798 | |||
Over 5 years | 196 | |||
$ | 1,367,005 |
(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) | As of March 31, 2019 | As of December 31, 2018 | As of March 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||
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 | $ | 3,579 | 4.58 | % | $ | 3,903 | 4.74 | % | $ | 3,756 | 4.34 | % | $ | 3,805 | 4.47 | % | ||||||||||||||||
Real estate - construction | 318 | 0.71 | % | 310 | 0.69 | % | 312 | 0.67 | % | 311 | 0.70 | % | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 35,301 | 87.08 | % | 34,918 | 86.80 | % | 37,625 | 88.25 | % | 35,632 | 87.96 | % | ||||||||||||||||||||
Home equity lines of credit | 4,521 | 7.30 | % | 4,689 | 7.47 | % | 3,910 | 6.48 | % | 3,999 | 6.60 | % | ||||||||||||||||||||
Installment Loans | 952 | 0.33 | % | 946 | 0.30 | % | 552 | 0.26 | % | 570 | 0.27 | % | ||||||||||||||||||||
$ | 44,671 | 100.00 | % | $ | 44,766 | 100.00 | % | $ | 46,155 | 100.00 | % | $ | 44,317 | 100.00 | % |
● | The magnitude and nature of recent loan chargeoffs and recoveries; |
● | The growth in the loan portfolio and the implication that it has in relation to the economic climate in the Bank’s market territories; |
● | 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, and; |
● | The economic environment as a result of COVID-19 and resultant business shutdowns and unemployment spikes. |
As of March 31, | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | ||||
+300 BP | 20.20 | |||
+200 BP | 20.50 | |||
+100 BP | 20.60 | |||
Current rates | 20.00 | |||
-100 BP | ||||
16.30 |
(Bank Only) | Minimum for | |||||||||||||||||||||||||||||||
Capital Adequacy plus | ||||||||||||||||||||||||||||||||
As of March 31, 2019 | Well Capitalized(1) | Adequately Capitalized(1)(2) | As of March 31, 2020 | Well | Capital Conservation | |||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital | $ | 492,918 | 9.760 | % | 5.000 | % | 4.000 | % | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 522,527 | 10.058 | % | 5.000 | % | 4.000 | % | ||||||||||||||||||||||||
Common equity tier 1 capital | 492,918 | 18.299 | 6.500 | 7.000 | 522,527 | 18.470 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 492,918 | 18.299 | 8.000 | 8.500 | 522,527 | 18.470 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 526,727 | 19.555 | 10.000 | 10.500 | 558,027 | 19.724 | 10.000 | 10.500 | ||||||||||||||||||||||||
As of December 31, 2019 | Well | Adequately | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Capitalized(1)(2) | ||||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | ||||||||||||||||||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | ||||||||||||||||||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | ||||||||||||||||||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 | ||||||||||||||||||||||||||||
(Consolidated) | ||||||||||||||||||||||||||||||||
Minimum for | ||||||||||||||||||||||||||||||||
Capital Adequacy plus | ||||||||||||||||||||||||||||||||
As of March 31, 2020 | Capital Conservation | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 536,239 | 10.316 | % | 4.000 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital | 536,239 | 18.943 | 7.000 | |||||||||||||||||||||||||||||
Tier 1 risk-based capital | 536,239 | 18.943 | 8.500 | |||||||||||||||||||||||||||||
Total risk-based capital | 571,760 | 20.198 | 10.500 | |||||||||||||||||||||||||||||
Minimum for | ||||||||||||||||||||||||||||||||
Capital Adequacy plus | ||||||||||||||||||||||||||||||||
As of December 31, 2019 | Capital Conservation | |||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 533,243 | 10.254 | % | 4.000 | % | ||||||||||||||||||||||||||
Common equity Tier 1 capital | 533,243 | 18.988 | 7.000 | |||||||||||||||||||||||||||||
Tier 1 risk-based capital | 533,243 | 18.988 | 8.500 | |||||||||||||||||||||||||||||
Total risk-based capital | 568,463 | 20.242 | 10.500 |
(dollars in thousands) | As of December 31, 2018 | Well Capitalized(1) | Adequately Capitalized(1)(3) | |||||||||||||
Amount | Ratio | |||||||||||||||
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 |
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, 2020 and December 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 |
(dollars in thousands) | Three months ended March 31, 2020 | Three months ended March 31, 2019 | ||||||||||||||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Change in | Variance | Variance | ||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | Interest | Balance | Rate | ||||||||||||||||||||||||||||||
Income/ | Change | Change | ||||||||||||||||||||||||||||||||||
Assets | Expense | |||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 92,369 | 421 | 1.82 | % | $ | 154,258 | 783 | 2.03 | % | $ | (362 | ) | (289 | ) | (73 | ) | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 371,768 | 2,113 | 2.27 | % | 273,004 | 1,555 | 2.28 | % | 558 | 590 | (32 | ) | ||||||||||||||||||||||||
State and political subdivisions | 114 | 2 | 7.59 | % | 168 | 2 | 7.85 | % | - | - | - | |||||||||||||||||||||||||
Corporate bonds | 28,332 | 238 | 3.36 | % | 26,862 | 208 | 3.09 | % | 30 | 12 | 18 | |||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 47,418 | 245 | 2.06 | % | 57,057 | 297 | 2.08 | % | (52 | ) | (50 | ) | (2 | ) | ||||||||||||||||||||||
Other | 685 | 6 | 3.50 | % | 685 | 5 | 2.92 | % | 1 | - | 1 | |||||||||||||||||||||||||
Total securities available for sale | 540,686 | 3,025 | 2.26 | % | 512,034 | 2,850 | 2.23 | % | 175 | 263 | (88 | ) | ||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 412,076 | 1,267 | 1.24 | % | 502,976 | 3,009 | 2.43 | % | (1,742 | ) | (469 | ) | (1,273 | ) | ||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 18,144 | 175 | 3.86 | % | 22,037 | 217 | 3.94 | % | (42 | ) | (9 | ) | (33 | ) | ||||||||||||||||||||||
Total held to maturity securities | 18,144 | 175 | 3.86 | % | 22,037 | 217 | 3.94 | % | (42 | ) | (9 | ) | (33 | ) | ||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,183 | 82 | 3.57 | % | 8,953 | 85 | 3.80 | % | (3 | ) | 2 | (5 | ) | |||||||||||||||||||||||
Commercial loans | 198,047 | 2,542 | 5.13 | % | 193,738 | 2,583 | 5.33 | % | (41 | ) | 62 | (103 | ) | |||||||||||||||||||||||
Residential mortgage loans | 3,601,728 | 36,461 | 4.05 | % | 3,374,990 | 34,864 | 4.14 | % | 1,597 | 2,326 | (729 | ) | ||||||||||||||||||||||||
Home equity lines of credit | 265,461 | 2,868 | 4.35 | % | 286,199 | 3,537 | 5.01 | % | (669 | ) | (236 | ) | (433 | ) | ||||||||||||||||||||||
Installment loans | 10,717 | 192 | 7.20 | % | 11,897 | 269 | 9.17 | % | (77 | ) | (24 | ) | (53 | ) | ||||||||||||||||||||||
Loans, net of unearned income | 4,075,953 | 42,063 | 4.13 | % | 3,866,824 | 41,253 | 4.28 | % | 810 | 2,128 | (1,318 | ) | ||||||||||||||||||||||||
Total interest earning assets | 5,056,042 | 46,612 | 3.69 | % | 4,912,824 | 47,414 | 3.87 | % | (802 | ) | 1,915 | (2,717 | ) | |||||||||||||||||||||||
Allowance for loan losses | (44,520 | ) | (44,947 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 193,619 | 176,009 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 5,205,141 | $ | 5,043,886 | ||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 871,153 | 16 | 0.01 | % | $ | 880,474 | 121 | 0.06 | % | (105 | ) | (1 | ) | (104 | ) | ||||||||||||||||||||
Money market accounts | 614,201 | 1,096 | 0.72 | % | 517,995 | 826 | 0.65 | % | 270 | 173 | 97 | |||||||||||||||||||||||||
Savings | 1,116,558 | 233 | 0.08 | % | 1,160,142 | 377 | 0.13 | % | (144 | ) | (14 | ) | (130 | ) | ||||||||||||||||||||||
Time deposits | 1,369,914 | 6,391 | 1.88 | % | 1,353,160 | 5,976 | 1.79 | % | 415 | 85 | 330 | |||||||||||||||||||||||||
Total interest bearing deposits | 3,971,826 | 7,736 | 0.78 | % | 3,911,771 | 7,300 | 0.76 | % | 436 | 243 | 193 | |||||||||||||||||||||||||
Short-term borrowings | 153,668 | 322 | 0.84 | % | 159,076 | 381 | 0.97 | % | (59 | ) | (12 | ) | (47 | ) | ||||||||||||||||||||||
Total interest bearing liabilities | 4,125,494 | 8,058 | 0.79 | % | 4,070,847 | 7,681 | 0.77 | % | 377 | 231 | 146 | |||||||||||||||||||||||||
Demand deposits | 458,476 | 397,522 | ||||||||||||||||||||||||||||||||||
Other liabilities | 79,003 | 80,579 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | 542,168 | 494,938 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,205,141 | $ | 5,043,886 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 38,554 | 39,733 | $ | (1,179 | ) | 1,684 | (2,863 | ) | ||||||||||||||||||||||||||||
Net interest spread | 2.91 | % | 3.11 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.05 | % | 3.24 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 38,553 | 39,732 |
Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2019 | March 31, 2018 | ||||||||||||||||||||||||||||||||||
Assets | 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 | $ | 154,258 | 783 | 2.03 | % | $ | 156,593 | 750 | 1.92 | % | $ | 33 | (65 | ) | 98 | |||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 273,004 | 1,555 | 2.28 | % | 313,753 | 1,763 | 2.25 | % | (208 | ) | (359 | ) | 151 | |||||||||||||||||||||||
State and political subdivisions | 168 | 2 | 7.85 | % | 515 | 10 | 7.81 | % | (8 | ) | (8 | ) | - | |||||||||||||||||||||||
Corporate bonds | 26,862 | 208 | 3.09 | % | 33,297 | 133 | 1.60 | % | 75 | (158 | ) | 233 | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 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 | % | (42 | ) | (21 | ) | (21 | ) | ||||||||||||||||||||||
Other | 685 | 5 | 2.92 | % | 685 | 5 | 2.52 | % | - | - | - | |||||||||||||||||||||||||
Total securities available for sale | 512,034 | 2,850 | 2.23 | % | 581,724 | 3,055 | 2.12 | % | (205 | ) | (663 | ) | 458 | |||||||||||||||||||||||
Federal funds sold and other short-term Investments | 502,976 | 3,009 | 2.43 | % | 528,947 | 2,017 | 1.55 | % | 992 | (662 | ) | 1,654 | ||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 22,037 | 217 | 3.94 | % | 26,799 | 260 | 3.88 | % | (43 | ) | (69 | ) | 26 | |||||||||||||||||||||||
Total held to maturity securities | 22,037 | 217 | 3.94 | % | 26,799 | 260 | 3.88 | % | (43 | ) | (69 | ) | 26 | |||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 8,953 | 85 | 3.80 | % | 8,779 | 77 | 3.51 | % | 8 | 2 | 6 | |||||||||||||||||||||||||
Commercial loans | 193,738 | 2,583 | 5.33 | % | 185,646 | 2,420 | 5.21 | % | 163 | 107 | 56 | |||||||||||||||||||||||||
Residential mortgage loans | 3,374,990 | 34,864 | 4.14 | % | 3,148,735 | 32,257 | 4.11 | % | 2,607 | 2,367 | 240 | |||||||||||||||||||||||||
Home equity lines of credit | 286,199 | 3,537 | 5.01 | % | 306,290 | 3,210 | 4.25 | % | 327 | (1,162 | ) | 1,489 | ||||||||||||||||||||||||
Installment loans | 11,897 | 269 | 9.17 | % | 8,365 | 205 | 9.90 | % | 64 | 158 | (94 | ) | ||||||||||||||||||||||||
Loans, net of unearned income | 3,866,824 | 41,253 | 4.28 | % | 3,649,036 | 38,092 | 4.19 | % | 3,161 | 1,470 | 1,691 | |||||||||||||||||||||||||
Total interest earning assets | 4,912,824 | 47,414 | 3.87 | % | 4,795,285 | 43,501 | 3.64 | % | 3,913 | 78 | 3,835 | |||||||||||||||||||||||||
Allowance for loan losses | (44,947 | ) | (44,393 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 176,009 | 124,867 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 5,043,886 | $ | 4,875,759 | ||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 880,474 | 121 | 0.06 | % | $ | 877,776 | 106 | 0.05 | % | 15 | - | 15 | |||||||||||||||||||||||
Money market accounts | 517,995 | 826 | 0.65 | % | 547,136 | 439 | 0.33 | % | 387 | (162 | ) | 549 | ||||||||||||||||||||||||
Savings | 1,160,142 | 377 | 0.13 | % | 1,260,360 | 419 | 0.13 | % | (42 | ) | (42 | ) | - | |||||||||||||||||||||||
Time deposits | 1,353,160 | 5,976 | 1.79 | % | 1,080,893 | 2,860 | 1.07 | % | 3,116 | 849 | 2,267 | |||||||||||||||||||||||||
Total interest bearing deposits | 3,911,771 | 7,300 | 0.76 | % | 3,766,165 | 3,824 | 0.41 | % | 3,476 | 645 | 2,831 | |||||||||||||||||||||||||
Short-term borrowings | 159,076 | 381 | 0.97 | % | 234,384 | 358 | 0.62 | % | 23 | (587 | ) | 610 | ||||||||||||||||||||||||
Total interest bearing liabilities | 4,070,847 | 7,681 | 0.77 | % | 4,000,549 | 4,182 | 0.42 | % | 3,499 | 58 | 3,441 | |||||||||||||||||||||||||
Demand deposits | 397,522 | 386,563 | ||||||||||||||||||||||||||||||||||
Other liabilities | 80,579 | 29,129 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | 494,938 | 459,519 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,043,886 | $ | 4,875,760 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 39,733 | 39,319 | $ | 414 | 20 | 394 | ||||||||||||||||||||||||||||||
Net interest spread | 3.11 | % | 3.22 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.24 | % | 3.29 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 39,732 | 39,315 |
Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
PART II | OTHER INFORMATION |
Item 1A. |
Item 2. |
Period | Total numbers of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (1) | ||||||||||||
January 1, 2020 through January 31, 2020 | 75,000 | $ | 8.04 | 75,000 | 925,000 | |||||||||||
February 1, 2020 through February 29, 2020 | 225,000 | $ | 7.50 | 225,000 | 700,000 | |||||||||||
March 1, 2020 through March 31, 2020 | 189,000 | $ | 6.28 | 189,000 | 511,000 | |||||||||||
Total | 489,000 | $ | 7.11 | 489,000 | 511,000 |
(1) | On June 7, 2019, the Company announced that its board of directors approved a stock repurchase program under which the Company may repurchase over the following twelve months up to 1,000,000 shares of Company common stock, or approximately 1% of its current outstanding shares. Repurchases would be made in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission rules and at prices management considered to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. The repurchase program was subject to suspension, termination or modification at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The Company commenced repurchases under the program during the quarter ended March 31, 2020. On April 16, 2020, the Company announced that it had chosen to suspend the repurchase program. |
Item 3. |
Item 6. |
Reg S-K (Item 601)
64 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 8, 2020 65 |