NEW YORK | 14-1630287 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK | 12302 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: | (518) 377-3311 |
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 October 31, |
$1 Par Value |
Part I. | FINANCIAL INFORMATION | PAGE NO. |
Item 1. | Consolidated Interim Financial Statements (Unaudited): | |
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
Item 2. | ||
Item 3. | 66 | |
Item 4. | 66 | |
Part II. | OTHER INFORMATION | |
Item 1. | 67 | |
Item 1A. | 67 | |
Item 2. | 67 | |
Item 3. | 67 | |
Item 4. | 67 | |
Item 5. | 67 | |
Item 6. | 68 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 41,330 | 41,923 | 125,058 | 124,608 | $ | 39,488 | 41,330 | 119,513 | 125,058 | ||||||||||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | 14 | 996 | 541 | 2,600 | 91 | 14 | 238 | 541 | ||||||||||||||||||||||||
State and political subdivisions | 1 | 2 | 4 | 6 | 1 | 1 | 2 | 4 | ||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 1,319 | 2,178 | 4,959 | 5,885 | ||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 1,038 | 1,319 | 3,442 | 4,959 | ||||||||||||||||||||||||||||
Corporate bonds | 646 | 321 | 1,372 | 801 | 220 | 646 | 859 | 1,372 | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 216 | 282 | 690 | 868 | 181 | 216 | 580 | 690 | ||||||||||||||||||||||||
Other securities | 5 | 6 | 16 | 16 | 5 | 5 | 16 | 16 | ||||||||||||||||||||||||
Total interest and dividends on securities available for sale | 2,201 | 3,785 | 7,582 | 10,176 | 1,536 | 2,201 | 5,137 | 7,582 | ||||||||||||||||||||||||
Interest on held to maturity securities: | ||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 138 | 187 | 475 | 613 | 104 | 138 | 338 | 475 | ||||||||||||||||||||||||
Total interest on held to maturity securities | 138 | 187 | 475 | 613 | 104 | 138 | 338 | 475 | ||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 77 | 81 | 351 | 365 | 64 | 77 | 198 | 351 | ||||||||||||||||||||||||
Interest on federal funds sold and other short-term investments | 242 | 2,552 | 1,702 | 8,843 | 470 | 242 | 1,026 | 1,702 | ||||||||||||||||||||||||
Total interest income | 43,988 | 48,528 | 135,168 | 144,605 | 41,662 | 43,988 | 126,212 | 135,168 | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Interest on deposits: | ||||||||||||||||||||||||||||||||
Interest-bearing checking | 55 | 52 | 97 | 267 | 38 | 55 | 136 | 97 | ||||||||||||||||||||||||
Savings accounts | 161 | 323 | 560 | 1,067 | 154 | 161 | 475 | 560 | ||||||||||||||||||||||||
Money market deposit accounts | 637 | 1,177 | 2,595 | 3,122 | 202 | 637 | 721 | 2,595 | ||||||||||||||||||||||||
Time deposits | 4,749 | 7,974 | 16,739 | 21,462 | 1,149 | 4,749 | 4,076 | 16,739 | ||||||||||||||||||||||||
Interest on short-term borrowings | 221 | 359 | 778 | 1,121 | 232 | 221 | 688 | 778 | ||||||||||||||||||||||||
Total interest expense | 5,823 | 9,885 | 20,769 | 27,039 | 1,775 | 5,823 | 6,096 | 20,769 | ||||||||||||||||||||||||
Net interest income | 38,165 | 38,643 | 114,399 | 117,566 | 39,887 | 38,165 | 120,116 | 114,399 | ||||||||||||||||||||||||
Provision (Credit) for loan losses | 1,000 | 0 | 5,000 | (41 | ) | |||||||||||||||||||||||||||
(Credit) Provision for loan losses | (2,800 | ) | 1,000 | (2,450 | ) | 5,000 | ||||||||||||||||||||||||||
Net interest income after provision for loan losses | 37,165 | 38,643 | 109,399 | 117,607 | 42,687 | 37,165 | 122,566 | 109,399 | ||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||
Trustco financial services income | 1,784 | 1,517 | 4,752 | 4,933 | 1,558 | 1,784 | 5,592 | 4,752 | ||||||||||||||||||||||||
Fees for services to customers | 2,292 | 2,602 | 6,414 | 7,733 | 2,531 | 2,292 | 7,221 | 6,414 | ||||||||||||||||||||||||
Net gain on securities transactions | 0 | 0 | 1,155 | 0 | 0 | 0 | 0 | 1,155 | ||||||||||||||||||||||||
Other | 265 | 806 | 780 | 1,810 | 206 | 265 | 598 | 780 | ||||||||||||||||||||||||
Total noninterest income | 4,341 | 4,925 | 13,101 | 14,476 | 4,295 | 4,341 | 13,411 | 13,101 | ||||||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 10,899 | 11,725 | 33,920 | 34,887 | 11,909 | 10,899 | 36,737 | 33,920 | ||||||||||||||||||||||||
Net occupancy expense | 4,277 | 4,094 | 12,968 | 12,267 | 4,259 | 4,277 | 13,173 | 12,968 | ||||||||||||||||||||||||
Equipment expense | 1,607 | 1,689 | 5,015 | 5,300 | 1,628 | 1,607 | 4,859 | 5,015 | ||||||||||||||||||||||||
Professional services | 1,311 | 1,507 | 3,974 | 4,725 | 1,483 | 1,311 | 4,529 | 3,974 | ||||||||||||||||||||||||
Outsourced services | 1,875 | 1,875 | 5,825 | 5,675 | 2,015 | 1,875 | 6,434 | 5,825 | ||||||||||||||||||||||||
Advertising expense | 305 | 494 | 1,394 | 2,057 | 310 | 305 | 1,213 | 1,394 | ||||||||||||||||||||||||
FDIC and other insurance | 660 | 282 | 1,563 | 1,528 | 746 | 660 | 2,230 | 1,563 | ||||||||||||||||||||||||
Other real estate (income) expense, net | (115 | ) | 33 | 47 | 219 | |||||||||||||||||||||||||||
Other real estate expense (income), net | 32 | (115 | ) | 211 | 47 | |||||||||||||||||||||||||||
Other | 1,855 | 2,371 | 6,168 | 7,181 | 2,315 | 1,855 | 6,086 | 6,168 | ||||||||||||||||||||||||
Total noninterest expenses | 22,674 | 24,070 | 70,874 | 73,839 | 24,697 | 22,674 | 75,472 | 70,874 | ||||||||||||||||||||||||
Income before taxes | 18,832 | 19,498 | 51,626 | 58,244 | 22,285 | 18,832 | 60,505 | 51,626 | ||||||||||||||||||||||||
Income taxes | 4,761 | 4,790 | 12,988 | 14,311 | 5,523 | 4,761 | 15,227 | 12,988 | ||||||||||||||||||||||||
Net income | $ | 14,071 | 14,708 | $ | 38,638 | 43,933 | $ | 16,762 | 14,071 | 45,278 | 38,638 | |||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||
Net income per share (1): | ||||||||||||||||||||||||||||||||
- Basic | $ | 0.146 | 0.152 | $ | 0.400 | 0.454 | $ | 0.871 | 0.730 | 2.349 | 2.002 | |||||||||||||||||||||
- Diluted | $ | 0.146 | 0.152 | $ | 0.400 | 0.453 | $ | 0.871 | 0.730 | 2.349 | 2.001 |
(1) | All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net income | $ | 14,071 | 14,708 | 38,638 | 43,933 | $ | 16,762 | 14,071 | 45,278 | 38,638 | ||||||||||||||||||||||
Net unrealized holding (loss) gain on securities available for sale | (267 | ) | 2,418 | 11,392 | 14,185 | (765 | ) | (267 | ) | (5,939 | ) | 11,392 | ||||||||||||||||||||
Reclassification adjustments for net gain recognized in income | 0 | 0 | (1,155 | ) | 0 | 0 | 0 | 0 | (1,155 | ) | ||||||||||||||||||||||
Tax effect | 69 | (628 | ) | (2,660 | ) | (3,686 | ) | 199 | 69 | 1,534 | (2,660 | ) | ||||||||||||||||||||
Net unrealized (loss) gain on securities available for sale, net of tax | (198 | ) | 1,790 | 7,577 | 10,499 | (566 | ) | (198 | ) | (4,405 | ) | 7,577 | ||||||||||||||||||||
Amortization of net actuarial gain | (222 | ) | (35 | ) | (531 | ) | (103 | ) | (137 | ) | (222 | ) | (534 | ) | (531 | ) | ||||||||||||||||
Amortization of prior service credit | (49 | ) | (83 | ) | (147 | ) | (250 | ) | ||||||||||||||||||||||||
Amortization of prior service cost (credit) | 177 | (49 | ) | 227 | (147 | ) | ||||||||||||||||||||||||||
Tax effect | 70 | 31 | 177 | 92 | (10 | ) | 70 | 80 | 177 | |||||||||||||||||||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (201 | ) | (87 | ) | (501 | ) | (261 | ) | ||||||||||||||||||||||||
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans, net of tax | 30 | (201 | ) | (227 | ) | (501 | ) | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (399 | ) | 1,703 | 7,076 | 10,238 | (536 | ) | (399 | ) | (4,632 | ) | 7,076 | ||||||||||||||||||||
Comprehensive income | $ | 13,672 | 16,411 | 45,714 | 54,171 | $ | 16,226 | 13,672 | 40,646 | 45,714 |
September 30, 2020 | December 31, 2019 | September 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS: | ||||||||||||||||
Cash and due from banks | $ | 47,703 | 48,198 | $ | 45,486 | 47,196 | ||||||||||
Federal funds sold and other short term investments | 908,616 | 408,648 | 1,147,853 | 1,059,903 | ||||||||||||
Total cash and cash equivalents | 956,319 | 456,846 | 1,193,339 | 1,107,099 | ||||||||||||
Securities available for sale | 454,743 | 573,823 | 434,552 | 439,071 | ||||||||||||
Held to maturity securities (fair value 2020 $16,343; 2019 $19,680) | 15,094 | 18,618 | ||||||||||||||
Held to maturity securities ($11,646 and $14,988 fair value at September 30, 2021 and December 31, 2020, respectively) | 10,701 | 13,824 | ||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 | 5,604 | 5,506 | ||||||||||||
Loans, net of deferred net costs | 4,214,555 | 4,062,196 | 4,396,729 | 4,244,470 | ||||||||||||
Less: | ||||||||||||||||
Allowance for loan losses | 49,123 | 44,317 | 47,350 | 49,595 | ||||||||||||
Net loans | 4,165,432 | 4,017,879 | 4,349,379 | 4,194,875 | ||||||||||||
Bank premises and equipment, net | 34,417 | 34,622 | 33,233 | 34,412 | ||||||||||||
Operating lease right-of-use assets | 47,174 | 51,475 | 45,836 | 47,885 | ||||||||||||
Other assets | 57,244 | 58,876 | 62,191 | 59,124 | ||||||||||||
Total assets | $ | 5,735,929 | 5,221,322 | $ | 6,134,835 | 5,901,796 | ||||||||||
LIABILITIES: | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 635,345 | 463,858 | $ | 790,663 | 652,756 | ||||||||||
Interest-bearing checking | 1,024,290 | 875,672 | 1,148,593 | 1,086,558 | ||||||||||||
Savings accounts | 1,235,259 | 1,113,146 | 1,433,130 | 1,285,501 | ||||||||||||
Money market deposit accounts | 699,132 | 599,163 | 744,051 | 716,005 | ||||||||||||
Time deposits | 1,305,024 | 1,398,177 | 1,124,581 | 1,296,373 | ||||||||||||
Total deposits | 4,899,050 | 4,450,016 | 5,241,018 | 5,037,193 | ||||||||||||
Short-term borrowings | 193,455 | 148,666 | 230,770 | 214,755 | ||||||||||||
Operating lease liabilities | 52,125 | 56,553 | 50,515 | 52,784 | ||||||||||||
Accrued expenses and other liabilities | 30,771 | 27,830 | 25,849 | 28,903 | ||||||||||||
Total liabilities | 5,175,401 | 4,683,065 | 5,548,152 | 5,333,635 | ||||||||||||
SHAREHOLDERS' EQUITY: | ||||||||||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,204,832 and 100,204,832 shares issued at September 30, 2020 and December 31, 2019, respectively | 100,205 | 100,205 | ||||||||||||||
Surplus | 176,441 | 176,427 | ||||||||||||||
Capital stock par value $1; 30,000,000 shares authorized; 20,041,796 and 20,040,966 shares issued and 19,216,101 and 19,286,531 shares outstanding at September 30, 2021 and December 31, 2020, respectively (1) (2) | 20,042 | 20,041 | ||||||||||||||
Surplus (1) | 256,565 | 256,606 | ||||||||||||||
Undivided profits | 306,741 | 288,067 | 339,554 | 313,974 | ||||||||||||
Accumulated other comprehensive income, net of tax | 11,537 | 4,461 | 7,304 | 11,936 | ||||||||||||
Treasury stock at cost - 3,772,175 and 3,283,175 shares at September 30, 2020 and December 31, 2019, respectively | (34,396 | ) | (30,903 | ) | ||||||||||||
Treasury stock at cost - 825,695 and 754,435 shares at September 30, 2021 and December 31, 2020, respectively (2) | (36,782 | ) | (34,396 | ) | ||||||||||||
Total shareholders' equity | 560,528 | 538,257 | 586,683 | 568,161 | ||||||||||||
Total liabilities and shareholders' equity | $ | 5,735,929 | 5,221,322 | $ | 6,134,835 | 5,901,796 |
(1) | All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
(2) | Share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2019 | $ | 100,175 | 176,710 | 256,397 | (10,309 | ) | (33,102 | ) | 489,871 | |||||||||||||||
Net income | 0 | 0 | 14,558 | 0 | 0 | 14,558 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 3,298 | 0 | 3,298 | ||||||||||||||||||
Stock options exercised (5,100 shares) | 5 | 30 | 0 | 0 | 0 | 35 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,591 | ) | 0 | 0 | (6,591 | ) | ||||||||||||||||
Purchase of treasury stock (4,131 shares) | 0 | 0 | 0 | 0 | (35 | ) | (35 | ) | ||||||||||||||||
Sale of treasury stock (86,297 shares) | 0 | (218 | ) | 0 | 0 | 812 | 594 | |||||||||||||||||
Stock based compensation expense | 0 | (12 | ) | 0 | 0 | 0 | (12 | ) | ||||||||||||||||
Ending balance, March 31, 2019 | $ | 100,180 | 176,510 | 264,364 | (7,011 | ) | (32,325 | ) | 501,718 | |||||||||||||||
Net income | 0 | 0 | 14,667 | 0 | 0 | 14,667 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 5,237 | 0 | 5,237 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,598 | ) | 0 | 0 | (6,598 | ) | ||||||||||||||||
Sale of treasury stock (76,443 shares) | 0 | (120 | ) | 0 | 0 | 720 | 600 | |||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, June 30, 2019 | $ | 100,180 | 176,396 | 272,433 | (1,774 | ) | (31,605 | ) | 515,630 | |||||||||||||||
Net income | 0 | 0 | 14,708 | 0 | 0 | 14,708 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 1,703 | 0 | 1,703 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,599 | ) | 0 | 0 | (6,599 | ) | ||||||||||||||||
Stock options exercised (19,850 shares) | 20 | 98 | 0 | 0 | 0 | 118 | ||||||||||||||||||
Sale of treasury stock (74,656 shares) | 0 | (105 | ) | 0 | 0 | 702 | 597 | |||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, September 30, 2019 | $ | 100,200 | 176,395 | 280,542 | (71 | ) | (30,903 | ) | 526,163 | |||||||||||||||
Beginning balance, January 1, 2020 | $ | 100,205 | 176,427 | 288,067 | 4,461 | (30,903 | ) | 538,257 | ||||||||||||||||
Net income | 0 | 0 | 13,313 | 0 | 0 | 13,313 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 6,931 | 0 | 6,931 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,827 | ) | 0 | 0 | (6,827 | ) | ||||||||||||||||
Purchase of treasury stock (489,000 shares) | 0 | 0 | 0 | 0 | (3,493 | ) | (3,493 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, March 31, 2020 | $ | 100,205 | 176,431 | 294,553 | 11,392 | (34,396 | ) | 548,185 | ||||||||||||||||
Net income | 0 | 0 | 11,254 | 0 | 0 | 11,254 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 544 | 0 | 544 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,568 | ) | 0 | 0 | (6,568 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, June 30, 2020 | $ | 100,205 | 176,437 | 299,239 | 11,936 | (34,396 | ) | 553,421 | ||||||||||||||||
Net income | 0 | 0 | 14,071 | 0 | 0 | 14,071 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | (399 | ) | 0 | (399 | ) | ||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,569 | ) | 0 | 0 | (6,569 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, September 30, 2020 | $ | 100,205 | 176,441 | 306,741 | 11,537 | (34,396 | ) | 560,528 |
Capital Stock (1) | Surplus (1) | Undivided Profits | Accumulated Other Comprehensive Income | Treasury Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2020 (1) | $ | 20,041 | 256,591 | 288,067 | 4,461 | (30,903 | ) | 538,257 | ||||||||||||||||
Net income | 0 | 0 | 13,313 | 0 | 0 | 13,313 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 6,931 | 0 | 6,931 | ||||||||||||||||||
Cash dividend declared, $0.340625 per share (2) | 0 | 0 | (6,827 | ) | 0 | 0 | (6,827 | ) | ||||||||||||||||
Purchase of treasury stock (97,800 shares) (2) | 0 | 0 | 0 | 0 | (3,493 | ) | (3,493 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, March 31, 2020 (1) | $ | 20,041 | 256,595 | 294,553 | 11,392 | (34,396 | ) | 548,185 | ||||||||||||||||
Net income | 0 | 0 | 11,254 | 0 | 0 | 11,254 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 544 | 0 | 544 | ||||||||||||||||||
Cash dividend declared, $0.340625 per share (2) | 0 | 0 | (6,568 | ) | 0 | 0 | (6,568 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, June 30, 2020 (1) | $ | 20,041 | 256,601 | 299,239 | 11,936 | (34,396 | ) | 553,421 | ||||||||||||||||
Net income | 0 | 0 | 14,071 | 0 | 0 | 14,071 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | (399 | ) | 0 | (399 | ) | ||||||||||||||||
Cash dividend declared, $0.340625 per share (2) | 0 | 0 | (6,569 | ) | 0 | 0 | (6,569 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, September 30, 2020 (1) | $ | 20,041 | 256,605 | 306,741 | 11,537 | (34,396 | ) | 560,528 | ||||||||||||||||
Beginning balance, January 1, 2021 (1) | $ | 20,041 | 256,606 | 313,974 | 11,936 | (34,396 | ) | 568,161 | ||||||||||||||||
Net income | 0 | 0 | 14,083 | 0 | 0 | 14,083 | ||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | (4,668 | ) | 0 | (4,668 | ) | ||||||||||||||||
Stock options exercised (2,650 shares) (1) | 3 | 68 | 0 | 0 | 0 | 71 | ||||||||||||||||||
Cash dividend declared, $0.340625 per share (2) | 0 | 0 | (6,571 | ) | 0 | 0 | (6,571 | ) | ||||||||||||||||
Purchase of treasury stock (1,261 shares) (2) | 0 | 0 | 0 | 0 | (45 | ) | (45 | ) | ||||||||||||||||
Ending balance, March 31, 2021 (1) | $ | 20,044 | 256,674 | 321,486 | 7,268 | (34,441 | ) | 571,031 | ||||||||||||||||
Net income | 0 | 0 | 14,433 | 0 | 0 | 14,433 | ||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 572 | 0 | 572 | ||||||||||||||||||
Cash used to settle fractional shares in the Reverse Stock Split | (5 | ) | (195 | ) | 0 | 0 | 0 | (200 | ) | |||||||||||||||
Stock options exercised (2,225 shares) (1) | 2 | 57 | 0 | 0 | 0 | 59 | ||||||||||||||||||
Cash dividend declared, $0.340625 per share (2) | 0 | 0 | (6,569 | ) | 0 | 0 | (6,569 | ) | ||||||||||||||||
Purchase of treasury stock (20,000 shares) (2) | 0 | 0 | 0 | 0 | (733 | ) | (733 | ) | ||||||||||||||||
Ending balance, June 30, 2021 (1) | $ | 20,041 | 256,536 | 329,350 | 7,840 | (35,174 | ) | 578,593 | ||||||||||||||||
Net income | 0 | 0 | 16,762 | 0 | 0 | 16,762 | ||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | (536 | ) | 0 | (536 | ) | ||||||||||||||||
Stock options exercised (1,160 shares) | 1 | 29 | 0 | 0 | 0 | 30 | ||||||||||||||||||
Cash dividend declared, $0.340625 per share | 0 | 0 | (6,558 | ) | 0 | 0 | (6,558 | ) | ||||||||||||||||
Purchase of treasury stock (50,000 shares) | 0 | 0 | 0 | 0 | (1,608 | ) | (1,608 | ) | ||||||||||||||||
Ending balance, September 30, 2021 (1) | $ | 20,042 | 256,565 | 339,554 | 7,304 | (36,782 | ) | 586,683 |
(1) | All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
(2) | Share amounts and per share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 38,638 | 43,933 | $ | 45,278 | 38,638 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation | 3,003 | 2,958 | 3,184 | 3,003 | ||||||||||||
Amortization of right-of-use asset | 4,588 | 4,420 | 4,745 | 4,588 | ||||||||||||
Net gain on sale of other real estate owned | (332 | ) | (686 | ) | (86 | ) | (332 | ) | ||||||||
Writedown of other real estate owned | 120 | 294 | 121 | 120 | ||||||||||||
Provision (credit) for loan losses | 5,000 | (41 | ) | |||||||||||||
Deferred tax (benefit) expense | (1,199 | ) | 844 | |||||||||||||
(Credit) provision for loan losses | (2,450 | ) | 5,000 | |||||||||||||
Deferred tax benefit | (1,247 | ) | (1,199 | ) | ||||||||||||
Net amortization of securities | 2,703 | 2,128 | 3,113 | 2,703 | ||||||||||||
Stock based compensation expense | 14 | 0 | 0 | 14 | ||||||||||||
Net gain on sale of bank premises and equipment | 0 | (3 | ) | |||||||||||||
Net gain on sales of securities | (1,155 | ) | 0 | 0 | (1,155 | ) | ||||||||||
Decrease in taxes receivable | 570 | 1,903 | ||||||||||||||
Increase in interest receivable | (180 | ) | (397 | ) | ||||||||||||
(Decrease) increase in interest payable | (682 | ) | 510 | |||||||||||||
(Increase) decrease in taxes receivable | (463 | ) | 570 | |||||||||||||
Decrease (increase) in interest receivable | 673 | (180 | ) | |||||||||||||
Decrease in interest payable | (249 | ) | (682 | ) | ||||||||||||
Increase in other assets | (1,201 | ) | (2,669 | ) | (1,442 | ) | (1,201 | ) | ||||||||
Decrease in operating lease liabilities | (4,715 | ) | (4,489 | ) | (4,965 | ) | (4,715 | ) | ||||||||
Increase in accrued expenses and other liabilities | 2,734 | 1,066 | ||||||||||||||
(Decrease) increase in accrued expenses and other liabilities | (2,106 | ) | 2,734 | |||||||||||||
Total adjustments | 9,268 | 5,838 | (1,172 | ) | 9,268 | |||||||||||
Net cash provided by operating activities | 47,906 | 49,771 | 44,106 | 47,906 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from sales and calls of securities available for sale | 226,886 | 101,306 | ||||||||||||||
Proceeds from sales, paydowns and calls of securities available for sale | 123,550 | 226,886 | ||||||||||||||
Proceeds from calls and maturities of held to maturity securities | 3,398 | 2,665 | 3,028 | 3,398 | ||||||||||||
Purchases of securities available for sale | (103,991 | ) | (260,466 | ) | (136,543 | ) | (103,991 | ) | ||||||||
Proceeds from maturities of securities available for sale | 5,000 | 10,052 | 8,555 | 5,000 | ||||||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (380 | ) | (230 | ) | (98 | ) | (380 | ) | ||||||||
Proceeds from redemption of Federal Reserve Bank stock | 4,057 | 0 | 0 | 4,057 | ||||||||||||
Net increase in loans | (152,987 | ) | (115,120 | ) | (152,314 | ) | (152,987 | ) | ||||||||
Proceeds from dispositions of other real estate owned | 1,802 | 3,159 | 255 | 1,802 | ||||||||||||
Proceeds from dispositions of bank premises and equipment | 0 | 3 | 6 | 0 | ||||||||||||
Purchases of bank premises and equipment | (2,798 | ) | (2,432 | ) | (2,011 | ) | (2,798 | ) | ||||||||
Net cash used in investing activities | (19,013 | ) | (261,063 | ) | (155,572 | ) | (19,013 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Net increase in deposits | 449,034 | 186,920 | 203,825 | 449,034 | ||||||||||||
Net increase (decrease) in short-term borrowings | 44,789 | (10,798 | ) | |||||||||||||
Net increase in short-term borrowings | 16,015 | 44,789 | ||||||||||||||
Proceeds from exercise of stock options | 0 | 153 | 160 | 0 | ||||||||||||
Proceeds from sale of treasury stock | 0 | 1,791 | ||||||||||||||
Cash used to settle fractional shares in the Reverse Stock Split | (200 | ) | 0 | |||||||||||||
Purchases of treasury stock | (3,493 | ) | (35 | ) | (2,386 | ) | (3,493 | ) | ||||||||
Dividends paid | (19,750 | ) | (19,771 | ) | (19,708 | ) | (19,750 | ) | ||||||||
Net cash provided by financing activities | 470,580 | 158,260 | 197,706 | 470,580 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 499,473 | (53,032 | ) | |||||||||||||
Net increase in cash and cash equivalents | 86,240 | 499,473 | ||||||||||||||
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | 1,107,099 | 456,846 | ||||||||||||
Cash and cash equivalents at end of period | $ | 956,319 | 450,677 | $ | 1,193,339 | $ | 956,319 | |||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest paid | $ | 21,451 | 26,529 | $ | 6,345 | 21,451 | ||||||||||
Income taxes paid | 12,274 | 12,263 | 15,430 | 12,274 | ||||||||||||
Other non cash items: | ||||||||||||||||
Transfer of loans to other real estate owned | 434 | 3,501 | 260 | 434 | ||||||||||||
Increase in dividends payable | 214 | 17 | ||||||||||||||
Change in unrealized gain on securities available for sale-gross of deferred taxes | 10,237 | 14,185 | ||||||||||||||
Change in deferred tax effect on unrealized gain on securities available for sale | (2,660 | ) | (3,686 | ) | ||||||||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans | (678 | ) | (353 | ) | ||||||||||||
(Decrease) Increase in dividends payable | (10 | ) | 214 | |||||||||||||
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes | (5,939 | ) | 10,237 | |||||||||||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale | 1,534 | (2,660 | ) | |||||||||||||
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans | (307 | ) | (678 | ) | ||||||||||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 177 | 92 | 80 | 177 |
(in thousands, except per share data) | For the three months ended September 30, | For the nine months ended September 30, | For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net income | $ | 14,071 | 14,708 | $ | 38,638 | 43,933 | $ | 16,762 | 14,071 | $ | 45,278 | 38,638 | ||||||||||||||||||||
Weighted average common shares | 96,433 | 96,907 | 96,531 | 96,825 | 19,249 | 19,287 | 19,272 | 19,306 | ||||||||||||||||||||||||
Stock Options | 4 | 70 | 14 | 72 | 3 | 1 | 6 | 2 | ||||||||||||||||||||||||
Weighted average common shares including potential dilutive shares | 96,437 | 96,977 | 96,545 | 96,897 | 19,252 | 19,288 | 19,278 | 19,308 | ||||||||||||||||||||||||
Basic EPS | $ | 0.146 | 0.152 | $ | 0.400 | 0.454 | $ | 0.871 | 0.730 | $ | 2.349 | 2.002 | ||||||||||||||||||||
Diluted EPS | $ | 0.146 | 0.152 | $ | 0.400 | 0.453 | $ | 0.871 | 0.730 | $ | 2.349 | 2.001 |
(1) | Share and per share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021. |
Three months ended September 30, | Three months ended September 30, | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Service cost | $ | 9 | 10 | 15 | 17 | |||||||||||||||||||||||||||
Service (credit) cost | $ | 0 | 9 | 9 | 15 | |||||||||||||||||||||||||||
Interest cost | 269 | 311 | 40 | 60 | 214 | 269 | 60 | 40 | ||||||||||||||||||||||||
Expected return on plan assets | (755 | ) | (702 | ) | (296 | ) | (248 | ) | (712 | ) | (755 | ) | (274 | ) | (296 | ) | ||||||||||||||||
Amortization of net loss (gain) | (5 | ) | 14 | (217 | ) | (49 | ) | 0 | (5 | ) | (137 | ) | (217 | ) | ||||||||||||||||||
Amortization of prior service credit | 0 | 0 | (49 | ) | (83 | ) | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0 | 0 | 177 | (49 | ) | |||||||||||||||||||||||||||
Net periodic benefit | $ | (482 | ) | (367 | ) | (507 | ) | (303 | ) | $ | (498 | ) | (482 | ) | (165 | ) | (507 | ) |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Service cost | $ | 28 | 31 | 55 | 49 | $ | 0 | 28 | 57 | 55 | ||||||||||||||||||||||
Interest cost | 807 | 933 | 152 | 180 | 642 | 807 | 143 | 152 | ||||||||||||||||||||||||
Expected return on plan assets | (2,265 | ) | (2,108 | ) | (887 | ) | (743 | ) | (2,135 | ) | (2,265 | ) | (891 | ) | (887 | ) | ||||||||||||||||
Amortization of net loss (gain) | 0 | 44 | (531 | ) | (147 | ) | 0 | 0 | (534 | ) | (531 | ) | ||||||||||||||||||||
Amortization of prior service credit | 0 | 0 | (147 | ) | (250 | ) | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0 | 0 | 227 | (147 | ) | |||||||||||||||||||||||||||
Net periodic benefit | $ | (1,430 | ) | (1,100 | ) | (1,358 | ) | (911 | ) | $ | (1,493 | ) | (1,430 | ) | (998 | ) | (1,358 | ) |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||
(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 | $ | 30,000 | 3 | 7 | 29,996 | $ | 59,974 | 0 | 225 | 59,749 | ||||||||||||||||||||||
State and political subdivisions | 110 | 1 | 0 | 111 | 48 | 0 | 0 | 48 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 301,490 | 8,369 | 91 | 309,768 | 290,508 | 5,095 | 2,018 | 293,585 | ||||||||||||||||||||||||
Corporate bonds | 69,231 | 1,048 | 166 | 70,113 | 45,914 | 327 | 326 | 45,915 | ||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 42,599 | 1,471 | 0 | 44,070 | 33,650 | 919 | 0 | 34,569 | ||||||||||||||||||||||||
Other | 685 | 0 | 0 | 685 | 686 | 0 | 0 | 686 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 444,115 | 10,892 | 264 | 454,743 | $ | 430,780 | 6,341 | 2,569 | 434,552 |
December 31, 2019 | December 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 | $ | 104,895 | 36 | 419 | 104,512 | $ | 20,000 | 0 | 32 | 19,968 | ||||||||||||||||||||||
State and political subdivisions | 160 | 2 | 0 | 162 | 103 | 0 | 0 | 103 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 388,537 | 2,406 | 1,426 | 389,517 | 308,432 | 7,749 | 23 | 316,158 | ||||||||||||||||||||||||
Corporate bonds | 30,164 | 367 | 95 | 30,436 | 59,185 | 916 | 162 | 59,939 | ||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 48,991 | 0 | 480 | 48,511 | 40,955 | 1,262 | 0 | 42,217 | ||||||||||||||||||||||||
Other | 685 | 0 | 0 | 685 | 685 | 1 | 0 | 686 | ||||||||||||||||||||||||
Total securities available for sale | $ | 573,432 | 2,811 | 2,420 | 573,823 | $ | 429,360 | 9,928 | 217 | 439,071 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 18,563 | 18,747 | $ | 15,667 | 15,954 | ||||||||||
Due in one year through five years | 81,445 | 82,140 | 90,946 | 90,435 | ||||||||||||
Due after five years through ten years | 18 | 18 | 9 | 9 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 301,490 | 309,768 | 290,508 | 293,585 | ||||||||||||
Small Business Administration - guaranteed participation securities | 42,599 | 44,070 | 33,650 | 34,569 | ||||||||||||
$ | 444,115 | 454,743 | $ | 430,780 | 434,552 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
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 Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 9,993 | 7 | 0 | 0 | 9,993 | 7 | $ | 49,760 | 214 | 9,989 | 11 | 59,749 | 225 | ||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 20,096 | 91 | 0 | 0 | 20,096 | 91 | 94,466 | 1,910 | 6,361 | 108 | 100,827 | 2,018 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 15,723 | 103 | 4,937 | 63 | 20,660 | 166 | 5,345 | 8 | 14,682 | 318 | 20,027 | 326 | ||||||||||||||||||||||||||||||||||||
Total | $ | 45,812 | 201 | 4,937 | 63 | 50,749 | 264 | $ | 149,571 | 2,132 | 31,032 | 437 | 180,603 | 2,569 |
December 31, 2019 | December 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 Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 19,820 | 180 | 74,656 | 239 | 94,476 | 419 | $ | 19,968 | 32 | 0 | 0 | 19,968 | 32 | ||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 67,322 | 446 | 169,169 | 980 | 236,491 | 1,426 | 19,471 | 22 | 0 | 0 | 19,471 | 22 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 4,905 | 95 | 0 | 0 | 4,905 | 95 | 14,901 | 99 | 4,937 | 63 | 19,838 | 162 | ||||||||||||||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 48,510 | 480 | 0 | 0 | 48,510 | 480 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 140,557 | 1,201 | 243,825 | 1,219 | 384,382 | 2,420 | $ | 54,340 | 153 | 4,937 | 63 | 59,277 | 216 |
Three months ended September 30, | Three months ended September 30, | |||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Proceeds from sales | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Proceeds from calls/paydowns | 43,052 | 56,856 | 47,100 | 43,052 | ||||||||||||
Proceeds from maturities | 0 | 0 | 3,500 | 0 | ||||||||||||
Gross realized gains | 0 | 0 | ||||||||||||||
Gross realized losses | 0 | 0 | 0 | 0 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2021 | 2020 | ||||||||||||
Proceeds from sales | $ | 29,219 | $ | 0 | $ | 0 | $ | 29,219 | ||||||||
Proceeds from calls/paydowns | 197,667 | 101,306 | 123,550 | 197,667 | ||||||||||||
Proceeds from maturities | 5,000 | 10,052 | 8,555 | 5,000 | ||||||||||||
Gross realized gains | 1,155 | 0 | 0 | 1,155 | ||||||||||||
Gross realized losses | 0 | 0 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||
(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 | $ | 15,094 | 1,249 | 0 | 16,343 | $ | 10,701 | 945 | 0 | 11,646 | ||||||||||||||||||||||
Total held to maturity | $ | 15,094 | 1,249 | 0 | 16,343 | $ | 10,701 | 945 | 0 | 11,646 |
December 31, 2019 | December 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 | $ | 18,618 | 1,062 | 0 | 19,680 | $ | 13,824 | 1,164 | 0 | 14,988 | ||||||||||||||||||||||
Total held to maturity | $ | 18,618 | 1,062 | 0 | 19,680 | $ | 13,824 | 1,164 | 0 | 14,988 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 15,094 | 16,343 | $ | 10,701 | 11,646 | ||||||||||
$ | 15,094 | 16,343 | $ | 10,701 | 11,646 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 152,994 | 18,579 | 171,573 | $ | 147,557 | 20,512 | 168,069 | ||||||||||||||||
Other | 59,886 | 204 | 60,090 | 36,078 | 532 | 36,610 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,580,577 | 1,065,903 | 3,646,480 | 2,698,870 | 1,189,086 | 3,887,956 | ||||||||||||||||||
Home equity loans | 62,595 | 15,671 | 78,266 | 49,492 | 13,837 | 63,329 | ||||||||||||||||||
Home equity lines of credit | 200,605 | 47,715 | 248,320 | 177,240 | 54,074 | 231,314 | ||||||||||||||||||
Installment | 7,997 | 1,829 | 9,826 | 7,378 | 2,073 | 9,451 | ||||||||||||||||||
Total loans, net | $ | 3,064,654 | $ | 1,149,901 | 4,214,555 | $ | 3,116,615 | 1,280,114 | 4,396,729 | |||||||||||||||
Less: Allowance for loan losses | 49,123 | 47,350 | ||||||||||||||||||||||
Net loans | $ | 4,165,432 | $ | 4,349,379 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 162,186 | 17,752 | 179,938 | $ | 148,775 | 18,666 | 167,441 | ||||||||||||||||
Other | 19,326 | 235 | 19,561 | 44,932 | 119 | 45,051 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,541,440 | 953,995 | 3,495,435 | 2,606,781 | 1,098,915 | 3,705,696 | ||||||||||||||||||
Home equity loans | 69,791 | 18,548 | 88,339 | 59,400 | 15,071 | 74,471 | ||||||||||||||||||
Home equity lines of credit | 221,487 | 46,435 | 267,922 | 193,654 | 48,540 | 242,194 | ||||||||||||||||||
Installment | 8,706 | 2,295 | 11,001 | 7,810 | 1,807 | 9,617 | ||||||||||||||||||
Total loans, net | $ | 3,022,936 | 1,039,260 | 4,062,196 | $ | 3,061,352 | 1,183,118 | 4,244,470 | ||||||||||||||||
Less: Allowance for loan losses | 44,317 | 49,595 | ||||||||||||||||||||||
Net loans | $ | 4,017,879 | $ | 4,194,875 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||
(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 | $ | 378 | 0 | 378 | $ | 136 | 0 | 136 | ||||||||||||||||
Other | 113 | 0 | 113 | 40 | 0 | 40 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 17,193 | 1,075 | 18,268 | 15,000 | 1,894 | 16,894 | ||||||||||||||||||
Home equity loans | 90 | 47 | 137 | 211 | 45 | 256 | ||||||||||||||||||
Home equity lines of credit | 2,694 | 132 | 2,826 | 2,667 | 127 | 2,794 | ||||||||||||||||||
Installment | 49 | 0 | 49 | 32 | 0 | 32 | ||||||||||||||||||
Total non-accrual loans | 20,517 | 1,254 | 21,771 | 18,086 | 2,066 | 20,152 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 25 | 0 | 25 | 19 | 0 | 19 | ||||||||||||||||||
Total nonperforming loans | $ | 20,542 | 1,254 | 21,796 | $ | 18,105 | 2,066 | 20,171 |
December 31, 2019 | December 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 | $ | 733 | 0 | 733 | $ | 372 | 0 | 372 | ||||||||||||||||
Other | 83 | 0 | 83 | 80 | 0 | 80 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 15,385 | 1,468 | 16,853 | 16,637 | 1,010 | 17,647 | ||||||||||||||||||
Home equity loans | 218 | 48 | 266 | 80 | 47 | 127 | ||||||||||||||||||
Home equity lines of credit | 2,804 | 98 | 2,902 | 2,662 | 130 | 2,792 | ||||||||||||||||||
Installment | 3 | 0 | 3 | 43 | 0 | 43 | ||||||||||||||||||
Total non-accrual loans | 19,226 | 1,614 | 20,840 | 19,874 | 1,187 | 21,061 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 29 | 0 | 29 | 23 | 0 | 23 | ||||||||||||||||||
Total nonperforming loans | $ | 19,255 | 1,614 | 20,869 | $ | 19,897 | 1,187 | 21,084 |
September 30, 2020 | ||||||||||||||||||||||||
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 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 0 | 0 | 279 | 279 | 152,715 | 152,994 | |||||||||||||||||
Other | 0 | 0 | 113 | 113 | 59,773 | 59,886 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,842 | 738 | 12,183 | 16,763 | 2,563,814 | 2,580,577 | ||||||||||||||||||
Home equity loans | 147 | 4 | 49 | 200 | 62,395 | 62,595 | ||||||||||||||||||
Home equity lines of credit | 722 | 33 | 1,236 | 1,991 | 198,614 | 200,605 | ||||||||||||||||||
Installment | 46 | 15 | 49 | 110 | 7,887 | 7,997 | ||||||||||||||||||
Total | $ | 4,757 | 790 | 13,909 | 19,456 | 3,045,198 | 3,064,654 |
Florida: | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 0 | 0 | 0 | 0 | 18,579 | 18,579 | $ | 241 | 0 | 63 | 304 | 147,253 | 147,557 | ||||||||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 204 | 204 | 0 | 0 | 40 | 40 | 36,038 | 36,078 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 636 | 0 | 718 | 1,354 | 1,064,549 | 1,065,903 | 1,802 | 1,160 | 10,447 | 13,409 | 2,685,461 | 2,698,870 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 0 | 47 | 0 | 47 | 15,624 | 15,671 | 0 | 0 | 187 | 187 | 49,305 | 49,492 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 47,715 | 47,715 | 446 | 25 | 1,145 | 1,616 | 175,624 | 177,240 | ||||||||||||||||||||||||||||||||||||
Installment | 16 | 8 | 0 | 24 | 1,805 | 1,829 | 5 | 30 | 0 | 35 | 7,343 | 7,378 | ||||||||||||||||||||||||||||||||||||
Total | $ | 652 | 55 | 718 | 1,425 | 1,148,476 | 1,149,901 | $ | 2,494 | 1,215 | 11,882 | 15,591 | 3,101,024 | 3,116,615 |
Total: | ||||||||||||||||||||||||||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 0 | 0 | 279 | 279 | 171,294 | 171,573 | $ | 0 | 0 | 0 | 0 | 20,512 | 20,512 | ||||||||||||||||||||||||||||||||||
Other | 0 | 0 | 113 | 113 | 59,977 | 60,090 | 0 | 0 | 0 | 0 | 532 | 532 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 4,478 | 738 | 12,901 | 18,117 | 3,628,363 | 3,646,480 | 482 | 182 | 1,367 | 2,031 | 1,187,055 | 1,189,086 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 147 | 51 | 49 | 247 | 78,019 | 78,266 | 45 | 0 | 0 | 45 | 13,792 | 13,837 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 722 | 33 | 1,236 | 1,991 | 246,329 | 248,320 | 186 | 0 | 0 | 186 | 53,888 | 54,074 | ||||||||||||||||||||||||||||||||||||
Installment | 62 | 23 | 49 | 134 | 9,692 | 9,826 | 19 | 0 | 0 | 19 | 2,054 | 2,073 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,409 | 845 | 14,627 | 20,881 | 4,193,674 | 4,214,555 | $ | 732 | 182 | 1,367 | 2,281 | 1,277,833 | 1,280,114 |
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 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 141 | 0 | 617 | 758 | 161,428 | 162,186 | |||||||||||||||||
Other | 80 | 0 | 33 | 113 | 19,213 | 19,326 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,444 | 292 | 11,328 | 15,064 | 2,526,376 | 2,541,440 | ||||||||||||||||||
Home equity loans | 183 | 7 | 133 | 323 | 69,468 | 69,791 | ||||||||||||||||||
Home equity lines of credit | 232 | 149 | 1,141 | 1,522 | 219,965 | 221,487 | ||||||||||||||||||
Installment | 37 | 8 | 3 | 48 | 8,658 | 8,706 | ||||||||||||||||||
Total | $ | 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 | $ | 0 | 0 | 0 | 0 | 17,752 | 17,752 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 235 | 235 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 542 | 0 | 617 | 1,159 | 952,836 | 953,995 | ||||||||||||||||||
Home equity loans | 63 | 0 | 0 | 63 | 18,485 | 18,548 | ||||||||||||||||||
Home equity lines of credit | 80 | 0 | 50 | 130 | 46,305 | 46,435 | ||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 2,295 | 2,295 | ||||||||||||||||||
Total | $ | 685 | 0 | 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 | 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 | 0 | 617 | 758 | 179,180 | 179,938 | $ | 241 | 0 | 63 | 304 | 167,765 | 168,069 | ||||||||||||||||||||||||||||||||||
Other | 80 | 0 | 33 | 113 | 19,448 | 19,561 | 0 | 0 | 40 | 40 | 36,570 | 36,610 | ||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 3,986 | 292 | 11,945 | 16,223 | 3,479,212 | 3,495,435 | 2,284 | 1,342 | 11,814 | 15,440 | 3,872,516 | 3,887,956 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 246 | 7 | 133 | 386 | 87,953 | 88,339 | 45 | 0 | 187 | 232 | 63,097 | 63,329 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 312 | 149 | 1,191 | 1,652 | �� | 266,270 | 267,922 | 632 | 25 | 1,145 | 1,802 | 229,512 | 231,314 | |||||||||||||||||||||||||||||||||||
Installment | 37 | 8 | 3 | 48 | 10,953 | 11,001 | 24 | 30 | 0 | 54 | 9,397 | 9,451 | ||||||||||||||||||||||||||||||||||||
Total | $ | 4,802 | 456 | 13,922 | 19,180 | 4,043,016 | 4,062,196 | $ | 3,226 | 1,397 | 13,249 | 17,872 | 4,378,857 | 4,396,729 |
December 31, 2020 | ||||||||||||||||||||||||
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 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 125 | 77 | 279 | 481 | 148,294 | 148,775 | |||||||||||||||||
Other | 0 | 0 | 80 | 80 | 44,852 | 44,932 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,220 | 982 | 10,927 | 13,129 | 2,593,652 | 2,606,781 | ||||||||||||||||||
Home equity loans | 120 | 1 | 48 | 169 | 59,231 | 59,400 | ||||||||||||||||||
Home equity lines of credit | 401 | 344 | 1,273 | 2,018 | 191,636 | 193,654 | ||||||||||||||||||
Installment | 3 | 0 | 43 | 46 | 7,764 | 7,810 | ||||||||||||||||||
Total | $ | 1,869 | 1,404 | 12,650 | 15,923 | 3,045,429 | 3,061,352 |
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 | $ | 0 | 0 | 0 | 0 | 18,666 | 18,666 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 119 | 119 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 365 | 517 | 655 | 1,537 | 1,097,378 | 1,098,915 | ||||||||||||||||||
Home equity loans | 0 | 0 | 47 | 47 | 15,024 | 15,071 | ||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 48,540 | 48,540 | ||||||||||||||||||
Installment | 7 | 10 | 0 | 17 | 1,790 | 1,807 | ||||||||||||||||||
Total | $ | 372 | 527 | 702 | 1,601 | 1,181,517 | 1,183,118 |
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 | $ | 125 | 77 | 279 | 481 | 166,960 | 167,441 | |||||||||||||||||
Other | 0 | 0 | 80 | 80 | 44,971 | 45,051 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,585 | 1,499 | 11,582 | 14,666 | 3,691,030 | 3,705,696 | ||||||||||||||||||
Home equity loans | 120 | 1 | 95 | 216 | 74,255 | 74,471 | ||||||||||||||||||
Home equity lines of credit | 401 | 344 | 1,273 | 2,018 | 240,176 | 242,194 | ||||||||||||||||||
Installment | 10 | 10 | 43 | 63 | 9,554 | 9,617 | ||||||||||||||||||
Total | $ | 2,241 | 1,931 | 13,352 | 17,524 | 4,226,946 | 4,244,470 |
For the three months ended September 30, 2020 | For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||
(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 | $ | 4,366 | 43,274 | 504 | 48,144 | $ | 4,106 | 45,617 | 432 | 50,155 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 0 | 64 | 21 | 85 | 30 | 72 | 17 | 119 | ||||||||||||||||||||||||
Florida | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||
Total loan chargeoffs | 0 | 64 | 21 | 85 | 30 | 73 | 17 | 120 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 1 | 60 | 3 | 64 | 0 | 111 | 3 | 114 | ||||||||||||||||||||||||
Florida | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | ||||||||||||||||||||||||
Total recoveries | 1 | 60 | 3 | 64 | 0 | 112 | 3 | 115 | ||||||||||||||||||||||||
Net loans (recoveries) charged off | (1 | ) | 4 | 18 | 21 | |||||||||||||||||||||||||||
Net loans charged off (recoveries) | 30 | (39 | ) | 14 | 5 | |||||||||||||||||||||||||||
(Credit) provision for loan losses | (100 | ) | 1,053 | 47 | 1,000 | (823 | ) | (2,003 | ) | 26 | (2,800 | ) | ||||||||||||||||||||
Balance at end of period | $ | 4,267 | 44,323 | 533 | 49,123 | $ | 3,253 | 43,653 | 444 | 47,350 |
For the three months ended September 30, 2019 | For the three months ended September 30, 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 | $ | 3,913 | 39,963 | 489 | 44,365 | $ | 4,366 | 43,274 | 504 | 48,144 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 13 | 147 | 16 | 176 | 0 | 64 | 21 | 85 | ||||||||||||||||||||||||
Florida | 0 | 0 | 16 | 16 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total loan chargeoffs | 13 | 147 | 32 | 192 | 0 | 64 | 21 | 85 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 41 | 108 | 7 | 156 | 1 | 60 | 3 | 64 | ||||||||||||||||||||||||
Florida | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total recoveries | 41 | 108 | 7 | 156 | 1 | 60 | 3 | 64 | ||||||||||||||||||||||||
Net loans (recoveries) charged off | (28 | ) | 39 | 25 | 36 | (1 | ) | 4 | 18 | 21 | ||||||||||||||||||||||
(Credit) provision for loan losses | (70 | ) | (18 | ) | 88 | 0 | (100 | ) | 1,053 | 47 | 1,000 | |||||||||||||||||||||
Balance at end of period | $ | 3,871 | 39,906 | 552 | 44,329 | $ | 4,267 | 44,323 | 533 | 49,123 |
For the nine months ended September 30, 2021 | ||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 4,140 | 44,950 | 505 | 49,595 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 30 | 178 | 25 | 233 | ||||||||||||
Florida | 0 | 1 | 2 | 3 | ||||||||||||
Total loan chargeoffs | 30 | 179 | 27 | 236 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 32 | 355 | 52 | 439 | ||||||||||||
Florida | 0 | 2 | 0 | 2 | ||||||||||||
Total recoveries | 32 | 357 | 52 | 441 | ||||||||||||
Net loans (recoveries) charged off | (2 | ) | (178 | ) | (25 | ) | (205 | ) | ||||||||
(Credit) provision for loan losses | (889 | ) | (1,475 | ) | (86 | ) | (2,450 | ) | ||||||||
Balance at end of period | $ | 3,253 | 43,653 | 444 | 47,350 |
Nine months ended September 30, 2020 | ||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 3,999 | 39,748 | 570 | 44,317 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 3 | 277 | 77 | 357 | ||||||||||||
Florida | 0 | 0 | 19 | 19 | ||||||||||||
Total loan chargeoffs | 3 | 277 | 96 | 376 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 9 | 160 | 11 | 180 | ||||||||||||
Florida | 0 | 2 | 0 | 2 | ||||||||||||
Total recoveries | 9 | 162 | 11 | 182 | ||||||||||||
Net loans charged off (recoveries) | (6 | ) | 115 | 85 | 194 | |||||||||||
Provision for loan losses | 262 | 4,690 | 48 | 5,000 | ||||||||||||
Balance at end of period | $ | 4,267 | 44,323 | 533 | 49,123 |
Nine months ended September 30, 2019 | For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||
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* | 20 | 744 | 94 | 858 | 3 | 277 | 77 | 357 | ||||||||||||||||||||||||
Florida | 0 | 29 | 47 | 76 | 0 | 0 | 19 | 19 | ||||||||||||||||||||||||
Total loan chargeoffs | 20 | 773 | 141 | 934 | 3 | 277 | 96 | 376 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 45 | 441 | 17 | 503 | 9 | 160 | 11 | 180 | ||||||||||||||||||||||||
Florida | 0 | 35 | 0 | 35 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||||
Total recoveries | 45 | 476 | 17 | 538 | 9 | 162 | 11 | 182 | ||||||||||||||||||||||||
Net loans charged off | (25 | ) | 297 | 124 | 396 | |||||||||||||||||||||||||||
(Credit) provision for loan losses | (202 | ) | 431 | (270 | ) | (41 | ) | |||||||||||||||||||||||||
Net loans charged off (recoveries) | (6 | ) | 115 | 85 | 194 | |||||||||||||||||||||||||||
Provision for loan losses | 262 | 4,690 | 48 | 5,000 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 3,871 | $ | 39,906 | 552 | 44,329 | $ | 4,267 | 44,323 | 533 | 49,123 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||
(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 | $ | 0 | 0 | 0 | 0 | $ | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,267 | 44,323 | 533 | 49,123 | 3,253 | 43,653 | 444 | 47,350 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,267 | 44,323 | 533 | 49,123 | $ | 3,253 | 43,653 | 444 | 47,350 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,084 | 20,648 | 0 | 21,732 | $ | 521 | 19,292 | 0 | 19,813 | ||||||||||||||||||||||
Collectively evaluated for impairment | 230,579 | 3,952,418 | 9,826 | 4,192,823 | 204,158 | 4,163,307 | 9,451 | 4,376,916 | ||||||||||||||||||||||||
Total ending loans balance | $ | 231,663 | 3,973,066 | 9,826 | 4,214,555 | $ | 204,679 | 4,182,599 | 9,451 | 4,396,729 |
December 31, 2019 | December 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 | $ | 0 | 0 | 0 | 0 | $ | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Collectively evaluated for impairment | 3,999 | 39,748 | 570 | 44,317 | 4,140 | 44,950 | 505 | 49,595 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 3,999 | 39,748 | 570 | 44,317 | $ | 4,140 | 44,950 | 505 | 49,595 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,437 | 19,539 | 0 | 20,976 | $ | 1,028 | 20,553 | 0 | 21,581 | ||||||||||||||||||||||
Collectively evaluated for impairment | 198,062 | 3,832,157 | 11,001 | 4,041,220 | 211,464 | 4,001,808 | 9,617 | 4,222,889 | ||||||||||||||||||||||||
Total ending loans balance | $ | 199,499 | 3,851,696 | 11,001 | 4,062,196 | $ | 212,492 | 4,022,361 | 9,617 | 4,244,470 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
New York and other states*: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 839 | 1,062 | 0 | 1,121 | $ | 388 | 480 | 0 | 1,147 | ||||||||||||||||||||||
Other | 145 | 145 | 0 | 112 | 40 | 40 | 0 | 108 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 14,895 | 15,282 | 0 | 14,062 | 14,261 | 14,567 | 0 | 14,070 | ||||||||||||||||||||||||
Home equity loans | 223 | 243 | 0 | 235 | 199 | 199 | 0 | 235 | ||||||||||||||||||||||||
Home equity lines of credit | 2,268 | 2,408 | 0 | 2,249 | 2,052 | 2,192 | 0 | 2,255 | ||||||||||||||||||||||||
Total | $ | 18,370 | 19,140 | 0 | 17,779 | $ | 16,940 | 17,478 | 0 | 17,815 |
Florida: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Florida: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 100 | 0 | 105 | $ | 93 | 93 | 0 | 105 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 3,018 | 3,018 | 0 | 2,567 | 2,597 | 2,597 | 0 | 2,563 | ||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 13 | 0 | 0 | 0 | 15 | ||||||||||||||||||||||||
Home equity lines of credit | 244 | 244 | 0 | 245 | 183 | 183 | 0 | 246 | ||||||||||||||||||||||||
Total | $ | 3,362 | 3,262 | 0 | 2,930 | $ | 2,873 | 2,873 | 0 | 2,929 |
Total: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Total: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 939 | 1,062 | 0 | 1,226 | $ | 481 | 573 | 0 | 1,252 | ||||||||||||||||||||||
Other | 145 | 145 | 0 | 112 | 40 | 40 | 0 | 108 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 17,913 | 18,300 | 0 | 16,629 | 16,858 | 17,164 | 0 | 16,633 | ||||||||||||||||||||||||
Home equity loans | 223 | 243 | 0 | 248 | 199 | 199 | 0 | 250 | ||||||||||||||||||||||||
Home equity lines of credit | 2,512 | 2,652 | 0 | 2,494 | 2,235 | 2,375 | 0 | 2,501 | ||||||||||||||||||||||||
Total | $ | 21,732 | 22,402 | 0 | 20,709 | $ | 19,813 | 20,351 | 0 | 20,744 |
December 31, 2020 | ||||||||||||||||
New York and other states*: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 819 | 943 | 0 | 1,186 | |||||||||||
Other | 111 | 111 | 0 | 103 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 15,024 | 15,411 | 0 | 14,110 | ||||||||||||
Home equity loans | 219 | 240 | 0 | 235 | ||||||||||||
Home equity lines of credit | 2,158 | 2,298 | 0 | 2,258 | ||||||||||||
Total | $ | 18,331 | 19,003 | 0 | 17,892 |
December 31, 2019 | ||||||||||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Florida: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,217 | 1,359 | 0 | 1,385 | $ | 98 | 98 | 0 | 105 | ||||||||||||||||||||||
Other | 115 | 115 | 0 | 38 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 14,414 | 14,714 | 0 | 14,358 | 2,908 | 2,908 | 0 | 2,555 | ||||||||||||||||||||||||
Home equity loans | 235 | 255 | 0 | 241 | 0 | 0 | 0 | 16 | ||||||||||||||||||||||||
Home equity lines of credit | 2,160 | 2,300 | 0 | 2,274 | 244 | 244 | 0 | 246 | ||||||||||||||||||||||||
Total | $ | 18,141 | 18,743 | 0 | 18,296 | $ | 3,250 | 3,250 | 0 | 2,922 |
Florida: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 105 | 105 | 0 | 82 | |||||||||||
Other | 0 | 0 | 0 | 26 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,486 | 2,486 | 0 | 2,259 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 51 | ||||||||||||
Home equity lines of credit | 244 | 244 | 0 | 249 | ||||||||||||
Total | $ | 2,835 | 2,835 | 0 | 2,667 |
Total: | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Total: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,322 | 1,464 | 0 | 1,467 | $ | 917 | 1,041 | 0 | 1,291 | ||||||||||||||||||||||
Other | 115 | 115 | 0 | 64 | 111 | 111 | 0 | 103 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 16,900 | 17,200 | 0 | 16,617 | 17,932 | 18,319 | 0 | 16,665 | ||||||||||||||||||||||||
Home equity loans | 235 | 255 | 0 | 292 | 219 | 240 | 0 | 251 | ||||||||||||||||||||||||
Home equity lines of credit | 2,404 | 2,544 | 0 | 2,523 | 2,402 | 2,542 | 0 | 2,504 | ||||||||||||||||||||||||
Total | $ | 20,976 | 21,578 | 0 | 20,963 | $ | 21,581 | 22,253 | 0 | 20,814 |
Three months ended 9/30/2020 | Three months ended 9/30/2019 | Three months ended 9/30/2021 | Three months ended 9/30/2020 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 1 | $ | 126 | 126 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | 1 | $ | 126 | 126 | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 6 | 1,533 | 1,533 | 4 | 537 | 537 | 2 | 557 | 557 | 6 | 1,533 | 1,533 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 50 | 50 | 0 | 0 | 0 | 1 | 31 | 31 | 1 | 50 | 50 | ||||||||||||||||||||||||||||||||||||
Total | 8 | $ | 1,709 | 1,709 | 4 | $ | 537 | 537 | 3 | $ | 588 | 588 | 8 | $ | 1,709 | 1,709 |
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 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 0 | 0 | 0 | 5 | 509 | 509 | ||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | 0 | $ | 0 | 0 | 5 | $ | 509 | 509 |
Nine months ended 9/30/2020 | Nine months ended 9/30/2019 | |||||||||||||||||||||||
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 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 1 | $ | 126 | 126 | 1 | $ | 127 | 127 | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 9 | 1,982 | 1,982 | 12 | 1,768 | 1,768 | ||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Home equity lines of credit | 3 | 169 | 169 | 2 | 235 | 235 | ||||||||||||||||||
Total | 13 | $ | 2,277 | 2,277 | 15 | $ | 2,130 | 2,130 |
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 | 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 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 4 | 589 | 589 | 5 | 509 | 509 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | �� | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Total | 4 | $ | 589 | 589 | 5 | $ | 509 | 509 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 |
Nine months ended 9/30/2021 | Nine months ended 9/30/2020 | |||||||||||||||||||||||
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 | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | 1 | $ | 126 | 126 | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4 | 923 | 923 | 9 | 1,982 | 1,982 | ||||||||||||||||||
Home equity loans | 1 | 2 | 2 | 0 | 0 | 0 | ||||||||||||||||||
Home equity lines of credit | 3 | 88 | 88 | 3 | 169 | 169 | ||||||||||||||||||
Total | 8 | $ | 1,013 | 1,013 | 13 | $ | 2,277 | 2,277 |
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 | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1 | 78 | 78 | 4 | 589 | 589 | ||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | 1 | $ | 78 | 78 | 4 | $ | 589 | 589 |
Three months ended 9/30/2020 | Three months ended 9/30/2019 | Three months ended 9/30/2021 | Three months ended 9/30/2020 | |||||||||||||||||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 3 | 264 | 0 | 0 | 0 | 0 | 3 | 264 | ||||||||||||||||||||||||
Home equity lines of credit | 1 | 19 | 0 | 0 | 0 | 0 | 1 | 19 | ||||||||||||||||||||||||
Total | 4 | $ | 283 | 0 | $ | 0 | 0 | $ | 0 | 4 | $ | 283 |
Florida: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | ||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 |
Nine months ended 9/30/2020 | Nine months ended 9/30/2019 | |||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 4 | 459 | 0 | 0 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 1 | 19 | 0 | 0 | ||||||||||||
Total | 5 | $ | 478 | 0 | $ | 0 |
Nine months ended 9/30/2021 | Nine months ended 9/30/2020 | |||||||||||||||||||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 459 | ||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 19 | ||||||||||||||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | 5 | $ | 478 |
Florida: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | �� | |||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | ||||||||||||
- | - | - | - | |||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 |
September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 149,866 | 3,128 | 152,994 | $ | 145,400 | 2,157 | 147,557 | ||||||||||||||||
Other | 59,404 | 482 | 59,886 | 35,913 | 165 | 36,078 | ||||||||||||||||||
$ | 181,313 | 2,322 | 183,635 | |||||||||||||||||||||
$ | 209,270 | 3,610 | 212,880 |
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 18,005 | 574 | 18,579 | $ | 19,957 | 555 | 20,512 | ||||||||||||||||
Other | 204 | 0 | 204 | 532 | 0 | 532 | ||||||||||||||||||
$ | 20,489 | 555 | 21,044 | |||||||||||||||||||||
$ | 18,209 | 574 | 18,783 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 167,871 | 3,702 | 171,573 | ||||||||
Other | 59,608 | 482 | 60,090 | |||||||||
$ | 227,479 | 4,184 | 231,663 |
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 | 0 | 17,752 | ||||||||
Other | 235 | 0 | 235 | |||||||||
$ | 17,987 | 0 | 17,987 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | Pass | Classified | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 175,032 | 4,906 | 179,938 | $ | 165,357 | 2,712 | 168,069 | ||||||||||||||||
Other | 18,619 | 942 | 19,561 | 36,445 | 165 | 36,610 | ||||||||||||||||||
$ | 201,802 | 2,877 | 204,679 | |||||||||||||||||||||
$ | 193,651 | 5,848 | 199,499 |
December 31, 2020 | ||||||||||||
New York and other states: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 145,741 | 3,034 | 148,775 | ||||||||
Other | 44,522 | 410 | 44,932 | |||||||||
$ | 190,263 | 3,444 | 193,707 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 18,092 | 574 | 18,666 | ||||||||
Other | 119 | 0 | 119 | |||||||||
$ | 18,211 | 574 | 18,785 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 163,833 | 3,608 | 167,441 | ||||||||
Other | 44,641 | 410 | 45,051 | |||||||||
$ | 208,474 | 4,018 | 212,492 |
Fair Value Measurements at | ||||||||||||||||
September 30, 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) | ||||||||||||
U.S. government sponsored enterprises | $ | 29,996 | $ | 0 | $ | 29,996 | $ | 0 | ||||||||
State and political subdivisions | 111 | 0 | 111 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 309,768 | 0 | 309,768 | 0 | ||||||||||||
Corporate bonds | 70,113 | 0 | 70,113 | 0 | ||||||||||||
Small Business Administration- guaranteed participation securities | 44,070 | 0 | 44,070 | 0 | ||||||||||||
Other securities | 685 | 0 | 685 | 0 | ||||||||||||
Total securities available for sale | $ | 454,743 | $ | 0 | $ | 454,743 | $ | 0 |
Fair Value Measurements at | ||||||||||||||||
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) | ||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 104,512 | $ | 0 | $ | 104,512 | $ | 0 | ||||||||
State and political subdivisions | 162 | 0 | 162 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 389,517 | 0 | 389,517 | 0 | ||||||||||||
Corporate bonds | 30,436 | 0 | 30,436 | 0 | ||||||||||||
Small Business Administration- guaranteed participation securities | 48,511 | 0 | 48,511 | 0 | ||||||||||||
Other securities | 685 | 0 | 685 | 0 | ||||||||||||
Total securities available for sale | $ | 573,823 | $ | 0 | $ | 573,823 | $ | 0 |
Fair Value Measurements at | ||||||||||||||||
September 30, 2021 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) | ||||||||||||
U.S. government sponsored enterprises | $ | 59,749 | $ | 0 | $ | 59,749 | $ | 0 | ||||||||
State and political subdivisions | 48 | 0 | 48 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 293,585 | 0 | 293,585 | 0 | ||||||||||||
Corporate bonds | 45,915 | 0 | �� | 45,915 | 0 | |||||||||||
Small Business Administration- guaranteed participation securities | 34,569 | 0 | 34,569 | 0 | ||||||||||||
Other securities | 686 | 0 | 686 | 0 | ||||||||||||
Total securities available for sale | $ | 434,552 | $ | 0 | $ | 434,552 | $ | 0 |
Fair Value Measurements at | ||||||||||||||||
December 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) | ||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 19,968 | $ | 0 | $ | 19,968 | $ | 0 | ||||||||
State and political subdivisions | 103 | 0 | 103 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 316,158 | 0 | 316,158 | 0 | ||||||||||||
Corporate bonds | 59,939 | 0 | 59,939 | 0 | ||||||||||||
Small Business Administration- guaranteed participation securities | 42,217 | 0 | 42,217 | 0 | ||||||||||||
Other securities | 686 | 0 | 686 | 0 | ||||||||||||
Total securities available for sale | $ | 439,071 | $ | 0 | $ | 439,071 | $ | 0 |
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 Using: | September 30, 2021 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 | $ | 423 | $ | 0 | $ | 0 | $ | 423 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 9% (3 | %) | $ | 511 | $ | 0 | $ | 0 | $ | 511 | Sales comparison approach | Adjustments for differences between comparable sales | 3% - 21% (10 | %) | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 509 | 0 | 0 | 509 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 11% (11 | %) | 0 | 0 | 0 | 0 | Sales comparison | Adjustments for differences between comparable sales | N/A |
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 Using: | December 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 | $ | 1,579 | $ | 0 | $ | 0 | $ | 1,579 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 21% (2 | %) | $ | 541 | $ | 0 | $ | 0 | $ | 541 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 7% (2 | %) | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 120 | 0 | 0 | 120 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 17% (9 | %) | 211 | 0 | 0 | 211 | Sales comparison | Adjustments for differences between comparable sales | 11% - 12% (12 | %) |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | September 30, 2020 Using: | Carrying | September 30, 2021 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 956,319 | 956,319 | 0 | 0 | 956,319 | $ | 1,193,339 | 1,193,339 | 0 | 0 | 1,193,339 | ||||||||||||||||||||||||||||
Securities available for sale | 454,743 | 0 | 454,743 | 0 | 454,743 | 434,552 | 0 | 434,552 | 0 | 434,552 | ||||||||||||||||||||||||||||||
Held to maturity securities | 15,094 | 0 | 16,343 | 0 | 16,343 | 10,701 | 0 | 11,646 | 0 | 11,646 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 5,506 | N/A | N/A | N/A | N/A | 5,604 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 4,165,432 | 0 | 0 | 4,258,258 | 4,258,258 | 4,349,379 | 0 | 0 | 4,419,921 | 4,419,921 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,095 | 16 | 1,471 | 9,608 | 11,095 | 9,358 | 37 | 1,042 | 8,279 | 9,358 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 635,345 | 635,345 | 0 | 0 | 635,345 | 790,663 | 790,663 | 0 | 0 | 790,663 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 4,263,705 | 2,958,681 | 1,308,158 | 0 | 4,266,839 | 4,450,355 | 3,325,774 | 1,123,934 | 0 | 4,449,708 | ||||||||||||||||||||||||||||||
Short-term borrowings | 193,455 | 0 | 193,455 | 0 | 193,455 | 230,770 | 0 | 230,770 | 0 | 230,770 | ||||||||||||||||||||||||||||||
Accrued interest payable | 777 | 85 | 692 | 0 | 777 | 225 | 30 | 195 | 0 | 225 |
(dollars in thousands) | Fair Value Measurements at | |||||||||||||||||||
Carrying | December 31, 2019 Using: | |||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 456,846 | 456,846 | 0 | 0 | 456,846 | ||||||||||||||
Securities available for sale | 573,823 | 0 | 573,823 | 0 | 573,823 | |||||||||||||||
Held to maturity securities | 18,618 | 0 | 19,680 | 0 | 19,680 | |||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank stock | 9,183 | N/A | N/A | N/A | N/A | |||||||||||||||
Net loans | 4,017,879 | 0 | 0 | 4,078,210 | 4,078,210 | |||||||||||||||
Accrued interest receivable | 10,915 | 216 | 2,221 | 8,478 | 10,915 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | 463,858 | 463,858 | 0 | 0 | 463,858 | |||||||||||||||
Interest bearing deposits | 3,986,158 | 2,587,981 | 1,397,271 | 0 | 3,985,252 | |||||||||||||||
Short-term borrowings | 148,666 | 0 | 148,666 | 0 | 148,666 | |||||||||||||||
Accrued interest payable | 1,459 | 174 | 1,285 | 0 | 1,459 |
(dollars in thousands) | Fair Value Measurements at | |||||||||||||||||||
Carrying | December 31, 2020 Using: | |||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,107,099 | 1,107,099 | 0 | 0 | 1,107,099 | ||||||||||||||
Securities available for sale | 439,071 | 0 | 439,071 | 0 | 439,071 | |||||||||||||||
Held to maturity securities | 13,824 | 0 | 14,988 | 0 | 14,988 | |||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||
Home Loan Bank stock | 5,506 | N/A | N/A | N/A | N/A | |||||||||||||||
Net loans | 4,194,875 | 0 | 0 | 4,287,585 | 4,287,585 | |||||||||||||||
Accrued interest receivable | 10,031 | 39 | 1,458 | 8,534 | 10,031 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Demand deposits | 652,756 | 652,756 | 0 | 0 | 652,756 | |||||||||||||||
Interest bearing deposits | 4,384,437 | 3,088,064 | 1,298,375 | 0 | 4,386,439 | |||||||||||||||
Short-term borrowings | 214,755 | 0 | 214,755 | 0 | 214,755 | |||||||||||||||
Accrued interest payable | 474 | 68 | 406 | 0 | 474 |
Three months ended 9/30/2020 | Three months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | Balance at 7/1/2021 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2021 | Balance at 9/30/2021 | ||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 8,061 | (198 | ) | 0 | (198 | ) | 7,863 | $ | 3,347 | (566 | ) | 0 | (566 | ) | 2,781 | ||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 4,840 | 0 | 0 | 0 | 4,840 | 6,084 | 0 | 0 | 0 | 6,084 | ||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (965 | ) | 0 | (201 | ) | (201 | ) | (1,166 | ) | |||||||||||||||||||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | (1,591 | ) | 0 | 30 | 30 | (1,561 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | 11,936 | (198 | ) | (201 | ) | (399 | ) | 11,537 | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 7,840 | (566 | ) | 30 | (536 | ) | 7,304 |
Three months ended 9/30/2019 | Three months ended 9/30/2020 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2019 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2019 | Balance at 9/30/2019 | Balance at 7/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | ||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | (1,707 | ) | 1,790 | 0 | 1,790 | 83 | |||||||||||||||||||||||||||||||||
Net unrealized holding (gain) loss on securities available for sale, net of tax | $ | 8,061 | (198 | ) | 0 | (198 | ) | 7,863 | ||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | 0 | 0 | 0 | 423 | 4,840 | 0 | 0 | 0 | 4,840 | ||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (490 | ) | 0 | (87 | ) | (87 | ) | (577 | ) | |||||||||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax | (965 | ) | 0 | (201 | ) | (201 | ) | (1,166 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (1,774 | ) | 1,790 | (87 | ) | 1,703 | (71 | ) | $ | 11,936 | (198 | ) | (201 | ) | (399 | ) | 11,537 |
Nine months ended 9/30/2020 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | |||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | 286 | 8,432 | (855 | ) | 7,577 | 7,863 | |||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 4,840 | 0 | 0 | 0 | 4,840 | |||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (665 | ) | 0 | (501 | ) | (501 | ) | (1,166 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | $ | 4,461 | 8,432 | (1,356 | ) | 7,076 | 11,537 |
Nine months ended 9/30/2021 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2021 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2021 | Balance at 9/30/2021 | |||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 7,186 | (4,405 | ) | 0 | (4,405 | ) | 2,781 | ||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 6,084 | 0 | 0 | 0 | 6,084 | |||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | (1,334 | ) | 0 | (227 | ) | (227 | ) | (1,561 | ) | |||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 11,936 | (4,405 | ) | (227 | ) | (4,632 | ) | 7,304 |
Nine months ended 9/30/2019 | Nine months ended 9/30/2020 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2019 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2019 | Balance at 9/30/2019 | Balance at 1/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | ||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | (10,416 | ) | 10,499 | 0 | 10,499 | 83 | |||||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 286 | 8,432 | (855 | ) | 7,577 | 7,863 | |||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | 0 | 0 | 0 | 423 | 4,840 | 0 | 0 | 0 | 4,840 | ||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (316 | ) | 0 | (261 | ) | (261 | ) | (577 | ) | |||||||||||||||||||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax | (665 | ) | 0 | (501 | ) | (501 | ) | (1,166 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | (10,309 | ) | 10,499 | (261 | ) | 10,238 | (71 | ) | $ | 4,461 | 8,432 | (1,356 | ) | 7,076 | 11,537 |
(dollars in thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | Affected Line Item in Financial Statements | |||||||||||||
Net unrealized holding gain on securities available for sale | |||||||||||||||||
Realized gain on securities transactions | $ | 0 | 0 | $ | 1,155 | 0 | Net gain on securities transactions | ||||||||||
Income tax effect | 0 | 0 | (300 | ) | 0 | Income taxes | |||||||||||
Net of tax | 0 | 0 | 855 | 0 | |||||||||||||
Amortization of pension and postretirement benefit items: | |||||||||||||||||
Amortization of net actuarial gain (loss) | $ | 222 | 35 | $ | 531 | 103 | Salaries and employee benefits | ||||||||||
Amortization of prior service credit (cost) | 49 | 83 | 147 | 250 | Salaries and employee benefits | ||||||||||||
Income tax benefit | (70 | ) | (31 | ) | (177 | ) | (92 | ) | Income taxes | ||||||||
Net of tax | 201 | 87 | 501 | 261 | |||||||||||||
Total reclassifications, net of tax | $ | 201 | 87 | $ | 1,356 | 261 |
(dollars in thousands) | Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net unrealized holding gain on securities available for sale | ||||||||||||||||
Realized gain on securities transactions | $ | 0 | 0 | $ | 0 | 1,155 | ||||||||||
Income tax effect | 0 | 0 | 0 | (300 | ) | |||||||||||
Net of tax | 0 | 0 | 0 | 855 | ||||||||||||
Amortization of pension and postretirement benefit items: | ||||||||||||||||
Amortization of net actuarial gain | $ | 137 | 222 | $ | 534 | 531 | ||||||||||
Amortization of prior service (cost) credit | (177 | ) | 49 | (227 | ) | 147 | ||||||||||
Income tax benefit | 10 | (70 | ) | (80 | ) | (177 | ) | |||||||||
Net of tax | (30 | ) | 201 | 227 | 501 | |||||||||||
Total reclassifications, net of tax | $ | (30 | ) | 201 | $ | 227 | 1,356 |
(dollars in thousands) | Three months ended | Nine months ended | Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Service Charges on Deposits | ||||||||||||||||||||||||||||||||
Overdraft fees | $ | 595 | $ | 931 | $ | 1,920 | $ | 2,630 | $ | 735 | $ | 595 | $ | 1,964 | $ | 1,920 | ||||||||||||||||
Other | 348 | 124 | 1,159 | 343 | 518 | 348 | 1,479 | 1,159 | ||||||||||||||||||||||||
Interchange Income | 1,195 | 970 | 3,072 | 3,785 | 1,330 | 1,195 | 3,863 | 3,072 | ||||||||||||||||||||||||
Net gain on securities transactions (a) | 0 | 0 | 1,155 | 0 | 0 | 0 | 0 | 1,155 | ||||||||||||||||||||||||
Wealth management fees | 1,784 | 1,517 | 4,752 | 4,933 | 1,558 | 1,784 | 5,592 | 4,752 | ||||||||||||||||||||||||
Other (a) | 419 | 1,383 | 1,043 | 2,785 | 154 | 419 | 513 | 1,043 | ||||||||||||||||||||||||
Total non-interest income | $ | 4,341 | $ | 4,925 | $ | 13,101 | $ | 14,476 | $ | 4,295 | $ | 4,341 | $ | 13,411 | $ | 13,101 |
(a) | Not within the scope of ASC 606. |
(dollars in thousands) | Three months ended September 30, | Three months ended September 30, | ||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Operating lease cost | $ | 1,966 | $ | 2,007 | $ | 2,010 | 1,966 | |||||||||
Variable lease cost | 369 | 497 | 499 | 369 | ||||||||||||
Total Lease costs | $ | 2,335 | $ | 2,504 | $ | 2,509 | 2,335 |
(dollars in thousands) | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Operating lease cost | $ | 5,893 | $ | 5,828 | $ | 6,029 | 5,893 | |||||||||
Variable lease cost | 1,524 | 1,472 | 1,508 | 1,524 | ||||||||||||
Total Lease costs | $ | 7,417 | $ | 7,300 | $ | 7,537 | 7,417 |
(dollars in thousands) | Nine months ended September 30, | |||||||||||||||
(dollars in thousands) | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Supplemental cash flows information: | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||
Operating cash flows from operating leases | $ | 6,022 | $ | 5,824 | $ | 6,121 | 6,022 | |||||||||
Right-of-use assets obtained in exchange for lease obligations: | $ | 287 | $ | 54,038 | 2,696 | 287 | ||||||||||
Weighted average remaining lease term | 8.9 years | 9.4 years | 8.7 years | 8.9 years | ||||||||||||
Weighted average discount rate | 3.25 | % | 3.30 | % | 3.07 | % | 3.25 | % |
(dollars in thousands) | ||||
Year ending December 31, | ||||
2020(a) | $ | 2,020 | ||
2021 | 8,062 | |||
2022 | 7,561 | |||
2023 | 7,256 | |||
2024 | 7,128 | |||
Thereafter | 28,551 | |||
Total lease payments | $ | 60,578 | ||
Less: Interest | 8,453 | |||
Present value of lease liabilities | $ | 52,125 |
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||
Year ending December 31, | ||||||||
2019(a) | $ | 1,967 | ||||||
2020 | 7,820 | |||||||
2021 | 7,818 | |||||||
2021(a) | $ | 2,072 | ||||||
2022 | 7,300 | 8,014 | ||||||
2023 | 6,978 | 7,719 | ||||||
2024 | 7,595 | |||||||
2025 | 7,223 | |||||||
Thereafter | 32,600 | 25,291 | ||||||
Total lease payments | $ | 64,483 | $ | 57,914 | ||||
Less: Interest | 9,752 | 7,399 | ||||||
Present value of lease liabilities | $ | 54,731 | $ | 50,515 |
(a) | Excluding the nine months ended September 30, 2021. |
(Bank Only) | ||||||||||||||||||||||||||||||||
Minimum for Capital Adequacy plus Capital Conservation | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||||||||||
As of September 30, 2020 | Well | As of September 30, 2021 | Well | |||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 533,874 | 9.329 | % | 5.000 | % | 4.000 | % | $ | 561,969 | 9.148 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 533,874 | 18.491 | 6.500 | 7.000 | 561,969 | 18.899 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 533,874 | 18.491 | 8.000 | 8.500 | 561,969 | 18.899 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 570,127 | 19.747 | 10.000 | 10.500 | 599,265 | 20.153 | 10.000 | 10.500 |
As of December 31, 2019 | Well | Minimum for Capital Adequacy plus Capital Conservation | As of December 31, 2020 | Well | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | $ | 539,897 | 9.378 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | 539,897 | 18.646 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | 539,897 | 18.646 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 | 576,257 | 19.902 | 10.000 | 10.500 |
(Consolidated) | As of September 30, 2020 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||||||||
As of September 30, 2021 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||
Tier 1 leverage ratio | $ | 548,437 | 9.582 | % | 4.000 | % | $ | 578,825 | 9.420 | % | 4.000 | % | ||||||||||||
Common equity tier 1 capital | 548,437 | 18.994 | 7.000 | 578,825 | 19.461 | 7.000 | ||||||||||||||||||
Tier 1 risk-based capital | 548,437 | 18.994 | 8.500 | 578,825 | 19.461 | 8.500 | ||||||||||||||||||
Total risk-based capital | 584,692 | 20.250 | 10.500 | 616,131 | 20.715 | 10.500 |
As of December 31, 2019 | Minimum for Capital Adequacy plus Capital Conservation | As of December 31, 2020 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||
Tier 1 leverage ratio | $ | 533,243 | 10.254 | % | 4.000 | % | $ | 555,672 | 9.650 | % | 4.000 | % | ||||||||||||
Common equity Tier 1 capital | 533,243 | 18.988 | 7.000 | 555,672 | 19.187 | 7.000 | ||||||||||||||||||
Tier 1 risk-based capital | 533,243 | 18.988 | 8.500 | 555,672 | 19.187 | 8.500 | ||||||||||||||||||
Total risk-based capital | 568,463 | 20.242 | 10.500 | 592,040 | 20.443 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The September |
New York, New York | /s/ Crowe LLP |
November |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
September 30, 2020 | June 30, 2020 | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
New York and Other states*: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 5 | $ | 1,351 | 79 | $ | 39,630 | ||||||||||
Residential mortgage loans | 13 | 2,780 | 441 | 94,028 | ||||||||||||
Home equity line of credit | - | - | 13 | 641 | ||||||||||||
Installment loans | 1 | 88 | 5 | 150 | ||||||||||||
Total | 19 | $ | 4,219 | 538 | $ | 134,449 | ||||||||||
Florida: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 1 | $ | 574 | 5 | $ | 5,392 | ||||||||||
Residential mortgage loans | 10 | 2,387 | 205 | 49,745 | ||||||||||||
Home equity line of credit | - | - | 1 | 9 | ||||||||||||
Installment loans | - | - | 3 | 86 | ||||||||||||
Total | 11 | $ | 2,961 | 214 | $ | 55,232 | ||||||||||
Total: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 6 | $ | 1,925 | 84 | $ | 45,022 | ||||||||||
Residential mortgage loans | 23 | 5,167 | 646 | 143,773 | ||||||||||||
Home equity line of credit | - | - | 14 | 650 | ||||||||||||
Installment loans | 1 | 88 | 8 | 236 | ||||||||||||
Total | 30 | $ | 7,180 | 752 | $ | 189,681 |
September 30, 2020 | June 30, 2020 | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
New York and Other states* | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | 7 | $ | 11,534 | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 7 | 6,551 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 31 | 9,818 | ||||||||||||
Other various businesses | - | - | 14 | 2,558 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 2 | 2,238 | ||||||||||||
New Single-Family Housing Construction | - | - | 3 | 1,921 | ||||||||||||
Food Service | 5 | 1,351 | 5 | 1,351 | ||||||||||||
Retail | - | - | 4 | 1,349 | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | 3 | 1,260 | ||||||||||||
Commercial Construction | - | - | 3 | 1,050 | ||||||||||||
5 | $ | 1,351 | 79 | $ | 39,630 | |||||||||||
Florida: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | - | $ | - | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 2 | 4,533 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 1 | 46 | ||||||||||||
Other various businesses | - | - | 1 | 319 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 1 | 494 | ||||||||||||
New Single-Family Housing Construction | - | - | - | - | ||||||||||||
Food Service | 1 | 574 | - | - | ||||||||||||
Retail | - | - | - | - | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | - | - | ||||||||||||
Commercial Construction | - | - | - | - | ||||||||||||
1 | $ | 574 | 5 | $ | 5,392 | |||||||||||
Total: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | 7 | $ | 11,534 | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 9 | 11,084 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 32 | 9,864 | ||||||||||||
Other various businesses | - | - | 15 | 2,877 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 3 | 2,732 | ||||||||||||
New Single-Family Housing Construction | - | - | 3 | 1,921 | ||||||||||||
Food Service | 6 | 1,925 | 5 | 1,351 | ||||||||||||
Retail | - | - | 4 | 1,349 | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | 3 | 1,260 | ||||||||||||
Commercial Construction | - | - | 3 | 1,050 | ||||||||||||
6 | $ | 1,925 | 84 | $ | 45,022 |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | ||||
Q3/20 | Beg of Q3 | 0.16 | 0.16 | 0.29 | 0.66 | 0.50 | ||
Peak | 0.16 | 0.17 | 0.32 | 0.74 | 0.60 | |||
Trough | 0.09 | 0.11 | 0.19 | 0.52 | 0.41 | |||
End of Q3 | 0.10 | 0.13 | 0.28 | 0.69 | 0.56 | |||
Average in Q3 | 0.14 | 0.14 | 0.27 | 0.65 | 0.51 | |||
Q4/20 | Beg of Q4 | 0.10 | 0.13 | 0.28 | 0.69 | 0.56 | ||
Peak | 0.12 | 0.19 | 0.46 | 0.98 | 0.83 | |||
Trough | 0.07 | 0.11 | 0.27 | 0.68 | 0.54 | |||
End of Q4 | 0.09 | 0.13 | 0.36 | 0.93 | 0.80 | |||
Average in Q4 | 0.09 | 0.15 | 0.37 | 0.86 | 0.71 | |||
Q1/21 | Beg of Q1 | 0.09 | 0.13 | 0.36 | 0.93 | 0.80 | ||
Peak | 0.09 | 0.17 | 0.92 | 1.74 | 1.59 | |||
Trough | 0.01 | 0.09 | 0.36 | 0.93 | 0.82 | |||
End of Q1 | 0.03 | 0.16 | 0.92 | 1.74 | 1.58 | |||
Average in Q1 | 0.05 | 0.13 | 0.62 | 1.34 | 1.20 | |||
Q2/21 | Beg of Q2 | 0.03 | 0.16 | 0.92 | 1.74 | 1.58 | ||
Peak | 0.06 | 0.28 | 0.97 | 1.73 | 1.56 | |||
Trough | 0.01 | 0.13 | 0.73 | 1.45 | 1.19 | |||
End of Q2 | 0.05 | 0.25 | 0.87 | 1.45 | 1.20 | |||
Average in Q2 | 0.03 | 0.17 | 0.84 | 1.59 | 1.42 | |||
Q3/21 | Beg of Q3 | 0.05 | 0.25 | 0.87 | 1.45 | 1.20 | ||
Peak | 0.07 | 0.31 | 1.02 | 1.55 | 1.25 | |||
Trough | 0.03 | 0.17 | 0.65 | 1.19 | 0.98 | |||
End of Q3 | 0.04 | 0.28 | 0.98 | 1.52 | 1.24 | |||
Average in Q3 | 0.05 | 0.23 | 0.80 | 1.32 | 1.10 |
3 Month | 2 Year | 5 Year | 10 Year | 10 - 2 Year | |||
Yield (%) | Yield (%) | Yield (%) | Yield (%) | Spread (%) | |||
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 | ||
Q2/20 | Beg of Q2 | 0.11 | 0.23 | 0.37 | 0.70 | 0.47 | |
Peak | 0.26 | 0.28 | 0.48 | 0.91 | 0.69 | ||
Trough | 0.09 | 0.13 | 0.28 | 0.58 | 0.38 | ||
End of Q2 | 0.16 | 0.16 | 0.29 | 0.66 | 0.50 | ||
Average in Q2 | 0.14 | 0.19 | 0.36 | 0.69 | 0.49 | ||
Q3/20 | Beg of Q3 | 0.16 | 0.16 | 0.29 | 0.66 | 0.50 | |
Peak | 0.16 | 0.17 | 0.32 | 0.74 | 0.60 | ||
Trough | 0.09 | 0.11 | 0.19 | 0.52 | 0.41 | ||
End of Q3 | 0.10 | 0.13 | 0.28 | 0.69 | 0.56 | ||
Average in Q3 | 0.14 | 0.14 | 0.27 | 0.65 | 0.51 |
(dollars in thousands) | ||||
Under 1 year | $ | 1,184,740 | ||
1 to 2 years | 106,072 | |||
2 to 3 years | 9,774 | |||
3 to 4 years | 3,015 | |||
4 to 5 years | 1,223 | |||
Over 5 years | 200 | |||
$ | 1,305,024 |
Under 1 year | $ | 1,047,698 | ||
1 to 2 years | 65,500 | |||
2 to 3 years | 9,127 | |||
3 to 4 years | 1,419 | |||
4 to 5 years | 687 | |||
Over 5 years | 150 | |||
$ | 1,124,581 |
(dollars in thousands) | As of September 30, 2020 | As of December 31, 2019 | As of September 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||
Percent of | Percent of | |||||||||||||||||||||||||||||||
Loans to | Loans to | |||||||||||||||||||||||||||||||
Amount | Total Loans | Amount | Total Loans | Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | |||||||||||||||||||||||||
Commercial | $ | 4,083 | 5.12 | % | $ | 3,805 | 4.47 | % | $ | 3,083 | 4.30 | % | $ | 3,975 | 4.67 | % | ||||||||||||||||
Real estate - construction | 315 | 0.64 | % | 311 | 0.70 | % | 411 | 0.86 | % | 290 | 0.58 | % | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 40,458 | 88.12 | % | 35,632 | 87.96 | % | 40,339 | 89.37 | % | 41,228 | 88.81 | % | ||||||||||||||||||||
Home equity lines of credit | 3,734 | 5.89 | % | 3,999 | 6.60 | % | 3,073 | 5.26 | % | 3,597 | 5.71 | % | ||||||||||||||||||||
Installment Loans | 533 | 0.23 | % | 570 | 0.27 | % | 444 | 0.21 | % | 505 | 0.23 | % | ||||||||||||||||||||
$ | 49,123 | 100.00 | % | $ | 44,317 | 100.00 | % | $ | 47,350 | 100.00 | % | $ | 49,595 | 100.00 | % |
As of September 30, | 2021 | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | 22.20 | % | |||
+300 BP | |||||
+200 BP | |||||
+100 BP | |||||
Current rates | |||||
-100 BP |
(Bank Only) | As of September 30, 2020 | Well | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | 533,874 | 9.329 | % | 5.000 | % | 4.000 | % | |||||||||
Common equity tier 1 capital | 533,874 | 18.491 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 533,874 | 18.491 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 570,127 | 19.747 | 10.000 | 10.500 |
As of December 31, 2019 | Well | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||||||||||||||||
(dollars in thousands) | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||||||||
Amount | Ratio | Capitalized(1) | Buffer (1)(2) | Amount | Ratio | |||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | $ | 561,969 | 9.148 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | 561,969 | 18.899 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | 561,969 | 18.899 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 | 599,265 | 20.153 | 10.000 | 10.500 |
(Consolidated) | As of September 30, 2020 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||||||||||||
(dollars in thousands) | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||
Amount | Ratio | Buffer (1)(2) | Amount | Ratio | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 548,437 | 9.582 | % | 4.000 | % | $ | 539,897 | 9.378 | % | 5.000 | % | 4.000 | % | ||||||||||||||
Common equity tier 1 capital | 548,437 | 18.994 | 7.000 | 539,897 | 18.646 | 6.500 | 7.000 | |||||||||||||||||||||
Tier 1 risk-based capital | 548,437 | 18.994 | 8.500 | 539,897 | 18.646 | 8.000 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 584,692 | 20.250 | 10.500 | 576,257 | 19.902 | 10.000 | 10.500 |
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 |
(dollars in thousands) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | |||||||||||
As of September 30, 2021 | ||||||||||||
Amount | Ratio | |||||||||||
Tier 1 leverage ratio | $ | 578,825 | 9.420 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 578,825 | 19.461 | 7.000 | |||||||||
Tier 1 risk-based capital | 578,825 | 19.461 | 8.500 | |||||||||
Total risk-based capital | 616,131 | 20.715 | 10.500 |
(dollars in thousands) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | |||||||||||
As of December 31, 2020 | ||||||||||||
Amount | Ratio | |||||||||||
Tier 1 leverage ratio | $ | 555,672 | 9.650 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 555,672 | 19.187 | 7.000 | |||||||||
Tier 1 risk-based capital | 555,672 | 19.187 | 8.500 | |||||||||
Total risk-based capital | 592,040 | 20.443 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The September 30, |
(dollars in thousands) | Three months ended September 30, 2021 | Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 68,505 | $ | 91 | 0.53 | % | $ | 12,391 | $ | 14 | 0.45 | % | $ | 77 | 74 | 3 | ||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 300,765 | 1,038 | 1.38 | % | 313,296 | 1,319 | 1.68 | % | (281 | ) | (51 | ) | (230 | ) | ||||||||||||||||||||||
State and political subdivisions | 48 | 2 | 6.66 | % | 110 | 2 | 7.90 | % | - | - | - | |||||||||||||||||||||||||
Corporate bonds | 48,543 | 220 | 1.81 | % | 59,555 | 646 | 4.33 | % | (426 | ) | (103 | ) | (323 | ) | ||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 34,578 | 181 | 2.09 | % | 43,282 | 216 | 1.99 | % | (35 | ) | (98 | ) | 63 | |||||||||||||||||||||||
Other | 686 | 5 | 2.92 | % | 685 | 5 | 2.92 | % | - | - | - | |||||||||||||||||||||||||
Total securities available for sale | 453,125 | 1,537 | 1.36 | % | 429,319 | 2,202 | 2.05 | % | (665 | ) | (178 | ) | (487 | ) | ||||||||||||||||||||||
Federal funds sold and other short-term Investments | 1,166,679 | 470 | 0.16 | % | 938,087 | 242 | 0.10 | % | 228 | 69 | 159 | |||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 11,168 | 104 | 3.72 | % | 15,759 | 138 | 3.52 | % | (34 | ) | (81 | ) | 47 | |||||||||||||||||||||||
Total held to maturity securities | 11,168 | 104 | 3.72 | % | 15,759 | 138 | 3.52 | % | (34 | ) | (81 | ) | 47 | |||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,604 | 64 | 4.57 | % | 5,506 | 77 | 5.59 | % | (13 | ) | 8 | (21 | ) | |||||||||||||||||||||||
Commercial loans | 210,825 | 2,649 | 5.03 | % | 231,517 | 2,625 | 4.54 | % | 24 | (1,016 | ) | 1,040 | ||||||||||||||||||||||||
Residential mortgage loans | 3,920,903 | 34,532 | 3.52 | % | 3,702,680 | 36,020 | 3.89 | % | (1,488 | ) | 9,896 | (11,384 | ) | |||||||||||||||||||||||
Home equity lines of credit | 231,269 | 2,152 | 3.69 | % | 251,459 | 2,515 | 3.98 | % | (363 | ) | (191 | ) | (172 | ) | ||||||||||||||||||||||
Installment loans | 8,669 | 155 | 7.10 | % | 9,632 | 170 | 7.02 | % | (15 | ) | (28 | ) | 13 | |||||||||||||||||||||||
Loans, net of unearned income | 4,371,666 | 39,488 | 3.61 | % | 4,195,288 | 41,330 | 3.94 | % | (1,842 | ) | 8,661 | (10,503 | ) | |||||||||||||||||||||||
Total interest earning assets | 6,008,242 | 41,663 | 2.77 | % | 5,583,959 | 43,989 | 3.15 | % | (2,326 | ) | 8,479 | (10,805 | ) | |||||||||||||||||||||||
Allowance for loan losses | (50,160 | ) | (48,483 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 195,902 | 201,018 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 6,153,984 | 5,736,494 | |||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 1,153,812 | 38 | 0.01 | % | $ | 1,024,455 | $ | 55 | 0.02 | % | (17 | ) | 39 | (56 | ) | ||||||||||||||||||||
Money market accounts | 738,662 | 202 | 0.11 | % | 682,319 | 637 | 0.37 | % | (435 | ) | 329 | (764 | ) | |||||||||||||||||||||||
Savings | 1,430,558 | 154 | 0.04 | % | 1,222,956 | 161 | 0.05 | % | (7 | ) | 108 | (115 | ) | |||||||||||||||||||||||
Time deposits | 1,152,298 | 1,149 | 0.40 | % | 1,355,244 | 4,749 | 1.39 | % | (3,600 | ) | (623 | ) | (2,977 | ) | ||||||||||||||||||||||
Total interest bearing deposits | 4,475,330 | 1,543 | 0.14 | % | 4,284,974 | 5,602 | 0.52 | % | (4,059 | ) | (147 | ) | (3,912 | ) | ||||||||||||||||||||||
Short-term borrowings | 240,183 | 232 | 0.38 | % | 193,765 | 221 | 0.45 | % | 11 | 173 | (162 | ) | ||||||||||||||||||||||||
Total interest bearing liabilities | 4,715,513 | 1,775 | 0.15 | % | 4,478,739 | 5,823 | 0.52 | % | (4,048 | ) | 26 | (4,074 | ) | |||||||||||||||||||||||
Demand deposits | 780,163 | 622,313 | ||||||||||||||||||||||||||||||||||
Other liabilities | 75,116 | 78,093 | ||||||||||||||||||||||||||||||||||
Shareholders' equity | 583,192 | 557,349 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,153,984 | $ | 5,736,494 | ||||||||||||||||||||||||||||||||
Net interest income, tax equivalent | 39,888 | 38,166 | $ | 1,722 | 8,453 | (6,731 | ) | |||||||||||||||||||||||||||||
Net interest spread | 2.62 | % | 2.63 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.65 | % | 2.73 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 39,887 | 38,165 |
(dollars in thousands) | Three months ended September 30, 2020 | Three months ended September 30, 2019 | Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 12,391 | 14 | 0.45 | % | $ | 183,580 | $ | 996 | 2.17 | % | $ | (982 | ) | (530 | ) | (452 | ) | $ | 65,103 | 238 | 0.49 | % | $ | 42,573 | 541 | 1.69 | % | $ | (303 | ) | 308 | (611 | ) | ||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 313,296 | 1,319 | 1.68 | % | 370,808 | 2,178 | 2.35 | % | (859 | ) | (304 | ) | (555 | ) | 318,472 | 3,442 | 1.44 | % | 339,300 | 4,959 | 1.95 | % | (1,517 | ) | (289 | ) | (1,228 | ) | ||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 110 | 2 | 7.90 | % | 166 | 3 | 7.23 | % | (1 | ) | (1 | ) | - | 49 | 3 | 8.16 | % | 111 | 6 | 7.79 | % | (3 | ) | (4 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 59,555 | 646 | 4.33 | % | 40,231 | 321 | 3.19 | % | 325 | 186 | 139 | 56,245 | 859 | 2.04 | % | 46,508 | 1,372 | 3.93 | % | (513 | ) | 378 | (891 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 43,282 | 216 | 1.99 | % | 51,988 | 282 | 2.17 | % | (66 | ) | (44 | ) | (22 | ) | 36,981 | 580 | 2.09 | % | 45,313 | 690 | 2.03 | % | (110 | ) | (142 | ) | 32 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 685 | 5 | 2.92 | % | 685 | 6 | 3.50 | % | (1 | ) | - | (1 | ) | 686 | 16 | 3.11 | % | 685 | 16 | 3.11 | % | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 429,319 | 2,202 | 2.05 | % | 647,458 | 3,786 | 2.34 | % | (1,584 | ) | (693 | ) | (891 | ) | 477,536 | 5,138 | 1.43 | % | 474,490 | 7,584 | 2.13 | % | (2,446 | ) | 251 | (2,697 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 938,087 | 242 | 0.10 | % | 465,251 | 2,552 | 2.19 | % | (2,310 | ) | 8,831 | (11,141 | ) | 1,108,018 | 1,026 | 0.12 | % | 693,286 | 1,702 | 0.33 | % | (676 | ) | 1,071 | (1,747 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 15,759 | 138 | 3.52 | % | 20,197 | 187 | 3.70 | % | (49 | ) | (40 | ) | (9 | ) | 12,199 | 338 | 3.70 | % | 17,029 | 475 | 3.72 | % | (137 | ) | (134 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 15,759 | 138 | 3.52 | % | 20,197 | 187 | 3.70 | % | (49 | ) | (40 | ) | (9 | ) | 12,199 | 338 | 3.70 | % | 17,029 | 475 | 3.72 | % | (137 | ) | (134 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 77 | 5.59 | % | 9,183 | 81 | 3.53 | % | (4 | ) | (156 | ) | 152 | 5,570 | 198 | 4.74 | % | 7,998 | 351 | 5.85 | % | (153 | ) | (94 | ) | (59 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 231,517 | 2,625 | 4.54 | % | 190,538 | 2,596 | 5.45 | % | 29 | 1,972 | (1,943 | ) | 212,832 | 8,203 | 5.14 | % | 217,573 | 7,778 | 4.77 | % | 425 | (261 | ) | 686 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 3,702,680 | 36,020 | 3.89 | % | 3,465,102 | 35,743 | 4.13 | % | 277 | 9,129 | (8,852 | ) | 3,852,960 | 104,219 | 3.61 | % | 3,652,766 | 108,845 | 3.97 | % | (4,626 | ) | 8,226 | (12,852 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 251,459 | 2,515 | 3.98 | % | 275,047 | 3,401 | 4.95 | % | (886 | ) | (269 | ) | (617 | ) | 234,682 | 6,622 | 3.77 | % | 258,956 | 7,898 | 4.07 | % | (1,276 | ) | (710 | ) | (566 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 9,632 | 170 | 7.02 | % | 9,967 | 183 | 7.34 | % | (13 | ) | (6 | ) | (7 | ) | 8,608 | 469 | 7.28 | % | 10,129 | 537 | 7.08 | % | (68 | ) | (91 | ) | 23 | |||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 4,195,288 | 41,330 | 3.94 | % | 3,940,654 | 41,923 | 4.26 | % | (593 | ) | 10,826 | (11,419 | ) | 4,309,082 | 119,513 | 3.70 | % | 4,139,424 | 125,058 | 4.03 | % | (5,545 | ) | 7,164 | (12,709 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 5,583,959 | 43,989 | 3.15 | % | 5,082,743 | 48,529 | 3.82 | % | (4,540 | ) | 18,768 | (23,308 | ) | 5,912,405 | 126,213 | 2.85 | % | 5,332,227 | 135,170 | 3.38 | % | (8,957 | ) | 8,258 | (17,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (48,483 | ) | (44,448 | ) | (50,101 | ) | (46,618 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 201,018 | 188,528 | 196,876 | 196,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,736,494 | 5,226,823 | $ | 6,059,180 | $ | 5,482,444 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 1,024,455 | 55 | 0.02 | % | $ | 874,179 | $ | 52 | 0.02 | % | 3 | 3 | - | $ | 1,129,480 | 136 | 0.02 | % | $ | 949,909 | 97 | 0.01 | % | 39 | 11 | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 682,319 | 637 | 0.37 | % | 567,554 | 1,177 | 0.83 | % | (540 | ) | 1,250 | (1,790 | ) | 731,171 | 721 | 0.13 | % | 646,170 | 2,595 | 0.54 | % | (1,874 | ) | 500 | (2,374 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,222,956 | 161 | 0.05 | % | 1,126,935 | 323 | 0.11 | % | (162 | ) | 159 | (321 | ) | 1,376,494 | 475 | 0.05 | % | 1,169,316 | 560 | 0.06 | % | (85 | ) | 108 | (193 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,355,244 | 4,749 | 1.39 | % | 1,457,510 | 7,974 | 2.19 | % | (3,225 | ) | (522 | ) | (2,703 | ) | 1,203,708 | 4,076 | 0.45 | % | 1,372,369 | 16,739 | 1.63 | % | (12,663 | ) | (1,838 | ) | (10,825 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 4,284,974 | 5,602 | 0.52 | % | 4,026,178 | 9,526 | 0.95 | % | (3,924 | ) | 890 | (4,814 | ) | 4,440,853 | 5,408 | 0.16 | % | 4,137,764 | 19,991 | 0.65 | % | (14,583 | ) | (1,219 | ) | (13,364 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 193,765 | 221 | 0.45 | % | 160,162 | 359 | 0.90 | % | (138 | ) | 384 | (522 | ) | 232,532 | 688 | 0.40 | % | 173,497 | 778 | 0.60 | % | (90 | ) | 304 | (394 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,478,739 | 5,823 | 0.52 | % | 4,186,340 | 9,885 | 0.94 | % | (4,062 | ) | 1,274 | (5,336 | ) | 4,673,385 | 6,096 | 0.17 | % | 4,311,261 | 20,769 | 0.64 | % | (14,673 | ) | (915 | ) | (13,758 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 622,313 | 438,789 | 735,495 | 543,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 78,093 | 80,188 | 73,689 | 77,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 557,349 | 521,506 | 576,611 | 550,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,736,494 | $ | 5,226,823 | $ | 6,059,180 | $ | 5,482,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 38,166 | 38,644 | $ | (478 | ) | 17,494 | (17,972 | ) | 120,117 | 114,401 | $ | 5,716 | 9,173 | (3,457 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.63 | % | 2.88 | % | 2.67 | % | 2.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.73 | % | 3.04 | % | 2.71 | % | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 38,165 | 38,643 | 120,116 | 114,399 |
(dollars in thousands) | Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Assets | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 42,573 | 541 | 1.69 | % | $ | 166,119 | 2,600 | 2.09 | % | $ | (2,059 | ) | (1,641 | ) | (418 | ) | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 339,300 | 4,959 | 1.95 | % | 329,188 | 5,885 | 2.38 | % | (926 | ) | 277 | (1,203 | ) | |||||||||||||||||||||||
State and political subdivisions | 111 | 6 | 7.79 | % | 167 | 9 | 7.19 | % | (3 | ) | (4 | ) | 1 | |||||||||||||||||||||||
Corporate bonds | 46,508 | 1,372 | 3.93 | % | 33,678 | 801 | 3.17 | % | 571 | 350 | 221 | |||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 45,313 | 690 | 2.03 | % | 54,414 | 868 | 2.13 | % | (178 | ) | (139 | ) | (39 | ) | ||||||||||||||||||||||
Other | 685 | 16 | 3.11 | % | 685 | 16 | 3.11 | % | - | - | - | |||||||||||||||||||||||||
Total securities available for sale | 474,490 | 7,584 | 2.13 | % | 584,251 | 10,179 | 2.32 | % | (2,595 | ) | (1,157 | ) | (1,438 | ) | ||||||||||||||||||||||
Federal funds sold and other short-term Investments | 693,286 | 1,702 | 0.33 | % | 504,512 | 8,843 | 2.34 | % | (7,141 | ) | 3,991 | (11,132 | ) | |||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 17,029 | 475 | 3.72 | % | 21,123 | 613 | 3.87 | % | (138 | ) | (115 | ) | (23 | ) | ||||||||||||||||||||||
Total held to maturity securities | 17,029 | 475 | 3.72 | % | 21,123 | 613 | 3.87 | % | (138 | ) | (115 | ) | (23 | ) | ||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 7,998 | 351 | 5.85 | % | 9,104 | 365 | 5.35 | % | (14 | ) | (59 | ) | 45 | |||||||||||||||||||||||
Commercial loans | 217,573 | 7,778 | 4.77 | % | 191,370 | 7,725 | 5.38 | % | 53 | 1,310 | (1,257 | ) | ||||||||||||||||||||||||
Residential mortgage loans | 3,652,766 | 108,845 | 3.97 | % | 3,412,411 | 105,786 | 4.13 | % | 3,059 | 8,916 | (5,857 | ) | ||||||||||||||||||||||||
Home equity lines of credit | 258,956 | 7,898 | 4.07 | % | 280,248 | 10,441 | 4.97 | % | (2,543 | ) | (754 | ) | (1,789 | ) | ||||||||||||||||||||||
Installment loans | 10,129 | 537 | 7.08 | % | 10,718 | 656 | 8.16 | % | (119 | ) | (35 | ) | (84 | ) | ||||||||||||||||||||||
Loans, net of unearned income | 4,139,424 | 125,058 | 4.03 | % | 3,894,747 | 124,608 | 4.27 | % | 450 | 9,437 | (8,987 | ) | ||||||||||||||||||||||||
Total interest earning assets | 5,332,227 | 135,170 | 3.38 | % | 5,013,737 | 144,608 | 3.85 | % | (9,438 | ) | 12,097 | (21,535 | ) | |||||||||||||||||||||||
Allowance for loan losses | (46,618 | ) | (44,744 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 196,835 | 180,568 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 5,482,444 | $ | 5,149,561 | ||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 949,909 | 97 | 0.01 | % | $ | 878,106 | 267 | 0.04 | % | (170 | ) | 32 | (202 | ) | |||||||||||||||||||||
Money market accounts | 646,170 | 2,595 | 0.54 | % | 546,601 | 3,122 | 0.76 | % | (527 | ) | 733 | (1,260 | ) | |||||||||||||||||||||||
Savings | 1,169,316 | 560 | 0.06 | % | 1,141,607 | 1,067 | 0.12 | % | (507 | ) | 28 | (535 | ) | |||||||||||||||||||||||
Time deposits | 1,372,369 | 16,739 | 1.63 | % | 1,416,306 | 21,462 | 2.02 | % | (4,723 | ) | (653 | ) | (4,070 | ) | ||||||||||||||||||||||
Total interest bearing deposits | 4,137,764 | 19,991 | 0.65 | % | 3,982,620 | 25,918 | 0.87 | % | (5,927 | ) | 140 | (6,067 | ) | |||||||||||||||||||||||
Short-term borrowings | 173,497 | 778 | 0.60 | % | 160,647 | 1,121 | 0.93 | % | (343 | ) | 132 | (475 | ) | |||||||||||||||||||||||
Total interest bearing liabilities | 4,311,261 | 20,769 | 0.64 | % | 4,143,267 | 27,039 | 0.87 | % | (6,270 | ) | 272 | (6,542 | ) | |||||||||||||||||||||||
Demand deposits | 543,279 | 418,327 | ||||||||||||||||||||||||||||||||||
Other liabilities | 77,568 | 79,937 | ||||||||||||||||||||||||||||||||||
Shareholders' equity | 550,336 | 508,030 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,482,444 | $ | 5,149,561 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 114,401 | 117,569 | $ | (3,168 | ) | 11,825 | (14,993 | ) | ||||||||||||||||||||||||||||
Net interest spread | 2.74 | % | 2.98 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.86 | % | 3.13 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (2 | ) | (3 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 114,399 | 117,566 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
PART II | OTHER INFORMATION |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
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) | ||||||||||||
July 1, 2021 through July 30, 2021 | 10,000 | $ | 33.82 | 10,000 | 370,000 | |||||||||||
August 1, 2021 through August 31, 2021 | - | N/A | - | 370,000 | ||||||||||||
September 1, 2021 through September 30, 2021 | 40,000 | $ | 31.61 | 40,000 | 330,000 | |||||||||||
Total | 50,000 | $ | 32.24 | 50,000 | 330,000 |
(1) | On February 18, 2021 the Company’s Board of Directors authorized a share repurchase program of up to 400,000 shares as adjusted for the Reverse Stock Split, or approximately 2% of the Company’s outstanding common stock. The Company commenced repurchases under the program during the quarter ended June 30, 2021. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety |
Item 5. | Other Information |
Item 6. | Exhibits |
Reg S-K (Item 601) | |
Exhibit No. | Description |
Crowe LLP Letter Regarding Unaudited Interim Financial Information | |
Rule | |
Rule | |
Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer. | |
101.INS | Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRLTaxonomy Extension Presentation Linkbase Document |
TrustCo Bank Corp NY | |||
By: | /s/ Robert J. McCormick | ||
Robert J. McCormick | |||
Chairman, President and Chief Executive Officer | |||
By: | /s/ Michael M. Ozimek | ||
Michael M. Ozimek | |||
Executive Vice President and Chief Financial Officer | |||
Date: | November |