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) |
(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 |
$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. | ||
Item 4. | ||
Part II. | OTHER INFORMATION | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||
Interest and fees on loans | $ | 39,488 | 41,330 | 119,513 | 125,058 | $ | 39,003 | 40,217 | ||||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||||||
U. S. government sponsored enterprises | 91 | 14 | 238 | 541 | 86 | 50 | ||||||||||||||||||
State and political subdivisions | 1 | 1 | 2 | 4 | 1 | 1 | ||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 1,038 | 1,319 | 3,442 | 4,959 | 1,087 | 1,237 | ||||||||||||||||||
Corporate bonds | 220 | 646 | 859 | 1,372 | 233 | 316 | ||||||||||||||||||
Small Business Administration-guaranteed participation securities | 181 | 216 | 580 | 690 | 154 | 206 | ||||||||||||||||||
Other securities | 5 | 5 | 16 | 16 | 2 | 6 | ||||||||||||||||||
Total interest and dividends on securities available for sale | 1,536 | 2,201 | 5,137 | 7,582 | 1,563 | 1,816 | ||||||||||||||||||
Interest on held to maturity securities: | ||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 104 | 138 | 338 | 475 | 90 | 123 | ||||||||||||||||||
Total interest on held to maturity securities | 104 | 138 | 338 | 475 | 90 | 123 | ||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 64 | 77 | 198 | 351 | 62 | 69 | ||||||||||||||||||
Interest on federal funds sold and other short-term investments | 470 | 242 | 1,026 | 1,702 | 572 | 270 | ||||||||||||||||||
Total interest income | 41,662 | 43,988 | 126,212 | 135,168 | 41,290 | 42,495 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on deposits: | ||||||||||||||||||||||||
Interest-bearing checking | 38 | 55 | 136 | 97 | 44 | 52 | ||||||||||||||||||
Savings accounts | 154 | 161 | 475 | 560 | 156 | 159 | ||||||||||||||||||
Money market deposit accounts | 202 | 637 | 721 | 2,595 | 214 | 283 | ||||||||||||||||||
Time deposits | 1,149 | 4,749 | 4,076 | 16,739 | 546 | 1,666 | ||||||||||||||||||
Interest on short-term borrowings | 232 | 221 | 688 | 778 | 234 | 228 | ||||||||||||||||||
Total interest expense | 1,775 | 5,823 | 6,096 | 20,769 | 1,194 | 2,388 | ||||||||||||||||||
Net interest income | 39,887 | 38,165 | 120,116 | 114,399 | 40,096 | 40,107 | ||||||||||||||||||
(Credit) Provision for loan losses | (2,800 | ) | 1,000 | (2,450 | ) | 5,000 | ||||||||||||||||||
Net interest income after provision for loan losses | 42,687 | 37,165 | 122,566 | 109,399 | ||||||||||||||||||||
(Credit) Provision for credit losses | (200 | ) | 350 | |||||||||||||||||||||
Net interest income after (credit) provision for credit losses | 40,296 | 39,757 | ||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Trustco financial services income | 1,558 | 1,784 | 5,592 | 4,752 | 1,833 | 2,035 | ||||||||||||||||||
Fees for services to customers | 2,531 | 2,292 | 7,221 | 6,414 | 2,801 | 2,204 | ||||||||||||||||||
Net gain on securities transactions | 0 | 0 | 0 | 1,155 | ||||||||||||||||||||
Other | 206 | 265 | 598 | 780 | 549 | 189 | ||||||||||||||||||
Total noninterest income | 4,295 | 4,341 | 13,411 | 13,101 | 5,183 | 4,428 | ||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||
Salaries and employee benefits | 11,909 | 10,899 | 36,737 | 33,920 | 9,239 | 12,425 | ||||||||||||||||||
Net occupancy expense | 4,259 | 4,277 | 13,173 | 12,968 | 4,529 | 4,586 | ||||||||||||||||||
Equipment expense | 1,628 | 1,607 | 4,859 | 5,015 | 1,588 | 1,631 | ||||||||||||||||||
Professional services | 1,483 | 1,311 | 4,529 | 3,974 | 1,467 | 1,432 | ||||||||||||||||||
Outsourced services | 2,015 | 1,875 | 6,434 | 5,825 | 2,280 | 2,250 | ||||||||||||||||||
Advertising expense | 310 | 305 | 1,213 | 1,394 | 617 | 354 | ||||||||||||||||||
FDIC and other insurance | 746 | 660 | 2,230 | 1,563 | 812 | 707 | ||||||||||||||||||
Other real estate expense (income), net | 32 | (115 | ) | 211 | 47 | |||||||||||||||||||
Other real estate expense, net | 11 | 239 | ||||||||||||||||||||||
Other | 2,315 | 1,855 | 6,086 | 6,168 | 2,222 | 1,711 | ||||||||||||||||||
Total noninterest expenses | 24,697 | 22,674 | 75,472 | 70,874 | 22,765 | 25,335 | ||||||||||||||||||
Income before taxes | 22,285 | 18,832 | 60,505 | 51,626 | 22,714 | 18,850 | ||||||||||||||||||
Income taxes | 5,523 | 4,761 | 15,227 | 12,988 | 5,625 | 4,767 | ||||||||||||||||||
Net income | $ | 16,762 | 14,071 | 45,278 | 38,638 | $ | 17,089 | 14,083 | ||||||||||||||||
Net income per share (1): | ||||||||||||||||||||||||
- Basic | $ | 0.871 | 0.730 | 2.349 | 2.002 | $ | 0.890 | 0.730 | ||||||||||||||||
- Diluted | $ | 0.871 | 0.730 | 2.349 | 2.001 | $ | 0.890 | 0.730 |
(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, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income | $ | 16,762 | 14,071 | 45,278 | 38,638 | |||||||||||
Net unrealized holding (loss) gain on securities available for sale | (765 | ) | (267 | ) | (5,939 | ) | 11,392 | |||||||||
Reclassification adjustments for net gain recognized in income | 0 | 0 | 0 | (1,155 | ) | |||||||||||
Tax effect | 199 | 69 | 1,534 | (2,660 | ) | |||||||||||
Net unrealized (loss) gain on securities available for sale, net of tax | (566 | ) | (198 | ) | (4,405 | ) | 7,577 | |||||||||
Amortization of net actuarial gain | (137 | ) | (222 | ) | (534 | ) | (531 | ) | ||||||||
Amortization of prior service cost (credit) | 177 | (49 | ) | 227 | (147 | ) | ||||||||||
Tax effect | (10 | ) | 70 | 80 | 177 | |||||||||||
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 | (536 | ) | (399 | ) | (4,632 | ) | 7,076 | |||||||||
Comprehensive income | $ | 16,226 | 13,672 | 40,646 | 45,714 |
Three months ended March 31, | ||||||||
2022 | 2021 | |||||||
Net income | $ | 17,089 | 14,083 | |||||
Net unrealized holding loss on securities available for sale | (19,225 | ) | (6,018 | ) | ||||
Tax effect | 4,974 | 1,557 | ||||||
Net unrealized loss on securities available for sale, net of tax | (14,251 | ) | (4,461 | ) | ||||
Amortization of net actuarial gain | (78 | ) | (228 | ) | ||||
Amortization of prior service credit | (280 | ) | (52 | ) | ||||
Tax effect | 93 | 73 | ||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (265 | ) | (207 | ) | ||||
Other comprehensive loss, net of tax | (14,516 | ) | (4,668 | ) | ||||
Comprehensive income | $ | 2,573 | 9,415 |
September 30, 2021 | December 31, 2020 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 45,486 | 47,196 | |||||
Federal funds sold and other short term investments | 1,147,853 | 1,059,903 | ||||||
Total cash and cash equivalents | 1,193,339 | 1,107,099 | ||||||
Securities available for sale | 434,552 | 439,071 | ||||||
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 | 5,604 | 5,506 | ||||||
Loans, net of deferred net costs | 4,396,729 | 4,244,470 | ||||||
Less: | ||||||||
Allowance for loan losses | 47,350 | 49,595 | ||||||
Net loans | 4,349,379 | 4,194,875 | ||||||
Bank premises and equipment, net | 33,233 | 34,412 | ||||||
Operating lease right-of-use assets | 45,836 | 47,885 | ||||||
Other assets | 62,191 | 59,124 | ||||||
Total assets | $ | 6,134,835 | 5,901,796 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 790,663 | 652,756 | |||||
Interest-bearing checking | 1,148,593 | 1,086,558 | ||||||
Savings accounts | 1,433,130 | 1,285,501 | ||||||
Money market deposit accounts | 744,051 | 716,005 | ||||||
Time deposits | 1,124,581 | 1,296,373 | ||||||
Total deposits | 5,241,018 | 5,037,193 | ||||||
Short-term borrowings | 230,770 | 214,755 | ||||||
Operating lease liabilities | 50,515 | 52,784 | ||||||
Accrued expenses and other liabilities | 25,849 | 28,903 | ||||||
Total liabilities | 5,548,152 | 5,333,635 | ||||||
SHAREHOLDERS' EQUITY: | ||||||||
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 | 339,554 | 313,974 | ||||||
Accumulated other comprehensive income, net of tax | 7,304 | 11,936 | ||||||
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 | 586,683 | 568,161 | ||||||
Total liabilities and shareholders' equity | $ | 6,134,835 | 5,901,796 |
March 31, 2022 | December 31, 2021 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 47,526 | 48,357 | |||||
Federal funds sold and other short term investments | 1,225,022 | 1,171,113 | ||||||
Total cash and cash equivalents | 1,272,548 | 1,219,470 | ||||||
Securities available for sale | 408,991 | 407,713 | ||||||
Held to maturity securities ($9,550 and $10,695 fair value at March 31, 2022 and December 31, 2021, respectively) | 9,183 | 9,923 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,604 | 5,604 | ||||||
Loans, net of deferred net costs | 4,464,354 | 4,438,779 | ||||||
Less: | ||||||||
Allowance for credit losses on loans | 46,178 | 44,267 | ||||||
Net loans | 4,418,176 | 4,394,512 | ||||||
Bank premises and equipment, net | 32,644 | 33,027 | ||||||
Operating lease right-of-use assets | 48,569 | 48,090 | ||||||
Other assets | 86,158 | 78,207 | ||||||
Total assets | $ | 6,281,873 | 6,196,546 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 835,281 | 794,878 | |||||
Interest-bearing checking | 1,225,093 | 1,191,304 | ||||||
Savings accounts | 1,553,152 | 1,504,554 | ||||||
Money market deposit accounts | 796,275 | 782,079 | ||||||
Time deposits | 940,215 | 995,314 | ||||||
Total deposits | 5,350,016 | 5,268,129 | ||||||
Short-term borrowings | 248,371 | 244,686 | ||||||
Operating lease liabilities | 53,094 | 52,720 | ||||||
Accrued expenses and other liabilities | 37,497 | 29,883 | ||||||
Total liabilities | 5,688,978 | 5,595,418 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Capital stock par value $1; 30,000,000 shares authorized; 20,045,684 shares issued at March 31, 2022 and December 31, 2021 and 19,201,875 and 19,219,989 shares outstanding at March 31, 2022 and December 31, 2021, respectively | 20,046 | 20,046 | ||||||
Surplus | 256,661 | 256,661 | ||||||
Undivided profits | 355,948 | 349,056 | ||||||
Accumulated other comprehensive (loss) income, net of tax | (2,369 | ) | 12,147 | |||||
Treasury stock at cost - 843,809 and 825,695 shares at March 31, 2022 and December 31, 2021, respectively | (37,391 | ) | (36,782 | ) | ||||
Total shareholders’ equity | 592,895 | 601,128 | ||||||
Total liabilities and shareholders’ equity | $ | 6,281,873 | 6,196,546 |
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 |
Capital Stock (1) | Surplus (1) | Undivided Profits | Accumulated Other Comprehensive Income | Treasury Stock | Total | |||||||||||||||||||
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 | 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 | ||||||||||||||||
Beginning balance, January 1, 2022 | $ | 20,046 | 256,661 | 349,056 | 12,147 | (36,782 | ) | 601,128 | ||||||||||||||||
Cumulative impact of adoption of ASU 2016-13 | (3,470 | ) | (3,470 | ) | ||||||||||||||||||||
Balance, January 1, 2022 as adjusted for impact of adoption of ASU 2016-13 | 20,046 | 256,661 | 345,586 | 12,147 | (36,782 | ) | 597,658 | |||||||||||||||||
Net income | 0 | 0 | 17,089 | 0 | 0 | 17,089 | ||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | (14,516 | ) | 0 | (14,516 | ) | ||||||||||||||||
Cash dividend declared, $0.35 per share | 0 | 0 | (6,727 | ) | 0 | 0 | (6,727 | ) | ||||||||||||||||
Purchase of treasury stock 18,114 shares | 0 | 0 | 0 | 0 | (609 | ) | (609 | ) | ||||||||||||||||
Ending balance, March 31, 2022 | $ | 20,046 | $ | 256,661 | $ | 355,948 | $ | (2,369 | ) | $ | (37,391 | ) | $ | 592,895 |
(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, | Three months ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 45,278 | 38,638 | $ | 17,089 | 14,083 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation | 3,184 | 3,003 | 1,024 | 1,063 | ||||||||||||
Amortization of right-of-use asset | 4,745 | 4,588 | 1,608 | 1,573 | ||||||||||||
Net gain on sale of other real estate owned | (86 | ) | (332 | ) | (73 | ) | 0 | |||||||||
Writedown of other real estate owned | 121 | 120 | 0 | 121 | ||||||||||||
(Credit) provision for loan losses | (2,450 | ) | 5,000 | |||||||||||||
Deferred tax benefit | (1,247 | ) | (1,199 | ) | ||||||||||||
(Credit) provision for credit losses | (200 | ) | 350 | |||||||||||||
Deferred tax expense | 744 | 1,152 | ||||||||||||||
Net amortization of securities | 3,113 | 2,703 | 697 | 1,081 | ||||||||||||
Stock based compensation expense | 0 | 14 | ||||||||||||||
Net gain on sales of securities | 0 | (1,155 | ) | |||||||||||||
(Increase) decrease in taxes receivable | (463 | ) | 570 | |||||||||||||
Decrease (increase) in interest receivable | 673 | (180 | ) | |||||||||||||
Net gain on sale of bank premises and equipment | (314 | ) | (4 | ) | ||||||||||||
Decrease in taxes receivable | 489 | 101 | ||||||||||||||
Decrease in interest receivable | 202 | 392 | ||||||||||||||
Decrease in interest payable | (249 | ) | (682 | ) | (32 | ) | (164 | ) | ||||||||
Increase in other assets | (1,442 | ) | (1,201 | ) | (2,601 | ) | (3,160 | ) | ||||||||
Decrease in operating lease liabilities | (4,965 | ) | (4,715 | ) | (1,713 | ) | (1,637 | ) | ||||||||
(Decrease) increase in accrued expenses and other liabilities | (2,106 | ) | 2,734 | |||||||||||||
Decrease in accrued expenses and other liabilities | (5,943 | ) | (6,221 | ) | ||||||||||||
Total adjustments | (1,172 | ) | 9,268 | (6,112 | ) | (5,353 | ) | |||||||||
Net cash provided by operating activities | 44,106 | 47,906 | 10,977 | 8,730 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from sales, paydowns and calls of securities available for sale | 123,550 | 226,886 | 17,923 | 36,820 | ||||||||||||
Proceeds from calls and maturities of held to maturity securities | 3,028 | 3,398 | ||||||||||||||
Proceeds from paydowns of held to maturity securities | 716 | 1,061 | ||||||||||||||
Purchases of securities available for sale | (136,543 | ) | (103,991 | ) | (34,097 | ) | (132,456 | ) | ||||||||
Proceeds from maturities of securities available for sale | 8,555 | 5,000 | 5,000 | 55 | ||||||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (98 | ) | (380 | ) | ||||||||||||
Proceeds from redemption of Federal Reserve Bank stock | 0 | 4,057 | ||||||||||||||
Net increase in loans | (152,314 | ) | (152,987 | ) | (25,516 | ) | (24,656 | ) | ||||||||
Proceeds from dispositions of other real estate owned | 255 | 1,802 | 166 | 0 | ||||||||||||
Proceeds from dispositions of bank premises and equipment | 6 | 0 | 469 | 4 | ||||||||||||
Purchases of bank premises and equipment | (2,011 | ) | (2,798 | ) | (796 | ) | (663 | ) | ||||||||
Net cash used in investing activities | (155,572 | ) | (19,013 | ) | (36,135 | ) | (119,835 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Net increase in deposits | 203,825 | 449,034 | 81,887 | 135,729 | ||||||||||||
Net increase in short-term borrowings | 16,015 | 44,789 | 3,685 | 15,195 | ||||||||||||
Proceeds from exercise of stock options | 160 | 0 | 0 | 71 | ||||||||||||
Cash used to settle fractional shares in the Reverse Stock Split | (200 | ) | 0 | |||||||||||||
Purchases of treasury stock | (2,386 | ) | (3,493 | ) | (609 | ) | (45 | ) | ||||||||
Dividends paid | (19,708 | ) | (19,750 | ) | (6,727 | ) | (6,571 | ) | ||||||||
Net cash provided by financing activities | 197,706 | 470,580 | 78,236 | 144,379 | ||||||||||||
Net increase in cash and cash equivalents | 86,240 | 499,473 | 53,078 | 33,274 | ||||||||||||
Cash and cash equivalents at beginning of period | 1,107,099 | 456,846 | 1,219,470 | 1,107,099 | ||||||||||||
Cash and cash equivalents at end of period | $ | 1,193,339 | $ | 956,319 | $ | 1,272,548 | 1,140,373 | |||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest paid | $ | 6,345 | 21,451 | $ | 1,226 | 2,552 | ||||||||||
Income taxes paid | 15,430 | 12,274 | 5,090 | 4,661 | ||||||||||||
Other non cash items: | ||||||||||||||||
Transfer of loans to other real estate owned | 260 | 434 | ||||||||||||||
(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 | (19,225 | ) | (6,018 | ) | |||||||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale | 1,534 | (2,660 | ) | 4,974 | 1,557 | |||||||||||
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans | (307 | ) | (678 | ) | (358 | ) | (280 | ) | ||||||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 80 | 177 | 93 | 73 | ||||||||||||
Security purchase settled in subsequent period | (10,000 | ) | 0 | |||||||||||||
Impact to retained earnings from adoption of ASC 326, net of tax | (3,470 | ) | 0 |
(in thousands) | December 31, 2021 Pre-CECL Adoption | Impact of Adoption | January 1, 2022 Post- CECL Adoption | |||||||||
Assets: | ||||||||||||
Allowance for credit losses on loans | $ | 44,267 | 2,353 | $ | 46,620 | |||||||
Allowance for credit losses on securities | 0 | 0 | 0 | |||||||||
Liabilities and shareholders’ equity: | ||||||||||||
Other liabilities (ACL unfunded loan commitments) | 18 | 2,335 | 2,353 | |||||||||
Tax Effect, net | 0 | (1,218 | ) | 0 | ||||||||
Total | 44,285 | 3,470 | 48,973 | |||||||||
Undivided Profits | 349,056 | (3,470 | ) | 345,586 |
(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 March 31, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 16,762 | 14,071 | $ | 45,278 | 38,638 | $ | 17,089 | 14,083 | |||||||||||||||
Weighted average common shares (1) | 19,249 | 19,287 | 19,272 | 19,306 | 19,209 | 19,287 | ||||||||||||||||||
Stock Options (1) | 3 | 1 | 6 | 2 | 1 | 6 | ||||||||||||||||||
Weighted average common shares including potential dilutive shares (1) | 19,252 | 19,288 | 19,278 | 19,308 | 19,210 | 19,293 | ||||||||||||||||||
Basic EPS (1) | $ | 0.871 | 0.730 | $ | 2.349 | 2.002 | $ | 0.890 | 0.730 | |||||||||||||||
Diluted EPS (1) | $ | 0.871 | 0.730 | $ | 2.349 | 2.001 | $ | 0.890 | 0.730 |
(1) |
Three months ended September 30, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Service (credit) cost | $ | 0 | 9 | 9 | 15 | |||||||||||
Interest cost | 214 | 269 | 60 | 40 | ||||||||||||
Expected return on plan assets | (712 | ) | (755 | ) | (274 | ) | (296 | ) | ||||||||
Amortization of net loss (gain) | 0 | (5 | ) | (137 | ) | (217 | ) | |||||||||
Amortization of prior service cost (credit) | 0 | 0 | 177 | (49 | ) | |||||||||||
Net periodic benefit | $ | (498 | ) | (482 | ) | (165 | ) | (507 | ) |
Nine months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||
Service cost | $ | 0 | 28 | 57 | 55 | $ | 0 | 11 | 18 | 22 | ||||||||||||||||||||||
Interest cost | 642 | 807 | 143 | 152 | 223 | 216 | 52 | 44 | ||||||||||||||||||||||||
Expected return on plan assets | (2,135 | ) | (2,265 | ) | (891 | ) | (887 | ) | (817 | ) | (761 | ) | (333 | ) | (327 | ) | ||||||||||||||||
Amortization of net loss (gain) | 0 | 0 | (534 | ) | (531 | ) | ||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0 | 0 | 227 | (147 | ) | |||||||||||||||||||||||||||
Amortization of net gain | 0 | 0 | (78 | ) | (228 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit | 0 | 0 | (280 | ) | (52 | ) | ||||||||||||||||||||||||||
Net periodic benefit | $ | (1,493 | ) | (1,430 | ) | (998 | ) | (1,358 | ) | $ | (594 | ) | (534 | ) | (621 | ) | (541 | ) |
September 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||
(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 | $ | 59,974 | 0 | 225 | 59,749 | $ | 64,978 | 0 | 2,919 | 62,059 | ||||||||||||||||||||||
State and political subdivisions | 48 | 0 | 0 | 48 | 41 | 0 | 0 | 41 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 290,508 | 5,095 | 2,018 | 293,585 | 257,248 | 80 | 13,283 | 244,045 | ||||||||||||||||||||||||
Corporate bonds | 45,914 | 327 | 326 | 45,915 | 76,086 | 49 | 2,046 | 74,089 | ||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 33,650 | 919 | 0 | 34,569 | 29,181 | 0 | 1,095 | 28,086 | ||||||||||||||||||||||||
Other | 686 | 0 | 0 | 686 | 686 | 0 | 15 | 671 | ||||||||||||||||||||||||
Total Securities Available for Sale | $ | 430,780 | 6,341 | 2,569 | 434,552 | $ | 428,220 | 129 | 19,358 | 408,991 |
December 31, 2020 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 20,000 | 0 | 32 | 19,968 | |||||||||||
State and political subdivisions | 103 | 0 | 0 | 103 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 308,432 | 7,749 | 23 | 316,158 | ||||||||||||
Corporate bonds | 59,185 | 916 | 162 | 59,939 | ||||||||||||
Small Business Administration - guaranteed participation securities | 40,955 | 1,262 | 0 | 42,217 | ||||||||||||
Other | 685 | 1 | 0 | 686 | ||||||||||||
Total securities available for sale | $ | 429,360 | 9,928 | 217 | 439,071 |
December 31, 2021 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 59,976 | 0 | 797 | 59,179 | |||||||||||
State and political subdivisions | 41 | 0 | 0 | 41 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 269,907 | 3,367 | 2,476 | 270,798 | ||||||||||||
Corporate bonds | 45,805 | 157 | 625 | 45,337 | ||||||||||||
Small Business Administration - guaranteed participation securities | 31,303 | 371 | 0 | 31,674 | ||||||||||||
Other | 685 | 0 | 1 | 684 | ||||||||||||
Total securities available for sale | $ | 407,717 | 3,895 | 3,899 | 407,713 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 15,667 | 15,954 | $ | 10,071 | 10,120 | ||||||||||
Due in one year through five years | 90,946 | 90,435 | 131,720 | 126,740 | ||||||||||||
Due after five years through ten years | 9 | 9 | 0 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 290,508 | 293,585 | 257,248 | 244,045 | ||||||||||||
Small Business Administration - guaranteed participation securities | 33,650 | 34,569 | 29,181 | 28,086 | ||||||||||||
$ | 430,780 | 434,552 | $ | 428,220 | 408,991 |
September 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 49,760 | 214 | 9,989 | 11 | 59,749 | 225 | $ | 23,723 | �� | 1,264 | 38,336 | 1,655 | 62,059 | 2,919 | |||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 94,466 | 1,910 | 6,361 | 108 | 100,827 | 2,018 | 160,318 | 5,999 | 73,797 | 7,284 | 234,115 | 13,283 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 5,345 | 8 | 14,682 | 318 | 20,027 | 326 | 49,993 | 1,115 | 14,070 | 931 | 64,063 | 2,046 | ||||||||||||||||||||||||||||||||||||
Small Business Administration - guaranteed participation securities | 28,086 | 1,095 | 0 | 0 | 28,086 | 1,095 | ||||||||||||||||||||||||||||||||||||||||||
Other | 585 | 15 | 0 | 0 | 585 | 15 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 149,571 | 2,132 | 31,032 | 437 | 180,603 | 2,569 | $ | 262,705 | 9,488 | 126,203 | 9,870 | 388,908 | 19,358 |
December 31, 2020 | December 31, 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 Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 19,968 | 32 | 0 | 0 | 19,968 | 32 | $ | 49,279 | 697 | 9,900 | 100 | 59,179 | 797 | ||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 19,471 | 22 | 0 | 0 | 19,471 | 22 | 93,447 | 1,888 | 22,098 | 588 | 115,545 | 2,476 | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 14,901 | 99 | 4,937 | 63 | 19,838 | 162 | 15,670 | 171 | 14,546 | 454 | 30,216 | 625 | ||||||||||||||||||||||||||||||||||||
Other | 648 | 1 | 0 | 0 | 648 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 54,340 | 153 | 4,937 | 63 | 59,277 | 216 | $ | 159,044 | 2,757 | 46,544 | 1,142 | 205,588 | 3,899 |
Three months ended September 30, | ||||||||
(dollars in thousands) | 2021 | 2020 | ||||||
Proceeds from sales | $ | 0 | $ | 0 | ||||
Proceeds from calls/paydowns | 47,100 | 43,052 | ||||||
Proceeds from maturities | 3,500 | 0 | ||||||
Gross realized gains | 0 | 0 | ||||||
Gross realized losses | 0 | 0 |
Nine months ended September 30, | Three months ended March 31, | |||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Proceeds from sales | $ | 0 | $ | 29,219 | $ | 0 | 0 | |||||||||
Proceeds from calls/paydowns | 123,550 | 197,667 | 17,923 | 36,820 | ||||||||||||
Proceeds from maturities | 8,555 | 5,000 | 5,000 | 55 | ||||||||||||
Gross realized gains | 0 | 1,155 | 0 | 0 | ||||||||||||
Gross realized losses | 0 | 0 | 0 | 0 |
September 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||
(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 | $ | 10,701 | 945 | 0 | 11,646 | $ | 9,183 | 383 | 16 | 9,550 | ||||||||||||||||||||||
Total held to maturity | $ | 10,701 | 945 | 0 | 11,646 | $ | 9,183 | 383 | 16 | 9,550 |
December 31, 2020 | December 31, 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 | $ | 13,824 | 1,164 | 0 | 14,988 | $ | 9,923 | 773 | 1 | 10,695 | ||||||||||||||||||||||
Total held to maturity | $ | 13,824 | 1,164 | 0 | 14,988 | $ | 9,923 | 773 | 1 | 10,695 |
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 10,701 | 11,646 | $ | 9,183 | 9,550 | ||||||||||
$ | 10,701 | 11,646 | $ | 9,183 | 9,550 |
September 30, 2021 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 147,557 | 20,512 | 168,069 | ||||||||
Other | 36,078 | 532 | 36,610 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,698,870 | 1,189,086 | 3,887,956 | |||||||||
Home equity loans | 49,492 | 13,837 | 63,329 | |||||||||
Home equity lines of credit | 177,240 | 54,074 | 231,314 | |||||||||
Installment | 7,378 | 2,073 | 9,451 | |||||||||
Total loans, net | $ | 3,116,615 | 1,280,114 | 4,396,729 | ||||||||
Less: Allowance for loan losses | 47,350 | |||||||||||
Net loans | $ | 4,349,379 |
December 31, 2020 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 148,775 | 18,666 | 167,441 | ||||||||
Other | 44,932 | 119 | 45,051 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,606,781 | 1,098,915 | 3,705,696 | |||||||||
Home equity loans | 59,400 | 15,071 | 74,471 | |||||||||
Home equity lines of credit | 193,654 | 48,540 | 242,194 | |||||||||
Installment | 7,810 | 1,807 | 9,617 | |||||||||
Total loans, net | $ | 3,061,352 | 1,183,118 | 4,244,470 | ||||||||
Less: Allowance for loan losses | 49,595 | |||||||||||
Net loans | $ | 4,194,875 |
March 31, 2022 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 147,295 | 23,935 | 171,230 | ||||||||
Other | 20,198 | 980 | 21,178 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,729,257 | 1,236,705 | 3,965,962 | |||||||||
Home equity loans | 47,043 | 13,429 | 60,472 | |||||||||
Home equity lines of credit | 172,854 | 63,263 | 236,117 | |||||||||
Installment | 7,269 | 2,126 | 9,395 | |||||||||
Total loans, net | $ | 3,123,916 | 1,340,438 | 4,464,354 | ||||||||
Less: Allowance for credit losses on loans | 46,178 | |||||||||||
Net loans | $ | 4,418,176 |
September 30, 2021 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 136 | 0 | 136 | ||||||||
Other | 40 | 0 | 40 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 15,000 | 1,894 | 16,894 | |||||||||
Home equity loans | 211 | 45 | 256 | |||||||||
Home equity lines of credit | 2,667 | 127 | 2,794 | |||||||||
Installment | 32 | 0 | 32 | |||||||||
Total non-accrual loans | 18,086 | 2,066 | 20,152 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 19 | 0 | 19 | |||||||||
Total nonperforming loans | $ | 18,105 | 2,066 | 20,171 |
(dollars in thousands) | December 31, 2021 | January 1, 2022 | ||||||||||
Pre-Adoption Balance | Impact of Adoption | Post CECL Adoption | ||||||||||
Total | Total | |||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 3,121 | $ | (1,100 | ) | $ | 2,021 | |||||
Other | 14 | 114 | 128 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 37,249 | 1,703 | 38,952 | |||||||||
Home equity loans | 583 | 262 | 845 | |||||||||
Home equity lines of credit | 2,857 | 1,752 | 4,609 | |||||||||
Installment | 443 | (378 | ) | 65 | ||||||||
Total Allowance | $ | 44,267 | 2,353 | $ | 46,620 |
December 31, 2020 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 372 | 0 | 372 | ||||||||
Other | 80 | 0 | 80 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 16,637 | 1,010 | 17,647 | |||||||||
Home equity loans | 80 | 47 | 127 | |||||||||
Home equity lines of credit | 2,662 | 130 | 2,792 | |||||||||
Installment | 43 | 0 | 43 | |||||||||
Total non-accrual loans | 19,874 | 1,187 | 21,061 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 23 | 0 | 23 | |||||||||
Total nonperforming loans | $ | 19,897 | 1,187 | 21,084 |
For the three months ended March 31, 2022 | ||||||||||||||||
(dollars in thousands) | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | ||||||||||||
Balance at beginning of period | $ | 3,135 | 40,689 | 443 | 44,267 | |||||||||||
Impact of ASU 2016-13, Current Expected Credit Loss (CECL) | (986 | ) | 3,717 | (378 | ) | 2,353 | ||||||||||
Balance as of January 1, 2022 as adjusted for ASU 2016-13 | $ | 2,149 | 44,406 | 65 | 46,620 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 36 | 0 | 10 | 46 | ||||||||||||
Florida | 0 | 0 | 1 | 1 | ||||||||||||
Total loan chargeoffs | 36 | 0 | 11 | 47 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 0 | 97 | 8 | 105 | ||||||||||||
Florida | 0 | 0 | 0 | 0 | ||||||||||||
Total recoveries | 0 | 97 | 8 | 105 | ||||||||||||
Net loans charged off (recoveries) | 36 | (97 | ) | 3 | (58 | ) | ||||||||||
(Credit) provision for credit losses | 64 | (572 | ) | 8 | (500 | ) | ||||||||||
Balance at end of period | $ | 2,177 | 43,931 | 70 | 46,178 |
(In thousands) | Total | |||
Balance at January 1, 2022 | $ | 18 | ||
Impact of Adopting CECL | 2,335 | |||
Adjusted Balance at January 1, 2022 | 2,353 | |||
Provision for credit losses | 300 | |||
Balance at March 31, 2022 | $ | 2,653 |
(in thousands) | March 31, 2022 | |||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | ||||||||||||||||||||||||||||
Commercial : | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 10,701 | $ | 32,756 | $ | 24,411 | $ | 26,575 | $ | 20,900 | $ | 46,493 | $ | 7,424 | $ | 0 | $ | 169,260 | ||||||||||||||||||
Special Mention | 0 | 0 | 73 | 0 | 255 | 0 | 0 | 0 | 328 | |||||||||||||||||||||||||||
Substandard | 0 | 0 | 118 | 0 | 140 | 1,384 | 0 | 0 | 1,642 | |||||||||||||||||||||||||||
Total Commercial Loans | $ | 10,701 | $ | 32,756 | $ | 24,602 | $ | 26,575 | $ | 21,295 | $ | 47,877 | $ | 7,424 | $ | 0 | $ | 171,230 | ||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 36 | $ | 0 | $ | 0 | $ | 36 | ||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 36 | $ | 0 | $ | 0 | $ | 36 | |||||||||||||||||||
Commercial Other: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 419 | $ | 5,931 | $ | 3,301 | $ | 786 | $ | 956 | $ | 2,634 | $ | 6,705 | $ | 0 | $ | 20,732 | ||||||||||||||||||
Special mention | 0 | 320 | 0 | 0 | 0 | 0 | 0 | 0 | 320 | |||||||||||||||||||||||||||
Substandard | 0 | 25 | 0 | 0 | 0 | 101 | 0 | 0 | 126 | |||||||||||||||||||||||||||
Total Commercial Real Estate Loans | $ | 419 | $ | 6,276 | $ | 3,301 | $ | 786 | $ | 956 | $ | 2,735 | $ | 6,705 | $ | 0 | $ | 21,178 | ||||||||||||||||||
Other Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | 0 | |||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Residential First Mortgage: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 142,158 | $ | 971,838 | $ | 834,631 | $ | 392,717 | $ | 279,365 | $ | 1,328,713 | $ | 545 | $ | 0 | $ | 3,949,967 | ||||||||||||||||||
Nonperforming | 0 | 0 | 83 | 671 | 422 | 14,819 | 0 | 0 | 15,995 | |||||||||||||||||||||||||||
Total First Mortgage: | $ | 142,158 | $ | 971,838 | $ | 834,714 | $ | 393,388 | $ | 279,787 | $ | 1,343,532 | $ | 545 | $ | 0 | $ | 3,965,962 | ||||||||||||||||||
Residential First Mortgage Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | 0 | |||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Home Equity Lines: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 2,414 | $ | 10,463 | $ | 7,431 | $ | 8,589 | $ | 5,943 | $ | 25,324 | $ | 0 | $ | 0 | $ | 60,164 | ||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 135 | 173 | 0 | 0 | 308 | |||||||||||||||||||||||||||
Total Home Equity Lines: | $ | 2,414 | $ | 10,463 | $ | 7,431 | $ | 8,589 | $ | 6,078 | $ | 25,497 | $ | 0 | $ | 0 | $ | 60,472 | ||||||||||||||||||
Home Equity Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | 0 | |||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Home Equity Credit Lines: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 221 | $ | 721 | $ | 492 | $ | 100 | $ | 70 | $ | 19,850 | $ | 211,792 | $ | 0 | $ | 233,246 | ||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 2,603 | 268 | 0 | 2,871 | |||||||||||||||||||||||||||
Total Home Equity Credit Lines: | $ | 221 | $ | 721 | $ | 492 | $ | 100 | $ | 70 | $ | 22,453 | $ | 212,060 | $ | 0 | $ | 236,117 | ||||||||||||||||||
Home Equity Credit Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | 0 | |||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Installments: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 937 | $ | 3,409 | $ | 1,326 | $ | 1,471 | $ | 686 | $ | 375 | $ | 1,150 | $ | 0 | $ | 9,354 | ||||||||||||||||||
Nonperforming | 0 | 12 | 1 | 27 | 0 | 0 | 1 | 0 | 41 | |||||||||||||||||||||||||||
Total Installments | $ | 937 | $ | 3,421 | $ | 1,327 | $ | 1,498 | $ | 686 | $ | 375 | $ | 1,151 | $ | 0 | $ | 9,395 | ||||||||||||||||||
Installments Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 0 | $ | 0 | $ | 5 | $ | 5 | $ | 0 | $ | 1 | $ | 0 | $ | 0 | 11 | |||||||||||||||||||
$ | 0 | $ | 0 | $ | 5 | $ | 5 | $ | 0 | $ | 1 | $ | 0 | $ | 0 | $ | 11 |
March 31, 2022 | ||||||||||||||||||||||||
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 | 106 | 123 | 229 | 147,066 | 147,295 | |||||||||||||||||
Other | 27 | 0 | 4 | 31 | 20,167 | 20,198 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,114 | 1,209 | 9,562 | 12,885 | 2,716,372 | 2,729,257 | ||||||||||||||||||
Home equity loans | 19 | 0 | 173 | 192 | 46,851 | 47,043 | ||||||||||||||||||
Home equity lines of credit | 727 | 25 | 1,187 | 1,939 | 170,915 | 172,854 | ||||||||||||||||||
Installment | 36 | 24 | 14 | 74 | 7,195 | 7,269 | ||||||||||||||||||
Total | $ | 2,923 | 1,364 | 11,063 | 15,350 | 3,108,566 | 3,123,916 |
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 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 241 | 0 | 63 | 304 | 147,253 | 147,557 | |||||||||||||||||
Other | 0 | 0 | 40 | 40 | 36,038 | 36,078 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,802 | 1,160 | 10,447 | 13,409 | 2,685,461 | 2,698,870 | ||||||||||||||||||
Home equity loans | 0 | 0 | 187 | 187 | 49,305 | 49,492 | ||||||||||||||||||
Home equity lines of credit | 446 | 25 | 1,145 | 1,616 | 175,624 | 177,240 | ||||||||||||||||||
Installment | 5 | 30 | 0 | 35 | 7,343 | 7,378 | ||||||||||||||||||
Total | $ | 2,494 | 1,215 | 11,882 | 15,591 | 3,101,024 | 3,116,615 |
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 | 23,935 | 23,935 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 980 | 980 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 623 | 0 | 1,552 | 2,175 | 1,234,530 | 1,236,705 | ||||||||||||||||||
Home equity loans | 0 | 0 | 44 | 44 | 13,385 | 13,429 | ||||||||||||||||||
Home equity lines of credit | 0 | 89 | 0 | 89 | 63,174 | 63,263 | ||||||||||||||||||
Installment | 0 | 1 | 0 | 1 | 2,125 | 2,126 | ||||||||||||||||||
Total | $ | 623 | 90 | 1,596 | 2,309 | 1,338,129 | 1,340,438 |
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 | 20,512 | 20,512 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 532 | 532 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 482 | 182 | 1,367 | 2,031 | 1,187,055 | 1,189,086 | ||||||||||||||||||
Home equity loans | 45 | 0 | 0 | 45 | 13,792 | 13,837 | ||||||||||||||||||
Home equity lines of credit | 186 | 0 | 0 | 186 | 53,888 | 54,074 | ||||||||||||||||||
Installment | 19 | 0 | 0 | 19 | 2,054 | 2,073 | ||||||||||||||||||
Total | $ | 732 | 182 | 1,367 | 2,281 | 1,277,833 | 1,280,114 |
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 | $ | 0 | 106 | 123 | 229 | 171,001 | 171,230 | |||||||||||||||||
Other | 27 | 0 | 4 | 31 | 21,147 | 21,178 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,737 | 1,209 | 11,114 | 15,060 | 3,950,902 | 3,965,962 | ||||||||||||||||||
Home equity loans | 19 | 0 | 217 | 236 | 60,236 | 60,472 | ||||||||||||||||||
Home equity lines of credit | 727 | 114 | 1,187 | 2,028 | 234,089 | 236,117 | ||||||||||||||||||
Installment | 36 | 25 | 14 | 75 | 9,320 | 9,395 | ||||||||||||||||||
Total | $ | 3,546 | 1,454 | 12,659 | 17,659 | 4,446,695 | 4,464,354 |
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 | $ | 241 | 0 | 63 | 304 | 167,765 | 168,069 | |||||||||||||||||
Other | 0 | 0 | 40 | 40 | 36,570 | 36,610 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,284 | 1,342 | 11,814 | 15,440 | 3,872,516 | 3,887,956 | ||||||||||||||||||
Home equity loans | 45 | 0 | 187 | 232 | 63,097 | 63,329 | ||||||||||||||||||
Home equity lines of credit | 632 | 25 | 1,145 | 1,802 | 229,512 | 231,314 | ||||||||||||||||||
Installment | 24 | 30 | 0 | 54 | 9,397 | 9,451 | ||||||||||||||||||
Total | $ | 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, 2021 | ||||||||||||||||
(dollars in thousands) | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | ||||||||||||
Balance at beginning of period | $ | 4,106 | 45,617 | 432 | 50,155 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 30 | 72 | 17 | 119 | ||||||||||||
Florida | 0 | 1 | 0 | 1 | ||||||||||||
Total loan chargeoffs | 30 | 73 | 17 | 120 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 0 | 111 | 3 | 114 | ||||||||||||
Florida | 0 | 1 | 0 | 1 | ||||||||||||
Total recoveries | 0 | 112 | 3 | 115 | ||||||||||||
Net loans charged off (recoveries) | 30 | (39 | ) | 14 | 5 | |||||||||||
(Credit) provision for loan losses | (823 | ) | (2,003 | ) | 26 | (2,800 | ) | |||||||||
Balance at end of period | $ | 3,253 | 43,653 | 444 | 47,350 |
For the three months ended September 30, 2020 | ||||||||||||||||
(dollars in thousands) | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | ||||||||||||
Balance at beginning of period | $ | 4,366 | 43,274 | 504 | 48,144 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 0 | 64 | 21 | 85 | ||||||||||||
Florida | 0 | 0 | 0 | 0 | ||||||||||||
Total loan chargeoffs | 0 | 64 | 21 | 85 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 1 | 60 | 3 | 64 | ||||||||||||
Florida | 0 | 0 | 0 | 0 | ||||||||||||
Total recoveries | 1 | 60 | 3 | 64 | ||||||||||||
Net loans (recoveries) charged off | (1 | ) | 4 | 18 | 21 | |||||||||||
(Credit) provision for loan losses | (100 | ) | 1,053 | 47 | 1,000 | |||||||||||
Balance at end of period | $ | 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 |
For the 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 |
March 31, 2022 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 183 | 0 | 183 | ||||||||
Other | 4 | 0 | 4 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 14,102 | 1,893 | 15,995 | |||||||||
Home equity loans | 264 | 44 | 308 | |||||||||
Home equity lines of credit | 2,699 | 172 | 2,871 | |||||||||
Installment | 33 | 8 | 41 | |||||||||
Total non-accrual loans | 17,285 | 2,117 | 19,402 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 16 | 0 | 16 | |||||||||
Total nonperforming loans | $ | 17,301 | 2,117 | 19,418 |
March 31, 2022 | ||||||||||||
(dollars in thousands) | Non-accrual With No Allowance for Credit Loss | Non-accrual With Allowance For Credit Loss | Loans Past Due Still AccruingOver 89 Days | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 61 | $ | 123 | $ | 0 | ||||||
Other | 0 | 4 | 0 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 6,762 | 9,233 | 0 | |||||||||
Home equity loans | 37 | 271 | 0 | |||||||||
Home equity lines of credit | 1,030 | 1,841 | 0 | |||||||||
Installment | 0 | 41 | 0 | |||||||||
Total loans, net | $ | 7,890 | $ | 11,513 | $ | 0 |
September 30, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||
(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: | ||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 0 | 0 | 0 | 0 | $ | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Collectively evaluated for impairment | 3,253 | 43,653 | 444 | 47,350 | 2,177 | 43,931 | 70 | 46,178 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 3,253 | 43,653 | 444 | 47,350 | $ | 2,177 | 43,931 | 70 | 46,178 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 521 | 19,292 | 0 | 19,813 | $ | 305 | 17,617 | 0 | 17,922 | ||||||||||||||||||||||
Collectively evaluated for impairment | 204,158 | 4,163,307 | 9,451 | 4,376,916 | 192,103 | 4,244,934 | 9,395 | 4,446,432 | ||||||||||||||||||||||||
Total ending loans balance | $ | 204,679 | 4,182,599 | 9,451 | 4,396,729 | $ | 192,408 | 4,262,551 | 9,395 | 4,464,354 |
December 31, 2020 | ||||||||||||||||
(dollars in thousands) | 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 | |||||||||||
Collectively evaluated for impairment | 4,140 | 44,950 | 505 | 49,595 | ||||||||||||
Total ending allowance balance | $ | 4,140 | 44,950 | 505 | 49,595 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 1,028 | 20,553 | 0 | 21,581 | |||||||||||
Collectively evaluated for impairment | 211,464 | 4,001,808 | 9,617 | 4,222,889 | ||||||||||||
Total ending loans balance | $ | 212,492 | 4,022,361 | 9,617 | 4,244,470 |
Type of Collateral | ||||||||||||
(dollars in thousands) | ||||||||||||
Real Estate | Investment Securities/Cash | Other | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 301 | 0 | 0 | ||||||||
Other | 4 | 0 | 0 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 15,417 | 0 | 0 | |||||||||
Home equity loans | 159 | 0 | 0 | |||||||||
Home equity lines of credit | 2,041 | 0 | 0 | |||||||||
Installment | 0 | 0 | 0 | |||||||||
Total Loans | $ | 17,922 | 0 | 0 |
September 30, 2021 | ||||||||||||||||
New York and other states*: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 388 | 480 | 0 | 1,147 | |||||||||||
Other | 40 | 40 | 0 | 108 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 14,261 | 14,567 | 0 | 14,070 | ||||||||||||
Home equity loans | 199 | 199 | 0 | 235 | ||||||||||||
Home equity lines of credit | 2,052 | 2,192 | 0 | 2,255 | ||||||||||||
Total | $ | 16,940 | 17,478 | 0 | 17,815 |
Florida: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 93 | 93 | 0 | 105 | |||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,597 | 2,597 | 0 | 2,563 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 15 | ||||||||||||
Home equity lines of credit | 183 | 183 | 0 | 246 | ||||||||||||
Total | $ | 2,873 | 2,873 | 0 | 2,929 |
Total: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 481 | 573 | 0 | 1,252 | |||||||||||
Other | 40 | 40 | 0 | 108 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,858 | 17,164 | 0 | 16,633 | ||||||||||||
Home equity loans | 199 | 199 | 0 | 250 | ||||||||||||
Home equity lines of credit | 2,235 | 2,375 | 0 | 2,501 | ||||||||||||
Total | $ | 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 |
Florida: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 98 | 98 | 0 | 105 | |||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,908 | 2,908 | 0 | 2,555 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 16 | ||||||||||||
Home equity lines of credit | 244 | 244 | 0 | 246 | ||||||||||||
Total | $ | 3,250 | 3,250 | 0 | 2,922 |
Total: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 917 | 1,041 | 0 | 1,291 | |||||||||||
Other | 111 | 111 | 0 | 103 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 17,932 | 18,319 | 0 | 16,665 | ||||||||||||
Home equity loans | 219 | 240 | 0 | 251 | ||||||||||||
Home equity lines of credit | 2,402 | 2,542 | 0 | 2,504 | ||||||||||||
Total | $ | 21,581 | 22,253 | 0 | 20,814 |
Three months ended 9/30/2021 | Three months ended 9/30/2020 | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||
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) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | 1 | $ | 126 | 126 | 0 | $ | 0 | 0 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||
First mortgages | 2 | 557 | 557 | 6 | 1,533 | 1,533 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 370 | 370 | |||||||||||||||||||||||||||
Home equity lines of credit | 1 | 31 | 31 | 1 | 50 | 50 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | 3 | $ | 588 | 588 | 8 | $ | 1,709 | 1,709 | 3 | $ | 370 | 370 |
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 | ||||||||||||||||||||||||||||||
Florida: | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | 0 | $ | 0 | 0 | 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 |
December 31, 2021 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 147,063 | 21,653 | 168,716 | ||||||||
Other | 30,889 | 595 | 31,484 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,723,734 | 1,212,568 | 3,936,302 | |||||||||
Home equity loans | 48,190 | 13,695 | 61,885 | |||||||||
Home equity lines of credit | 175,134 | 55,842 | 230,976 | |||||||||
Installment | 7,368 | 2,048 | 9,416 | |||||||||
Total loans, net | $ | 3,132,378 | 1,306,401 | 4,438,779 | ||||||||
Less: Allowance for loan losses | 44,267 | |||||||||||
Net loans | $ | 4,394,512 |
Three months ended 9/30/2021 | Three months ended 9/30/2020 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
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 | 0 | $ | 0 | $ | 0 | 233 | 45 | 278 | 146,785 | 147,063 | |||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 30,889 | 30,889 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||
First mortgages | 0 | 0 | 3 | 264 | 1,303 | 239 | 9,867 | 11,409 | 2,712,325 | 2,723,734 | ||||||||||||||||||||||||||||||
Home equity loans | 136 | 0 | 224 | 360 | 47,830 | 48,190 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 1 | 19 | 355 | 458 | 911 | 1,724 | 173,410 | 175,134 | ||||||||||||||||||||||||||||||
Installment | 27 | 5 | 4 | 36 | 7,332 | 7,368 | ||||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 4 | $ | 283 | $ | 1,821 | 935 | 11,051 | 13,807 | 3,118,571 | 3,132,378 |
Florida: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | 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 | $ | 0 | 0 | 0 | 0 | 21,653 | 21,653 | |||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 595 | 595 | ||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | 869 | 180 | 1,146 | 2,195 | 1,210,373 | 1,212,568 | ||||||||||||||||||||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | 0 | 45 | 0 | 45 | 13,650 | 13,695 | ||||||||||||||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 0 | 89 | 0 | 89 | 55,753 | 55,842 | ||||||||||||||||||||||||||||||
Installment | 18 | 0 | 5 | 23 | 2,025 | 2,048 | ||||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 | $ | 887 | 314 | 1,151 | 2,352 | 1,304,049 | 1,306,401 |
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 | $ | 0 | 233 | 45 | 278 | 168,438 | 168,716 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 31,484 | 31,484 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,172 | 419 | 11,013 | 13,604 | 3,922,698 | 3,936,302 | ||||||||||||||||||
Home equity loans | 136 | 45 | 224 | 405 | 61,480 | 61,885 | ||||||||||||||||||
Home equity lines of credit | 355 | 547 | 911 | 1,813 | 229,163 | 230,976 | ||||||||||||||||||
Installment | 45 | 5 | 9 | 59 | 9,357 | 9,416 | ||||||||||||||||||
Total | $ | 2,708 | 1,249 | 12,202 | 16,159 | 4,422,620 | 4,438,779 |
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) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 0 | 0 | 4 | 459 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 0 | 0 | 1 | 19 | ||||||||||||
Total | 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, 2021 | ||||||||||||
New York and other states*: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 145,400 | 2,157 | 147,557 | ||||||||
Other | 35,913 | 165 | 36,078 | |||||||||
$ | 181,313 | 2,322 | 183,635 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 19,957 | 555 | 20,512 | ||||||||
Other | 532 | 0 | 532 | |||||||||
$ | 20,489 | 555 | 21,044 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 165,357 | 2,712 | 168,069 | ||||||||
Other | 36,445 | 165 | 36,610 | |||||||||
$ | 201,802 | 2,877 | 204,679 |
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 |
December 31, 2021 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 67 | 0 | 67 | ||||||||
Other | 45 | 0 | 45 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 13,990 | 1,797 | 15,787 | |||||||||
Home equity loans | 247 | 45 | 292 | |||||||||
Home equity lines of credit | 2,337 | 174 | 2,511 | |||||||||
Installment | 23 | 14 | 37 | |||||||||
Total non-accrual loans | 16,709 | 2,030 | 18,739 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 17 | 0 | 17 | |||||||||
Total nonperforming loans | $ | 16,726 | 2,030 | 18,756 |
December 31, 2021 | ||||||||||||||||
(dollars in thousands) | 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 | |||||||||||
Collectively evaluated for impairment | 3,135 | 40,689 | 443 | 44,267 | ||||||||||||
Total ending allowance balance | $ | 3,135 | 40,689 | 443 | 44,267 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 232 | 18,272 | 0 | 18,504 | |||||||||||
Collectively evaluated for impairment | 199,968 | 4,210,891 | 9,416 | 4,420,275 | ||||||||||||
Total ending loans balance | $ | 200,200 | 4,229,163 | 9,416 | 4,438,779 |
December 31, 2021 | ||||||||||||||||
New York and other states*: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | YTD Avg Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 187 | 279 | 0 | 1,154 | |||||||||||
Other | 45 | 45 | 0 | 107 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 13,687 | 13,875 | 0 | 14,072 | ||||||||||||
Home equity loans | 161 | 161 | 0 | 235 | ||||||||||||
Home equity lines of credit | 1,852 | 1,939 | 0 | 2,256 | ||||||||||||
Total | $ | 15,932 | 16,299 | 0 | 17,824 |
Florida: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | YTD Avg Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 0 | 0 | 0 | 105 | |||||||||||
Other | 0 | 0 | 0 | 0 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,368 | 2,368 | 0 | 2,562 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 16 | ||||||||||||
Home equity lines of credit | 204 | 204 | 0 | 246 | ||||||||||||
Total | $ | 2,572 | 2,572 | 0 | 2,929 |
Total: (dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | YTD Avg Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 187 | 279 | 0 | 1,259 | |||||||||||
Other | 45 | 45 | 0 | 107 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,055 | 16,243 | 0 | 16,634 | ||||||||||||
Home equity loans | 161 | 161 | 0 | 251 | ||||||||||||
Home equity lines of credit | 2,056 | 2,143 | 0 | 2,502 | ||||||||||||
Total | $ | 18,504 | 18,871 | 0 | 20,753 |
For the three months ended March 31, 2021 | ||||||||||||||||
(dollars in thousands) | 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* | 0 | 86 | 7 | 93 | ||||||||||||
Florida | 0 | 0 | 2 | 2 | ||||||||||||
Total loan chargeoffs | 0 | 86 | 9 | 95 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 32 | 88 | 21 | 141 | ||||||||||||
Florida | 0 | 0 | 0 | 0 | ||||||||||||
Total recoveries | 32 | 88 | 21 | 141 | ||||||||||||
Net loans (recoveries) charged off | (32 | ) | (2 | ) | (12 | ) | (46 | ) | ||||||||
(Credit) provision for loan losses | (120 | ) | 555 | (85 | ) | 350 | ||||||||||
Balance at end of period | $ | 4,052 | 45,507 | 432 | 49,991 |
December 31, 2021 | ||||||||||||
New York and other states*: (dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 145,500 | 1,563 | 147,063 | ||||||||
Other | 30,726 | 163 | 30,889 | |||||||||
$ | 176,226 | 1,726 | 177,952 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 21,113 | 540 | 21,653 | ||||||||
Other | 595 | 0 | 595 | |||||||||
$ | 21,708 | 540 | 22,248 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 166,613 | 2,103 | 168,716 | ||||||||
Other | 31,321 | 163 | 31,484 | |||||||||
$ | 197,934 | 2,266 | 200,200 |
Fair Value Measurements at | ||||||||||||||||
March 31, 2022 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 | $ | 62,059 | $ | 0 | $ | 62,059 | $ | 0 | ||||||||
State and political subdivisions | 41 | 0 | 41 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 244,045 | 0 | 244,045 | 0 | ||||||||||||
Corporate bonds | 74,089 | 0 | 74,089 | 0 | ||||||||||||
Small Business Administration- guaranteed participation securities | 28,086 | 0 | 28,086 | 0 | ||||||||||||
Other securities | 671 | 0 | 671 | 0 | ||||||||||||
Total securities available for sale | $ | 408,991 | $ | 0 | $ | 408,991 | $ | 0 |
Fair Value Measurements at | ||||||||||||||||
December 31, 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) | ||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. government sponsored enterprises | $ | 59,179 | $ | 0 | $ | 59,179 | $ | 0 | ||||||||
State and political subdivisions | 41 | 0 | 41 | 0 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 270,798 | 0 | 270,798 | 0 | ||||||||||||
Corporate bonds | 45,337 | 0 | 45,337 | 0 | ||||||||||||
Small Business Administration- guaranteed participation securities | 31,674 | 0 | 31,674 | 0 | ||||||||||||
Other securities | 684 | 0 | 684 | 0 | ||||||||||||
Total securities available for sale | $ | 407,713 | $ | 0 | $ | 407,713 | $ | 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, 2021 Using: | March 31, 2022 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 | $ | 511 | $ | 0 | $ | 0 | $ | 511 | Sales comparison approach | Adjustments for differences between comparable sales | 3% - 21% (10 | %) | $ | 269 | $ | 0 | $ | 0 | $ | 269 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 20% (7 | %) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 0 | 0 | 0 | 0 | Sales comparison | Adjustments for differences between comparable sales | N/A | |||||||||||||||||||||||||||||||||||||||
Loans individually evaluated | 0 | 0 | 0 | 0 | Sales comparison | Adjustments for differences between comparable sales | N/A |
Fair Value Measurements at | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 Using: | December 31, 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 | $ | 541 | $ | 0 | $ | 0 | $ | 541 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 7% (2 | %) | $ | 362 | $ | 0 | $ | 0 | $ | 362 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (6 | %) | ||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 211 | 0 | 0 | 211 | Sales comparison | Adjustments for differences between comparable sales | 11% - 12% (12 | %) | 0 | 0 | 0 | 0 | Sales comparison | Adjustments for differences between comparable sales | N/A |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | September 30, 2021 Using: | Carrying | March 31, 2022 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,193,339 | 1,193,339 | 0 | 0 | 1,193,339 | $ | 1,272,548 | 1,272,548 | 0 | 0 | 1,272,548 | ||||||||||||||||||||||||||||
Securities available for sale | 434,552 | 0 | 434,552 | 0 | 434,552 | 408,991 | 0 | 408,991 | 0 | 408,991 | ||||||||||||||||||||||||||||||
Held to maturity securities | 10,701 | 0 | 11,646 | 0 | 11,646 | 9,183 | 0 | 9,550 | 0 | 9,550 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 5,604 | N/A | N/A | N/A | N/A | 5,604 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 4,349,379 | 0 | 0 | 4,419,921 | 4,419,921 | 4,418,176 | 0 | 0 | 4,443,718 | 4,443,718 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 9,358 | 37 | 1,042 | 8,279 | 9,358 | 8,897 | 107 | 1,073 | 7,717 | 8,897 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 790,663 | 790,663 | 0 | 0 | 790,663 | 835,281 | 835,281 | 0 | 0 | 835,281 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 4,450,355 | 3,325,774 | 1,123,934 | 0 | 4,449,708 | 4,514,735 | 3,574,520 | 933,385 | 0 | 4,507,905 | ||||||||||||||||||||||||||||||
Short-term borrowings | 230,770 | 0 | 230,770 | 0 | 230,770 | 248,371 | 0 | 248,371 | 0 | 248,371 | ||||||||||||||||||||||||||||||
Accrued interest payable | 225 | 30 | 195 | 0 | 225 | 131 | 36 | 95 | 0 | 131 |
(dollars in thousands) | Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
Carrying | December 31, 2020 Using: | Carrying | December 31, 2021 Using: | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | 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 | $ | 1,219,470 | 1,219,470 | 0 | 0 | 1,219,470 | ||||||||||||||||||||||||||||
Securities available for sale | 439,071 | 0 | 439,071 | 0 | 439,071 | 407,713 | 0 | 407,713 | 0 | 407,713 | ||||||||||||||||||||||||||||||
Held to maturity securities | 13,824 | 0 | 14,988 | 0 | 14,988 | 9,923 | 0 | 10,695 | 0 | 10,695 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and 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 | 4,194,875 | 0 | 0 | 4,287,585 | 4,287,585 | 4,394,512 | 0 | 0 | 4,451,031 | 4,451,031 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 10,031 | 39 | 1,458 | 8,534 | 10,031 | 9,099 | 10 | 1,235 | 7,854 | 9,099 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 652,756 | 652,756 | 0 | 0 | 652,756 | 794,878 | 794,878 | 0 | 0 | 794,878 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 4,384,437 | 3,088,064 | 1,298,375 | 0 | 4,386,439 | 4,473,251 | 3,477,937 | 993,676 | 0 | 4,471,613 | ||||||||||||||||||||||||||||||
Short-term borrowings | 214,755 | 0 | 214,755 | 0 | 214,755 | 244,686 | 0 | 244,686 | 0 | 244,686 | ||||||||||||||||||||||||||||||
Accrued interest payable | 474 | 68 | 406 | 0 | 474 | 163 | 34 | 129 | 0 | 163 |
Three months ended 9/30/2021 | Three months ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 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 | Balance at 12/31/2021 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2022 | Balance at 3/31/2022 | ||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 3,347 | (566 | ) | 0 | (566 | ) | 2,781 | $ | (26 | ) | (14,251 | ) | 0 | (14,251 | ) | (14,277 | ) | ||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 6,084 | 0 | 0 | 0 | 6,084 | 13,706 | 0 | 0 | 0 | 13,706 | ||||||||||||||||||||||||||||||
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 | ) | (1,533 | ) | 0 | (265 | ) | (265 | ) | (1,798 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 7,840 | (566 | ) | 30 | (536 | ) | 7,304 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | $ | 12,147 | (14,251 | ) | (265 | ) | (14,516 | ) | (2,369 | ) |
Three months ended 9/30/2020 | Three months ended March 31, 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 12/31/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2021 | Balance at 3/31/2021 | ||||||||||||||||||||||||||||||
Net unrealized holding (gain) loss on securities available for sale, net of tax | $ | 8,061 | (198 | ) | 0 | (198 | ) | 7,863 | ||||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 7,186 | (4,461 | ) | 0 | (4,461 | ) | 2,725 | ||||||||||||||||||||||||||||||||
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) loss and prior service cost on pension and postretirement benefit plans, net of tax | (965 | ) | 0 | (201 | ) | (201 | ) | (1,166 | ) | |||||||||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service credit on pension and postretirement benefit plans, net of tax | (1,334 | ) | 0 | (207 | ) | (207 | ) | (1,541 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | 11,936 | (198 | ) | (201 | ) | (399 | ) | 11,537 | $ | 11,936 | (4,461 | ) | (207 | ) | (4,668 | ) | 7,268 |
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 9/30/2020 | ||||||||||||||||||||
(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 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 | 4,840 | 0 | 0 | 0 | 4,840 | |||||||||||||||
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 | $ | 4,461 | 8,432 | (1,356 | ) | 7,076 | 11,537 |
(dollars in thousands) | Three months ended | Nine months ended | Three months ended March 31, | ||||||||||||||||||||||
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 | |||||||||||||||||||||
2022 | 2021 | Affected Line Item in Financial Statements | |||||||||||||||||||||||
Amortization of pension and postretirement benefit items: | |||||||||||||||||||||||||
Amortization of net actuarial gain | $ | 137 | 222 | $ | 534 | 531 | $ | 78 | 228 | Salaries and employee benefits | |||||||||||||||
Amortization of prior service (cost) credit | (177 | ) | 49 | (227 | ) | 147 | 280 | 52 | Salaries and employee benefits | ||||||||||||||||
Income tax benefit | 10 | (70 | ) | (80 | ) | (177 | ) | (93 | ) | (73 | ) | Income taxes | |||||||||||||
Net of tax | (30 | ) | 201 | 227 | 501 | 265 | 207 | ||||||||||||||||||
Total reclassifications, net of tax | $ | (30 | ) | 201 | $ | 227 | 1,356 | $ | 265 | 207 |
(dollars in thousands) | Three months ended | Nine months ended | Three months ended | |||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||
Service Charges on Deposits | ||||||||||||||||||||||||
Overdraft fees | $ | 735 | $ | 595 | $ | 1,964 | $ | 1,920 | $ | 646 | 617 | |||||||||||||
Other | 518 | 348 | 1,479 | 1,159 | 790 | 469 | ||||||||||||||||||
Interchange Income | 1,330 | 1,195 | 3,863 | 3,072 | 1,702 | 1,153 | ||||||||||||||||||
Net gain on securities transactions (a) | 0 | 0 | 0 | 1,155 | ||||||||||||||||||||
Wealth management fees | 1,558 | 1,784 | 5,592 | 4,752 | 1,833 | 2,035 | ||||||||||||||||||
Other (a) | 154 | 419 | 513 | 1,043 | 212 | 154 | ||||||||||||||||||
Total non-interest income | $ | 4,295 | $ | 4,341 | $ | 13,411 | $ | 13,101 | $ | 5,183 | 4,428 |
(dollars in thousands) | Three months ended September 30, | Three months ended March 31, | ||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Operating lease cost | $ | 2,010 | 1,966 | $ | 2,052 | 2,016 | ||||||||||
Variable lease cost | 499 | 369 | 596 | 502 | ||||||||||||
Total Lease costs | $ | 2,509 | 2,335 | $ | 2,648 | 2,518 |
(dollars in thousands) | Nine months ended September 30, | |||||||
2021 | 2020 | |||||||
Operating lease cost | $ | 6,029 | 5,893 | |||||
Variable lease cost | 1,508 | 1,524 | ||||||
Total Lease costs | $ | 7,537 | 7,417 |
(dollars in thousands) | Three months ended March 31, | |||||||
2022 | 2021 | |||||||
Supplemental cash flows information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 2,093 | 2,038 | |||||
Right-of-use assets obtained in exchange for lease obligations: | 2,087 | 302 | ||||||
Weighted average remaining lease term | 9.3 years | 8.9 years | ||||||
Weighted average discount rate | 2.96 | % | 3.16 | % |
(dollars in thousands) | Nine months ended September 30, | |||||||
2021 | 2020 | |||||||
Supplemental cash flows information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 6,121 | 6,022 | |||||
Right-of-use assets obtained in exchange for lease obligations: | 2,696 | 287 | ||||||
Weighted average remaining lease term | 8.7 years | 8.9 years | ||||||
Weighted average discount rate | 3.07 | % | 3.25 | % |
(dollars in thousands) | ||||||||
Year ending December 31, | ||||||||
2021(a) | $ | 2,072 | ||||||
2022 | 8,014 | |||||||
Year ending December 31, | ||||||||
2022(a) | $ | 6,211 | ||||||
2023 | 7,719 | 8,134 | ||||||
2024 | 7,595 | 8,012 | ||||||
2025 | 7,223 | 7,603 | ||||||
2026 | 6,627 | |||||||
Thereafter | 25,291 | 24,435 | ||||||
Total lease payments | $ | 57,914 | $ | 61,022 | ||||
Less: Interest | 7,399 | 7,928 | ||||||
Present value of lease liabilities | $ | 50,515 | $ | 53,094 |
(a) | Excluding the |
(Bank Only) | ||||||||||||||||||||||||||||||||
Minimum for Capital Adequacy plus Capital Conservation | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||||||||||
As of September 30, 2021 | Well | As of March 31, 2022 | Well | |||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 561,969 | 9.148 | % | 5.000 | % | 4.000 | % | $ | 575,895 | 9.286 | % | 5.000 | % | 4.000 | % | ||||||||||||||||
Common equity tier 1 capital | 561,969 | 18.899 | 6.500 | 7.000 | 575,895 | 18.743 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 561,969 | 18.899 | 8.000 | 8.500 | 575,895 | 18.743 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 599,265 | 20.153 | 10.000 | 10.500 | 614,433 | 19.997 | 10.000 | 10.500 |
As of December 31, 2020 | Well | Minimum for Capital Adequacy plus Capital Conservation | As of December 31, 2021 | 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 | $ | 539,897 | 9.378 | % | 5.000 | % | 4.000 | % | 570,594 | 9.324 | % | 5.000 | % | 4.000 | % | |||||||||||||||||
Common equity tier 1 capital | 539,897 | 18.646 | 6.500 | 7.000 | 570,594 | 18.954 | 6.500 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 539,897 | 18.646 | 8.000 | 8.500 | 570,594 | 18.954 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 576,257 | 19.902 | 10.000 | 10.500 | 608,308 | 20.206 | 10.000 | 10.500 |
(Consolidated) | ||||||||||||||||||||||||
As of September 30, 2021 | Minimum for Capital Adequacy plus Capital Conservation | As of March 31, 2022 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||
Tier 1 leverage ratio | $ | 578,825 | 9.420 | % | 4.000 | % | $ | 594,711 | 9.585 | % | 4.000 | % | ||||||||||||
Common equity tier 1 capital | 578,825 | 19.461 | 7.000 | $ | 594,711 | 19.349 | 7.000 | |||||||||||||||||
Tier 1 risk-based capital | 578,825 | 19.461 | 8.500 | $ | 594,711 | 19.349 | 8.500 | |||||||||||||||||
Total risk-based capital | 616,131 | 20.715 | 10.500 | $ | 633,260 | 20.603 | 10.500 |
As of December 31, 2020 | Minimum for Capital Adequacy plus Capital Conservation | As of December 31, 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 | $ | 555,672 | 9.650 | % | 4.000 | % | $ | 588,427 | 9.614 | % | 4.000 | % | ||||||||||||
Common equity Tier 1 capital | 555,672 | 19.187 | 7.000 | 588,427 | 19.541 | 7.000 | ||||||||||||||||||
Tier 1 risk-based capital | 555,672 | 19.187 | 8.500 | 588,427 | 19.541 | 8.500 | ||||||||||||||||||
Total risk-based capital | 592,040 | 20.443 | 10.500 | 626,150 | 20.794 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The |
New York, New York | /s/ Crowe LLP |
Item 2. |
• | In addition to factors described under Part II, Item 1A, Risk Factors, and under the Risk Factor discussion in TrustCo’s Annual Report on Form 10-K for the year ended December 31, 2021, the factors listed below, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement. Additionally, many of these risks and uncertainties are currently elevated by and may or will continue to be elevated by the effects of the COVID-19 pandemic and macroeconomic or geopolitical concerns related to inflation, rising interest rates and the war in Ukraine. |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | 3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | ||||||
Q3/20 | Beg of Q3 | 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 | 0.27 | 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 | Beg of Q1 | 0.09 | 0.13 | 0.36 | 0.93 | 0.80 | |||
Peak | 0.09 | 0.17 | 0.92 | 1.74 | 1.59 | Peak | 0.09 | 0.17 | 0.92 | 1.74 | 1.59 | ||||
Trough | 0.01 | 0.09 | 0.36 | 0.93 | 0.82 | Trough | 0.01 | 0.09 | 0.36 | 0.93 | 0.82 | ||||
End of Q1 | 0.03 | 0.16 | 0.92 | 1.74 | 1.58 | 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 | 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 | Beg of Q2 | 0.03 | 0.16 | 0.92 | 1.74 | 1.58 | |||
Peak | 0.06 | 0.28 | 0.97 | 1.73 | 1.56 | Peak | 0.06 | 0.28 | 0.97 | 1.73 | 1.56 | ||||
Trough | 0.01 | 0.13 | 0.73 | 1.45 | 1.19 | Trough | 0.01 | 0.13 | 0.73 | 1.45 | 1.19 | ||||
End of Q2 | 0.05 | 0.25 | 0.87 | 1.45 | 1.20 | 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 | 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 | Beg of Q3 | 0.05 | 0.25 | 0.87 | 1.45 | 1.20 | |||
Peak | 0.07 | 0.31 | 1.02 | 1.55 | 1.25 | Peak | 0.07 | 0.31 | 1.02 | 1.55 | 1.25 | ||||
Trough | 0.03 | 0.17 | 0.65 | 1.19 | 0.98 | Trough | 0.03 | 0.17 | 0.65 | 1.19 | 0.98 | ||||
End of Q3 | 0.04 | 0.28 | 0.98 | 1.52 | 1.24 | 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 | Average in Q3 | 0.05 | 0.23 | 0.80 | 1.32 | 1.10 | ||||
Q4/21 | Beg of Q4 | 0.04 | 0.28 | 0.98 | 1.52 | 1.24 | |||||||||
Peak | 0.08 | 0.76 | 1.34 | 1.68 | 1.29 | ||||||||||
Trough | 0.04 | 0.27 | 0.93 | 1.35 | 0.72 | ||||||||||
End of Q4 | 0.06 | 0.73 | 1.26 | 1.52 | 0.79 | ||||||||||
Average in Q4 | 0.05 | 0.53 | 1.18 | 1.53 | 1.00 | ||||||||||
Q1/22 | Beg of Q1 | 0.06 | 0.73 | 1.26 | 1.52 | 0.79 | |||||||||
Peak | 0.59 | 2.35 | 2.55 | 2.48 | 0.89 | ||||||||||
Trough | 0.08 | 0.77 | 1.37 | 1.63 | 0.04 | ||||||||||
End of Q1 | 0.52 | 2.28 | 2.42 | 2.32 | 0.04 | ||||||||||
Average in Q1 | 0.31 | 1.46 | 1.83 | 1.95 | 0.49 |
(dollars in thousands) | ||||
Under 1 year | $ | 888,760 | ||
1 to 2 years | 43,570 | |||
2 to 3 years | 6,297 | |||
3 to 4 years | 937 | |||
4 to 5 years | 518 | |||
Over 5 years | 133 | |||
$ | 940,215 |
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, 2021 | As of December 31, 2020 | As of March 31, 2022 | As of January 1, 2022 | ||||||||||||||||||||||||||||
Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | |||||||||||||||||||||||||
Commercial | $ | 3,083 | 4.30 | % | $ | 3,975 | 4.67 | % | $ | 1,940 | 3.86 | % | $ | 1,917 | 4.07 | % | ||||||||||||||||
Real estate - construction | 411 | 0.86 | % | 290 | 0.58 | % | 341 | 0.68 | % | 409 | 0.84 | % | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 40,339 | 89.37 | % | 41,228 | 88.81 | % | 39,173 | 89.96 | % | 39,620 | 89.68 | % | ||||||||||||||||||||
Home equity lines of credit | 3,073 | 5.26 | % | 3,597 | 5.71 | % | 4,654 | 5.29 | % | 4,609 | 5.20 | % | ||||||||||||||||||||
Installment Loans | 444 | 0.21 | % | 505 | 0.23 | % | 70 | 0.21 | % | 65 | 0.21 | % | ||||||||||||||||||||
$ | 47,350 | 100.00 | % | $ | 49,595 | 100.00 | % | $ | 46,178 | 100.00 | % | $ | 46,620 | 100.00 | % |
As of | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | 28.10 | % | ||
+300 BP | 27.60 | |||
+200 BP | 28.40 | |||
+100 BP | 27.70 | |||
Current rates | 26.00 | |||
-100 BP | 23.00 |
(Bank Only) | ||||||||||||||||
(dollars in thousands) | As of March 31, 2022 | Well | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||
Amount | Ratio | Capitalized(1) | Buffer (1)(2) | |||||||||||||
Tier 1 leverage ratio | $ | 575,895 | 9.286 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 575,895 | 18.743 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 575,895 | 18.743 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 614,433 | 19.997 | 10.000 | 10.500 |
(dollars in thousands) | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||||||||
As of December 31, 2021 | Well | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||||||||||||||
$ | 561,969 | 9.148 | $ | 570,594 | 9.324 | % | 5.000 | % | 4.000 | % | ||||||||||||||||||||||
561,969 | 18.899 | 570,594 | 18.954 | 6.500 | 7.000 | |||||||||||||||||||||||||||
Tier 1 risk-based capital | 561,969 | 18.899 | 8.000 | 8.500 | 570,594 | 18.954 | 8.000 | 8.500 | ||||||||||||||||||||||||
Total risk-based capital | 599,265 | 20.153 | 10.000 | 10.500 | 608,308 | 20.206 | 10.000 | 10.500 |
(dollars in thousands) | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | ||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||
As of March 31, 2022 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Well Capitalized(1) | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | Amount | Ratio | Buffer (1)(2) | |||||||||||||||||||||
$ | 539,897 | 9.378 | $ | 594,711 | 9.585 | % | 4.000 | % | ||||||||||||||||||||
539,897 | 18.646 | 594,711 | 19.349 | 7.000 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 539,897 | 18.646 | 8.000 | 8.500 | 594,711 | 19.349 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 576,257 | 19.902 | 10.000 | 10.500 | 633,260 | 20.603 | 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 | ||||||||||||||||||||||||
As of December 31, 2021 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Minimum for Capital Adequacy plus Capital Conservation Buffer (1)(2) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||
$ | 555,672 | 9.650 | $ | 588,427 | 9.614 | % | 4.000 | % | ||||||||||||||||
555,672 | 19.187 | 588,427 | 19.541 | 7.000 | ||||||||||||||||||||
Tier 1 risk-based capital | 555,672 | 19.187 | 8.500 | 588,427 | 19.541 | 8.500 | ||||||||||||||||||
Total risk-based capital | 592,040 | 20.443 | 10.500 | 626,150 | 20.794 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The |
(dollars in thousands) | Three months ended September 30, 2021 | Three months ended September 30, 2020 | Three months ended March 31, 2022 | Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest | Variance Balance | Variance Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/ | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 68,505 | $ | 91 | 0.53 | % | $ | 12,391 | $ | 14 | 0.45 | % | $ | 77 | 74 | 3 | $ | 61,755 | $ | 86 | 0.55 | % | $ | 51,649 | $ | 50 | 0.38 | % | $ | 36 | 11 | 25 | ||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 300,765 | 1,038 | 1.38 | % | 313,296 | 1,319 | 1.68 | % | (281 | ) | (51 | ) | (230 | ) | 261,124 | 1,087 | 1.67 | % | 327,614 | 1,237 | 1.51 | % | (150 | ) | (774 | ) | 624 | |||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 48 | 2 | 6.66 | % | 110 | 2 | 7.90 | % | - | - | - | 41 | 1 | 6.73 | % | 50 | 1 | 6.47 | % | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 48,543 | 220 | 1.81 | % | 59,555 | 646 | 4.33 | % | (426 | ) | (103 | ) | (323 | ) | 52,977 | 233 | 1.76 | % | 63,334 | 316 | 1.99 | % | (83 | ) | (49 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 34,578 | 181 | 2.09 | % | 43,282 | 216 | 1.99 | % | (35 | ) | (98 | ) | 63 | 29,871 | 154 | 2.06 | % | 39,582 | 206 | 2.09 | % | (52 | ) | (50 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other | 686 | 5 | 2.92 | % | 685 | 5 | 2.92 | % | - | - | - | 686 | 2 | 1.17 | % | 686 | 6 | 3.50 | % | (4 | ) | - | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 453,125 | 1,537 | 1.36 | % | 429,319 | 2,202 | 2.05 | % | (665 | ) | (178 | ) | (487 | ) | 406,454 | 1,563 | 1.54 | % | 482,915 | 1,816 | 1.50 | % | (253 | ) | (862 | ) | 609 | |||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 1,166,679 | 470 | 0.16 | % | 938,087 | 242 | 0.10 | % | 228 | 69 | 159 | 1,187,201 | 572 | 0.20 | % | 1,029,570 | 270 | 0.11 | % | 302 | 47 | 255 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 9,541 | 90 | 3.79 | % | 13,273 | 123 | 3.70 | % | (33 | ) | (52 | ) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 11,168 | 104 | 3.72 | % | 15,759 | 138 | 3.52 | % | (34 | ) | (81 | ) | 47 | 9,541 | 90 | 3.79 | % | 13,273 | 123 | 3.70 | % | (33 | ) | (52 | ) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,604 | 64 | 4.57 | % | 5,506 | 77 | 5.59 | % | (13 | ) | 8 | (21 | ) | 5,604 | 62 | 4.43 | % | 5,506 | 69 | 5.01 | % | (7 | ) | 8 | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 210,825 | 2,649 | 5.03 | % | 231,517 | 2,625 | 4.54 | % | 24 | (1,016 | ) | 1,040 | 194,989 | 2,525 | 5.18 | % | 212,781 | 2,945 | 5.54 | % | (420 | ) | (238 | ) | (182 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 3,920,903 | 34,532 | 3.52 | % | 3,702,680 | 36,020 | 3.89 | % | (1,488 | ) | 9,896 | (11,384 | ) | 4,007,886 | 34,197 | 3.42 | % | 3,789,256 | 34,852 | 3.69 | % | (655 | ) | 8,684 | (9,339 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 231,269 | 2,152 | 3.69 | % | 251,459 | 2,515 | 3.98 | % | (363 | ) | (191 | ) | (172 | ) | 232,535 | 2,125 | 3.71 | % | 238,379 | 2,259 | 3.84 | % | (134 | ) | (54 | ) | (80 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 8,669 | 155 | 7.10 | % | 9,632 | 170 | 7.02 | % | (15 | ) | (28 | ) | 13 | 8,974 | 156 | 7.03 | % | 8,795 | 161 | 7.41 | % | (5 | ) | 17 | (22 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 4,444,384 | 39,003 | 3.52 | % | 4,249,211 | 40,217 | 3.80 | % | (1,214 | ) | 8,409 | (9,623 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 6,008,242 | 41,663 | 2.77 | % | 5,583,959 | 43,989 | 3.15 | % | (2,326 | ) | 8,479 | (10,805 | ) | 6,053,184 | 41,290 | 2.74 | % | 5,780,475 | 42,495 | 2.95 | % | (1,205 | ) | 7,550 | (8,755 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (50,160 | ) | (48,483 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | (46,759 | ) | (49,945 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 195,902 | 201,018 | 207,308 | 199,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,153,984 | 5,736,494 | $ | 6,213,733 | 5,930,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 1,153,812 | 38 | 0.01 | % | $ | 1,024,455 | $ | 55 | 0.02 | % | (17 | ) | 39 | (56 | ) | $ | 1,191,496 | 44 | 0.01 | % | $ | 1,084,572 | $ | 52 | 0.02 | % | (8 | ) | 27 | (35 | ) | ||||||||||||||||||||||||||||||||||||||||
Money market accounts | 738,662 | 202 | 0.11 | % | 682,319 | 637 | 0.37 | % | (435 | ) | 329 | (764 | ) | 791,689 | 214 | 0.11 | % | 725,570 | 283 | 0.16 | % | (69 | ) | 146 | (215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,430,558 | 154 | 0.04 | % | 1,222,956 | 161 | 0.05 | % | (7 | ) | 108 | (115 | ) | 1,527,975 | 156 | 0.04 | % | 1,315,049 | 159 | 0.05 | % | (3 | ) | 101 | (104 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,152,298 | 1,149 | 0.40 | % | 1,355,244 | 4,749 | 1.39 | % | (3,600 | ) | (623 | ) | (2,977 | ) | 964,158 | 546 | 0.23 | % | 1,261,963 | 1,666 | 0.54 | % | (1,120 | ) | (327 | ) | (793 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 4,475,330 | 1,543 | 0.14 | % | 4,284,974 | 5,602 | 0.52 | % | (4,059 | ) | (147 | ) | (3,912 | ) | 4,475,318 | 960 | 0.09 | % | 4,387,154 | 2,160 | 0.20 | % | (1,200 | ) | (53 | ) | (1,147 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 240,183 | 232 | 0.38 | % | 193,765 | 221 | 0.45 | % | 11 | 173 | (162 | ) | 248,535 | 234 | 0.38 | % | 223,807 | 228 | 0.41 | % | 6 | 87 | (81 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,715,513 | 1,775 | 0.15 | % | 4,478,739 | 5,823 | 0.52 | % | (4,048 | ) | 26 | (4,074 | ) | 4,723,853 | 1,194 | 0.10 | % | 4,610,961 | 2,388 | 0.21 | % | (1,194 | ) | 34 | (1,228 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 780,163 | 622,313 | 808,695 | 673,428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 75,116 | 78,093 | 83,633 | 75,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 583,192 | 557,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 597,552 | 570,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,153,984 | $ | 5,736,494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 6,213,733 | $ | 5,930,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, tax equivalent | 39,888 | 38,166 | $ | 1,722 | 8,453 | (6,731 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 40,096 | 40,107 | $ | (11 | ) | 7,516 | (7,527 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.62 | % | 2.63 | % | 2.63 | % | 2.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.65 | % | 2.73 | % | 2.66 | % | 2.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (1 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 39,887 | 38,165 | 40,096 | 40,107 |
(dollars in thousands) | 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 | ||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 65,103 | 238 | 0.49 | % | $ | 42,573 | 541 | 1.69 | % | $ | (303 | ) | 308 | (611 | ) | ||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 318,472 | 3,442 | 1.44 | % | 339,300 | 4,959 | 1.95 | % | (1,517 | ) | (289 | ) | (1,228 | ) | ||||||||||||||||||||||
State and political subdivisions | 49 | 3 | 8.16 | % | 111 | 6 | 7.79 | % | (3 | ) | (4 | ) | 1 | |||||||||||||||||||||||
Corporate bonds | 56,245 | 859 | 2.04 | % | 46,508 | 1,372 | 3.93 | % | (513 | ) | 378 | (891 | ) | |||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 36,981 | 580 | 2.09 | % | 45,313 | 690 | 2.03 | % | (110 | ) | (142 | ) | 32 | |||||||||||||||||||||||
Other | 686 | 16 | 3.11 | % | 685 | 16 | 3.11 | % | - | - | - | |||||||||||||||||||||||||
Total securities available for sale | 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 | 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 | 12,199 | 338 | 3.70 | % | 17,029 | 475 | 3.72 | % | (137 | ) | (134 | ) | (3 | ) | ||||||||||||||||||||||
Total held to maturity securities | 12,199 | 338 | 3.70 | % | 17,029 | 475 | 3.72 | % | (137 | ) | (134 | ) | (3 | ) | ||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,570 | 198 | 4.74 | % | 7,998 | 351 | 5.85 | % | (153 | ) | (94 | ) | (59 | ) | ||||||||||||||||||||||
Commercial loans | 212,832 | 8,203 | 5.14 | % | 217,573 | 7,778 | 4.77 | % | 425 | (261 | ) | 686 | ||||||||||||||||||||||||
Residential mortgage loans | 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 | 234,682 | 6,622 | 3.77 | % | 258,956 | 7,898 | 4.07 | % | (1,276 | ) | (710 | ) | (566 | ) | ||||||||||||||||||||||
Installment loans | 8,608 | 469 | 7.28 | % | 10,129 | 537 | 7.08 | % | (68 | ) | (91 | ) | 23 | |||||||||||||||||||||||
Loans, net of unearned income | 4,309,082 | 119,513 | 3.70 | % | 4,139,424 | 125,058 | 4.03 | % | (5,545 | ) | 7,164 | (12,709 | ) | |||||||||||||||||||||||
Total interest earning assets | 5,912,405 | 126,213 | 2.85 | % | 5,332,227 | 135,170 | 3.38 | % | (8,957 | ) | 8,258 | (17,215 | ) | |||||||||||||||||||||||
Allowance for loan losses | (50,101 | ) | (46,618 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 196,876 | 196,835 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 6,059,180 | $ | 5,482,444 | ||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 1,129,480 | 136 | 0.02 | % | $ | 949,909 | 97 | 0.01 | % | 39 | 11 | 28 | |||||||||||||||||||||||
Money market accounts | 731,171 | 721 | 0.13 | % | 646,170 | 2,595 | 0.54 | % | (1,874 | ) | 500 | (2,374 | ) | |||||||||||||||||||||||
Savings | 1,376,494 | 475 | 0.05 | % | 1,169,316 | 560 | 0.06 | % | (85 | ) | 108 | (193 | ) | |||||||||||||||||||||||
Time deposits | 1,203,708 | 4,076 | 0.45 | % | 1,372,369 | 16,739 | 1.63 | % | (12,663 | ) | (1,838 | ) | (10,825 | ) | ||||||||||||||||||||||
Total interest bearing deposits | 4,440,853 | 5,408 | 0.16 | % | 4,137,764 | 19,991 | 0.65 | % | (14,583 | ) | (1,219 | ) | (13,364 | ) | ||||||||||||||||||||||
Short-term borrowings | 232,532 | 688 | 0.40 | % | 173,497 | 778 | 0.60 | % | (90 | ) | 304 | (394 | ) | |||||||||||||||||||||||
Total interest bearing liabilities | 4,673,385 | 6,096 | 0.17 | % | 4,311,261 | 20,769 | 0.64 | % | (14,673 | ) | (915 | ) | (13,758 | ) | ||||||||||||||||||||||
Demand deposits | 735,495 | 543,279 | ||||||||||||||||||||||||||||||||||
Other liabilities | 73,689 | 77,568 | ||||||||||||||||||||||||||||||||||
Shareholders' equity | 576,611 | 550,336 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,059,180 | $ | 5,482,444 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 120,117 | 114,401 | $ | 5,716 | 9,173 | (3,457 | ) | |||||||||||||||||||||||||||||
Net interest spread | 2.67 | % | 2.74 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.71 | % | 2.86 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 120,116 | 114,399 |
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 |
Issuer Purchases of Common Shares | ||||||||||||||||
Period | Total numbers of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (1) | ||||||||||||
January 1, 2022 through January 31, 2022 | - | N/A | - | 330,000 | ||||||||||||
February 1, 2022 through February 28, 2022 | - | N/A | - | - | ||||||||||||
March 1, 2022 through March 31, 2022 | 18,114 | $ | 33.57 | 18,114 | 181,886 | |||||||||||
Total | 18,114 | $ | 33.57 | 18,114 | 181,886 |
(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. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety |
Item 5. | Other Information |
Reg S-K (Item 601) | |
Exhibit No. | Description |
Crowe LLP Letter Regarding Unaudited Interim Financial Information | |
Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer. | |
Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer. | |
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: | May 6, 2022 |