Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | TRUSTCO BANK CORP N Y | ||
Entity Central Index Key | 357,301 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 641,249,401 | ||
Entity Common Stock, Shares Outstanding | 95,368,575 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 141,887 | $ 135,960 | $ 127,944 |
Interest and dividends on securities available for sale: | |||
U. S. government sponsored enterprises | 1,418 | 1,417 | 2,600 |
State and political subdivisions | 87 | 179 | 562 |
Mortgage-backed securities and collateralized mortgage obligations-residential | 9,132 | 12,150 | 11,385 |
Corporate bonds | 1 | 65 | 812 |
Small Business Administration-guaranteed participation securities | 2,004 | 2,154 | 2,180 |
Mortgage-backed securities and collateralized mortgage obligations-commercial | 149 | 151 | 144 |
Other | 16 | 16 | 17 |
Total interest and dividends on securities available for sale | 12,807 | 16,132 | 17,700 |
Interest on held to maturity securities: | |||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,844 | 2,259 | 2,840 |
Corporate bonds | 615 | 615 | 833 |
Total interest on held to maturity securities | 2,459 | 2,874 | 3,673 |
Federal Reserve Bank and Federal Home Loan Bank stock | 467 | 511 | 490 |
Interest on federal funds sold and other short-term investments | 1,725 | 1,464 | 1,240 |
Total interest and dividend income | 159,345 | 156,941 | 151,047 |
Interest expense: | |||
Interest on deposits | 14,983 | 14,091 | 13,800 |
Interest on short-term borrowings | 1,214 | 1,397 | 1,483 |
Total interest expense | 16,197 | 15,488 | 15,283 |
Net interest income | 143,148 | 141,453 | 135,764 |
Provision for loan losses | 3,700 | 5,100 | 7,000 |
Net interest income after provision for loan losses | 139,448 | 136,353 | 128,764 |
Noninterest income: | |||
Trustco Financial Services income | 5,971 | 5,837 | 5,301 |
Fees for services to customers | 10,689 | 10,844 | 11,675 |
Net gain on securities transactions | 251 | 717 | 1,622 |
Other | 961 | 2,508 | 1,172 |
Total noninterest income | 17,872 | 19,906 | 19,770 |
Noninterest expense: | |||
Salaries and employee benefits | 32,521 | 32,879 | 32,424 |
Net occupancy expense | 15,799 | 16,251 | 16,100 |
Equipment expense | 6,871 | 7,219 | 6,381 |
Professional services | 7,878 | 5,807 | 5,649 |
Outsourced services | 5,860 | 5,350 | 5,125 |
Advertising expense | 2,593 | 2,487 | 2,827 |
FDIC and other insurance expense | 6,339 | 3,907 | 3,975 |
Other real estate expense, net | 2,001 | 1,009 | 3,598 |
Other | 10,698 | 9,761 | 8,926 |
Total noninterest expense | 90,560 | 84,670 | 85,005 |
Income before income taxes | 66,760 | 71,589 | 63,529 |
Income taxes | 24,522 | 27,396 | 23,717 |
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.444 | $ 0.467 | $ 0.422 |
Diluted (in dollars per share) | $ 0.444 | $ 0.466 | $ 0.422 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Net unrealized holding (loss) gain on securities available for sale | (1,079) | 24,630 | (34,691) |
Reclassification adjustments for net gain recognized in income | (251) | (717) | (1,622) |
Tax effect | 531 | (9,528) | 14,480 |
Net unrealized (loss) gain on securities available for sale, net of tax | (799) | 14,385 | (21,833) |
Change in overfunded position in pension and postretirement plans arising during the year | 711 | (8,367) | 10,559 |
Tax effect | (281) | 3,336 | (4,210) |
Change in overfunded position in pension and postretirement plans arising during the year, net of tax | 430 | (5,031) | 6,349 |
Amortization of net actuarial loss (gain) | 70 | (297) | 467 |
Amortization of prior service cost (credit) | 90 | 199 | (262) |
Tax effect | (63) | 38 | (82) |
Amortization of net actuarial loss (gain) and prior service cost (credit) on pension and postretirement plans, net of tax | 97 | (60) | 123 |
Other comprehensive (loss) income, net of tax | (272) | 9,294 | (15,361) |
Comprehensive income | $ 41,966 | $ 53,487 | $ 24,451 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 41,698 | $ 43,505 |
Federal funds sold and other short term investments | 676,458 | 627,943 |
Total cash and cash equivalents | 718,156 | 671,448 |
Securities available for sale | 601,037 | 676,759 |
Held to maturity securities ($59,439 and $75,342 fair value at December 31, 2015 and 2014, respectively) | 56,465 | 70,946 |
Federal Reserve Bank and Federal Home Loan Bank stock | 9,480 | 9,228 |
Loans, net of deferred fees and costs | 3,293,304 | 3,158,332 |
Less: Allowance for loan losses | 44,762 | 46,327 |
Net loans | 3,248,542 | 3,112,005 |
Bank premises and equipment, net | 37,643 | 38,565 |
Other assets | 63,669 | 65,488 |
Total assets | 4,734,992 | 4,644,439 |
Deposits: | ||
Demand | 365,081 | 331,425 |
Savings accounts | 1,262,194 | 1,216,831 |
Interest-bearing checking | 754,347 | 682,210 |
Money market deposit accounts | 610,826 | 638,542 |
Other time accounts | 1,107,930 | 1,163,233 |
Total deposits | 4,100,378 | 4,032,241 |
Short-term borrowings | 191,226 | 189,116 |
Accrued expenses and other liabilities | 30,078 | 29,638 |
Total liabilities | $ 4,321,682 | $ 4,250,995 |
Commitments and contingent liabilities | ||
SHAREHOLDERS' EQUITY: | ||
Capital stock: $1 par value; 150,000,000 shares authorized, 98,973,452 and 98,944,623 shares issued at December 31, 2015 and 2014, respectively | $ 98,973 | $ 98,945 |
Surplus | 171,443 | 172,353 |
Undivided profits | 184,009 | 166,745 |
Accumulated other comprehensive loss, net of tax | (4,781) | (4,509) |
Treasury stock: 3,711,228 and 4,087,295 shares, at cost, at December 31, 2015 and 2014, respectively | (36,334) | (40,090) |
Total shareholders' equity | 413,310 | 393,444 |
Total liabilities and shareholders' equity | $ 4,734,992 | $ 4,644,439 |
Consolidated Statements of Con5
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Held to maturity securities, fair value | $ 59,439 | $ 75,342 |
SHAREHOLDERS' EQUITY: | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Capital stock, shares issued (in shares) | 98,973,452 | 98,944,623 |
Treasury stock, at cost (in shares) | 3,711,228 | 4,087,295 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Capital Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2012 | $ 98,912 | $ 174,899 | $ 132,378 | $ 1,558 | $ (48,949) | $ 358,798 |
Net Income | 0 | 0 | 39,812 | 0 | 0 | 39,812 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | (15,361) | 0 | (15,361) |
Stock options and related tax benefits | 15 | 61 | 0 | 0 | (40) | 36 |
Cash dividend declared | 0 | 0 | (24,758) | 0 | 0 | (24,758) |
Sale of treasury stock | 0 | (2,194) | 0 | 0 | 5,102 | 2,908 |
Stock based compensation expense | 0 | 378 | 0 | 0 | 0 | 378 |
Balance at Dec. 31, 2013 | 98,927 | 173,144 | 147,432 | (13,803) | (43,887) | 361,813 |
Net Income | 0 | 0 | 44,193 | 0 | 0 | 44,193 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 9,294 | 0 | 9,294 |
Stock options and related tax benefits | 18 | 113 | 0 | 0 | 0 | 131 |
Cash dividend declared | 0 | 0 | (24,880) | 0 | 0 | (24,880) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (282) | (282) |
Sale of treasury stock | 0 | (1,229) | 0 | 0 | 4,079 | 2,850 |
Stock based compensation expense | 0 | 325 | 0 | 0 | 0 | 325 |
Balance at Dec. 31, 2014 | 98,945 | 172,353 | 166,745 | (4,509) | (40,090) | 393,444 |
Net Income | 0 | 0 | 42,238 | 0 | 0 | 42,238 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | (272) | 0 | (272) |
Stock options and related tax benefits | 28 | 119 | 0 | 0 | 0 | 147 |
Cash dividend declared | 0 | 0 | (24,974) | 0 | 0 | (24,974) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (147) | (147) |
Sale of treasury stock | 0 | (1,233) | 0 | 0 | 3,903 | 2,670 |
Stock based compensation expense | 0 | 204 | 0 | 0 | 0 | 204 |
Balance at Dec. 31, 2015 | $ 98,973 | $ 171,443 | $ 184,009 | $ (4,781) | $ (36,334) | $ 413,310 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Changes in Shareholders' Equity | |||
Cash dividend declared (in dollars per share) | $ 0.2625 | $ 0.2625 | $ 0.2625 |
Purchase of treasury stock (in shares) | 22,364 | 38,390 | |
Sale of treasury stock (in shares) | 398,431 | 414,881 | 518,726 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,554 | 4,776 | 5,017 |
Net gain on sale of other real estate owned | (373) | (2,599) | (509) |
Writedown of other real estate owned | 1,143 | 1,967 | 2,166 |
Net gain on sale of building held for sale | 0 | (1,556) | 0 |
Provision for loan losses | 3,700 | 5,100 | 7,000 |
Deferred tax expense (benefit) | 3,011 | 2,964 | (1,426) |
Net amortization of securities | 5,486 | 5,458 | 6,930 |
Stock based compensation expense | 204 | 325 | 378 |
Net gain on sale of bank premises and equipment | 0 | (1) | (16) |
Net gain on securities transactions | (251) | (717) | (1,622) |
Decrease (increase) in taxes receivable | 3,510 | 723 | (38) |
Decrease in interest receivable | 538 | 398 | 554 |
Increase (decrease) in interest payable | (47) | 80 | 19 |
Decrease (increase) in other assets | (4,168) | (7,239) | 7,047 |
Increase in accrued expenses and other liabilities | 463 | 1,123 | 4,577 |
Total adjustments | 17,770 | 10,802 | 30,077 |
Net cash provided by operating activities | 60,008 | 54,995 | 69,889 |
Cash flows from investing activities: | |||
Proceeds from sales and calls of securities available for sale | 254,955 | 321,074 | 417,204 |
Purchases of securities available for sale | (189,823) | (126,113) | (423,547) |
Proceeds from maturities of securities available for sale | 4,025 | 11,206 | 13,060 |
Proceeds from calls and maturities of held to maturity securities | 14,481 | 15,269 | 57,211 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (252) | (451) | (868) |
Proceeds from redemptions of Federal Reserve Bank and Federal Home Loan Bank stock | 0 | 1,723 | 0 |
Net increase in loans | (148,532) | (266,630) | (243,937) |
Net proceeds from sale of building held for sale | 0 | 4,745 | 0 |
Proceeds from dispositions of other real estate owned | 7,511 | 12,972 | 10,967 |
Proceeds from dispositions of bank premises and equipment | 112 | 139 | 16 |
Purchases of bank premises and equipment | (3,744) | (8,497) | (6,381) |
Net cash used in investing activities | (61,267) | (34,563) | (176,275) |
Cash flows from financing activities: | |||
Net increase in deposits | 68,137 | 105,170 | 122,878 |
Net increase (decrease) in short-term borrowings | 2,110 | (15,046) | 44,316 |
Proceeds from exercise of stock options and related tax benefits | 147 | 131 | 36 |
Proceeds from sales of treasury stock | 2,670 | 2,850 | 2,908 |
Purchases of treasury stock | (147) | (282) | 0 |
Dividends paid | (24,950) | (24,851) | (24,724) |
Net cash provided by financing activities | 47,967 | 67,972 | 145,414 |
Net increase in cash and cash equivalents | 46,708 | 88,404 | 39,028 |
Cash and cash equivalents at beginning of period | 671,448 | 583,044 | 544,016 |
Cash and cash equivalents at end of period | 718,156 | 671,448 | 583,044 |
Cash paid during the year for: | |||
Interest paid | 16,244 | 15,408 | 15,264 |
Income taxes paid | 21,005 | 26,727 | 23,821 |
Non cash investing and financing activities: | |||
Transfer of loans to real estate owned | 8,295 | 10,620 | 12,648 |
Transfer of other real estate owned to fixed assets | 0 | 568 | 0 |
Transfer of building to other assets | 0 | 0 | 3,189 |
Increase in dividends payable | 24 | 29 | 34 |
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes | (1,330) | 23,913 | (36,313) |
Change in deferred tax effect on unrealized gain (loss) on securities available for sale, net of reclassification adjustment | 531 | (9,528) | 14,480 |
Amortization of net actuarial loss and prior service credit on pension and post retirement plans, gross of deferred taxes | 160 | (98) | 205 |
Change in deferred tax effect of amortization of net actuarial loss and prior service credit on pension and post retirement plans | (63) | 38 | (82) |
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes | 711 | (8,367) | 10,559 |
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) | $ (281) | $ 3,336 | $ (4,210) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accounting and financial reporting policies of TrustCo Bank Corp NY (the Company or TrustCo), ORE Subsidiary Corp., Trustco Bank (Trustco Bank or the Bank), and its wholly owned subsidiaries, Trustco Realty Corporation, Trustco Insurance Agency, Inc., ORE Property, Inc. and its subsidiaries ORE Property One, Inc. and ORE Property Two, Inc. conform to general practices within the banking industry and are in conformity with U.S. generally accepted accounting principles. A description of the more significant policies follows. Consolidation The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Securities Available for Sale and Held to Maturity Securities available for sale are carried at fair value with any unrealized appreciation or depreciation of value, net of tax, included as an element of accumulated other comprehensive income or loss in shareholders’ equity. Management maintains an available for sale portfolio in order to provide maximum flexibility in balance sheet management. The designation of available for sale is made at the time of purchase based upon management’s intent to hold the securities for an indefinite period of time. These securities, however, are available for sale in response to changes in market interest rates, related changes in liquidity needs, or changes in the availability of and yield on alternative investments. Unrealized losses on securities that reflect a decline in value which is other than temporary, if any, are charged to earnings and/or accumulated other comprehensive income (loss). Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. The cost of debt securities is adjusted for amortization of premium and accretion of discount using the interest method. Premiums and discounts on securities are amortized on the interest method over the estimated remaining term of the underlying security without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on the sale of securities available for sale are based on the amortized cost of the specific security sold at trade date. Other Than Temporary Impairment (“OTTI”) A decline in the fair value of any available for sale or held to maturity security below cost that is deemed to be other than temporary is charged to earnings and/or accumulated other comprehensive income (loss), resulting in the establishment of a new cost basis of the security. Management evaluates these types of securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Additional discussion of OTTI is included in Note 3 of the consolidated financial statements. Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of its regional FRB. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received are reported as income. Loans Loans are carried at the principal amount outstanding net of unearned income and unamortized loan fees and costs, which are recognized as adjustments to interest income over the applicable loan term. Interest income on loans is accrued based on the principal amount outstanding. Nonperforming loans include non-accrual loans and loans which are three payments or more past due and still accruing interest. Generally, loans are placed in non-accrual status either due to the delinquent status of principal and/or interest payments, or a judgment by management that, although payments of principal and/or interest are current, such action is prudent based upon specific facts and circumstances surrounding the borrower. Typically, a loan is moved to non-accrual status after 90 days of non-payment in accordance with the Company’s policy. Past due status is based on the contractual terms of the loan. All interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Future payments received on nonperforming loans are recorded as interest income or principal reductions based upon management’s ultimate expectation for collection. Loans may be removed from non-accrual status when they become current as to principal and interest and have demonstrated a sustained ability to make loan payments in accordance with the contractual terms of the loan. Loans may also be removed from non-accrual status when, in the opinion of management, the loan is expected to be fully collectable as to principal and interest. When, in the opinion of management, the collection of principal appears unlikely, the loan balance is evaluated in light of its sources of repayment, and a charge-off is recorded when appropriate. Loan origination fees, net of certain direct origination costs, are deferred and recognized using the level yield method without anticipating prepayments. Allowance for Loan Losses The allowance for loan losses is maintained at a level considered adequate by management to provide for probable incurred loan losses. The allowance is increased by provisions charged against income, while loan losses are charged against the allowance when management deems a loan balance to be uncollectible. Subsequent recoveries, if any, are credited to the allowance. The Company performs an analysis of the adequacy of the allowance on at least a quarterly basis. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations, current economic conditions, past due and charge-off trends and other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance methodology consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Additionally, loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral with any charge-off recognized at that time. For TDRs that subsequently default, the Company determines the amount of additional charge-off, if any, in accordance with the accounting policy for the allowance for loan losses with respect to impaired loans described previously. Commercial and commercial real estate loans in non-accrual status are defined as impaired loans and are individually evaluated for impairment. In addition, any restructured loans that meet the definition of a TDR are defined as impaired. If a loan is impaired, a charge-off is taken so that the loan is reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral, if repayment is expected solely from the collateral. Residential real estate loans and consumer loans are collectively evaluated for impairment. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by geography for each portfolio segment and is based on the actual net loss history experienced by the Company. This actual loss experience is supplemented with other qualitative factors based on the risks present in each geography and portfolio segment. These factors include consideration of the following: changes in national, regional and local economic trends and conditions; effects of any changes in interest rates; changes in the volume and severity of net charge-offs, delinquencies, and nonperforming loans; changes in the experience, ability, and depth of lending management and other relevant staff; changes in the quality of the Company’s loan review system; effects of any changes in credit concentrations; effects of any changes in underwriting standards, lending policies, procedures, and practices; and changes in the nature, volume and terms of loans. The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non-accrual status and residential and installment loans three payments past due and still accruing interest, commercial loans classified by the Company’s internal loan review grading process, and residential loans with loan-to-value ratios in excess of 90% at the time of origination. The reserve percentages are determined based upon a review of recent charge-offs and take into consideration the type of loan, the fixed or variable nature of the loan, and the type and geography of the underlying collateral, if any. The following portfolio segments have been identified: commercial loans, 1-to-4 family residential real estate loans, and installment loans: Commercial: Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank’s geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower’s ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained. Residential real estate: Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the Bank’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required. Installment: The Company’s installment loans are primarily made up of installment loans, personal lines of credit, as well as secured and unsecured credit cards. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured as are most credit card loans. Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight-line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements. Other Real Estate Owned Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At both December 31, 2015 and 2014, there were $6.4 million of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. Income Taxes In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. Income tax positions and recorded tax benefits are assessed by management for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. When applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Dividend Restrictions The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements, the Bank’s compliance with the capital plan required under the terms of the Bank’s July 21, 2015 formal agreement with the OCC, and the receipt of regulatory approval (or non-objection) from the Bank’s and the Company’s regulators. Under the agreement with the OCC, the Bank may declare or pay a dividend or make a capital distribution only (a) when the Bank is in compliance with its approved written capital plan, and would remain in compliance with such Capital Plan immediately following the declaration or payment of any dividend or capital distribution and (b) following OCC approval under OCC capital distribution rules. Under those rules, the OCC may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution. During 2016, the Bank could declare, with regulatory approval, dividends of approximately $56.0 million plus any 2016 net profits retained to the date of the dividend declaration. Benefit Plans The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee’s compensation. This plan was frozen as of December 31, 2006. The Company has a postretirement benefit plan that permits retirees at age 65 access to a Medicare Supplemental program. Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income (loss). In order to measure the expense associated with the Plans, various assumptions are made including the discount rate, expected return on plan assets, anticipated mortality rates, and expected future healthcare costs. The assumptions are based on historical experience as well as current facts and circumstances. The Company uses a December 31 measurement date for its Plans. As of the measurement date, plan assets are determined based on fair value, generally representing observable market prices. The projected benefit obligation is primarily determined based on the present value of projected benefit distributions at an assumed discount rate. Net periodic pension benefit costs include service costs, interest costs based on an assumed discount rate, the expected return on plan assets based on actuarially derived market-related values, and the amortization of net actuarial losses. Net periodic postretirement benefit costs include service costs, interest costs based on an assumed discount rate, and the amortization of prior service credits and net actuarial gains. Differences between expected and actual results in each year are included in the net actuarial gain or loss amount, which is recognized in other comprehensive income. The net actuarial gain or loss in excess of a 10% corridor is amortized in net periodic benefit cost over the average remaining service period of active participants in the Plans. The prior service credit is amortized over the average remaining service period to full eligibility for participating employees expected to receive benefits. Stock Based Compensation Plans The Company has stock based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company’s common stock at the date of grant is used. Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. Compensation costs for liability based awards are re-measured at each reporting date and recognized over the vesting period. For awards with performance based conditions, compensation cost is recognized over the performance period based on the Company’s expectation of meeting the specific performance criteria. Earnings Per Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. At December 31, 2015 and 2014, the Company did not have any unvested awards that would be considered participating securities. Reclassification of Prior Year Statements It is the Company’s policy to reclassify prior year consolidated financial statements to conform to the current year presentation. Segment Reporting The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the Downstate region of New York. In the opinion of management, the Company does not have any other reportable segments as defined by “Accounting Standards Codification” (ASC) Topic 280, “Disclosure about Segments of an Enterprise and Related Information”. Cash and Cash Equivalents The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. Trust Assets Assets under management with the Trustco Financial Services Department are not included in the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. Comprehensive Income (Loss) Comprehensive income (loss) represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Balances at Other Banks
Balances at Other Banks | 12 Months Ended |
Dec. 31, 2015 | |
Balances at Other Banks [Abstract] | |
Balances at Other Banks | (2) Balances at Other Banks The Company is required to maintain certain reserves of vault cash and/or deposits with the FRB. The amount of this reserve requirement, included in cash and due from banks and federal funds sold and other short term investments, was approximately $99.1 million and $91.2 million at December 31, 2015 and 2014, respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | (3) Investment Securities (a) Securities available for sale The amortized cost and fair value of the securities available for sale are as follows: (dollars in thousands) December 31, 2015 Amortized Gross Gross Fair U.S. government sponsored enterprises $ 86,899 19 181 86,737 State and political subdivisions 1,270 20 - 1,290 Mortgage backed securities and collateralized mortgage obligations - residential 416,625 430 5,326 411,729 Small Business Administration- guaranteed participation securities 92,620 - 2,204 90,416 Mortgage backed securities and collateralized mortgage obligations - commercial 10,422 - 242 10,180 Other 650 - - 650 Total debt securities 608,486 469 7,953 601,002 Equity securities 35 - - 35 Total securities available for sale $ 608,521 469 7,953 601,037 (dollars in thousands) December 31, 2014 Amortized Gross Gross Fair U.S. government sponsored enterprises $ 78,420 2 622 77,800 State and political subdivisions 2,232 39 - 2,271 Mortgage backed securities and collateralized mortgage obligations - residential 486,107 1,108 3,655 483,560 Corporate bonds 1,500 - - 1,500 Small Business Administration- guaranteed participation securities 103,273 - 2,777 100,496 Mortgage backed securities and collateralized mortgage obligations - commercial 10,696 - 249 10,447 Other 650 - - 650 Total debt securities 682,878 1,149 7,303 676,724 Equity securities 35 - - 35 Total securities available for sale $ 682,913 1,149 7,303 676,759 The following table distributes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2015, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity are shown separately: (dollars in thousands) Amortized Fair Due in one year or less $ 1,456 1,454 Due in one year through five years 86,482 86,322 Due after five years through ten years 872 892 Due after ten years 9 9 Mortgage backed securities and collateralized mortgage obligations - residential 416,625 411,729 Small Business Administration- guaranteed participation securities 92,620 90,416 Mortgage backed securities and collateralized mortgage obligations - commercial 10,422 10,180 $ 608,486 601,002 Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: (dollars in thousands) December 31, 2015 Less than 12 months Total Fair Gross Loss Fair Gross Fair Gross U.S. government sponsored enterprises $ 41,786 113 9,932 68 51,718 181 Mortgage backed securities and collateralized mortgage obligations - residential 187,605 2,147 167,549 3,179 355,153 5,326 Small Business Administration- guaranteed participation securities 7,529 111 82,888 2,093 90,417 2,204 Mortgage backed securities and collateralized mortgage obligations - commercial 5,553 130 4,627 112 10,180 242 Total $ 242,473 2,501 264,996 5,452 507,468 7,953 (dollars in thousands) December 31, 2014 Less than 12 months Total Fair Gross Fair Gross Fair Gross U.S. government sponsored enterprises $ 12,840 81 54,959 541 67,799 622 Mortgage backed securities and collateralized mortgage obligations - residential 65,549 492 325,476 3,163 391,025 3,655 Small Business Administration- guaranteed participation securities - - 100,496 2,777 100,496 2,777 Mortgage backed securities and collateralized mortgage obligations - commercial - - 10,447 249 10,447 249 Total $ 78,389 573 491,378 6,730 569,767 7,303 The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during 2015, 2014 and 2013 are as follows: (dollars in thousands) Year ended December 31, 2015 2014 2013 Proceeds from sales $ 22,945 69,147 160,820 Proceeds from calls 232,010 251,927 256,384 Gross realized gains 251 720 1,702 Gross realized losses - 3 80 Tax expense recognized on net gains on sales of securities available for sale were approximately $100 thousand, $287 thousand, and $649 thousand for the years ended December 31, 2015, 2014 and 2013 respectively. The amount of securities that have been pledged to secure short-term borrowings and for other purposes amounted to $277.1 million and $298.5 million at December 31, 2015 and 2014, respectively. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: (dollars in thousands) December 31, 2015 Amortized Gross Gross Fair Mortgage backed securities and collateralized mortgage obligations - residential $ 46,490 2,308 - 48,798 Corporate bonds 9,975 666 - 10,641 Total held to maturity $ 56,465 2,974 - 59,439 (dollars in thousands) December 31, 2014 Amortized Gross Gross Fair Mortgage backed securities and collateralized mortgage obligations - residential $ 60,986 3,334 - 64,320 Corporate bonds 9,960 1,062 - 11,022 Total held to maturity $ 70,946 4,396 - 75,342 The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2015, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are shown separately. (dollars in thousands) Amortized Fair Due in one year through five years $ 9,975 10,641 Mortgage backed securities and collateralized mortgage obligations - residential 46,490 48,798 $ 56,465 59,439 (c) Concentrations The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2015 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Fair Federal Home Loan Mortgage Corporation $ 161,834 160,976 Federal National Mortgage Association 335,008 331,414 Government National Mortgage Association 61,696 63,157 Small Business Administration 92,620 90,417 (d) Other-Than- -Impairment Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model. Investment securities classified as available for sale or held-to-maturity are generally evaluated for OTTI under ASC 320 “Investments – Debt and Equity Securities.” In determining OTTI under the FASB ASC 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether management intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If management intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If management does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI on debt securities shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. As of December 31, 2015, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below. U.S. government sponsored enterprises In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015. Mortgage backed securities and collateralized mortgage obligations - residential At December 31, 2015, all mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015. Small Business Administration (SBA) - guaranteed participation securities At December 31, 2015, all of the SBA securities held by the Company were issued and guaranteed by U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015. Mortgage backed securities and collateralized mortgage obligations - commercial As of December 31, 2015, all of the mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, are current as to the payment of interest and principal and the Company expects to collect the full amount of the principal and interest payments. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2015. As a result of the above analysis, for the year ended December 31, 2015, the Company did not recognize any other-than-temporary impairment losses for credit or any other reason. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | (4) Loans and Allowance for Loan Losses The following tables present the recorded investment in loans by loan class: December 31, 2015 (dollars in thousands) New York and Florida Total Commercial: Commercial real estate $ 160,965 14,908 175,873 Other 27,449 93 27,542 Real estate mortgage - 1 to 4 family: First mortgages 2,093,957 566,715 2,660,672 Home equity loans 52,251 8,250 60,501 Home equity lines of credit 308,165 51,160 359,325 Installment 8,000 1,391 9,391 Total loans, net $ 2,650,787 642,517 3,293,304 Less: Allowance for loan losses 44,762 Net loans $ 3,248,542 December 31, 2014 (dollars in thousands) New York and Florida Total Commercial: Commercial real estate $ 174,788 19,336 194,124 Other 29,200 58 29,258 Real estate mortgage - 1 to 4 family: First mortgages 2,041,140 476,427 2,517,567 Home equity loans 51,713 5,942 57,655 Home equity lines of credit 308,764 43,370 352,134 Installment 6,774 820 7,594 Total loans, net $ 2,612,379 545,953 3,158,332 Less: Allowance for loan losses 46,327 Net loans $ 3,112,005 * Includes New York, New Jersey, Vermont, and Massachusetts. At December 31, 2015 and 2014, the Company had approximately $26.6 million and $38.5 million of real estate construction loans. Of the $26.6 million in real estate construction loans at December 31, 2015, approximately $16.0 million were secured by first mortgages to residential borrowers; the remaining $10.6 million were to commercial borrowers for residential construction projects. Of the $38.5 million in real estate construction loans at December 31, 2014, approximately $17.6 million are secured by first mortgages to residential borrowers while approximately $20.9 million were to commercial borrowers for residential construction projects. The vast majority of construction loans are in the Company’s New York market. At December 31, 2015 and 2014, loans to executive officers or directors, and to associates of such persons aggregated $7.6 million and $8.3 million, respectively. During 2015, approximately $2.6 million of new loans were made to such persons and repayments of loans totaled approximately $3.3 million. All loans are current according to their terms. TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay is affected by the economic conditions prevailing in the respective geographic territory. The following tables present the recorded investment in non-accrual loans by loan class: December 31, 2015 (dollars in thousands) New York and Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 3,024 - 3,024 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 19,488 1,488 20,976 Home equity loans 212 - 212 Home equity lines of credit 3,573 329 3,902 Installment 90 8 98 Total non-accrual loans 26,387 1,825 28,212 Restructured real estate mortgages - 1 to 4 family 48 - 48 Total nonperforming loans $ 26,435 1,825 28,260 December 31, 2014 (dollars in thousands) New York and Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 3,835 - 3,835 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 23,643 2,488 26,131 Home equity loans 349 - 349 Home equity lines of credit 3,229 252 3,481 Installment 77 13 90 Total non-accrual loans 31,133 2,753 33,886 Restructured real estate mortgages - 1 to 4 family 125 - 125 Total nonperforming loans $ 31,258 2,753 34,011 The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu of foreclosure). As of December 31, 2015 and December 31, 2014, other real estate owned included $5.4 million and $4.2 million, respectively, of residential foreclosed properties. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $13.2 million and $17.5 million as of December 31, 2015 and December 31, 2014, respectively. The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2015 and 2014: New York and other states: December 31, 2015 (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ - - 2,340 2,340 158,625 160,965 Other - - - - 27,449 27,449 Real estate mortgage - 1 to 4 family: First mortgages 4,321 2,037 12,529 18,887 2,075,070 2,093,957 Home equity loans 43 - 149 192 52,059 52,251 Home equity lines of credit 572 204 1,418 2,194 305,971 308,165 Installment 34 19 88 141 7,859 8,000 Total $ 4,970 2,260 16,524 23,754 2,627,033 2,650,787 Florida: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 10 - - 10 14,898 14,908 Other - - - - 93 93 Real estate mortgage - 1 to 4 family: First mortgages 665 271 851 1,787 564,928 566,715 Home equity loans - - - - 8,250 8,250 Home equity lines of credit 159 - 240 399 50,761 51,160 Installment 1 21 - 22 1,369 1,391 Total $ 835 292 1,091 2,218 640,299 642,517 Total: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 10 - 2,340 2,350 173,523 175,873 Other - - - - 27,542 27,542 Real estate mortgage - 1 to 4 family: First mortgages 4,986 2,308 13,380 20,674 2,639,998 2,660,672 Home equity loans 43 - 149 192 60,309 60,501 Home equity lines of credit 731 204 1,658 2,593 356,732 359,325 Installment 35 40 88 163 9,228 9,391 Total $ 5,805 2,552 17,615 25,972 3,267,332 3,293,304 New York and other states: December 31, 2014 (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 618 52 2,627 3,297 171,491 174,788 Other - - - - 29,200 29,200 Real estate mortgage - 1 to 4 family: First mortgages 3,340 3,874 16,782 23,996 2,017,144 2,041,140 Home equity loans 141 59 337 537 51,176 51,713 Home equity lines of credit 568 342 1,198 2,108 306,656 308,764 Installment 79 10 58 147 6,627 6,774 Total $ 4,746 4,337 21,002 30,085 2,582,294 2,612,379 Florida: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 19,336 19,336 Other - - - - 58 58 Real estate mortgage - 1 to 4 family: First mortgages 801 283 1,225 2,309 474,118 476,427 Home equity loans - - - - 5,942 5,942 Home equity lines of credit 173 - 116 289 43,081 43,370 Installment 17 - - 17 803 820 Total $ 991 283 1,341 2,615 543,338 545,953 Total: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 618 52 2,627 3,297 190,827 194,124 Other - - - - 29,258 29,258 Real estate mortgage - 1 to 4 family: First mortgages 4,141 4,157 18,007 26,305 2,491,262 2,517,567 Home equity loans 141 59 337 537 57,118 57,655 Home equity lines of credit 741 342 1,314 2,397 349,737 352,134 Installment 96 10 58 164 7,430 7,594 Total $ 5,737 4,620 22,343 32,700 3,125,632 3,158,332 At December 31, 2015 and 2014, there were no loans that are 90 days past due and still accruing interest. As a result, non-accrual loans includes all loans 90 days past due and greater as well as certain loans less than 90 days past due that were placed in non-accruing status for reasons other than delinquent status. There are no commitments to extend further credit on nonaccrual or restructured loans. Activity in the allowance for loan losses by portfolio segment is summarized as follows: (dollars in thousands) For the year ended December 31, 2015 Commercial Real Estate Installment Total Balance at beginning of period $ 4,071 42,088 168 46,327 Loans charged off: New York and other states* 779 4,631 168 5,578 Florida - 320 17 337 Total loan chargeoffs 779 4,951 185 5,915 Recoveries of loans previously charged off: New York and other states* 20 572 46 638 Florida 7 5 - 12 Total recoveries 27 577 46 650 Net loans charged off 752 4,374 139 5,265 Provision for loan losses 1,172 2,039 489 3,700 Balance at end of period $ 4,491 39,753 518 44,762 (dollars in thousands) For the year ended December 31, 2014 Commercial Real Estate Installment Total Balance at beginning of period $ 4,019 43,597 98 47,714 Loans charged off: New York and other states* 397 5,485 201 6,083 Florida 613 835 13 1,461 Total loan chargeoffs 1,010 6,320 214 7,544 Recoveries of loans previously charged off: New York and other states* 34 442 28 504 Florida 480 69 4 553 Total recoveries 514 511 32 1,057 Net loans charged off 496 5,809 182 6,487 Provision for loan losses 548 4,300 252 5,100 Balance at end of period $ 4,071 42,088 168 46,327 (dollars in thousands) For the year ended December 31, 2013 Commercial Real Estate Installment Total Balance at beginning of period $ 3,771 44,069 87 47,927 Loans charged off: New York and other states* 1,072 6,572 68 7,712 Florida 100 1,020 6 1,126 Total loan chargeoffs 1,172 7,592 74 8,838 Recoveries of loans previously charged off: New York and other states* 14 715 17 746 Florida 505 374 - 879 Total recoveries 519 1,089 17 1,625 Net loans charged off 653 6,503 57 7,213 Provision for loan losses 901 6,031 68 7,000 Balance at end of period $ 4,019 43,597 98 47,714 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014: December 31, 2015 (dollars in thousands) 1-to-4 Family Commercial Loans Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,491 39,753 518 44,762 Total ending allowance balance $ 4,491 39,753 518 44,762 Loans: Individually evaluated for impairment $ 3,306 22,575 - 25,881 Collectively evaluated for impairment 200,109 3,057,923 9,391 3,267,423 Total ending loans balance $ 203,415 3,080,498 9,391 3,293,304 December 31, 2014 (dollars in thousands) 1-to-4 Family Commercial Loans Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,071 42,088 168 46,327 Total ending allowance balance $ 4,071 42,088 168 46,327 Loans: Individually evaluated for impairment $ 4,129 22,406 - 26,535 Collectively evaluated for impairment 219,253 2,904,950 7,594 3,131,797 Total ending loans balance $ 223,382 2,927,356 7,594 3,158,332 The Company has identified nonaccrual commercial and commercial real estate loans, as well as all loans restructured under a TDR, as impaired loans. A loan is considered impaired when it is probable that the borrower will be unable to repay the loan according to the original contractual terms of the loan agreement or the loan is restructured in a TDR. A loan for which the terms have been modified, and for which the borrower is experiencing financial difficulties, is considered a TDR and is classified as impaired. TDR’s at December 31, 2015 and 2014 are measured at the present value of estimated future cash flows using the loan’s effective rate at inception or the fair value of the underlying collateral if the loan is considered collateral dependent. The following tables present impaired loans by loan class as of December 31, 2015 and 2014: New York and other states: December 31, 2015 (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 3,306 3,996 - 3,608 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 17,460 18,602 - 18,127 Home equity loans 359 417 - 382 Home equity lines of credit 2,306 2,569 - 2,238 Total $ 23,431 25,584 - 24,355 Florida: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ - - - - Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 1,760 1,852 - 1,489 Home equity loans 53 53 - 54 Home equity lines of credit 637 720 - 654 Total $ 2,450 2,625 - 2,197 Total: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 3,306 3,996 - 3,608 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 19,220 20,454 - 19,616 Home equity loans 412 470 - 436 Home equity lines of credit 2,943 3,289 - 2,892 Total $ 25,881 28,209 - 26,552 New York and other states: December 31, 2014 (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 4,129 5,499 - 4,798 Other - - - 61 Real estate mortgage - 1 to 4 family: First mortgages 17,579 18,689 - 17,261 Home equity loans 366 410 - 454 Home equity lines of credit 2,492 2,778 - 2,578 Total $ 24,566 27,376 - 25,152 Florida: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ - - - 577 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 1,289 1,380 - 1,422 Home equity loans 56 56 - 5 Home equity lines of credit 624 773 - 581 Total $ 1,969 2,209 - 2,585 Total: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 4,129 5,499 - 5,375 Other - - - 61 Real estate mortgage - 1 to 4 family: First mortgages 18,868 20,069 - 18,683 Home equity loans 422 466 - 459 Home equity lines of credit 3,116 3,551 - 3,159 Total $ 26,535 29,585 - 27,737 The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as impaired. Interest income recognized on impaired loans was not material in 2015, 2014, and 2013. Included in impaired loans as of December 31, 2015 and 2014 are approximately $10.6 million and $9.9 million, respectively, of 1 to 4 family residential real estate loans in accruing status that were identified as TDR’s in accordance with OCC guidance released in the third quarter of 2012. Management evaluates impairment on impaired loans on a quarterly basis. If, during this evaluation, impairment of the loan is identified, a charge-off is taken at that time if necessary. As a result, as of December 31, 2015 and 2014, based upon management’s evaluation and due to the sufficiency of chargeoffs taken, none of the allowance for loan losses has been allocated to a specific impaired loan(s). The following table presents modified loans by class that were determined to be TDRs that occurred during the years ended December 31, 2015, 2014 and 2013: Year ended 12/31/2015 Year ended 12/31/2014 Year ended 12/31/2013 New York and other states*: (dollars in thousands) Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Number of Pre-Modification Outstanding Commercial: Commercial real estate - $ - - 1 $ 294 294 1 $ 507 507 Real estate mortgage - 1 to 4 family: First mortgages 35 4,797 4,797 41 5,585 5,585 50 5 852 5 852 Home equity loans 1 137 137 4 77 77 7 120 120 Home equity lines of credit 7 506 506 3 194 194 13 1,061 1,061 Total 43 $ 5,440 5,440 49 $ 6,150 6,150 71 $ 7,540 7,540 Florida: (dollars in thousands) Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Real estate mortgage - 1 to 4 family: First mortgages 6 780 780 7 676 676 8 1,149 1,149 Home equity loans - - - 1 56 56 - - - Home equity lines of credit 4 107 107 3 368 368 3 282 282 Total 10 $ 887 887 11 $ 1,100 1,100 11 $ 1,431 1,431 The addition of these TDR’s did not have a significant impact on the allowance for loan losses. The following table presents loans by class modified as TDR’s that occurred during the years ended December 31, 2015, 2014 and 2013 for which there was a payment default within 12 months of modification: Year ended 12/31/2015 Year ended 12/31/2014 Year ended 12/31/2013 New York and other states*: Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Contracts Investment Contracts Investment Contracts Investment Real estate mortgage - 1 to 4 family: First mortgages 2 148 7 355 5 440 Home equity loans - - - - 1 44 Home equity lines of credit 2 24 1 35 1 56 Total 4 $ 172 8 $ 390 7 $ 540 Florida: Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Contracts Investment Contracts Investment Contracts Investment Real estate mortgage - 1 to 4 family: First mortgages - $ - 1 $ 60 - $ - Home equity lines of credit - - 1 279 - - Total - $ - 2 $ 339 - $ - In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans is the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there is no modification of terms, the borrowers’ debt to the Company is discharged and they may not reaffirm the debt. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court. The TDRs that subsequently defaulted described above did not have a material impact on the allowance for loan losses as the underlying collateral was evaluated at the time these loans were identified as TDRs, and a charge-off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, in accordance with the Company’s Loan Policy, the Company analyzes loans individually by grading the loans based on credit risk. In addition, the Company’s internal loan review department reviews a sample of loans by testing the loan grades assigned through the Company’s grading process. The internal loan review sample selection is made in accordance with the Company’s Internal Loan Review Policy. The Company uses the following definitions for classified loans: Special Mention Substandard Doubtful: Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of December 31, 2015 and 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: December 31, 2015 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,335 15,630 160,965 Other 26,715 734 27,449 $ 172,050 16, 188,414 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 14,908 - 14,908 Other 93 - 93 $ 15,001 - 15,001 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 160,243 15,630 175,873 Other 26,808 734 27,542 $ 187,051 16,364 203,415 December 31, 2014 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 162,589 12,199 174,788 Other 28,677 523 29,200 $ 191,266 12,722 203,988 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 19,336 - 19,336 Other 58 - 58 $ 19,394 - 19,394 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 181,925 12,199 194,124 Other 28,735 523 29,258 $ 210,660 12,722 223,382 Included in classified loans in the above tables are impaired loans of $3.0 million and $4.1 million at December 31, 2015 and 2014, respectively. For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for loan losses. The payment status of these homogeneous pools at December 31, 2015 and 2014 is included in the aging of the recorded investment of past due loans table. In addition, the total nonperforming portion of these homogeneous loan pools at December 31, 2015 and 2014 is presented in the recorded investment in non-accrual loans table. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | (5) Bank Premises and Equipment A summary of premises and equipment at December 31, 2015 and 2014 follows: (dollars in thousands) 2015 2014 Land $ 2,413 2,413 Buildings 33,050 32,760 Furniture, fixtures and equipment 48,819 47,443 Leasehold improvements 29,389 27,652 Total bank premises and equipment 113,670 110,268 Accumulated depreciation and amortization (76,026 ) (71,703 ) Total $ 37,643 38,565 Depreciation and amortization expense approximated $4.6 million, $4.8 million, and $5.0 million for the years 2015, 2014, and 2013, respectively. Occupancy expense of the Bank’s premises included rental expense of $7.5 million in 2015, $7.3 million in 2014, and $7.2 million in 2013. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | (6) Deposits Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2015 2014 2013 Interest bearing checking accounts $ 448 365 329 Savings accounts 2,468 2,662 3,333 Time deposits and money market accounts 12,067 11,064 10,138 Total $ 14,983 14,091 13,800 At December 31, 2015, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 778,133 1 to 2 years 290,246 2 to 3 years 20,302 3 to 4 years 16,187 4 to 5 years 2,851 Over 5 years 211 $ 1,107,930 Included in total time deposits as of December 31, 2015 and 2014 is $ 98.7 million and $85.3 million in time deposits with balances in excess of $250,000. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Short-Term Borrowings [Abstract] | |
Short-Term Borrowings | (7) Short-Term Borrowings Short-term borrowings of the Company were cash management accounts as follows: (dollars in thousands) 2015 2014 2013 Amount outstanding at December 31, $ 191,226 189,116 204,162 Maximum amount outstanding at any month end 194,738 209,370 204,162 Average amount outstanding 184,725 189,430 180,275 Weighted average interest rate: For the year 0.66 % 0.74 0.82 As of year end 0.60 0.72 0.82 Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral. Trustco Bank also has an available line of credit with the FHLBNY which approximates the balance of securities pledged against such borrowings. The line of credit requires securities to be pledged as collateral for the amount borrowed. As of December 31, 2015 and 2014, the Company had no outstanding borrowings with the FHLBNY and, as a result, there were no related securities pledged. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes A summary of income tax expense/(benefit) included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2015 2014 2013 Current tax expense: Federal $ 19,864 22,046 22,612 State 1,647 2,386 2,531 Total current tax expense 21,511 24,432 25,143 Deferred tax expense (benefit) 3,011 2,964 (1,426 ) Total income tax expense $ 24,522 27,396 23,717 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014, are as follows: December 31, 2015 2014 (dollars in thousands) Deductible Deductible Benefits and deferred remuneration $ (4,992 ) $ (3,885 ) Difference in reporting the allowance for loan losses, net 18,576 21,006 Other income or expense not yet reported for tax purposes 2,607 2,325 Depreciable assets (796 ) (1,040 ) Net deferred tax asset at end of year 15,395 18,406 Net deferred tax asset at beginning of year 18,406 21,370 Deferred tax expense $ 3,011 $ 2,964 Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Based primarily on the sufficiency of historical and expected future taxable income, management believes it is more likely than not that the remaining deferred tax asset of $15.4 million and $18.4 million at December 31, 2015 and 2014, respectively, will be realized. In addition to the deferred tax items described in the preceding table, the Company has deferred tax assets of $3.0 million and $2.4 million at December 31, 2015 and 2014, respectively, relating to the net unrealized losses on securities available for sale and deferred tax assets of $193 thousand and $535 thousand at December 31, 2015 and 2014, respectively, as a result of the previously unrecognized overfunded position in the Company’s pension and postretirement benefit plans recorded, net of tax, as an adjustment to accumulated other comprehensive income. The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: For the years ended 2015 2014 2013 Statutory federal income tax rate Increase/(decrease) in taxes resulting from: 35.0 % 35.0 35.0 Tax exempt income (0.1 ) (0.1 ) (0.3 ) State income tax (including alternative minimum tax), net of federal tax benefit 1.8 2.7 2.3 Other items - 0.7 0.3 Effective income tax rate 36.7 % 38.3 37.3 TrustCo adopted ASC 740-10, “Accounting for Uncertainty in Income Taxes,” as of January 1, 2008. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. As a result of the Company’s adoption of ASC 740-10, there were no required adjustments to the Company’s consolidated financial statements. For the years ended December 31, 2015 and 2014 the unrecognized tax benefits and change in those unrecognized tax benefits from the beginning of the year are as follows: (dollars in thousands) Balance as of January 1, 2014 $ 213 Change in unrecognized tax reserve - Balance as of December 31, 2014 $ 213 Change in unrecognized tax reserve - Balance as of December 31, 2015 $ 213 TrustCo has implemented certain tax return positions that have not been fully recognized for financial statement purposes based upon management’s evaluation of the probability of the benefit being realized. Management will reevaluate the necessity of these unrecognized tax benefits after the affected tax returns have been subject to audit. The Company does not anticipate a material charge to the amount of unrecognized tax benefits in the next twelve months. The Company recognizes interest and/or penalties related to income tax matters in noninterest expense. For the years 2015, 2014, and 2013, these amounts were not material. The Company's federal and state income tax returns for the years 2012 through 2015 remain open to examination. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans [Abstract] | |
Benefit Plans | (9) Benefit Plans (a) Retirement Plan The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees’ highest five consecutive years’ compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank’s Financial Services Department. This plan was frozen as of December 31, 2006. The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2015 and 2014: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2015 2014 Projected benefit obligation at beginning of year $ 33,662 27,822 Service cost 60 58 Interest cost 1,329 1,374 Benefits paid (1,676 ) (1,751 ) Net actuarial (gain) loss (2,486 ) 6,159 Projected benefit obligation at end of year $ 30,889 33,662 Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2015 2014 Fair Value of plan assets at beginning of year $ 42,993 39,419 Actual gain on plan assets 360 3,325 Company contributions - 2,000 Benefits paid (1,676 ) (1,751 ) Fair value of plan assets at end of year 41,677 42,993 Funded status at end of year $ 10,788 9,331 The accumulated benefit obligation for pension benefits was $30.9 million and $33.7 million at December 31, 2015 and 2014, respectively. Amounts recognized in accumulated other comprehensive income (pre-tax) consist of the following as of: December 31, 2015 2014 Net actuarial loss $ 5,830 6,150 Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income: (dollars in thousands) For the years ended December 31, 2015 2014 2013 Service cost $ 60 58 69 Interest cost 1,329 1,374 1,273 Expected return on plan assets (2,735 ) (2,504 ) (2,190 ) Amortization of net loss 210 - 516 Net periodic pension credit (1,136 ) (1,072 ) (332 ) Amortization of net loss (210 ) - (516 ) Net actuarial (gain) / loss included in other comprehensive income (109 ) 5,337 (8,156 ) (319 ) 5,337 (8,672 ) Total recognized in net periodic benefit (credit) cost and other comprehensive income $ (1,455 ) 4,265 (9,004 ) The estimated net loss for the plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year is $169 thousand. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (dollars in thousands) Year Pension Benefits 2016 $ 1,738 2017 1,754 2018 1,788 2019 1,829 2020 1,867 2021 - 2025 9,554 The assumptions used to determine benefit obligations at December 31 of the following years are as follows: 2015 2014 2013 Discount rate 4.55 % 4.03 5.08 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2015 2014 2013 Discount rate 4.03 % 5.08 4.07 Expected long-term rate of return on assets 6.50 6.50 6.50 The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. (b) Supplemental Retirement Plan The Company also has a supplementary pension plan under which additional retirement benefits are accrued for eligible executive officers. This plan supplements the defined benefit retirement plan for eligible employees that exceed the Internal Revenue Service limit on the amount of pension payments that are allowed from a retirement plan. The supplemental plan provides eligible employees with total benefit payments as calculated by the retirement plan without regard to this limitation. Benefits under this plan are calculated using the same actuarial assumptions and interest rates as used for the retirement plan calculations. The accumulated benefits under this supplementary pension plan was approximately $5.6 million as of both December 31, 2015 and 2014, respectively. Effective as of December 31, 2008, this plan has been frozen and no additional benefits will accrue. Instead, the amount of the Company’s annual contribution to the plan plus interest is paid directly to each eligible employee. The expense recorded for this plan was $1.0 million, $1.5 million, and $1.3 million, in 2015, 2014, and 2013, respectively. Rabbi trusts have been established for this plan. These trust accounts are administered by the Trustco Financial Services Department and invest primarily in bonds issued by government-sponsored enterprises and money market instruments. These assets are recorded at their fair value and are included in securities available for sale and other short-term investments in the Consolidated Statements of Condition. As of December 31, 2015 and 2014, the trusts had assets totaling $5.6 million and $5.7 million, respectively. (c) Postretirement Benefits In 2003, the Company amended the medical plan to reflect changes to the retiree medical insurance coverage portion. The Company’s subsidy of the retiree medical insurance premiums was eliminated at that time. The Company continues to provide postretirement medical benefits for a limited number of executives in accordance with their employment contracts. In addition, the plan provides a death benefit to certain eligible employees and retirees. The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2015 and 2014: Change in Accumulated Benefit Obligation: December 31, (dollars in thousands) 2015 2014 Accumulated benefit obligation at beginning of year $ 6,455 2,513 Service cost 165 100 Interest cost 268 217 Plan amendments - 1,811 Benefits paid (85 ) (83 ) Net actuarial (gain) loss (1,369 ) 1,897 Accumulated benefit obligation at end of year $ 5,434 6,455 Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2015 2014 Fair value of plan assets at beginning of year $ 19,285 17,935 Actual gain on plan assets (47 ) 1,350 Company contributions 85 83 Benefits paid (85 ) (83 ) Fair value of plan assets at end of year 19,238 19,285 Funded status at end of year $ 13,804 12,830 Amounts recognized in accumulated other comprehensive income consist of the following as of: December 31, 2015 2014 Net actuarial gain $ (3,890 ) (3,429 ) Prior service credit (1,457 ) (1,367 ) Total $ (5,347 ) (4,796 ) Components of Net Periodic Benefit Credit and Other Amounts Recognized in Other Comprehensive Income: For the years ended (dollars in thousands) 2015 2014 2013 Service cost $ 165 $ 100 50 Interest cost 268 217 101 Expected return on plan assets (722 ) (672 ) (495 ) Amortization of net actuarial gain (140 ) (297 ) (49 ) Amortization of prior service cost (credit) 90 199 (262 ) Net periodic benefit credit (339 ) (453 ) (655 ) Net (gain) loss (602 ) 1,219 (2,868 ) Prior service cost - 1,811 465 Amortization of prior service cost (90 ) (199 ) 262 Amortization of net gain 140 297 49 Total amount recognized in other comprehensive income (552 ) 3,128 (2,092 ) Total amount recognized in net periodic benefit cost and other comprehensive income $ (891 ) $ 2,675 (2,747 ) The estimated amount of net gain that will be amortized from accumulated other comprehensive income into net periodic benefit credit over the next fiscal year is approximately $217 thousand while the estimated amount of prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit credit over the next fiscal year is approximately $90 thousand. Expected Future Benefit Payments The following benefit payments are expected to be paid: (dollars in thousands) Postretirement Benefits 2016 $ 87 2017 91 2018 103 2019 117 2020 130 2021 - 2025 989 The discount rate assumption used to determine benefit obligations at December 31 is as follows: 2015 2014 2013 Discount rate 4.55 % 4.03 5.08 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2015 2014 2013 Discount rate 4.03 % 5.08 4.07 Expected long-term rate of return on assets, net of tax 3.75 3.75 3.30 The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. For measurement purposes, a graded annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2015 and thereafter. A one percentage point increase in the assumed health care cost in each year would have an approximate $1.2 million impact on the accumulated postretirement benefit obligation as of December 31, 2015, while a 1% decrease would have an approximate $922 thousand impact. The impact on the interest and service components of net periodic postretirement benefit credit for the year ended December 31, 2015 would be $113 thousand for a one percentage point increase and $85 thousand for a one percentage point decrease. (d) Components of Accumulated Other Comprehensive Income (Loss) Related to Retirement and Postretirement Benefit Plans The following table details the change in the components of other comprehensive (loss) income related to the retirement plan and the postretirement benefit plan, at December 31, 2015 and 2014, respectively: (dollars in thousands) December 31, 2015 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (109 ) (602 ) (711 ) Amortization of net actuarial (loss) gain (210 ) 140 (70 ) Amortization of prior service cost (credit) - (90 ) (90 ) Total $ (319 ) (552 ) (871 ) December 31, 2014 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ 5,337 3,030 8,367 Amortization of net actuarial gain (loss) - 297 297 Amortization of prior service credit - (199 ) (199 ) Total $ 5,337 3,128 8,465 (e) Major Categories of Pension and Postretirement Benefit Plan Assets: The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Debt Securities 32 % 32 25 33 Equity Securities 60 63 60 65 Other 8 5 15 2 Total 100 % 100 100 100 The expected long-term rate-of-return on plan assets, noted in sections (a) and (b) above, reflects long-term earnings expectations on existing plan assets. In estimating that rate, appropriate consideration was given to historical returns earned by plan assets and the rates of return expected to be available for reinvestment. Rates of return were adjusted to reflect current capital market assumptions and changes in investment allocations. The Company’s investment policies and strategies for the pension benefit and postretirement benefit plans prescribe a target allocation of 50% to 70% equity securities, 25% to 40% debt securities, and 0% to 10% for other securities for the asset categories. At December 31, 2015, plan assets for postretirement benefits included an above range amount for “other” investment category due to temporary excess cash in the plan. The Company’s investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit direct investments in equity and debt securities and mutual funds while prohibiting direct investment in derivative financial instruments. The Company addresses diversification by the use of mutual fund investments whose underlying investments are in domestic and international debt and equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable. Fair Value of Plan Assets: Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Equity mutual funds, Fixed Income mutual funds and Debt Securities The fair value of the plan assets at December 31, 2015 and 2014, by asset category, is as follows: Retirement Plan Fair Value Measurements at Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 3,182 3,182 - - Equity mutual funds 25,352 25,352 - - U.S. government sponsored enterprises 5,779 - 5,779 - Corporate bonds 6,771 - 6,771 - Fixed income mutual funds 593 593 - - Total Plan Assets $ 41,677 29,127 12,550 - Postretirement Benefits Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 2,832 2,832 - - Equity mutual funds 11,513 11,513 - - U.S. government sponsored enterprises 1,843 - 1,843 - Corporate bonds 1,074 - 1,074 - State and political subdivisions 1,976 - 1,976 - Total Plan Assets $ 19,238 14,345 4,893 - Retirement Plan Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 2,043 2,043 - - Equity mutual funds 27,149 27,149 - - U.S. government sponsored enterprises 6,691 - 6,691 - Corporate bonds 6,502 - 6,502 - Fixed income mutual funds 608 608 - - Total Plan Assets $ 42,993 29,800 13,193 - Postretirement Benefits Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 285 285 - - Equity mutual funds 12,583 12,583 - - U.S. government sponsored enterprises 2,342 - 2,342 - Corporate bonds 1,520 - 1,520 - State and political subdivisions 2,555 - 2,555 - Total Plan Assets $ 19,285 12,868 6,417 - At December 31, 2015 and 2014, the majority of the equity mutual funds included in the plan assets of the retirement plan and postretirement benefit plan consist of large-cap index funds, while the remainder of the equity mutual funds consists of mid-cap, small-cap and international funds. There were no transfers between Level 1 and Level 2 in 2015 and 2014. The Company made contributions of $2.0 million to its pension plan during 2014. No contributions were made in 2015. The Company does not expect to make any contributions to its pension and postretirement benefit plans in 2016. (f) Incentive and Bonus Plans During 2006, the Company amended its profit sharing plan to include a 401(k) feature. Under the 401(k) feature, the Company matches 100% of the aggregate salary contribution up to the first 3% of compensation and 50% of the aggregate contribution of the next 3%. No profit sharing contributions were made in 2015, 2014 or 2013 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan aggregated $944 thousand for 2015, $710 thousand in 2014 and $657 thousand in 2013. The Company also has an officers and executive incentive plan. The expense of these plans generally are based on the Company’s performance and estimated distributions to participants are accrued during the year and generally paid in the following year. The expense recorded for this plan was $715 thousand, $1.3 million and $2.0 million in 2015, 2014 and 2013, respectively. The Company has also awarded 3.4 million performance bonus units to the executive officers and directors. These units become vested and exercisable only under a change of control as defined in the plan. The units were awarded based upon the stock price at the time of grant and, if exercised under a change of control, allow the holder to receive the increase in value offered in the exchange over the stock price at the date of grant for each unit, if any. As of December 31, 2015, the weighted average strike price of each unit was $7.18. (g) Stock Based Compensation Plans-Equity Awards Equity awards are types of stock based compensation that are to be settled in shares. As such, the amount of compensation expense to be paid at the time of settlement is included in surplus in the Consolidated Statement of Condition. Under the Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan (Equity Incentive Plan), the Company may grant stock options and restricted stock to its eligible employees for up to approximately 2.3 million shares of common stock, and may make certain other equity-based, cash-settled awards (described in section (h) below) for up to the equivalent of approximately 1.4 million shares of common stock. Under the Amended and Restated TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan (Directors . Under each of these plans, the exercise price of each option equals the fair value of the Company’s stock on the date of grant, and an option’s maximum term is ten years. Options vest over five years from the date the options are granted for the employees plans and they are immediately vested under the directors’ plans. A summary of the status of TrustCo’s stock option plans as of December 31, 2015 and changes during the year then ended, are as follows: Outstanding Options Number of Weighted Weighted Balance, January 1, 2015 2,693,050 $ 8.27 New options awarded - 2015 168,250 6.43 Expired options - 2015 (501,500 ) 12.15 Options forfeited-2015 (6,000 ) 7.78 Exercised options - 2015 (28,829 ) 5.15 Balance, December 31, 2015 2,324,971 $ 7.34 5.1 years Exercisable Options Balance, December 31, 2015 1,642,373 $ 7.73 3.8 years At December 31, 2015, the intrinsic value of outstanding stock options and vested stock options was approximately $588 thousand and $430 thousand, respectively. The Company expects all unvested options to vest according to plan provisions. During 2015, 2014 and 2013, 28 thousand, 18 thousand and 15 thousand stock options were exercised, respectively. The intrinsic value and related tax benefits of stock options exercised in these years was not material. It is the Company’s policy to generally issue stock for stock option exercises from previously unissued shares of common stock or treasury shares. Unrecognized stock-based compensation expense related to non-vested stock options totaled $530 thousand at December 31, 2015. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 3.3 years. Valuation of Stock-Based Compensation: The fair value of the Company’s employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The weighted-average fair value of stock options granted during 2015, 2014 and 2013 estimated using the Black-Scholes option pricing model, was $0.98, $0.93 and $1.08, respectively. The Company estimated expected market price volatility and the expected term of the options based on historical data and other factors. The assumptions used to determine the fair value of options granted during 2015, 2014 and 2013 are detailed in the table below: 2015 2014 2013 Employees' Employees' Employees' Expected dividend yield 4.09 % 3.64 % 3.72 % Risk-free interest rate 1.74 1.74 1.45 Expected volatility rate 26.20 21.62 25.83 Expected lives 5.0 years 5.0 years 5.0 years During 2015, 2014 and 2013, the Company recognized approximately $204 thousand, $325 thousand and $378 thousand in stock based compensation expense related to the equity awards, respectively. (h) Stock Based Compensation Plans-Liability Awards Liability awards are types of stock based compensation that can be settled in cash (not shares). As such, the amount of compensation expense to be paid at the time of settlement is included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The Company granted both service based and performance based liability awards in 2015, 2014 and 2013. All such awards were made under the Equity Incentive Plan and/or the Directors Plan. The activity for service based awards during 2015 was as follows: Restricted share units Outstanding Balance, December 31, 2014 202,400 New awards granted 68,300 Forfeited awards (4,500 ) Awards settled (81,000 ) Balance, December 31, 2015 185,200 Service Based Awards: During 2015, 2014 and 2013, the Company issued restricted share units to certain eligible officers, executives and its board of directors. The restricted share units do not hold voting powers, nor are they eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule. Upon issuance, the fair value of these awards is the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized, is based on the fair value of the Company’s stock. During 2015, 2014 and 2013, the Company recognized approximately $324 thousand, $352 thousand and $230 thousand, respectively, in stock based compensation expense related to these awards. Unrecognized stock-based compensation expense related to the outstanding restricted share units totaled $732 thousand at December 31, 2015. During 2015, awards granted in 2012 became fully vested and settled. Awards granted after 2012 were unvested at December 31, 2015. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 27 months as of December 31, 2015. The liability related to service based liability awards totaled $404 thousand and $605 thousand at December 31, 2015 and 2014, respectively. The activity for performance based awards during 2015 was as follows: Performance share units Performance share units Outstanding Balance, December 31, 2014 229,500 New awards granted 84,200 Awards settled - Balance, December 31, 2015 313,700 Performance Based Awards: During 2015, 2014 and 2013, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, nor are they eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule. Upon issuance, fair value of these units was the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company’s achievement of certain performance criteria in accordance with provisions of the Equity Incentive Plan and the related award agreements, as well as the fair value of the Company’s stock. For units granted in 2012, the Company met its required performance criteria. These awards are expected to be settled during the first quarter of 2016. For units granted in 2014 and 2013, the Company, during 2015, concluded that it does not expect to meet its required performance criteria and therefore has adjusted its calculation for the number of units that would be settled in cash upon vesting. For units granted in 2015, the Company expects to meet its required performance criteria. During 2015, the Company recognized a benefit of $48 thousand in stock based compensation expense related to these units. This was the result of both the change in the Company’s stock price as well as adjustments to management’s expectations relative to the required performance criteria. During 2014 and 2013, the Company recognized approximately $490 thousand and $239 thousand, respectively, in stock based compensation expense related to these units. Unrecognized stock-based compensation expense related to the outstanding performance share units totaled $593 thousand at December 31, 2015. At December 31, 2015, the units awarded in 2012 were fully vested and unpaid. For the units granted in years subsequent to 2012, all of the units were unvested at December 31, 2015. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 30 months as of December 31, 2015. The liability related to performance based liability awards totaled $699 thousand and $748 thousand at December 31, 2015 and 2014, respectively. (i) Stock and Liability Based Compensation Expense Total compensation expense totaled $480 thousand, $1.2 million and $847 thousand in 2015, 2014 and 2013, respectively, related to all director and employee equity incentive plans. Of the $480 thousand of stock based compensation expense recognized in 2015, $276 thousand related to liability awards as they may be settled in cash instead of shares, while the remaining $204 thousand related to equity awards. Of the $1.2 million of stock based compensation expense recognized in 2014, $870 thousand related to liability awards as they may be settled in cash instead of shares, while the remaining $325 thousand related to equity awards. Of the $847 thousand of stock based compensation expense recognized in 2013, $469 thousand related to liability awards as they may be settled in cash instead of shares, while the remaining $378 thousand related to equity awards. Stock-based compensation expense is recognized ratably over the vesting period for all awards. Income tax benefits recognized in the accompanying Consolidated Statements of Income related to stock-based compensation in 2015, 2014 and 2013 was approximately $192 thousand, $478 thousand and $296 thousand, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | (10) Commitments and Contingent Liabilities (a) Leases The Bank leases certain banking premises. These leases are accounted for as operating leases with minimum rental commitments in the amounts presented below. The majority of these leases contain options to renew. (dollars in thousands) 2016 $ 7,206 2017 6,876 2018 6,588 2019 6,453 2020 6,205 2021 and after 37,177 $ 70,505 (b) Litigation Existing litigation arising in the normal course of business is not expected to result in any material loss to the Company. (c) Outsourced Services The Company contracted with third-party service providers to perform certain banking functions. The outsourced services include data and item processing for the Bank and trust operations. The service expense can vary based upon the volume and nature of transactions processed. Outsourced service expense was $5.9 million for 2015, $5.4 million for 2014 and $5.1 million in 2013. The Company is contractually obligated to pay these third-party service providers approximately $5 to $6 million per year through 2020. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, A reconciliation of the component parts of earnings per share for 2015, 2014 and 2013 follows: (dollars in thousands, except per share data) 2015 2014 2013 For the years ended December 31: Net income $ 42,238 44,193 39,812 Less: Net income allocated to participating securities - 43 45 Net income allocated to common shareholders $ 42,238 44,150 39,767 Basic EPS: Distributed earnings allocated to common stock $ 24,961 24,866 24,745 Undistributed earnings allocated to common stock 17,277 19,284 15,022 Net income allocated to common shareholders $ 42,238 44,150 39,767 Weighted average common shares outstanding including participating securities 95,103 94,721 94,266 Less: Participating securities - 93 106 Weighted average common shares 95,103 94,628 94,160 Basic EPS $ 0.444 0.467 0.422 Diluted EPS: Net income allocated to common shareholders $ 42,238 44,150 39,767 Weighted average common shares for basic EPS 95,103 94,628 94,160 Effect of Dilutive Securities: Stock Options 110 125 46 Weighted average common shares including potential dilutive shares 95,213 94,753 94,206 Diluted EPS $ 0.444 0.466 0.422 As of December 31, 2015, 2014 and 2013, the weighted average number of antidilutive stock options excluded from diluted earnings per share was approximately 1.5 million, 2.3 million, and 2.5 million, respectively. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Off Balance Sheet Financial Instruments [Abstract] | |
Off-Balance Sheet Financial Instruments | (12) Off-Balance Sheet Financial Instruments Loan commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a fee. Commitments sometimes expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Bank’s normal credit policies, including obtaining collateral. The Bank’s maximum exposure to credit loss for loan commitments, including unused lines of credit, at December 31, 2015 and 2014, was $432.1 million and $446.7 million, respectively. Approximately 82% and 80% of these commitments were for variable rate products at the end of 2015 and 2014, respectively. The Company does not issue any guarantees that require liability-recognition or disclosure, other than its standby letters of credit. The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $3.5 million and $8.0 million at December 31, 2015 and 2014, respectively, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios are generally consistent with loan-to-value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company’s standby letters of credit at December 31, 2015 and 2014 was insignificant. No losses are anticipated as a result of loan commitments or standby letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | (13) Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosure (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices or similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities: Securities Available for Sale Other Real Estate Owned Impaired Loans Indications of value for both collateral-dependent impaired loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics. Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at December 31, 2015 Using: Carrying Quoted Prices in Significant Significant (dollars in thousands) Securities available for sale: U.S. government sponsored enterprises $ 86,737 - $ 86,737 - State and political subdivisions 1,290 - 1,290 - Mortgage backed securities and collateralized mortgage obligations - residential 411,729 - 411,729 - Small Business Administration- guaranteed participation securities 90,416 - 90,416 - Mortgage backed securities and collateralized mortgage obligations - commercial 10,180 - 10,180 - Other 685 35 650 - Total securities available for sale $ 601,037 $ 35 $ 601,002 $ - Fair Value Measurements at December 31, 2014 Using: Carrying Quoted Prices in Significant Significant (dollars in thousands) Securities available for sale: U.S. government sponsored enterprises $ 77,800 $ - $ 77,800 $ - State and political subdivisions 2,271 - 2,271 - Mortgage backed securities and collateralized mortgage obligations - residential 483,560 - 483,560 - Corporate bonds 1,500 - 1,500 - Small Business Administration- guaranteed participation securities 100,496 - 100,496 - Mortgage backed securities and collateralized mortgage obligations - commercial 10,447 - 10,447 - Other 685 35 650 - Total securities available for sale $ 676,759 $ 35 $ 676,724 $ - There were no transfers between Level 1 and Level 2 in 2015 and 2014. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2015 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Other real estate owned $ 6,455 $ - $ - $ 6,455 Impaired loans: Commercial real estate 878 - - 878 Real estate mortgage - 1 to 4 family: First mortgages 2,601 - - 2,601 Home Equity Loans 53 - - 53 Home equity lines of credit 455 - - 455 Fair Value Measurements at December 31, 2014 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Other real estate owned $ 6,441 $ - $ - $ 6,441 Impaired loans: Commercial real estate 206 - - 206 Real estate mortgage - 1 to 4 family: First mortgages 2,627 - - 2,627 Home equity lines of credit 810 - - 810 Other real estate owned, which is carried at fair value less costs to sell, approximates $6.4 million at December 31, 2015 and consisted of $1.0 million of commercial real estate and $5.4 million of residential real estate properties. A valuation charge of $1.1 million is included in earnings for the year ended December 31, 2015. Of the total impaired loans of $25.9 million at December 31, 2015, $4.0 million are collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2015. Gross charge-offs related to commercial impaired loans included in the table above were $641 thousand for the year ended December 31, 2015, while gross charge-offs related to residential impaired loans included in the table above amounted to $648 thousand. Other real estate owned, which is carried at fair value less costs to sell, approximates $6.4 million at December 31, 2014 and consisted of $2.2 million of commercial real estate and $4.2 million of residential real estate properties. A valuation charge of $2.0 million is included in earnings for the year ended December 31, 2014. Of the total impaired loans of $26.5 million at December 31, 2014, $3.6 million are collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2014. Gross charge-offs related to commercial impaired loans included in the table above were $17 thousand for the year ended December 31, 2014, while gross charge-offs related to residential impaired loans included in the table above amounted to $349 thousand. In accordance with ASC 825, Financial Instruments, the carrying amounts and estimated fair values of financial instruments, at December 31, 2015 and 2014 are as follows: Carrying Fair Value Measurements at Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 718,156 718,156 - - 718,156 Securities available for sale 601,037 35 601,002 - 601,037 Held to maturity securities 56,465 - 59,439 - 59,439 Federal Reserve Bank and Federal Home Loan Bank stock 9,480 N/A N/A N/A N/A Net loans 3,248,542 - - 3,279,167 3,279,167 Accrued interest receivable 10,262 80 2,370 7,812 10,262 Financial liabilities: Demand deposits 365,081 365,081 - - 365,081 Interest bearing deposits 3,735,297 2,627,367 1,111,240 - 3,738,607 Short-term borrowings 191,226 - 191,226 - 191,226 Accrued interest payable 501 74 427 - 501 Carrying Fair Value Measurements at Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 671,448 671,448 - - 671,448 Securities available for sale 676,759 35 676,724 - 676,759 Held to maturity securities 70,946 - 75,342 - 75,342 Federal Reserve Bank and Federal Home Loan Bank stock 9,228 N/A N/A N/A N/A Net loans 3,112,005 - - 3,171,005 3,171,005 Accrued interest receivable 10,800 30 2,694 8,076 10,800 Financial liabilities: Demand deposits 331,425 331,425 - - 331,425 Interest bearing deposits 3,700,816 2,537,583 1,163,245 - 3,700,828 Short-term borrowings 189,116 - 189,116 - 189,116 Accrued interest payable 548 100 448 - 548 The specific estimation methods and assumptions used can have a substantial impact on the resulting fair values of financial instruments. Following is a brief summary of the significant methods and assumptions used in estimating fair values: Cash and Cash Equivalents The carrying values of these financial instruments approximate fair values and are classified as level 1. Federal Reserve Bank and Federal Home Loan Bank stock It is not practical to determine the fair value of FRB and FHLB stock due to their restrictive nature. Securities Held to Maturity Similar to securities available for sale described previously, the fair value of securities held to maturity are determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and included in the income statement in the respective investment class under total interest income. The Company does not have any securities that would be designated as level 3. Loans The fair values of all loans are estimated using discounted cash flow analyses with discount rates equal to the interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. Deposit Liabilities The fair values disclosed for noninterest bearing demand deposits, interest bearing checking accounts, savings accounts, and money market accounts are, by definition, equal to the amount payable on demand at the balance sheet date resulting in a level 1 classification. The carrying value of all variable rate certificates of deposit approximates fair value resulting in a level 2 classification. The fair value of fixed rate certificates of deposit is estimated using discounted cash flow analyses with discount rates equal to the interest rates currently being offered on certificates of similar size and remaining maturity resulting in a level 2 classification. Accrued Interest Receivable/Payable The carrying amounts of accrued interest approximate fair value resulting in a Level 1, Level 2 or Level 3 classification consistent with the asset or liability that they are associated with. Short-Term Borrowings and Other Financial Instruments The fair value of all short-term borrowings, and other financial instruments approximates the carrying value resulting in a level 2 classification. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk. Such financial instruments consist of commitments to extend financing and standby letters of credit. If the commitments are exercised by the prospective borrowers, these financial instruments will become interest earning assets of the Company. If the commitments expire, the Company retains any fees paid by the prospective borrower. The fair value of commitments is estimated based upon fees currently charged to enter into similar agreements, taking into consideration the remaining terms of the agreements and the present creditworthiness of the borrower. For fixed rate commitments, the fair value estimation takes into consideration an interest rate risk factor. The fair value of these off-balance sheet items approximates the recorded amounts of the related fees, which are considered to be immaterial. The Company does not engage in activities involving interest rate swaps, forward placement contracts, or any other instruments commonly referred to as derivatives. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | (14) Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements and results of operations. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Prior to January 1, 2015, the Company had not been subject to express regulatory capital requirements. The Company has chosen to exclude net unrealized gain or loss on available for sale securities in computing regulatory capital. Capital amounts and ratios for December 31, 2014 are calculated using Basel I rules. Management believes as of December 31, 2015, the Company and Bank meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. Adequately capitalized institutions must obtain prior regulatory approval to accept brokered deposits. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. If an institution is classified as undercapitalized, it is required to submit a capital restoration plan to its federal banking regulators and is prohibited from increasing its assets, engaging in a new line of business, acquiring any interest in any company or insured depository institution, or opening or acquiring a new branch office, except under certain circumstances, including the acceptance by the federal banking regulators of a capital restoration plan for the institution. Furthermore, if an institution is classified as undercapitalized, the federal banking regulators may take certain actions to correct the capital position of the institution; if it is classified as significantly undercapitalized or critically undercapitalized, the federal banking regulators would be required to take one or more prompt corrective actions. These actions would include, among other things, requiring sales of new securities to bolster capital, improvements in management, limits on interest rates paid, prohibitions on transactions with affiliates, termination of certain risky activities and restrictions on compensation paid to executive officers. If a bank is classified as critically undercapitalized, the bank must be placed into conservatorship or receivership within 90 days, unless the federal banking regulators determines that other action would better achieve the purposes of the prompt corrective action regime. Any of the foregoing regulatory actions could have a direct material effect on an institution’s or its holding company’s financial statements. The Bank’s capital ratios exceed the levels necessary to meet the definition of “well capitalized” for regulatory purposes as of both December 31 2014 and 2015 The following is a summary of actual capital amounts and ratios as of December 31, 2015 and 2014, for Trustco Bank: (dollars in thousands) As of December 31, 2015 Well Adequately Amount Ratio Capitalized* Capitalized* Tier 1 leverage ratio $ 405,506 8.60 % 5.00 % 4.00 % Common equity Tier 1 capital 405,506 17.21 6.00 4.00 Tier 1 risk-based capital 405,506 17.21 6.00 4.00 Total risk-based capital 435,149 18.47 10.00 8.00 (dollars in thousands) As of December 31, 2014 Well Adequately Amount Ratio Capitalized* Capitalized* Tier 1 (core) capital $ 386,913 8.33 % 5.00 % 4.00 % Tier 1 risk-based capital 386,913 16.60 6.00 4.00 Total risk-based capital 416,269 17.86 10.00 8.00 *Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized *Regulatory minimum requirements to be considered to be well capitalized and adequately capitalized The following is a summary of actual capital amounts and ratios as of December 31, 2015 and 2014 for TrustCo on a consolidated basis under the regulatory capital rules to which it is subject: (dollars in thousands) As of December 31, 2015 Amount Ratio Leverage capital $ 417,538 8.85 % Common equity Tier 1 capital 417,538 17.71 Tier 1 risk-based capital 417,538 17.71 Total risk-based capital 447,193 18.97 (dollars in thousands) As of December 31, 2014 Amount Ratio Leverage capital $ 397,400 8.55 % Tier 1 risk-based capital 397,400 17.04 Total risk-based capital 426,770 18.30 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (15) Accumulated Other Comprehensive Loss The following is a summary of the accumulated other comprehensive loss balances, net of tax: For the year ended 12/31/15 (dollars in thousands) Balance at 12/31/2014 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2015 Balance at 12/31/2015 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (3,693 ) (648 ) (151 ) (799 ) (4,492 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax (1,188 ) 430 - 430 (758 ) Net change in net actuarial loss and prior service cost on pension and postretirement benefit plans, net of tax 372 - 97 97 469 Accumulated other comprehensive loss, net of tax (4,509 ) (218 ) (54 ) (272 ) (4,781 ) For the year ended 12/31/14 (dollars in thousands) Balance at 12/31/2013 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2014 Balance at 12/31/2014 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (18,078 ) 14,815 (430 ) 14,385 (3,693 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 3,843 (5,031 ) - (5,031 ) (1,188 ) Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 432 - (60 ) (60 ) 372 Accumulated other comprehensive income (loss), net of tax (13,803 ) 9,784 (490 ) 9,294 (4,509 ) For the year ended 12/31/13 (dollars in thousands) Balance at 12/31/2012 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2013 Balance at 12/31/2013 Net unrealized holding gain (loss) on securities available for sale, net of tax $ 3,755 (20,860 ) (973 ) (21,833 ) (18,078 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax (2,506 ) 6,349 - 6,349 3,843 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 309 - 123 123 432 Accumulated other comprehensive income (loss), net of tax $ 1,558 (14,511 ) (850 ) (15,361 ) (13,803 ) The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013: (dollars in thousands) Years Ended December 31, Affected Line Item 2015 2014 2013 in Financial Statements Unrealized gains (losses) on securities available for sale Realized gain on securities transactions $ 251 717 1,622 Net gain on securities transactions Income tax expense (100 ) (287 ) (649 ) Income taxes Net of tax 151 430 973 Amortization of pension and postretirement benefit items Amortization of net actuarial loss (70 ) 297 (467 ) Salaries and employee benefits Amortization of prior service credit (90 ) (199 ) 262 Salaries and employee benefits Income tax benefit 63 (38 ) 82 Income taxes Net of tax (97 ) 60 (123 ) Total reclassifications, net of tax $ 54 490 850 |
Building Held for Sale
Building Held for Sale | 12 Months Ended |
Dec. 31, 2015 | |
Building Held for Sale [Abstract] | |
Building Held for Sale | (16) Building Held for Sale During 2013, Trustco entered into an agreement to sell a building that was to be used as the regional operations center in Florida to a third party purchaser for approximately $5.0 million. As of December 31, 2013, the carrying value of the building was approximately $3.2 million and the building was held for sale and included in Other Assets in the Consolidated Statement of Financial Condition. The sale occurred during 2014 and the Company recognized a gain of $1.6 million in 2014, which is included in other noninterest income in the Consolidated Statement of Income. |
Agreement with the Office of th
Agreement with the Office of the Comptroller of the Currency | 12 Months Ended |
Dec. 31, 2015 | |
Agreement with the Office of the Comptroller of the Currency [Abstract] | |
Agreement with the Office of the Comptroller of the Currency | (17) Agreement with the Office of the Comptroller of the Currency On July 21, 2015 Trustco Bank, the wholly owned subsidiary of TrustCo Bank Corp NY, entered into a formal agreement (the “Agreement”) with the OCC. The Agreement relates to the findings of the OCC following an examination of the Bank. The Agreement requires the Bank to take various actions, within prescribed time frames, with respect to certain areas of the Bank. These include, among others, (i) establishment of a committee of at least three Directors to monitor and coordinate the Bank’s response to the Agreement; (ii) adoption of compliance plans to respond to the Agreement with the assistance of an independent qualified consultant; (iii) evaluation and implementation of improvements in corporate governance with the assistance of an independent qualified consultant; (iv) evaluation and implementation of improvements in internal audit; (v) development of a strategic plan; (vi) development of a revised capital plan consistent with the strategic plan; (vii) development and implementation of improvements to the Bank’s loan review system; and (viii) such other necessary steps to address the issues and questions noted by the OCC in the Agreement. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (18) Recent Accounting Pronouncements In January 2014, the FASB amended existing guidance to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. These amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this standard did not have a material effect on the Company’s operating results or financial condition, but new disclosures were added. Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (is) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In July 2015, FASB deferred the effective date of the ASU by one year which means ASU 2014-09 will be effective for the Company on January 1, 2018. The Company is currently evaluating the potential impact of ASU 2014-09 on its consolidated financial statements. On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, “ Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ” (the ASU). Under this ASU, the current GAAP model is changed in the areas of accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The ASU will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently in process of evaluating the impact of this ASU on its financial position, and result of operations and cash flows. |
Parent Company Only
Parent Company Only | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Only [Abstract] | |
Parent Company Only | (19) Parent Company Only The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Income (dollars in thousands) Years Ended December 31, Income: 2015 2014 2013 Dividends and interest from subsidiaries $ 24,501 24,499 24,491 Miscellaneous income - 18 - Total income 24,501 24,517 24,491 Expense: Operating supplies 33 50 81 Professional services 577 557 491 Miscellaneous expense 664 1,350 1,042 Total expense 1,274 1,957 1,614 Income before income taxes and subsidiaries' undistributed earnings 23,227 22,560 22,877 Income tax benefit (405 ) (663 ) (548 ) Income before subsidiaries' undistributed earnings 23,632 23,223 23,425 Equity in undistributed earnings of subsidiaries 18,606 20,970 16,387 Net income $ 42,238 44,193 39,812 Statements of Condition (dollars in thousands) December 31, Assets: 2015 2014 Cash in subsidiary bank $ 18,463 17,034 Investments in subsidiaries 401,289 382,968 Securities available for sale 35 35 Other assets 967 918 Total assets 420,754 400,955 Liabilities and shareholders' equity: Accrued expenses and other liabilities 7,444 7,511 Total liabilities 7,444 7,511 Shareholders' equity 413,310 393,444 Total liabilities and shareholders' equity $ 420,754 400,955 Statements of Cash Flows (dollars in thousands) Years Ended December 31, 2015 2014 2013 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 42,238 44,193 39,812 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (18,606 ) (20,970 ) (16,387 ) Stock based compensation expense 204 325 378 Net change in other assets and accrued expenses (140 ) 388 277 Total adjustments (18,542 ) (20,257 ) (15,732 ) Net cash provided by operating activities 23,696 23,936 24,080 Cash flows from investing activities: Purchases of securities available for sale - (25 ) - Net cash used in investing activities - (25 ) - Cash flows from financing activities: Proceeds from exercise of stock options and related tax benefits 147 131 36 Dividends paid (24,937 ) (24,839 ) (24,711 ) Payments to acquire treasury stock (147 ) (282 ) - Proceeds from sales of treasury stock 2,670 2,850 2,908 Net cash used in financing activities (22,267 ) (22,140 ) (21,767 ) Net increase in cash and cash equivalents 1,429 1,771 2,313 Cash and cash equivalents at beginning of year 17,034 15,263 12,950 Cash and cash equivalents at end of year $ 18,463 17,034 15,263 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Consolidation | Consolidation The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Securities Available for Sale and Held to Maturity | Securities Available for Sale and Held to Maturity Securities available for sale are carried at fair value with any unrealized appreciation or depreciation of value, net of tax, included as an element of accumulated other comprehensive income or loss in shareholders’ equity. Management maintains an available for sale portfolio in order to provide maximum flexibility in balance sheet management. The designation of available for sale is made at the time of purchase based upon management’s intent to hold the securities for an indefinite period of time. These securities, however, are available for sale in response to changes in market interest rates, related changes in liquidity needs, or changes in the availability of and yield on alternative investments. Unrealized losses on securities that reflect a decline in value which is other than temporary, if any, are charged to earnings and/or accumulated other comprehensive income (loss). Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. The cost of debt securities is adjusted for amortization of premium and accretion of discount using the interest method. Premiums and discounts on securities are amortized on the interest method over the estimated remaining term of the underlying security without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Gains and losses on the sale of securities available for sale are based on the amortized cost of the specific security sold at trade date. |
Other Than Temporary Impairment ("OTTI") | Other Than Temporary Impairment (“OTTI”) A decline in the fair value of any available for sale or held to maturity security below cost that is deemed to be other than temporary is charged to earnings and/or accumulated other comprehensive income (loss), resulting in the establishment of a new cost basis of the security. Management evaluates these types of securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Additional discussion of OTTI is included in Note 3 of the consolidated financial statements. |
Federal Reserve Bank and Federal Home Loan Bank Stock | Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank is also a member of its regional FRB. FRB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received are reported as income. |
Loans | Loans Loans are carried at the principal amount outstanding net of unearned income and unamortized loan fees and costs, which are recognized as adjustments to interest income over the applicable loan term. Interest income on loans is accrued based on the principal amount outstanding. Nonperforming loans include non-accrual loans and loans which are three payments or more past due and still accruing interest. Generally, loans are placed in non-accrual status either due to the delinquent status of principal and/or interest payments, or a judgment by management that, although payments of principal and/or interest are current, such action is prudent based upon specific facts and circumstances surrounding the borrower. Typically, a loan is moved to non-accrual status after 90 days of non-payment in accordance with the Company’s policy. Past due status is based on the contractual terms of the loan. All interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Future payments received on nonperforming loans are recorded as interest income or principal reductions based upon management’s ultimate expectation for collection. Loans may be removed from non-accrual status when they become current as to principal and interest and have demonstrated a sustained ability to make loan payments in accordance with the contractual terms of the loan. Loans may also be removed from non-accrual status when, in the opinion of management, the loan is expected to be fully collectable as to principal and interest. When, in the opinion of management, the collection of principal appears unlikely, the loan balance is evaluated in light of its sources of repayment, and a charge-off is recorded when appropriate. Loan origination fees, net of certain direct origination costs, are deferred and recognized using the level yield method without anticipating prepayments. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is maintained at a level considered adequate by management to provide for probable incurred loan losses. The allowance is increased by provisions charged against income, while loan losses are charged against the allowance when management deems a loan balance to be uncollectible. Subsequent recoveries, if any, are credited to the allowance. The Company performs an analysis of the adequacy of the allowance on at least a quarterly basis. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations, current economic conditions, past due and charge-off trends and other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance methodology consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Additionally, loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. TDRs are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral with any charge-off recognized at that time. For TDRs that subsequently default, the Company determines the amount of additional charge-off, if any, in accordance with the accounting policy for the allowance for loan losses with respect to impaired loans described previously. Commercial and commercial real estate loans in non-accrual status are defined as impaired loans and are individually evaluated for impairment. In addition, any restructured loans that meet the definition of a TDR are defined as impaired. If a loan is impaired, a charge-off is taken so that the loan is reported at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral, if repayment is expected solely from the collateral. Residential real estate loans and consumer loans are collectively evaluated for impairment. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by geography for each portfolio segment and is based on the actual net loss history experienced by the Company. This actual loss experience is supplemented with other qualitative factors based on the risks present in each geography and portfolio segment. These factors include consideration of the following: changes in national, regional and local economic trends and conditions; effects of any changes in interest rates; changes in the volume and severity of net charge-offs, delinquencies, and nonperforming loans; changes in the experience, ability, and depth of lending management and other relevant staff; changes in the quality of the Company’s loan review system; effects of any changes in credit concentrations; effects of any changes in underwriting standards, lending policies, procedures, and practices; and changes in the nature, volume and terms of loans. The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non-accrual status and residential and installment loans three payments past due and still accruing interest, commercial loans classified by the Company’s internal loan review grading process, and residential loans with loan-to-value ratios in excess of 90% at the time of origination. The reserve percentages are determined based upon a review of recent charge-offs and take into consideration the type of loan, the fixed or variable nature of the loan, and the type and geography of the underlying collateral, if any. The following portfolio segments have been identified: commercial loans, 1-to-4 family residential real estate loans, and installment loans: Commercial: Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank’s geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower’s ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained. Residential real estate: Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the Bank’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required. Installment: The Company’s installment loans are primarily made up of installment loans, personal lines of credit, as well as secured and unsecured credit cards. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured as are most credit card loans. |
Bank Premises and Equipment | Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight-line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements. |
Other Real Estate Owned | Other Real Estate Owned Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At both December 31, 2015 and 2014, there were $6.4 million of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. |
Income Taxes | Income Taxes In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. Income tax positions and recorded tax benefits are assessed by management for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. When applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. |
Dividend Restrictions | Dividend Restrictions The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements, the Bank’s compliance with the capital plan required under the terms of the Bank’s July 21, 2015 formal agreement with the OCC, and the receipt of regulatory approval (or non-objection) from the Bank’s and the Company’s regulators. Under the agreement with the OCC, the Bank may declare or pay a dividend or make a capital distribution only (a) when the Bank is in compliance with its approved written capital plan, and would remain in compliance with such Capital Plan immediately following the declaration or payment of any dividend or capital distribution and (b) following OCC approval under OCC capital distribution rules. Under those rules, the OCC may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution. During 2016, the Bank could declare, with regulatory approval, dividends of approximately $56.0 million plus any 2016 net profits retained to the date of the dividend declaration. |
Benefit Plans | Benefit Plans The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee’s compensation. This plan was frozen as of December 31, 2006. The Company has a postretirement benefit plan that permits retirees at age 65 access to a Medicare Supplemental program. Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income (loss). In order to measure the expense associated with the Plans, various assumptions are made including the discount rate, expected return on plan assets, anticipated mortality rates, and expected future healthcare costs. The assumptions are based on historical experience as well as current facts and circumstances. The Company uses a December 31 measurement date for its Plans. As of the measurement date, plan assets are determined based on fair value, generally representing observable market prices. The projected benefit obligation is primarily determined based on the present value of projected benefit distributions at an assumed discount rate. Net periodic pension benefit costs include service costs, interest costs based on an assumed discount rate, the expected return on plan assets based on actuarially derived market-related values, and the amortization of net actuarial losses. Net periodic postretirement benefit costs include service costs, interest costs based on an assumed discount rate, and the amortization of prior service credits and net actuarial gains. Differences between expected and actual results in each year are included in the net actuarial gain or loss amount, which is recognized in other comprehensive income. The net actuarial gain or loss in excess of a 10% corridor is amortized in net periodic benefit cost over the average remaining service period of active participants in the Plans. The prior service credit is amortized over the average remaining service period to full eligibility for participating employees expected to receive benefits. |
Stock-Based Compensation Plans | Stock Based Compensation Plans The Company has stock based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company’s common stock at the date of grant is used. Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. Compensation costs for liability based awards are re-measured at each reporting date and recognized over the vesting period. For awards with performance based conditions, compensation cost is recognized over the performance period based on the Company’s expectation of meeting the specific performance criteria. |
Earnings Per Share | Earnings Per Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. At December 31, 2015 and 2014, the Company did not have any unvested awards that would be considered participating securities. |
Reclassification of Prior Year Statements | Reclassification of Prior Year Statements It is the Company’s policy to reclassify prior year consolidated financial statements to conform to the current year presentation. |
Segment Reporting | Segment Reporting The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the Downstate region of New York. In the opinion of management, the Company does not have any other reportable segments as defined by “Accounting Standards Codification” (ASC) Topic 280, “Disclosure about Segments of an Enterprise and Related Information”. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. |
Trust Assets | Trust Assets Assets under management with the Trustco Financial Services Department are not included in the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Amortized cost and fair value of the securities available for sale | The amortized cost and fair value of the securities available for sale are as follows: (dollars in thousands) December 31, 2015 Amortized Gross Gross Fair U.S. government sponsored enterprises $ 86,899 19 181 86,737 State and political subdivisions 1,270 20 - 1,290 Mortgage backed securities and collateralized mortgage obligations - residential 416,625 430 5,326 411,729 Small Business Administration- guaranteed participation securities 92,620 - 2,204 90,416 Mortgage backed securities and collateralized mortgage obligations - commercial 10,422 - 242 10,180 Other 650 - - 650 Total debt securities 608,486 469 7,953 601,002 Equity securities 35 - - 35 Total securities available for sale $ 608,521 469 7,953 601,037 (dollars in thousands) December 31, 2014 Amortized Gross Gross Fair U.S. government sponsored enterprises $ 78,420 2 622 77,800 State and political subdivisions 2,232 39 - 2,271 Mortgage backed securities and collateralized mortgage obligations - residential 486,107 1,108 3,655 483,560 Corporate bonds 1,500 - - 1,500 Small Business Administration- guaranteed participation securities 103,273 - 2,777 100,496 Mortgage backed securities and collateralized mortgage obligations - commercial 10,696 - 249 10,447 Other 650 - - 650 Total debt securities 682,878 1,149 7,303 676,724 Equity securities 35 - - 35 Total securities available for sale $ 682,913 1,149 7,303 676,759 |
Investment [Line Items] | |
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses | The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during 2015, 2014 and 2013 are as follows: (dollars in thousands) Year ended December 31, 2015 2014 2013 Proceeds from sales $ 22,945 69,147 160,820 Proceeds from calls 232,010 251,927 256,384 Gross realized gains 251 720 1,702 Gross realized losses - 3 80 |
Amortized cost and fair value of the held to maturity securities | The amortized cost and fair value of the held to maturity securities are as follows: (dollars in thousands) December 31, 2015 Amortized Gross Gross Fair Mortgage backed securities and collateralized mortgage obligations - residential $ 46,490 2,308 - 48,798 Corporate bonds 9,975 666 - 10,641 Total held to maturity $ 56,465 2,974 - 59,439 (dollars in thousands) December 31, 2014 Amortized Gross Gross Fair Mortgage backed securities and collateralized mortgage obligations - residential $ 60,986 3,334 - 64,320 Corporate bonds 9,960 1,062 - 11,022 Total held to maturity $ 70,946 4,396 - 75,342 |
Securities held in available for sale and held to maturity greater than 10% of shareholders equity | The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2015 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Fair Federal Home Loan Mortgage Corporation $ 161,834 160,976 Federal National Mortgage Association 335,008 331,414 Government National Mortgage Association 61,696 63,157 Small Business Administration 92,620 90,417 |
Securities Available for Sale [Member] | |
Investment [Line Items] | |
Debt securities based on the securities final maturity | The following table distributes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2015, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity are shown separately: (dollars in thousands) Amortized Fair Due in one year or less $ 1,456 1,454 Due in one year through five years 86,482 86,322 Due after five years through ten years 872 892 Due after ten years 9 9 Mortgage backed securities and collateralized mortgage obligations - residential 416,625 411,729 Small Business Administration- guaranteed participation securities 92,620 90,416 Mortgage backed securities and collateralized mortgage obligations - commercial 10,422 10,180 $ 608,486 601,002 |
Gross unrealized losses on investment securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position | Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: (dollars in thousands) December 31, 2015 Less than 12 months Total Fair Gross Loss Fair Gross Fair Gross U.S. government sponsored enterprises $ 41,786 113 9,932 68 51,718 181 Mortgage backed securities and collateralized mortgage obligations - residential 187,605 2,147 167,549 3,179 355,153 5,326 Small Business Administration- guaranteed participation securities 7,529 111 82,888 2,093 90,417 2,204 Mortgage backed securities and collateralized mortgage obligations - commercial 5,553 130 4,627 112 10,180 242 Total $ 242,473 2,501 264,996 5,452 507,468 7,953 (dollars in thousands) December 31, 2014 Less than 12 months Total Fair Gross Fair Gross Fair Gross U.S. government sponsored enterprises $ 12,840 81 54,959 541 67,799 622 Mortgage backed securities and collateralized mortgage obligations - residential 65,549 492 325,476 3,163 391,025 3,655 Small Business Administration- guaranteed participation securities - - 100,496 2,777 100,496 2,777 Mortgage backed securities and collateralized mortgage obligations - commercial - - 10,447 249 10,447 249 Total $ 78,389 573 491,378 6,730 569,767 7,303 |
Held to Maturity Securities [Member] | |
Investment [Line Items] | |
Debt securities based on the securities final maturity | The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2015, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are shown separately. (dollars in thousands) Amortized Fair Due in one year through five years $ 9,975 10,641 Mortgage backed securities and collateralized mortgage obligations - residential 46,490 48,798 $ 56,465 59,439 |
Loans and Allowance for Loan 30
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |
Recorded investment in loans by loan class | The following tables present the recorded investment in loans by loan class: December 31, 2015 (dollars in thousands) New York and Florida Total Commercial: Commercial real estate $ 160,965 14,908 175,873 Other 27,449 93 27,542 Real estate mortgage - 1 to 4 family: First mortgages 2,093,957 566,715 2,660,672 Home equity loans 52,251 8,250 60,501 Home equity lines of credit 308,165 51,160 359,325 Installment 8,000 1,391 9,391 Total loans, net $ 2,650,787 642,517 3,293,304 Less: Allowance for loan losses 44,762 Net loans $ 3,248,542 December 31, 2014 (dollars in thousands) New York and Florida Total Commercial: Commercial real estate $ 174,788 19,336 194,124 Other 29,200 58 29,258 Real estate mortgage - 1 to 4 family: First mortgages 2,041,140 476,427 2,517,567 Home equity loans 51,713 5,942 57,655 Home equity lines of credit 308,764 43,370 352,134 Installment 6,774 820 7,594 Total loans, net $ 2,612,379 545,953 3,158,332 Less: Allowance for loan losses 46,327 Net loans $ 3,112,005 * Includes New York, New Jersey, Vermont, and Massachusetts. |
Recorded investment in non-accrual loans by loan class | The following tables present the recorded investment in non-accrual loans by loan class: December 31, 2015 (dollars in thousands) New York and Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 3,024 - 3,024 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 19,488 1,488 20,976 Home equity loans 212 - 212 Home equity lines of credit 3,573 329 3,902 Installment 90 8 98 Total non-accrual loans 26,387 1,825 28,212 Restructured real estate mortgages - 1 to 4 family 48 - 48 Total nonperforming loans $ 26,435 1,825 28,260 December 31, 2014 (dollars in thousands) New York and Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 3,835 - 3,835 Other - - - Real estate mortgage - 1 to 4 family: First mortgages 23,643 2,488 26,131 Home equity loans 349 - 349 Home equity lines of credit 3,229 252 3,481 Installment 77 13 90 Total non-accrual loans 31,133 2,753 33,886 Restructured real estate mortgages - 1 to 4 family 125 - 125 Total nonperforming loans $ 31,258 2,753 34,011 |
Aging of the recorded investment in past due loans by loan class and by region | The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2015 and 2014: New York and other states: December 31, 2015 (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ - - 2,340 2,340 158,625 160,965 Other - - - - 27,449 27,449 Real estate mortgage - 1 to 4 family: First mortgages 4,321 2,037 12,529 18,887 2,075,070 2,093,957 Home equity loans 43 - 149 192 52,059 52,251 Home equity lines of credit 572 204 1,418 2,194 305,971 308,165 Installment 34 19 88 141 7,859 8,000 Total $ 4,970 2,260 16,524 23,754 2,627,033 2,650,787 Florida: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 10 - - 10 14,898 14,908 Other - - - - 93 93 Real estate mortgage - 1 to 4 family: First mortgages 665 271 851 1,787 564,928 566,715 Home equity loans - - - - 8,250 8,250 Home equity lines of credit 159 - 240 399 50,761 51,160 Installment 1 21 - 22 1,369 1,391 Total $ 835 292 1,091 2,218 640,299 642,517 Total: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 10 - 2,340 2,350 173,523 175,873 Other - - - - 27,542 27,542 Real estate mortgage - 1 to 4 family: First mortgages 4,986 2,308 13,380 20,674 2,639,998 2,660,672 Home equity loans 43 - 149 192 60,309 60,501 Home equity lines of credit 731 204 1,658 2,593 356,732 359,325 Installment 35 40 88 163 9,228 9,391 Total $ 5,805 2,552 17,615 25,972 3,267,332 3,293,304 New York and other states: December 31, 2014 (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 618 52 2,627 3,297 171,491 174,788 Other - - - - 29,200 29,200 Real estate mortgage - 1 to 4 family: First mortgages 3,340 3,874 16,782 23,996 2,017,144 2,041,140 Home equity loans 141 59 337 537 51,176 51,713 Home equity lines of credit 568 342 1,198 2,108 306,656 308,764 Installment 79 10 58 147 6,627 6,774 Total $ 4,746 4,337 21,002 30,085 2,582,294 2,612,379 Florida: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ - - - - 19,336 19,336 Other - - - - 58 58 Real estate mortgage - 1 to 4 family: First mortgages 801 283 1,225 2,309 474,118 476,427 Home equity loans - - - - 5,942 5,942 Home equity lines of credit 173 - 116 289 43,081 43,370 Installment 17 - - 17 803 820 Total $ 991 283 1,341 2,615 543,338 545,953 Total: (dollars in thousands) 30-59 Past Due 60-89 Past Due 90+ Past Due Total Past Due Current Total Loans Commercial: Commercial real estate $ 618 52 2,627 3,297 190,827 194,124 Other - - - - 29,258 29,258 Real estate mortgage - 1 to 4 family: First mortgages 4,141 4,157 18,007 26,305 2,491,262 2,517,567 Home equity loans 141 59 337 537 57,118 57,655 Home equity lines of credit 741 342 1,314 2,397 349,737 352,134 Installment 96 10 58 164 7,430 7,594 Total $ 5,737 4,620 22,343 32,700 3,125,632 3,158,332 |
Activity in the allowance for loan losses by portfolio segment | Activity in the allowance for loan losses by portfolio segment is summarized as follows: (dollars in thousands) For the year ended December 31, 2015 Commercial Real Estate Installment Total Balance at beginning of period $ 4,071 42,088 168 46,327 Loans charged off: New York and other states* 779 4,631 168 5,578 Florida - 320 17 337 Total loan chargeoffs 779 4,951 185 5,915 Recoveries of loans previously charged off: New York and other states* 20 572 46 638 Florida 7 5 - 12 Total recoveries 27 577 46 650 Net loans charged off 752 4,374 139 5,265 Provision for loan losses 1,172 2,039 489 3,700 Balance at end of period $ 4,491 39,753 518 44,762 (dollars in thousands) For the year ended December 31, 2014 Commercial Real Estate Installment Total Balance at beginning of period $ 4,019 43,597 98 47,714 Loans charged off: New York and other states* 397 5,485 201 6,083 Florida 613 835 13 1,461 Total loan chargeoffs 1,010 6,320 214 7,544 Recoveries of loans previously charged off: New York and other states* 34 442 28 504 Florida 480 69 4 553 Total recoveries 514 511 32 1,057 Net loans charged off 496 5,809 182 6,487 Provision for loan losses 548 4,300 252 5,100 Balance at end of period $ 4,071 42,088 168 46,327 (dollars in thousands) For the year ended December 31, 2013 Commercial Real Estate Installment Total Balance at beginning of period $ 3,771 44,069 87 47,927 Loans charged off: New York and other states* 1,072 6,572 68 7,712 Florida 100 1,020 6 1,126 Total loan chargeoffs 1,172 7,592 74 8,838 Recoveries of loans previously charged off: New York and other states* 14 715 17 746 Florida 505 374 - 879 Total recoveries 519 1,089 17 1,625 Net loans charged off 653 6,503 57 7,213 Provision for loan losses 901 6,031 68 7,000 Balance at end of period $ 4,019 43,597 98 47,714 |
Allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2015 and 2014: December 31, 2015 (dollars in thousands) 1-to-4 Family Commercial Loans Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,491 39,753 518 44,762 Total ending allowance balance $ 4,491 39,753 518 44,762 Loans: Individually evaluated for impairment $ 3,306 22,575 - 25,881 Collectively evaluated for impairment 200,109 3,057,923 9,391 3,267,423 Total ending loans balance $ 203,415 3,080,498 9,391 3,293,304 December 31, 2014 (dollars in thousands) 1-to-4 Family Commercial Loans Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,071 42,088 168 46,327 Total ending allowance balance $ 4,071 42,088 168 46,327 Loans: Individually evaluated for impairment $ 4,129 22,406 - 26,535 Collectively evaluated for impairment 219,253 2,904,950 7,594 3,131,797 Total ending loans balance $ 223,382 2,927,356 7,594 3,158,332 |
Impaired loans by loan class | The following tables present impaired loans by loan class as of December 31, 2015 and 2014: New York and other states: December 31, 2015 (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 3,306 3,996 - 3,608 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 17,460 18,602 - 18,127 Home equity loans 359 417 - 382 Home equity lines of credit 2,306 2,569 - 2,238 Total $ 23,431 25,584 - 24,355 Florida: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ - - - - Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 1,760 1,852 - 1,489 Home equity loans 53 53 - 54 Home equity lines of credit 637 720 - 654 Total $ 2,450 2,625 - 2,197 Total: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 3,306 3,996 - 3,608 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 19,220 20,454 - 19,616 Home equity loans 412 470 - 436 Home equity lines of credit 2,943 3,289 - 2,892 Total $ 25,881 28,209 - 26,552 New York and other states: December 31, 2014 (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 4,129 5,499 - 4,798 Other - - - 61 Real estate mortgage - 1 to 4 family: First mortgages 17,579 18,689 - 17,261 Home equity loans 366 410 - 454 Home equity lines of credit 2,492 2,778 - 2,578 Total $ 24,566 27,376 - 25,152 Florida: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ - - - 577 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 1,289 1,380 - 1,422 Home equity loans 56 56 - 5 Home equity lines of credit 624 773 - 581 Total $ 1,969 2,209 - 2,585 Total: (dollars in thousands) Unpaid YTD Avg Recorded Principal Related Recorded Commercial: Commercial real estate $ 4,129 5,499 - 5,375 Other - - - 61 Real estate mortgage - 1 to 4 family: First mortgages 18,868 20,069 - 18,683 Home equity loans 422 466 - 459 Home equity lines of credit 3,116 3,551 - 3,159 Total $ 26,535 29,585 - 27,737 |
Modified loans by class that were determined to be TDR's | The following table presents modified loans by class that were determined to be TDRs that occurred during the years ended December 31, 2015, 2014 and 2013: Year ended 12/31/2015 Year ended 12/31/2014 Year ended 12/31/2013 New York and other states*: (dollars in thousands) Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Number of Pre-Modification Outstanding Commercial: Commercial real estate - $ - - 1 $ 294 294 1 $ 507 507 Real estate mortgage - 1 to 4 family: First mortgages 35 4,797 4,797 41 5,585 5,585 50 5 852 5 852 Home equity loans 1 137 137 4 77 77 7 120 120 Home equity lines of credit 7 506 506 3 194 194 13 1,061 1,061 Total 43 $ 5,440 5,440 49 $ 6,150 6,150 71 $ 7,540 7,540 Florida: (dollars in thousands) Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Real estate mortgage - 1 to 4 family: First mortgages 6 780 780 7 676 676 8 1,149 1,149 Home equity loans - - - 1 56 56 - - - Home equity lines of credit 4 107 107 3 368 368 3 282 282 Total 10 $ 887 887 11 $ 1,100 1,100 11 $ 1,431 1,431 |
Loans by class modified as TDR's for which there was a payment default | The following table presents loans by class modified as TDR’s that occurred during the years ended December 31, 2015, 2014 and 2013 for which there was a payment default within 12 months of modification: Year ended 12/31/2015 Year ended 12/31/2014 Year ended 12/31/2013 New York and other states*: Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Contracts Investment Contracts Investment Contracts Investment Real estate mortgage - 1 to 4 family: First mortgages 2 148 7 355 5 440 Home equity loans - - - - 1 44 Home equity lines of credit 2 24 1 35 1 56 Total 4 $ 172 8 $ 390 7 $ 540 Florida: Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) Contracts Investment Contracts Investment Contracts Investment Real estate mortgage - 1 to 4 family: First mortgages - $ - 1 $ 60 - $ - Home equity lines of credit - - 1 279 - - Total - $ - 2 $ 339 - $ - |
Risk category of loans by class of loans | As of December 31, 2015 and 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: December 31, 2015 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,335 15,630 160,965 Other 26,715 734 27,449 $ 172,050 16, 188,414 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 14,908 - 14,908 Other 93 - 93 $ 15,001 - 15,001 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 160,243 15,630 175,873 Other 26,808 734 27,542 $ 187,051 16,364 203,415 December 31, 2014 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 162,589 12,199 174,788 Other 28,677 523 29,200 $ 191,266 12,722 203,988 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 19,336 - 19,336 Other 58 - 58 $ 19,394 - 19,394 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 181,925 12,199 194,124 Other 28,735 523 29,258 $ 210,660 12,722 223,382 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Bank Premises and Equipment [Abstract] | |
Summary of premises and equipment | A summary of premises and equipment at December 31, 2015 and 2014 follows: (dollars in thousands) 2015 2014 Land $ 2,413 2,413 Buildings 33,050 32,760 Furniture, fixtures and equipment 48,819 47,443 Leasehold improvements 29,389 27,652 Total bank premises and equipment 113,670 110,268 Accumulated depreciation and amortization (76,026 ) (71,703 ) Total $ 37,643 38,565 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Interest expense on deposits | Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2015 2014 2013 Interest bearing checking accounts $ 448 365 329 Savings accounts 2,468 2,662 3,333 Time deposits and money market accounts 12,067 11,064 10,138 Total $ 14,983 14,091 13,800 |
Maturity of total time deposits | At December 31, 2015, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 778,133 1 to 2 years 290,246 2 to 3 years 20,302 3 to 4 years 16,187 4 to 5 years 2,851 Over 5 years 211 $ 1,107,930 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-Term Borrowings [Abstract] | |
Short-term borrowings | Short-term borrowings of the Company were cash management accounts as follows: (dollars in thousands) 2015 2014 2013 Amount outstanding at December 31, $ 191,226 189,116 204,162 Maximum amount outstanding at any month end 194,738 209,370 204,162 Average amount outstanding 184,725 189,430 180,275 Weighted average interest rate: For the year 0.66 % 0.74 0.82 As of year end 0.60 0.72 0.82 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Summary of income tax expense/(benefit) | A summary of income tax expense/(benefit) included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2015 2014 2013 Current tax expense: Federal $ 19,864 22,046 22,612 State 1,647 2,386 2,531 Total current tax expense 21,511 24,432 25,143 Deferred tax expense (benefit) 3,011 2,964 (1,426 ) Total income tax expense $ 24,522 27,396 23,717 |
Tax effects of temporary differences | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014, are as follows: December 31, 2015 2014 (dollars in thousands) Deductible Deductible Benefits and deferred remuneration $ (4,992 ) $ (3,885 ) Difference in reporting the allowance for loan losses, net 18,576 21,006 Other income or expense not yet reported for tax purposes 2,607 2,325 Depreciable assets (796 ) (1,040 ) Net deferred tax asset at end of year 15,395 18,406 Net deferred tax asset at beginning of year 18,406 21,370 Deferred tax expense $ 3,011 $ 2,964 |
Effective income tax rate | The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: For the years ended 2015 2014 2013 Statutory federal income tax rate Increase/(decrease) in taxes resulting from: 35.0 % 35.0 35.0 Tax exempt income (0.1 ) (0.1 ) (0.3 ) State income tax (including alternative minimum tax), net of federal tax benefit 1.8 2.7 2.3 Other items - 0.7 0.3 Effective income tax rate 36.7 % 38.3 37.3 |
Reconciliation of unrecognized tax benefits | For the years ended December 31, 2015 and 2014 the unrecognized tax benefits and change in those unrecognized tax benefits from the beginning of the year are as follows: (dollars in thousands) Balance as of January 1, 2014 $ 213 Change in unrecognized tax reserve - Balance as of December 31, 2014 $ 213 Change in unrecognized tax reserve - Balance as of December 31, 2015 $ 213 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in component of other comprehensive income related to retirement plan and post-retirement benefit plan | The following table details the change in the components of other comprehensive (loss) income related to the retirement plan and the postretirement benefit plan, at December 31, 2015 and 2014, respectively: (dollars in thousands) December 31, 2015 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (109 ) (602 ) (711 ) Amortization of net actuarial (loss) gain (210 ) 140 (70 ) Amortization of prior service cost (credit) - (90 ) (90 ) Total $ (319 ) (552 ) (871 ) December 31, 2014 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ 5,337 3,030 8,367 Amortization of net actuarial gain (loss) - 297 297 Amortization of prior service credit - (199 ) (199 ) Total $ 5,337 3,128 8,465 |
Asset allocation of pension and postretirement benefit plans | The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: Pension Benefit Postretirement Benefit 2015 2014 2015 2014 Debt Securities 32 % 32 25 33 Equity Securities 60 63 60 65 Other 8 5 15 2 Total 100 % 100 100 100 |
Fair value of plan assets by type of financial instrument and level hierarchy | The fair value of the plan assets at December 31, 2015 and 2014, by asset category, is as follows: Retirement Plan Fair Value Measurements at Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 3,182 3,182 - - Equity mutual funds 25,352 25,352 - - U.S. government sponsored enterprises 5,779 - 5,779 - Corporate bonds 6,771 - 6,771 - Fixed income mutual funds 593 593 - - Total Plan Assets $ 41,677 29,127 12,550 - Postretirement Benefits Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 2,832 2,832 - - Equity mutual funds 11,513 11,513 - - U.S. government sponsored enterprises 1,843 - 1,843 - Corporate bonds 1,074 - 1,074 - State and political subdivisions 1,976 - 1,976 - Total Plan Assets $ 19,238 14,345 4,893 - Retirement Plan Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 2,043 2,043 - - Equity mutual funds 27,149 27,149 - - U.S. government sponsored enterprises 6,691 - 6,691 - Corporate bonds 6,502 - 6,502 - Fixed income mutual funds 608 608 - - Total Plan Assets $ 42,993 29,800 13,193 - Postretirement Benefits Fair Value Measurements at Carrying Value Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) (dollars in thousands) Plan Assets Cash and cash equivalents $ 285 285 - - Equity mutual funds 12,583 12,583 - - U.S. government sponsored enterprises 2,342 - 2,342 - Corporate bonds 1,520 - 1,520 - State and political subdivisions 2,555 - 2,555 - Total Plan Assets $ 19,285 12,868 6,417 - |
Summary of the status of stock option plans | A summary of the status of TrustCo’s stock option plans as of December 31, 2015 and changes during the year then ended, are as follows: Outstanding Options Number of Weighted Weighted Balance, January 1, 2015 2,693,050 $ 8.27 New options awarded - 2015 168,250 6.43 Expired options - 2015 (501,500 ) 12.15 Options forfeited-2015 (6,000 ) 7.78 Exercised options - 2015 (28,829 ) 5.15 Balance, December 31, 2015 2,324,971 $ 7.34 5.1 years Exercisable Options Balance, December 31, 2015 1,642,373 $ 7.73 3.8 years |
Assumptions used to determine the fair value of options granted | The assumptions used to determine the fair value of options granted during 2015, 2014 and 2013 are detailed in the table below: 2015 2014 2013 Employees' Employees' Employees' Expected dividend yield 4.09 % 3.64 % 3.72 % Risk-free interest rate 1.74 1.74 1.45 Expected volatility rate 26.20 21.62 25.83 Expected lives 5.0 years 5.0 years 5.0 years |
Restricted share units | Restricted share units Outstanding Balance, December 31, 2014 202,400 New awards granted 68,300 Forfeited awards (4,500 ) Awards settled (81,000 ) Balance, December 31, 2015 185,200 |
Performance share units | Performance share units Outstanding Balance, December 31, 2014 229,500 New awards granted 84,200 Awards settled - Balance, December 31, 2015 313,700 |
Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in projected/accumulated benefit obligation | The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2015 and 2014: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2015 2014 Projected benefit obligation at beginning of year $ 33,662 27,822 Service cost 60 58 Interest cost 1,329 1,374 Benefits paid (1,676 ) (1,751 ) Net actuarial (gain) loss (2,486 ) 6,159 Projected benefit obligation at end of year $ 30,889 33,662 |
Change in plan assets and reconciliation of funded status | Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2015 2014 Fair Value of plan assets at beginning of year $ 42,993 39,419 Actual gain on plan assets 360 3,325 Company contributions - 2,000 Benefits paid (1,676 ) (1,751 ) Fair value of plan assets at end of year 41,677 42,993 Funded status at end of year $ 10,788 9,331 |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income (pre-tax) consist of the following as of: December 31, 2015 2014 Net actuarial loss $ 5,830 6,150 |
Components of net periodic pension income and other amounts recognized in other comprehensive income | Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income: (dollars in thousands) For the years ended December 31, 2015 2014 2013 Service cost $ 60 58 69 Interest cost 1,329 1,374 1,273 Expected return on plan assets (2,735 ) (2,504 ) (2,190 ) Amortization of net loss 210 - 516 Net periodic pension credit (1,136 ) (1,072 ) (332 ) Amortization of net loss (210 ) - (516 ) Net actuarial (gain) / loss included in other comprehensive income (109 ) 5,337 (8,156 ) (319 ) 5,337 (8,672 ) Total recognized in net periodic benefit (credit) cost and other comprehensive income $ (1,455 ) 4,265 (9,004 ) |
Estimated future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (dollars in thousands) Year Pension Benefits 2016 $ 1,738 2017 1,754 2018 1,788 2019 1,829 2020 1,867 2021 - 2025 9,554 |
Assumptions used to determine benefit obligation and net periodic expense | The assumptions used to determine benefit obligations at December 31 of the following years are as follows: 2015 2014 2013 Discount rate 4.55 % 4.03 5.08 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2015 2014 2013 Discount rate 4.03 % 5.08 4.07 Expected long-term rate of return on assets 6.50 6.50 6.50 |
Post-Retirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in projected/accumulated benefit obligation | The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2015 and 2014: Change in Accumulated Benefit Obligation: December 31, (dollars in thousands) 2015 2014 Accumulated benefit obligation at beginning of year $ 6,455 2,513 Service cost 165 100 Interest cost 268 217 Plan amendments - 1,811 Benefits paid (85 ) (83 ) Net actuarial (gain) loss (1,369 ) 1,897 Accumulated benefit obligation at end of year $ 5,434 6,455 |
Change in plan assets and reconciliation of funded status | Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2015 2014 Fair value of plan assets at beginning of year $ 19,285 17,935 Actual gain on plan assets (47 ) 1,350 Company contributions 85 83 Benefits paid (85 ) (83 ) Fair value of plan assets at end of year 19,238 19,285 Funded status at end of year $ 13,804 12,830 |
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income consist of the following as of: December 31, 2015 2014 Net actuarial gain $ (3,890 ) (3,429 ) Prior service credit (1,457 ) (1,367 ) Total $ (5,347 ) (4,796 ) |
Components of net periodic pension income and other amounts recognized in other comprehensive income | Components of Net Periodic Benefit Credit and Other Amounts Recognized in Other Comprehensive Income: For the years ended (dollars in thousands) 2015 2014 2013 Service cost $ 165 $ 100 50 Interest cost 268 217 101 Expected return on plan assets (722 ) (672 ) (495 ) Amortization of net actuarial gain (140 ) (297 ) (49 ) Amortization of prior service cost (credit) 90 199 (262 ) Net periodic benefit credit (339 ) (453 ) (655 ) Net (gain) loss (602 ) 1,219 (2,868 ) Prior service cost - 1,811 465 Amortization of prior service cost (90 ) (199 ) 262 Amortization of net gain 140 297 49 Total amount recognized in other comprehensive income (552 ) 3,128 (2,092 ) Total amount recognized in net periodic benefit cost and other comprehensive income $ (891 ) $ 2,675 (2,747 ) |
Estimated future benefit payments | The following benefit payments are expected to be paid: (dollars in thousands) Postretirement Benefits 2016 $ 87 2017 91 2018 103 2019 117 2020 130 2021 - 2025 989 |
Assumptions used to determine benefit obligation and net periodic expense | The discount rate assumption used to determine benefit obligations at December 31 is as follows: 2015 2014 2013 Discount rate 4.55 % 4.03 5.08 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2015 2014 2013 Discount rate 4.03 % 5.08 4.07 Expected long-term rate of return on assets, net of tax 3.75 3.75 3.30 |
Commitments and Contingent Li36
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingent Liabilities [Abstract] | |
Operating leases with minimum rental commitments | The Bank leases certain banking premises. These leases are accounted for as operating leases with minimum rental commitments in the amounts presented below. The majority of these leases contain options to renew. (dollars in thousands) 2016 $ 7,206 2017 6,876 2018 6,588 2019 6,453 2020 6,205 2021 and after 37,177 $ 70,505 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of the component parts of earnings per share | A reconciliation of the component parts of earnings per share for 2015, 2014 and 2013 follows: (dollars in thousands, except per share data) 2015 2014 2013 For the years ended December 31: Net income $ 42,238 44,193 39,812 Less: Net income allocated to participating securities - 43 45 Net income allocated to common shareholders $ 42,238 44,150 39,767 Basic EPS: Distributed earnings allocated to common stock $ 24,961 24,866 24,745 Undistributed earnings allocated to common stock 17,277 19,284 15,022 Net income allocated to common shareholders $ 42,238 44,150 39,767 Weighted average common shares outstanding including participating securities 95,103 94,721 94,266 Less: Participating securities - 93 106 Weighted average common shares 95,103 94,628 94,160 Basic EPS $ 0.444 0.467 0.422 Diluted EPS: Net income allocated to common shareholders $ 42,238 44,150 39,767 Weighted average common shares for basic EPS 95,103 94,628 94,160 Effect of Dilutive Securities: Stock Options 110 125 46 Weighted average common shares including potential dilutive shares 95,213 94,753 94,206 Diluted EPS $ 0.444 0.466 0.422 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at December 31, 2015 Using: Carrying Quoted Prices in Significant Significant (dollars in thousands) Securities available for sale: U.S. government sponsored enterprises $ 86,737 - $ 86,737 - State and political subdivisions 1,290 - 1,290 - Mortgage backed securities and collateralized mortgage obligations - residential 411,729 - 411,729 - Small Business Administration- guaranteed participation securities 90,416 - 90,416 - Mortgage backed securities and collateralized mortgage obligations - commercial 10,180 - 10,180 - Other 685 35 650 - Total securities available for sale $ 601,037 $ 35 $ 601,002 $ - Fair Value Measurements at December 31, 2014 Using: Carrying Quoted Prices in Significant Significant (dollars in thousands) Securities available for sale: U.S. government sponsored enterprises $ 77,800 $ - $ 77,800 $ - State and political subdivisions 2,271 - 2,271 - Mortgage backed securities and collateralized mortgage obligations - residential 483,560 - 483,560 - Corporate bonds 1,500 - 1,500 - Small Business Administration- guaranteed participation securities 100,496 - 100,496 - Mortgage backed securities and collateralized mortgage obligations - commercial 10,447 - 10,447 - Other 685 35 650 - Total securities available for sale $ 676,759 $ 35 $ 676,724 $ - |
Assets measured at fair value on a non-recurring basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2015 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Other real estate owned $ 6,455 $ - $ - $ 6,455 Impaired loans: Commercial real estate 878 - - 878 Real estate mortgage - 1 to 4 family: First mortgages 2,601 - - 2,601 Home Equity Loans 53 - - 53 Home equity lines of credit 455 - - 455 Fair Value Measurements at December 31, 2014 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (dollars in thousands) Other real estate owned $ 6,441 $ - $ - $ 6,441 Impaired loans: Commercial real estate 206 - - 206 Real estate mortgage - 1 to 4 family: First mortgages 2,627 - - 2,627 Home equity lines of credit 810 - - 810 |
Carrying amounts and estimated fair values of financial instruments | In accordance with ASC 825, Financial Instruments, the carrying amounts and estimated fair values of financial instruments, at December 31, 2015 and 2014 are as follows: Carrying Fair Value Measurements at Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 718,156 718,156 - - 718,156 Securities available for sale 601,037 35 601,002 - 601,037 Held to maturity securities 56,465 - 59,439 - 59,439 Federal Reserve Bank and Federal Home Loan Bank stock 9,480 N/A N/A N/A N/A Net loans 3,248,542 - - 3,279,167 3,279,167 Accrued interest receivable 10,262 80 2,370 7,812 10,262 Financial liabilities: Demand deposits 365,081 365,081 - - 365,081 Interest bearing deposits 3,735,297 2,627,367 1,111,240 - 3,738,607 Short-term borrowings 191,226 - 191,226 - 191,226 Accrued interest payable 501 74 427 - 501 Carrying Fair Value Measurements at Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 671,448 671,448 - - 671,448 Securities available for sale 676,759 35 676,724 - 676,759 Held to maturity securities 70,946 - 75,342 - 75,342 Federal Reserve Bank and Federal Home Loan Bank stock 9,228 N/A N/A N/A N/A Net loans 3,112,005 - - 3,171,005 3,171,005 Accrued interest receivable 10,800 30 2,694 8,076 10,800 Financial liabilities: Demand deposits 331,425 331,425 - - 331,425 Interest bearing deposits 3,700,816 2,537,583 1,163,245 - 3,700,828 Short-term borrowings 189,116 - 189,116 - 189,116 Accrued interest payable 548 100 448 - 548 |
Regulatory Capital Requiremen39
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Summary of actual capital amounts and ratios | The following is a summary of actual capital amounts and ratios as of December 31, 2015 and 2014, for Trustco Bank: (dollars in thousands) As of December 31, 2015 Well Adequately Amount Ratio Capitalized* Capitalized* Tier 1 leverage ratio $ 405,506 8.60 % 5.00 % 4.00 % Common equity Tier 1 capital 405,506 17.21 6.00 4.00 Tier 1 risk-based capital 405,506 17.21 6.00 4.00 Total risk-based capital 435,149 18.47 10.00 8.00 (dollars in thousands) As of December 31, 2014 Well Adequately Amount Ratio Capitalized* Capitalized* Tier 1 (core) capital $ 386,913 8.33 % 5.00 % 4.00 % Tier 1 risk-based capital 386,913 16.60 6.00 4.00 Total risk-based capital 416,269 17.86 10.00 8.00 *Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized *Regulatory minimum requirements to be considered to be well capitalized and adequately capitalized The following is a summary of actual capital amounts and ratios as of December 31, 2015 and 2014 for TrustCo on a consolidated basis under the regulatory capital rules to which it is subject: (dollars in thousands) As of December 31, 2015 Amount Ratio Leverage capital $ 417,538 8.85 % Common equity Tier 1 capital 417,538 17.71 Tier 1 risk-based capital 417,538 17.71 Total risk-based capital 447,193 18.97 (dollars in thousands) As of December 31, 2014 Amount Ratio Leverage capital $ 397,400 8.55 % Tier 1 risk-based capital 397,400 17.04 Total risk-based capital 426,770 18.30 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated other comprehensive income (loss), net of tax | The following is a summary of the accumulated other comprehensive loss balances, net of tax: For the year ended 12/31/15 (dollars in thousands) Balance at 12/31/2014 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2015 Balance at 12/31/2015 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (3,693 ) (648 ) (151 ) (799 ) (4,492 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax (1,188 ) 430 - 430 (758 ) Net change in net actuarial loss and prior service cost on pension and postretirement benefit plans, net of tax 372 - 97 97 469 Accumulated other comprehensive loss, net of tax (4,509 ) (218 ) (54 ) (272 ) (4,781 ) For the year ended 12/31/14 (dollars in thousands) Balance at 12/31/2013 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2014 Balance at 12/31/2014 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (18,078 ) 14,815 (430 ) 14,385 (3,693 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 3,843 (5,031 ) - (5,031 ) (1,188 ) Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 432 - (60 ) (60 ) 372 Accumulated other comprehensive income (loss), net of tax (13,803 ) 9,784 (490 ) 9,294 (4,509 ) For the year ended 12/31/13 (dollars in thousands) Balance at 12/31/2012 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- Year ended 12/31/2013 Balance at 12/31/2013 Net unrealized holding gain (loss) on securities available for sale, net of tax $ 3,755 (20,860 ) (973 ) (21,833 ) (18,078 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax (2,506 ) 6,349 - 6,349 3,843 Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax 309 - 123 123 432 Accumulated other comprehensive income (loss), net of tax $ 1,558 (14,511 ) (850 ) (15,361 ) (13,803 ) |
Reclassifications out of accumulated other comprehensive income | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013: (dollars in thousands) Years Ended December 31, Affected Line Item 2015 2014 2013 in Financial Statements Unrealized gains (losses) on securities available for sale Realized gain on securities transactions $ 251 717 1,622 Net gain on securities transactions Income tax expense (100 ) (287 ) (649 ) Income taxes Net of tax 151 430 973 Amortization of pension and postretirement benefit items Amortization of net actuarial loss (70 ) 297 (467 ) Salaries and employee benefits Amortization of prior service credit (90 ) (199 ) 262 Salaries and employee benefits Income tax benefit 63 (38 ) 82 Income taxes Net of tax (97 ) 60 (123 ) Total reclassifications, net of tax $ 54 490 850 |
Parent Company Only (Tables)
Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Parent Company Only [Abstract] | |
Statements of Income | The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Income (dollars in thousands) Years Ended December 31, Income: 2015 2014 2013 Dividends and interest from subsidiaries $ 24,501 24,499 24,491 Miscellaneous income - 18 - Total income 24,501 24,517 24,491 Expense: Operating supplies 33 50 81 Professional services 577 557 491 Miscellaneous expense 664 1,350 1,042 Total expense 1,274 1,957 1,614 Income before income taxes and subsidiaries' undistributed earnings 23,227 22,560 22,877 Income tax benefit (405 ) (663 ) (548 ) Income before subsidiaries' undistributed earnings 23,632 23,223 23,425 Equity in undistributed earnings of subsidiaries 18,606 20,970 16,387 Net income $ 42,238 44,193 39,812 |
Statements of Condition | The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Condition (dollars in thousands) December 31, Assets: 2015 2014 Cash in subsidiary bank $ 18,463 17,034 Investments in subsidiaries 401,289 382,968 Securities available for sale 35 35 Other assets 967 918 Total assets 420,754 400,955 Liabilities and shareholders' equity: Accrued expenses and other liabilities 7,444 7,511 Total liabilities 7,444 7,511 Shareholders' equity 413,310 393,444 Total liabilities and shareholders' equity $ 420,754 400,955 |
Statements of Cash Flows | The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Cash Flows (dollars in thousands) Years Ended December 31, 2015 2014 2013 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 42,238 44,193 39,812 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (18,606 ) (20,970 ) (16,387 ) Stock based compensation expense 204 325 378 Net change in other assets and accrued expenses (140 ) 388 277 Total adjustments (18,542 ) (20,257 ) (15,732 ) Net cash provided by operating activities 23,696 23,936 24,080 Cash flows from investing activities: Purchases of securities available for sale - (25 ) - Net cash used in investing activities - (25 ) - Cash flows from financing activities: Proceeds from exercise of stock options and related tax benefits 147 131 36 Dividends paid (24,937 ) (24,839 ) (24,711 ) Payments to acquire treasury stock (147 ) (282 ) - Proceeds from sales of treasury stock 2,670 2,850 2,908 Net cash used in financing activities (22,267 ) (22,140 ) (21,767 ) Net increase in cash and cash equivalents 1,429 1,771 2,313 Cash and cash equivalents at beginning of year 17,034 15,263 12,950 Cash and cash equivalents at end of year $ 18,463 17,034 15,263 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)PaymentSegment | Dec. 31, 2014USD ($) | |
Basis of Presentation [Abstract] | ||
Number of past due payments on loans classified as nonperforming | Payment | 3 | |
Non-payment period of loans moved to non-accrual status | 90 days | |
Loan-to-value ratio applicable to additional allowance | 90.00% | |
Other real estate owned | $ 6.4 | $ 6.4 |
Undistributed earnings | $ 56 | |
Age at which company provides access to Medicare Supplemental program for retirees | 65 years | |
Percentage of corridor amortized in net periodic benefit cost | 10.00% | |
Number of reportable segment | Segment | 1 | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years |
Balances at Other Banks (Detail
Balances at Other Banks (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Balances at Other Banks [Abstract] | ||
Balances at other banks | $ 99.1 | $ 91.2 |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 608,521 | $ 682,913 |
Gross Unrealized Gains | 469 | 1,149 |
Gross Unrealized Losses | 7,953 | 7,303 |
Fair value | 601,037 | 676,759 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 86,899 | 78,420 |
Gross Unrealized Gains | 19 | 2 |
Gross Unrealized Losses | 181 | 622 |
Fair value | 86,737 | 77,800 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 1,270 | 2,232 |
Gross Unrealized Gains | 20 | 39 |
Gross Unrealized Losses | 0 | 0 |
Fair value | 1,290 | 2,271 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 416,625 | 486,107 |
Gross Unrealized Gains | 430 | 1,108 |
Gross Unrealized Losses | 5,326 | 3,655 |
Fair value | 411,729 | 483,560 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 1,500 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair value | 1,500 | |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 92,620 | 103,273 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,204 | 2,777 |
Fair value | 90,416 | 100,496 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Commercial [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 10,422 | 10,696 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 242 | 249 |
Fair value | 10,180 | 10,447 |
Other [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 650 | 650 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair value | 650 | 650 |
Debt Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 608,486 | 682,878 |
Gross Unrealized Gains | 469 | 1,149 |
Gross Unrealized Losses | 7,953 | 7,303 |
Fair value | 601,002 | 676,724 |
Equity Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 35 | 35 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair value | $ 35 | $ 35 |
Investment Securities, Availa45
Investment Securities, Available-for-sale Securities, Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Amortized Cost [Abstract] | |
Due in one year or less | $ 1,456 |
Due in one year through five years | 86,482 |
Due after five years through ten years | 872 |
Due after ten years | 9 |
Amortized Cost | 608,486 |
Fair Value [Abstract] | |
Due in one year or less | 1,454 |
Due in one year through five years | 86,322 |
Due after five years through ten years | 892 |
Due after ten years | 9 |
Fair Value | 601,002 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | |
Amortized Cost [Abstract] | |
Securities, amortized cost | 416,625 |
Fair Value [Abstract] | |
Securities, fair value | 411,729 |
Small Business Administration-Guaranteed Participation Securities [Member] | |
Amortized Cost [Abstract] | |
Securities, amortized cost | 92,620 |
Fair Value [Abstract] | |
Securities, fair value | 90,416 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Commercial [Member] | |
Amortized Cost [Abstract] | |
Securities, amortized cost | 10,422 |
Fair Value [Abstract] | |
Securities, fair value | $ 10,180 |
Investment Securities, Availa46
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 242,473 | $ 78,389 |
12 months or more - Fair Value | 264,996 | 491,378 |
Total - Fair Value | 507,468 | 569,767 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 2,501 | 573 |
12 months or more - Gross Unrealized Loss | 5,452 | 6,730 |
Total - Gross Unrealized Loss | 7,953 | 7,303 |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 41,786 | 12,840 |
12 months or more - Fair Value | 9,932 | 54,959 |
Total - Fair Value | 51,718 | 67,799 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 113 | 81 |
12 months or more - Gross Unrealized Loss | 68 | 541 |
Total - Gross Unrealized Loss | 181 | 622 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 187,605 | 65,549 |
12 months or more - Fair Value | 167,549 | 325,476 |
Total - Fair Value | 355,153 | 391,025 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 2,147 | 492 |
12 months or more - Gross Unrealized Loss | 3,179 | 3,163 |
Total - Gross Unrealized Loss | 5,326 | 3,655 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 7,529 | 0 |
12 months or more - Fair Value | 82,888 | 100,496 |
Total - Fair Value | 90,417 | 100,496 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 111 | 0 |
12 months or more - Gross Unrealized Loss | 2,093 | 2,777 |
Total - Gross Unrealized Loss | 2,204 | 2,777 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Commercial [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 5,553 | 0 |
12 months or more - Fair Value | 4,627 | 10,447 |
Total - Fair Value | 10,180 | 10,447 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 130 | 0 |
12 months or more - Gross Unrealized Loss | 112 | 249 |
Total - Gross Unrealized Loss | $ 242 | $ 249 |
Investment Securities, Availa47
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | |||
Proceeds from sales | $ 22,945 | $ 69,147 | $ 160,820 |
Proceeds from calls | 232,010 | 251,927 | 256,384 |
Gross realized gains | 251 | 720 | 1,702 |
Gross realized losses | 0 | 3 | 80 |
Income tax expense recognized on net gains on sales and calls of securities available for sale | 100 | 287 | $ 649 |
Securities available for sale pledged to secure short-term borrowings and for other purposes | $ 277,100 | $ 298,500 |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 56,465 | $ 70,946 |
Gross Unrecognized Gains | 2,974 | 4,396 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | 59,439 | 75,342 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 46,490 | 60,986 |
Gross Unrecognized Gains | 2,308 | 3,334 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | 48,798 | 64,320 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 9,975 | 9,960 |
Gross Unrecognized Gains | 666 | 1,062 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $ 10,641 | $ 11,022 |
Investment Securities, Held-t49
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amortized Cost [Abstract] | ||
Due in one year through five years | $ 9,975 | |
Amortized Cost | 56,465 | $ 70,946 |
Fair Value [Abstract] | ||
Due in one year through five years | 10,641 | |
Fair Value | 59,439 | $ 75,342 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 46,490 | |
Fair Value [Abstract] | ||
Securities, fair value | $ 48,798 |
Investment Securities, Concentr
Investment Securities, Concentrations (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Federal Home Loan Mortgage Corporation [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized Cost | $ 161,834 |
Fair Value | 160,976 |
Federal National Mortgage Association [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized Cost | 335,008 |
Fair Value | 331,414 |
Government National Mortgage Association [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized Cost | 61,696 |
Fair Value | 63,157 |
Small Business Administration [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized Cost | 92,620 |
Fair Value | $ 90,417 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | $ 3,293,304 | $ 3,158,332 | |||
Less: Allowance for loan losses | 44,762 | 46,327 | $ 47,714 | $ 47,927 | |
Net loans | 3,248,542 | 3,112,005 | |||
Due from officers | 7,600 | 8,300 | |||
New loans | 2,600 | ||||
Repayments of loans | 3,300 | ||||
Real Estate Construction Loans [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 26,600 | 38,500 | |||
Residential Borrowers [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 16,000 | 17,600 | |||
Commercial Borrowers Residential Purpose [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 10,600 | 20,900 | |||
Commercial [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 203,415 | 223,382 | |||
Less: Allowance for loan losses | 4,491 | 4,071 | 4,019 | 3,771 | |
Commercial [Member] | Commercial Real Estate [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 175,873 | 194,124 | |||
Commercial [Member] | Other [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 27,542 | 29,258 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 3,080,498 | 2,927,356 | |||
Less: Allowance for loan losses | 39,753 | 42,088 | 43,597 | 44,069 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 2,660,672 | 2,517,567 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 60,501 | 57,655 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 359,325 | 352,134 | |||
Installment [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 9,391 | 7,594 | |||
Less: Allowance for loan losses | 518 | 168 | $ 98 | $ 87 | |
New York and Other States [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 2,650,787 | 2,612,379 | ||
New York and Other States [Member] | Commercial [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 188,414 | 203,988 | |||
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 160,965 | 174,788 | ||
New York and Other States [Member] | Commercial [Member] | Other [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 27,449 | 29,200 | ||
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 2,093,957 | 2,041,140 | ||
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 52,251 | 51,713 | ||
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 308,165 | 308,764 | ||
New York and Other States [Member] | Installment [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | [1] | 8,000 | 6,774 | ||
Florida [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 642,517 | 545,953 | |||
Florida [Member] | Commercial [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 15,001 | 19,394 | |||
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 14,908 | 19,336 | |||
Florida [Member] | Commercial [Member] | Other [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 93 | 58 | |||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 566,715 | 476,427 | |||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 8,250 | 5,942 | |||
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | 51,160 | 43,370 | |||
Florida [Member] | Installment [Member] | |||||
Loans and Leases Receivable, Net Amount [Abstract] | |||||
Total loans, net | $ 1,391 | $ 820 | |||
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses, Non-accrual Loans, by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | $ 28,212 | $ 33,886 |
Restructured real estate mortgages - 1 to 4 family | 48 | 125 |
Total nonperforming loans | 28,260 | 34,011 |
Other real estate owned | 5,400 | 4,200 |
Residential Real Estate [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Non accrual residential mortgage loans in the process of foreclosure | 13,200 | 17,500 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 3,024 | 3,835 |
Commercial [Member] | Other [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 20,976 | 26,131 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 212 | 349 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 3,902 | 3,481 |
Installment [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 98 | 90 |
New York and Other States [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 26,387 | 31,133 |
Restructured real estate mortgages - 1 to 4 family | 48 | 125 |
Total nonperforming loans | 26,435 | 31,258 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 3,024 | 3,835 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 0 | 0 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 19,488 | 23,643 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 212 | 349 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 3,573 | 3,229 |
New York and Other States [Member] | Installment [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 90 | 77 |
Florida [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 1,825 | 2,753 |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 |
Total nonperforming loans | 1,825 | 2,753 |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 0 | 0 |
Florida [Member] | Commercial [Member] | Other [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 1,488 | 2,488 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | 329 | 252 |
Florida [Member] | Installment [Member] | ||
Non accrual loans by loan class [Abstract] | ||
Total non-accrual loans | $ 8 | $ 13 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses, Past Due (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 25,972 | $ 32,700 | |
Current | 3,267,332 | 3,125,632 | |
Total loans | 3,293,304 | 3,158,332 | |
Loans that are 90 days past due and still accruing interest | $ 0 | 0 | |
Number of days past due | 90 days | ||
30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 5,805 | 5,737 | |
60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,552 | 4,620 | |
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 17,615 | 22,343 | |
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 203,415 | 223,382 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,350 | 3,297 | |
Current | 173,523 | 190,827 | |
Total loans | 175,873 | 194,124 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 618 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 52 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,340 | 2,627 | |
Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 27,542 | 29,258 | |
Total loans | 27,542 | 29,258 | |
Commercial [Member] | Other [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 3,080,498 | 2,927,356 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 20,674 | 26,305 | |
Current | 2,639,998 | 2,491,262 | |
Total loans | 2,660,672 | 2,517,567 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 4,986 | 4,141 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,308 | 4,157 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 13,380 | 18,007 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 192 | 537 | |
Current | 60,309 | 57,118 | |
Total loans | 60,501 | 57,655 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 43 | 141 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 59 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 149 | 337 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,593 | 2,397 | |
Current | 356,732 | 349,737 | |
Total loans | 359,325 | 352,134 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 731 | 741 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 204 | 342 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,658 | 1,314 | |
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 163 | 164 | |
Current | 9,228 | 7,430 | |
Total loans | 9,391 | 7,594 | |
Installment [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 35 | 96 | |
Installment [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 40 | 10 | |
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 88 | 58 | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 23,754 | 30,085 | |
Current | 2,627,033 | 2,582,294 | |
Total loans | [1] | 2,650,787 | 2,612,379 |
New York and Other States [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 4,970 | 4,746 | |
New York and Other States [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,260 | 4,337 | |
New York and Other States [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 16,524 | 21,002 | |
New York and Other States [Member] | Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 188,414 | 203,988 | |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,340 | 3,297 | |
Current | 158,625 | 171,491 | |
Total loans | [1] | 160,965 | 174,788 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 618 | |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 52 | |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,340 | 2,627 | |
New York and Other States [Member] | Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 27,449 | 29,200 | |
Total loans | [1] | 27,449 | 29,200 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
New York and Other States [Member] | Commercial [Member] | Other [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
New York and Other States [Member] | Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 18,887 | 23,996 | |
Current | 2,075,070 | 2,017,144 | |
Total loans | [1] | 2,093,957 | 2,041,140 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 4,321 | 3,340 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,037 | 3,874 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 12,529 | 16,782 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 192 | 537 | |
Current | 52,059 | 51,176 | |
Total loans | [1] | 52,251 | 51,713 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 43 | 141 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 59 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 149 | 337 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,194 | 2,108 | |
Current | 305,971 | 306,656 | |
Total loans | [1] | 308,165 | 308,764 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 572 | 568 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 204 | 342 | |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,418 | 1,198 | |
New York and Other States [Member] | Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 141 | 147 | |
Current | 7,859 | 6,627 | |
Total loans | [1] | 8,000 | 6,774 |
New York and Other States [Member] | Installment [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 34 | 79 | |
New York and Other States [Member] | Installment [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 19 | 10 | |
New York and Other States [Member] | Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 88 | 58 | |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,218 | 2,615 | |
Current | 640,299 | 543,338 | |
Total loans | 642,517 | 545,953 | |
Florida [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 835 | 991 | |
Florida [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 292 | 283 | |
Florida [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,091 | 1,341 | |
Florida [Member] | Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 15,001 | 19,394 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 0 | |
Current | 14,898 | 19,336 | |
Total loans | 14,908 | 19,336 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 0 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 93 | 58 | |
Total loans | 93 | 58 | |
Florida [Member] | Commercial [Member] | Other [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Commercial [Member] | Other [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,787 | 2,309 | |
Current | 564,928 | 474,118 | |
Total loans | 566,715 | 476,427 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 665 | 801 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 271 | 283 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 851 | 1,225 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 8,250 | 5,942 | |
Total loans | 8,250 | 5,942 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 399 | 289 | |
Current | 50,761 | 43,081 | |
Total loans | 51,160 | 43,370 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 159 | 173 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 240 | 116 | |
Florida [Member] | Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 22 | 17 | |
Current | 1,369 | 803 | |
Total loans | 1,391 | 820 | |
Florida [Member] | Installment [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1 | 17 | |
Florida [Member] | Installment [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 21 | 0 | |
Florida [Member] | Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 0 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance at beginning of period | $ 46,327 | $ 47,714 | $ 47,927 |
Loans charged off [Abstract] | |||
Total loan charge offs | 5,915 | 7,544 | 8,838 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 650 | 1,057 | 1,625 |
Net loans charged off | 5,265 | 6,487 | 7,213 |
Provision for loan losses | 3,700 | 5,100 | 7,000 |
Balance at end of period | 44,762 | 46,327 | 47,714 |
Commercial [Member] | |||
Allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance at beginning of period | 4,071 | 4,019 | 3,771 |
Loans charged off [Abstract] | |||
Total loan charge offs | 779 | 1,010 | 1,172 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 27 | 514 | 519 |
Net loans charged off | 752 | 496 | 653 |
Provision for loan losses | 1,172 | 548 | 901 |
Balance at end of period | 4,491 | 4,071 | 4,019 |
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance at beginning of period | 42,088 | 43,597 | 44,069 |
Loans charged off [Abstract] | |||
Total loan charge offs | 4,951 | 6,320 | 7,592 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 577 | 511 | 1,089 |
Net loans charged off | 4,374 | 5,809 | 6,503 |
Provision for loan losses | 2,039 | 4,300 | 6,031 |
Balance at end of period | 39,753 | 42,088 | 43,597 |
Installment [Member] | |||
Allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance at beginning of period | 168 | 98 | 87 |
Loans charged off [Abstract] | |||
Total loan charge offs | 185 | 214 | 74 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 46 | 32 | 17 |
Net loans charged off | 139 | 182 | 57 |
Provision for loan losses | 489 | 252 | 68 |
Balance at end of period | 518 | 168 | 98 |
New York and Other States [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 5,578 | 6,083 | 7,712 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 638 | 504 | 746 |
New York and Other States [Member] | Commercial [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 779 | 397 | 1,072 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 20 | 34 | 14 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 4,631 | 5,485 | 6,572 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 572 | 442 | 715 |
New York and Other States [Member] | Installment [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 168 | 201 | 68 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 46 | 28 | 17 |
Florida [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 337 | 1,461 | 1,126 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 12 | 553 | 879 |
Florida [Member] | Commercial [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 0 | 613 | 100 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 7 | 480 | 505 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 320 | 835 | 1,020 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | 5 | 69 | 374 |
Florida [Member] | Installment [Member] | |||
Loans charged off [Abstract] | |||
Total loan charge offs | 17 | 13 | 6 |
Recoveries of loans previously charged off [Abstract] | |||
Total recoveries | $ 0 | $ 4 | $ 0 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | $ 0 | $ 0 | ||
Collectively evaluated for impairment | 44,762 | 46,327 | ||
Total ending allowance balance | 44,762 | 46,327 | $ 47,714 | $ 47,927 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 25,881 | 26,535 | ||
Collectively evaluated for impairment | 3,267,423 | 3,131,797 | ||
Total ending loans balance | 3,293,304 | 3,158,332 | ||
Commercial [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,491 | 4,071 | ||
Total ending allowance balance | 4,491 | 4,071 | 4,019 | 3,771 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 3,306 | 4,129 | ||
Collectively evaluated for impairment | 200,109 | 219,253 | ||
Total ending loans balance | 203,415 | 223,382 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 39,753 | 42,088 | ||
Total ending allowance balance | 39,753 | 42,088 | 43,597 | 44,069 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 22,575 | 22,406 | ||
Collectively evaluated for impairment | 3,057,923 | 2,904,950 | ||
Total ending loans balance | 3,080,498 | 2,927,356 | ||
Installment [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 518 | 168 | ||
Total ending allowance balance | 518 | 168 | $ 98 | $ 87 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 9,391 | 7,594 | ||
Total ending loans balance | $ 9,391 | $ 7,594 |
Loans and Allowance for Loan 56
Loans and Allowance for Loan Losses, Impaired Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired loans by loans class [Abstract] | ||
Recorded Investment | $ 25,881 | $ 26,535 |
Unpaid Principal Balance | 28,209 | 29,585 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 26,552 | 27,737 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 3,306 | 4,129 |
Unpaid Principal Balance | 3,996 | 5,499 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 3,608 | 5,375 |
Commercial [Member] | Other [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 0 | 61 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 19,220 | 18,868 |
Unpaid Principal Balance | 20,454 | 20,069 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 19,616 | 18,683 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 412 | 422 |
Unpaid Principal Balance | 470 | 466 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 436 | 459 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 2,943 | 3,116 |
Unpaid Principal Balance | 3,289 | 3,551 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 2,892 | 3,159 |
New York and Other States [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 23,431 | 24,566 |
Unpaid Principal Balance | 25,584 | 27,376 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 24,355 | 25,152 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 3,306 | 4,129 |
Unpaid Principal Balance | 3,996 | 5,499 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 3,608 | 4,798 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 0 | 61 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 17,460 | 17,579 |
Unpaid Principal Balance | 18,602 | 18,689 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 18,127 | 17,261 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 359 | 366 |
Unpaid Principal Balance | 417 | 410 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 382 | 454 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 2,306 | 2,492 |
Unpaid Principal Balance | 2,569 | 2,778 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 2,238 | 2,578 |
Florida [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 2,450 | 1,969 |
Unpaid Principal Balance | 2,625 | 2,209 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 2,197 | 2,585 |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 0 | 577 |
Florida [Member] | Commercial [Member] | Other [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 0 | 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 1,760 | 1,289 |
Unpaid Principal Balance | 1,852 | 1,380 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 1,489 | 1,422 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 53 | 56 |
Unpaid Principal Balance | 53 | 56 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | 54 | 5 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Impaired loans by loans class [Abstract] | ||
Recorded Investment | 637 | 624 |
Unpaid Principal Balance | 720 | 773 |
Related Allowance | 0 | 0 |
YTD Avg Recorded Investment | $ 654 | $ 581 |
Loans and Allowance for Loan 57
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
TDR's classifications from previously performing loans | $ 10,600 | $ 9,900 | |
New York and Other States [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 43 | 49 | 71 |
Pre-Modification Outstanding Recorded Investment | $ 5,440 | $ 6,150 | $ 7,540 |
Post-Modification Outstanding Recorded Investment | $ 5,440 | $ 6,150 | $ 7,540 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 0 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 294 | $ 507 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 294 | $ 507 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 35 | 41 | 50 |
Pre-Modification Outstanding Recorded Investment | $ 4,797 | $ 5,585 | $ 5,852 |
Post-Modification Outstanding Recorded Investment | $ 4,797 | $ 5,585 | $ 5,852 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 1 | 4 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 137 | $ 77 | $ 120 |
Post-Modification Outstanding Recorded Investment | $ 137 | $ 77 | $ 120 |
New York and Other States [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 7 | 3 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 506 | $ 194 | $ 1,061 |
Post-Modification Outstanding Recorded Investment | $ 506 | $ 194 | $ 1,061 |
Florida [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 10 | 11 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 887 | $ 1,100 | $ 1,431 |
Post-Modification Outstanding Recorded Investment | $ 887 | $ 1,100 | $ 1,431 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 6 | 7 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 780 | $ 676 | $ 1,149 |
Post-Modification Outstanding Recorded Investment | $ 780 | $ 676 | $ 1,149 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 56 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 56 | $ 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Modified loans by class determined to be TDR's [Abstract] | |||
Number of Contracts | Contract | 4 | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 107 | $ 368 | $ 282 |
Post-Modification Outstanding Recorded Investment | $ 107 | $ 368 | $ 282 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses, Modified Loans Payment Status (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Loans modified for which there was payment default [Abstract] | |||
Deferral period of past due loans | 60 months | ||
Number of days past due when loans are considered to be in payment default | 90 days | ||
Contractual past due period for loans to be in payment default | 30 days | ||
New York and Other States [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 4 | 8 | 7 |
Recorded Investment | $ | $ 172 | $ 390 | $ 540 |
New York and Other States [Member] | Commercial [Member] | First Mortgages [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 2 | 7 | 5 |
Recorded Investment | $ | $ 148 | $ 355 | $ 440 |
New York and Other States [Member] | Commercial [Member] | Home Equity Loans [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 44 |
New York and Other States [Member] | Commercial [Member] | Home Equity Lines of Credit [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 2 | 1 | 1 |
Recorded Investment | $ | $ 24 | $ 35 | $ 56 |
Florida [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 0 | 2 | 0 |
Recorded Investment | $ | $ 0 | $ 339 | $ 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 60 | $ 0 |
Florida [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Loans modified for which there was payment default [Abstract] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 279 | $ 0 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses, Risk Category of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | $ 3,293,304 | $ 3,158,332 | |
Impaired loans included in classified loans | 3,000 | 4,100 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 203,415 | 223,382 | |
Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 187,051 | 210,660 | |
Commercial [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 16,364 | 12,722 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 175,873 | 194,124 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 160,243 | 181,925 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 15,630 | 12,199 | |
Commercial [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 27,542 | 29,258 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 26,808 | 28,735 | |
Commercial [Member] | Other [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 734 | 523 | |
New York and Other States [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | [1] | 2,650,787 | 2,612,379 |
New York and Other States [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 188,414 | 203,988 | |
New York and Other States [Member] | Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 172,050 | 191,266 | |
New York and Other States [Member] | Commercial [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 16,364 | 12,722 | |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | [1] | 160,965 | 174,788 |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 145,335 | 162,589 | |
New York and Other States [Member] | Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 15,630 | 12,199 | |
New York and Other States [Member] | Commercial [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | [1] | 27,449 | 29,200 |
New York and Other States [Member] | Commercial [Member] | Other [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 26,715 | 28,677 | |
New York and Other States [Member] | Commercial [Member] | Other [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 734 | 523 | |
Florida [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 642,517 | 545,953 | |
Florida [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 15,001 | 19,394 | |
Florida [Member] | Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 15,001 | 19,394 | |
Florida [Member] | Commercial [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 0 | 0 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 14,908 | 19,336 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 14,908 | 19,336 | |
Florida [Member] | Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 0 | 0 | |
Florida [Member] | Commercial [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 93 | 58 | |
Florida [Member] | Commercial [Member] | Other [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | 93 | 58 | |
Florida [Member] | Commercial [Member] | Other [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, net | $ 0 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont, and Massachusetts. |
Bank Premises and Equipment (De
Bank Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Total bank premises and Equipment | $ 113,670 | $ 110,268 | |
Accumulated depreciation and amortization | (76,026) | (71,703) | |
Total | 37,643 | 38,565 | |
Depreciation and amortization expense | 4,554 | 4,776 | $ 5,017 |
Rental expense of the Bank's premises incurred during the period in accordance with certain operating leases | 7,500 | 7,300 | $ 7,200 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total bank premises and Equipment | 2,413 | 2,413 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total bank premises and Equipment | 33,050 | 32,760 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total bank premises and Equipment | 48,819 | 47,443 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total bank premises and Equipment | $ 29,389 | $ 27,652 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense, Deposits [Abstract] | |||
Interest bearing checking accounts | $ 448 | $ 365 | $ 329 |
Savings accounts | 2,468 | 2,662 | 3,333 |
Time deposits and money market accounts | 12,067 | 11,064 | 10,138 |
Total interest expense | 14,983 | 14,091 | $ 13,800 |
Maturities of Time Deposits [Abstract] | |||
Under 1 year | 778,133 | ||
1 to 2 years | 290,246 | ||
2 to 3 years | 20,302 | ||
3 to 4 years | 16,187 | ||
4 to 5 years | 2,851 | ||
Over 5 years | 211 | ||
Time Deposits, Total | 1,107,930 | 1,163,233 | |
Amount Included in time deposits with balance in $250000 or more | $ 98,700 | $ 85,300 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | |||
Amount outstanding at end of year | $ 191,226 | $ 189,116 | |
Cash Management [Member] | |||
Short-term Debt [Line Items] | |||
Amount outstanding at end of year | 191,226 | 189,116 | $ 204,162 |
Maximum amount outstanding at any month end | 194,738 | 209,370 | 204,162 |
Average amount outstanding | $ 184,725 | $ 189,430 | $ 180,275 |
Weighted average interest rate, For the year | 0.66% | 0.74% | 0.82% |
Weighted average interest rate, As of year end | 0.60% | 0.72% | 0.82% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense [Abstract] | |||
Federal | $ 19,864 | $ 22,046 | $ 22,612 |
State | 1,647 | 2,386 | 2,531 |
Total current tax expense | 21,511 | 24,432 | 25,143 |
Deferred tax expense (benefit) | 3,011 | 2,964 | (1,426) |
Total income tax expense | 24,522 | 27,396 | 23,717 |
Components of deferred tax assets and liabilities [Abstract] | |||
Benefits and deferred remuneration | (4,992) | (3,885) | |
Difference in reporting the allowance for loan losses, net | 18,576 | 21,006 | |
Other income or expense not yet reported for tax purposes | 2,607 | 2,325 | |
Depreciable assets | (796) | (1,040) | |
Net deferred tax asset at end of year | 15,395 | 18,406 | 21,370 |
Net deferred tax asset at beginning of year | 18,406 | 21,370 | |
Deferred tax expense | 3,011 | 2,964 | $ (1,426) |
Deferred tax assets, unrealized losses on available-for-sale securities | 3,000 | 2,400 | |
Deferred tax assets, unrecognized overfunded position in company's pension and postretirement benefit plans | $ 193 | $ 535 | |
Reconciliation from statutory federal income tax rate to effective tax rate [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase/(decrease) in taxes resulting from: [Abstract] | |||
Tax exempt income | (0.10%) | (0.10%) | (0.30%) |
State income tax (including alternative minimum tax),net of federal tax benefit | 1.80% | 2.70% | 2.30% |
Other items | 0.00% | 0.70% | 0.30% |
Effective income tax rate | 36.70% | 38.30% | 37.30% |
Unrecognized pre-tax benefit and changes in those benefits [Roll Forward] | |||
Unrecognized tax benefit, beginning balance | $ 213 | $ 213 | |
Change in unrecognized tax reserve | 0 | 0 | |
Unrecognized tax benefit, ending balance | $ 213 | $ 213 | $ 213 |
Federal [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2,012 | ||
Federal [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2,015 | ||
New York State [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2,012 | ||
New York State [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2,015 |
Benefit Plans (Details)
Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)h | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Requisite minimum period of employment | 1 year | ||
Requisite minimum hours of service | h | 1,000 | ||
Number of consecutive years in highest compensation preceding retirement | 5 years | ||
Period preceding retirement considered in calculating benefits | 10 years | ||
Accumulated benefit obligation for pension benefits | $ 30,900 | $ 33,700 | |
Change in benefit obligation: [Roll Forward] | |||
Projected benefit obligation at beginning of year | 33,662 | 27,822 | |
Service cost | 60 | 58 | $ 69 |
Interest cost | 1,329 | 1,374 | 1,273 |
Benefits paid | (1,676) | (1,751) | |
Net actuarial (gain) loss | (2,486) | 6,159 | |
Projected benefit obligation at end of year | 30,889 | 33,662 | 27,822 |
Post-Retirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for pension benefits | 5,434 | 6,455 | 2,513 |
Change in benefit obligation: [Roll Forward] | |||
Service cost | 165 | 100 | 50 |
Interest cost | 268 | 217 | $ 101 |
Benefits paid | (85) | (83) | |
Net actuarial (gain) loss | $ (1,369) | $ 1,897 |
Benefit Plans, Plan Discosures
Benefit Plans, Plan Discosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plan [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 42,993 | $ 39,419 | |
Actual gain on plan assets | 360 | 3,325 | |
Company contributions | 0 | 2,000 | |
Benefits paid | (1,676) | (1,751) | |
Fair value of plan assets | 41,677 | 42,993 | $ 39,419 |
Funded status at end of year | 10,788 | 9,331 | |
Amounts recognized in accumulated other comprehensive income: [Abstract] | |||
Net actuarial loss | 5,830 | 6,150 | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income: [Abstract] | |||
Service Cost | 60 | 58 | 69 |
Interest cost | 1,329 | 1,374 | 1,273 |
Expected return on plan assets | (2,735) | (2,504) | (2,190) |
Amortization of net loss | 210 | 0 | 516 |
Net periodic pension credit | (1,136) | (1,072) | (332) |
Amortization of net loss | (210) | 0 | (516) |
Net actuarial (gain) / loss included in other comprehensive income | (109) | 5,337 | (8,156) |
Total amount recognized in other comprehensive income | (319) | 5,337 | (8,672) |
Total recognized in net periodic benefit income and other comprehensive income | (1,455) | 4,265 | (9,004) |
Amounts of Net Gain that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 169 | ||
Retirement Plan [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 42,993 | ||
Fair value of plan assets | 41,677 | 42,993 | |
Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 29,800 | ||
Fair value of plan assets | 29,127 | 29,800 | |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 13,193 | ||
Fair value of plan assets | 12,550 | 13,193 | |
Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,043 | ||
Fair value of plan assets | 3,182 | 2,043 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,043 | ||
Fair value of plan assets | 3,182 | 2,043 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 27,149 | ||
Fair value of plan assets | 25,352 | 27,149 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 27,149 | ||
Fair value of plan assets | 25,352 | 27,149 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6,691 | ||
Fair value of plan assets | 5,779 | 6,691 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6,691 | ||
Fair value of plan assets | 5,779 | 6,691 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6,502 | ||
Fair value of plan assets | 6,771 | 6,502 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6,502 | ||
Fair value of plan assets | 6,771 | 6,502 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 608 | ||
Fair value of plan assets | 593 | 608 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 608 | ||
Fair value of plan assets | 593 | 608 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 19,285 | 17,935 | |
Actual gain on plan assets | (47) | 1,350 | |
Company contributions | 85 | 83 | |
Benefits paid | (85) | (83) | |
Fair value of plan assets | 19,238 | 19,285 | 17,935 |
Funded status at end of year | 13,804 | 12,830 | |
Amounts recognized in accumulated other comprehensive income: [Abstract] | |||
Net actuarial loss | (3,890) | (3,429) | |
Prior service credit | (1,457) | (1,367) | |
Total | (5,347) | (4,796) | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income: [Abstract] | |||
Service Cost | 165 | 100 | 50 |
Interest cost | 268 | 217 | 101 |
Expected return on plan assets | (722) | (672) | (495) |
Amortization of net loss | (140) | (297) | (49) |
Net periodic pension credit | (339) | (453) | (655) |
Amortization of net loss | 140 | 297 | 49 |
Net actuarial (gain) / loss included in other comprehensive income | (602) | 1,219 | (2,868) |
Total amount recognized in other comprehensive income | (552) | 3,128 | (2,092) |
Total recognized in net periodic benefit income and other comprehensive income | (891) | 2,675 | $ (2,747) |
Amounts of Net Gain that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 217 | ||
Amount of prior service cost that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 90 | ||
Post-Retirement Benefits Plan [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 19,285 | ||
Fair value of plan assets | 19,238 | 19,285 | |
Post-Retirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 12,868 | ||
Fair value of plan assets | 14,345 | 12,868 | |
Post-Retirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6,417 | ||
Fair value of plan assets | 4,893 | 6,417 | |
Post-Retirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 285 | ||
Fair value of plan assets | 2,832 | 285 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 285 | ||
Fair value of plan assets | 2,832 | 285 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 12,583 | ||
Fair value of plan assets | 11,513 | 12,583 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 12,583 | ||
Fair value of plan assets | 11,513 | 12,583 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,342 | ||
Fair value of plan assets | 1,843 | 2,342 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,342 | ||
Fair value of plan assets | 1,843 | 2,342 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,555 | ||
Fair value of plan assets | 1,976 | 2,555 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 2,555 | ||
Fair value of plan assets | 1,976 | 2,555 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,520 | ||
Fair value of plan assets | 1,074 | 1,520 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,520 | ||
Fair value of plan assets | 1,074 | 1,520 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Benefit Payments and Change in Obligation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Rabbi Trust | $ 5,600,000 | $ 5,700,000 | |
Retirement Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
2,016 | 1,738,000 | ||
2,017 | 1,754,000 | ||
2,018 | 1,788,000 | ||
2,019 | 1,829,000 | ||
2,020 | 1,867,000 | ||
2021 - 2025 | $ 9,554,000 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 4.55% | 4.03% | 5.08% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 4.03% | 5.08% | 4.07% |
Expected long-term rate of return on assets | 6.50% | 6.50% | 6.50% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 33,700,000 | ||
Service cost | 60,000 | $ 58,000 | $ 69,000 |
Interest cost | 1,329,000 | 1,374,000 | $ 1,273,000 |
Benefits paid | (1,676,000) | (1,751,000) | |
Net actuarial (gain) loss | (2,486,000) | 6,159,000 | |
Accumulated benefit obligation at end of year | 30,900,000 | $ 33,700,000 | |
Post-Retirement Benefits Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
2,016 | 87,000 | ||
2,017 | 91,000 | ||
2,018 | 103,000 | ||
2,019 | 117,000 | ||
2,020 | 130,000 | ||
2021 - 2025 | $ 989,000 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 4.55% | 4.03% | 5.08% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 4.03% | 5.08% | 4.07% |
Expected long-term rate of return on assets | 3.75% | 3.75% | 3.30% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 6,455,000 | $ 2,513,000 | |
Service cost | 165,000 | 100,000 | $ 50,000 |
Interest cost | 268,000 | 217,000 | 101,000 |
Plan amendments | 0 | 1,811,000 | |
Benefits paid | (85,000) | (83,000) | |
Net actuarial (gain) loss | (1,369,000) | 1,897,000 | |
Accumulated benefit obligation at end of year | 5,434,000 | 6,455,000 | 2,513,000 |
Supplementary Pension Plan [Member] | |||
Assumptions used to determine net periodic pension expense [Abstract] | |||
Accumulated benefit obligation | 5,600,000 | 5,600,000 | |
Plan expense | $ 1,000,000 | $ 1,500,000 | $ 1,300 |
Benefit Plans, Other Comprehens
Benefit Plans, Other Comprehensive Income Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in component of other comprehensive income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | $ (711) | $ 8,367 | $ (10,559) |
Amortization of net actuarial gain (loss) | (70) | 297 | (467) |
Amortization of prior service credit | (90) | (199) | 262 |
Total | (871) | 8,465 | |
Retirement Plan [Member] | |||
Components of the net periodic income and other amounts recognized in other comprehensive income [Abstract] | |||
Service Cost | 60 | 58 | 69 |
Interest cost | 1,329 | 1,374 | 1,273 |
Expected return on plan assets | (2,735) | (2,504) | (2,190) |
Amortization of net actuarial gain | 210 | 0 | 516 |
Net periodic pension credit | (1,136) | (1,072) | (332) |
Net (gain) loss | (109) | 5,337 | (8,156) |
Amortization of net gain | (210) | 0 | (516) |
Total amount recognized in other comprehensive income | (319) | 5,337 | (8,672) |
Total amount recognized in net periodic benefit cost and other comprehensive income | (1,455) | 4,265 | (9,004) |
Change in component of other comprehensive income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (109) | 5,337 | |
Amortization of net actuarial gain (loss) | (210) | 0 | |
Amortization of prior service credit | 0 | 0 | |
Total | (319) | 5,337 | |
Post-Retirement Benefits Plan [Member] | |||
Components of the net periodic income and other amounts recognized in other comprehensive income [Abstract] | |||
Service Cost | 165 | 100 | 50 |
Interest cost | 268 | 217 | 101 |
Expected return on plan assets | (722) | (672) | (495) |
Amortization of net actuarial gain | (140) | (297) | (49) |
Amortization of prior service cost (credit) | 90 | 199 | (262) |
Net periodic pension credit | (339) | (453) | (655) |
Net (gain) loss | (602) | 1,219 | (2,868) |
Prior service cost | 0 | 1,811 | 465 |
Amortization of prior service cost | (90) | (199) | 262 |
Amortization of net gain | 140 | 297 | 49 |
Total amount recognized in other comprehensive income | (552) | 3,128 | (2,092) |
Total amount recognized in net periodic benefit cost and other comprehensive income | (891) | 2,675 | $ (2,747) |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | |||
Effect of one percentage point increase on in assumed health care cost | 1,200 | ||
Effect of one percentage point decrease on in assumed health care cost | 922 | ||
Effect of one percentage point increase on in interest and service components | 113 | ||
Effect of one percentage point decrease on in interest and service components | 85 | ||
Change in component of other comprehensive income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (602) | 3,030 | |
Amortization of net actuarial gain (loss) | 140 | 297 | |
Amortization of prior service credit | (90) | (199) | |
Total | $ (552) | $ 3,128 |
Benefit Plans, Allocation of Pl
Benefit Plans, Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Retirement Plan [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 100.00% | 100.00% |
Retirement Plan [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 60.00% | 63.00% |
Retirement Plan [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 32.00% | 32.00% |
Retirement Plan [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 8.00% | 5.00% |
Post-Retirement Benefits Plan [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 100.00% | 100.00% |
Post-Retirement Benefits Plan [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 60.00% | 65.00% |
Post-Retirement Benefits Plan [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 25.00% | 33.00% |
Post-Retirement Benefits Plan [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets: [Abstract] | ||
Total asset allocation | 15.00% | 2.00% |
Pension and Postretirement Plans [Member] | Equity Securities [Member] | ||
Assets target allocations [Abstract] | ||
Prescribed target allocations range, minimum | 50.00% | |
Prescribed target allocation range, maximum | 70.00% | |
Pension and Postretirement Plans [Member] | Debt Securities [Member] | ||
Assets target allocations [Abstract] | ||
Prescribed target allocations range, minimum | 25.00% | |
Prescribed target allocation range, maximum | 40.00% | |
Pension and Postretirement Plans [Member] | Other [Member] | ||
Assets target allocations [Abstract] | ||
Prescribed target allocations range, minimum | 0.00% | |
Prescribed target allocation range, maximum | 10.00% |
Benefit Plans, Fair Value of Pl
Benefit Plans, Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Retirement Plan [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | $ 41,677 | $ 42,993 | $ 39,419 |
Retirement Plan [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 41,677 | 42,993 | |
Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 29,127 | 29,800 | |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 12,550 | 13,193 | |
Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 3,182 | 2,043 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 3,182 | 2,043 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 25,352 | 27,149 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 25,352 | 27,149 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 5,779 | 6,691 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 5,779 | 6,691 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 6,771 | 6,502 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 6,771 | 6,502 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 593 | 608 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 593 | 608 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,238 | 19,285 | $ 17,935 |
Post-Retirement Benefits Plan [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,238 | 19,285 | |
Post-Retirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 14,345 | 12,868 | |
Post-Retirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 4,893 | 6,417 | |
Post-Retirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 2,832 | 285 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 2,832 | 285 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 11,513 | 12,583 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 11,513 | 12,583 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,843 | 2,342 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,843 | 2,342 | |
Post-Retirement Benefits Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,976 | 2,555 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,976 | 2,555 | |
Post-Retirement Benefits Plan [Member] | State and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,074 | 1,520 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,074 | 1,520 | |
Post-Retirement Benefits Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | $ 0 | $ 0 |
Benefit Plans, Employee Service
Benefit Plans, Employee Service Share-based Compensation, Aggregate Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 480 | $ 1,200 | $ 847 | |
Number of awards in prior years (in shares) | 3,400,000 | |||
Weighted average strike price (in dollars per share) | $ 7.18 | |||
Stock Options [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Options maximum term | 5 years | |||
Summary of the status of company's stock option, Outstanding options [Roll Forward] | ||||
Beginning balance (in shares) | 2,693,050 | |||
New options awarded (in shares) | 168,250 | |||
Expired options (in shares) | (501,500) | |||
Forfeited options (in shares) | (6,000) | |||
Exercised options (in shares) | (28,829) | (18,000) | (15,000) | |
Ending balance (in shares) | 2,324,971 | 2,693,050 | ||
Summary of the status of company's stock option, Exercisable options [Roll Forward] | ||||
Ending balance (in shares) | 1,642,373 | |||
Weighted average option price, Outstanding options [Roll Forward] | ||||
Beginning balance (in dollars per share) | $ 8.27 | |||
New options awarded (in dollars per share) | 6.43 | |||
Expired options (in dollars per share) | 12.15 | |||
Forfeited options (in dollars per share) | 7.78 | |||
Exercised options (in dollars per share) | 5.15 | |||
Ending balance (in dollars per share) | $ 7.34 | $ 8.27 | ||
Weighted average remaining contractual life, options outstanding | 5 years 1 month 6 days | |||
Exercisable options, weighted average exercise price (in dollars per share) | $ 7.73 | |||
Weighted average remaining contractual life, exercisable outstanding | 3 years 9 months 18 days | |||
Intrinsic value of outstanding stock options | $ 588 | |||
Intrinsic value of vested stock options | $ 430 | |||
Stock Options [Member] | Maximum [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Options maximum term | 10 years | |||
Restricted Common Shares [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 204 | $ 325 | $ 378 | |
Restricted Shares Units [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 324 | 352 | 230 | |
Options maximum term | 3 years | |||
Performance Share Units [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | 490 | 239 | ||
Options maximum term | 3 years | |||
Liability Awards [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 276 | 870 | 469 | |
Equity Awards [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 204 | 325 | 378 | |
401(k) Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Employer matching contribution, first match | 100.00% | |||
Aggregate salary contribution matched by employer, first match | 3.00% | |||
Employer matching contribution, next matched | 50.00% | |||
Aggregate salary contribution matched by employer, next match | 3.00% | |||
Expense related to 401(k) plan | $ 944 | 710 | 657 | |
Executive Incentive Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Expense for officers and executive incentive plan | $ 715 | $ 1,300 | $ 2,000 | |
2010 Employee Stock Option Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 2,300,000 | |||
2010 Employee Stock Option Plan [Member] | Other Equity Based Cash Settled Awards [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 1,400,000 | |||
2010 Directors Stock Option Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 250,000 | |||
2010 Directors Stock Option Plan [Member] | Other Equity Based Cash Settled Awards [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 250,000 |
Benefit Plans, Valuation, Stock
Benefit Plans, Valuation, Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 480 | $ 1,200 | $ 847 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Options maximum term | 5 years | ||
Unrecognized stock-based compensation expense related to non-vested stock options | $ 530 | ||
Unrecognized compensation expense, period of recognition | 3 years 3 months 18 days | ||
Weighted average fair value of stock options granted (in dollars per share) | $ 6.43 | ||
Options [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Weighted average fair value of stock options granted (in dollars per share) | $ 0.98 | $ 0.93 | $ 1.08 |
Restricted Common Shares [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 204 | $ 325 | $ 378 |
Restricted Shares Units [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 324 | $ 352 | 230 |
Options maximum term | 3 years | ||
Unrecognized stock-based compensation expense | $ 732 | ||
Unrecognized compensation expense, period of recognition | 27 months | ||
Shares [Roll Forward] | |||
Balance, December 31, 2014 (in shares) | 202,400 | ||
New awards granted (in shares) | 68,300 | ||
Forfeited awards (in shares) | (4,500) | ||
Awards became vested or settled (in shares) | (81,000) | ||
Balance, December 31, 2015 (in shares) | 185,200 | 202,400 | |
Shares vested after term | 100.00% | ||
Liability related to awards | $ 404 | $ 605 | |
Performance Share Units [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 490 | 239 | |
Income tax benefit related to stock-based compensation | $ 48 | ||
Options maximum term | 3 years | ||
Unrecognized stock-based compensation expense | $ 593 | ||
Unrecognized compensation expense, period of recognition | 30 months | ||
Shares [Roll Forward] | |||
Balance, December 31, 2014 (in shares) | 229,500 | ||
New awards granted (in shares) | 84,200 | ||
Awards became vested or settled (in shares) | 0 | ||
Balance, December 31, 2015 (in shares) | 313,700 | 229,500 | |
Shares vested after term | 100.00% | ||
Liability related to awards | $ 699 | $ 748 | |
Liability Awards [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | 276 | 870 | 469 |
Equity Awards [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 204 | $ 325 | $ 378 |
Employees' Plan [Member] | |||
Assumption used to determine fair value of options [Abstract] | |||
Expected dividend yield | 4.09% | 3.64% | 3.72% |
Risk-free interest rate | 1.74% | 1.74% | 1.45% |
Expected volatility rate | 26.20% | 21.62% | 25.83% |
Expected lives | 5 years | 5 years | 5 years |
Benefit Plans, Stock Based Comp
Benefit Plans, Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation Expense [Abstract] | |||
Stock based compensation expense | $ 480 | $ 1,200 | $ 847 |
Income tax benefit related to stock-based compensation | 192 | 478 | 296 |
Restricted Shares Units [Member] | |||
Stock Based Compensation Expense [Abstract] | |||
Stock based compensation expense | 324 | 352 | 230 |
Performance Share Units [Member] | |||
Stock Based Compensation Expense [Abstract] | |||
Stock based compensation expense | 490 | 239 | |
Liability Awards [Member] | |||
Stock Based Compensation Expense [Abstract] | |||
Stock based compensation expense | 276 | 870 | 469 |
Equity Awards [Member] | |||
Stock Based Compensation Expense [Abstract] | |||
Stock based compensation expense | $ 204 | $ 325 | $ 378 |
Commitments and Contingent Li73
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating leases with minimum rental commitments [Abstract] | |||
2,016 | $ 7,206 | ||
2,017 | 6,876 | ||
2,018 | 6,588 | ||
2,019 | 6,453 | ||
2,020 | 6,205 | ||
2021 and after | 37,177 | ||
Total | 70,505 | ||
Outsourced service expense | 5,860 | $ 5,350 | $ 5,125 |
Contractual Obligation [Abstract] | |||
Outsource Service expense, minimum payment | 5,000 | ||
Outsource Service expense, maximum payment | $ 6,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the component parts of earnings per share [Abstract] | |||
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Less: Net income allocated to participating securities | 0 | 43 | 45 |
Net income allocated to common shareholders | 42,238 | 44,150 | 39,767 |
Basic EPS [Abstract] | |||
Distributed earnings allocated to common stock | 24,961 | 24,866 | 24,745 |
Undistributed earnings allocated to common stock | 17,277 | 19,284 | 15,022 |
Net income allocated to common shareholders | $ 42,238 | $ 44,150 | $ 39,767 |
Weighted average common shares outstanding including participating securities (in shares) | 95,103 | 94,721 | 94,266 |
Less: Participating securities (in shares) | 0 | 93 | 106 |
Weighted average common shares (in shares) | 95,103 | 94,628 | 94,160 |
Basic EPS (in dollars per share) | $ 0.444 | $ 0.467 | $ 0.422 |
Diluted EPS [Abstract] | |||
Net income allocated to common shareholders | $ 42,238 | $ 44,150 | $ 39,767 |
Weighted average common shares for basic EPS (in shares) | 95,103 | 94,628 | 94,160 |
Effect of Dilutive Securities [Abstract] | |||
Stock Options (in shares) | 110 | 125 | 46 |
Weighted average common shares including potential dilutive shares (in shares) | 95,213 | 94,753 | 94,206 |
Diluted EPS (in dollars per share) | $ 0.444 | $ 0.466 | $ 0.422 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted average number of antidilutive stock options excluded from diluted earnings per share (in shares) | 1,500 | 2,300 | 2,500 |
Off-Balance Sheet Financial I75
Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount | $ 432.1 | $ 446.7 |
Variable rate product commitments | 82.00% | 80.00% |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, amount | $ 3.5 | $ 8 |
Off balance sheet instrument term | 12 months |
Fair Value of Financial Instr76
Fair Value of Financial Instruments, Part 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available-for sale [Abstract] | ||
Total securities available-for-sale | $ 601,037 | $ 676,759 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available-for sale [Abstract] | ||
Total securities available-for-sale | 35 | 35 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available-for sale [Abstract] | ||
Total securities available-for-sale | 601,002 | 676,724 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available-for sale [Abstract] | ||
Total securities available-for-sale | 0 | 0 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available-for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | |
Small Business Administration-guaranteed participation securities | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - commercial | 0 | 0 |
Other | 35 | 35 |
Total securities available-for-sale | 35 | 35 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available-for sale [Abstract] | ||
U.S. government sponsored enterprises | 86,737 | 77,800 |
State and political subdivisions | 1,290 | 2,271 |
Mortgage backed securities and collateralized mortgage obligations - residential | 411,729 | 483,560 |
Corporate bonds | 1,500 | |
Small Business Administration-guaranteed participation securities | 90,416 | 100,496 |
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,180 | 10,447 |
Other | 650 | 650 |
Total securities available-for-sale | 601,002 | 676,724 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available-for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | |
Small Business Administration-guaranteed participation securities | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - commercial | 0 | 0 |
Other | 0 | 0 |
Total securities available-for-sale | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available-for sale [Abstract] | ||
U.S. government sponsored enterprises | 86,737 | 77,800 |
State and political subdivisions | 1,290 | 2,271 |
Mortgage backed securities and collateralized mortgage obligations - residential | 411,729 | 483,560 |
Corporate bonds | 1,500 | |
Small Business Administration-guaranteed participation securities | 90,416 | 100,496 |
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,180 | 10,447 |
Other | 685 | 685 |
Total securities available-for-sale | $ 601,037 | $ 676,759 |
Fair Value of Financial Instr77
Fair Value of Financial Instruments, Part 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate Owned (ORE) [Abstract] | ||
Other real estate owned, commercial real estate | $ 1,000 | $ 2,200 |
Other real estate owned, residential real estate properties | 5,400 | 4,200 |
Valuation charge on other real estate owned | 1,100 | 2,000 |
Impaired loans [Abstract] | ||
Impaired loans | 25,881 | 26,535 |
Collateral dependent impaired loans | 4,000 | 3,600 |
Gross charge offs, commercial impaired loans | 641 | 17 |
Gross charge offs, residential impaired loans | 648 | 349 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Other Real Estate Owned (ORE) [Abstract] | ||
Other real estate owned | 0 | 0 |
Impaired loans [Abstract] | ||
Commercial real estate | 0 | 0 |
Real estate mortgage - 1 to 4 family: First mortgage | 0 | 0 |
Real estate mortgage - 1 to 4 family: Home Equity Loans | 0 | |
Real estate mortgage - 1 to 4 family: Home Equity Lines of Credit | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Other Real Estate Owned (ORE) [Abstract] | ||
Other real estate owned | 0 | 0 |
Impaired loans [Abstract] | ||
Commercial real estate | 0 | 0 |
Real estate mortgage - 1 to 4 family: First mortgage | 0 | 0 |
Real estate mortgage - 1 to 4 family: Home Equity Loans | 0 | |
Real estate mortgage - 1 to 4 family: Home Equity Lines of Credit | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Other Real Estate Owned (ORE) [Abstract] | ||
Other real estate owned | 6,455 | 6,441 |
Impaired loans [Abstract] | ||
Commercial real estate | 878 | 206 |
Real estate mortgage - 1 to 4 family: First mortgage | 2,601 | 2,627 |
Real estate mortgage - 1 to 4 family: Home Equity Loans | 53 | |
Real estate mortgage - 1 to 4 family: Home Equity Lines of Credit | 455 | 810 |
Nonrecurring [Member] | Carrying Value [Member] | ||
Other Real Estate Owned (ORE) [Abstract] | ||
Other real estate owned | 6,455 | 6,441 |
Impaired loans [Abstract] | ||
Commercial real estate | 878 | 206 |
Real estate mortgage - 1 to 4 family: First mortgage | 2,601 | 2,627 |
Real estate mortgage - 1 to 4 family: Home Equity Loans | 53 | |
Real estate mortgage - 1 to 4 family: Home Equity Lines of Credit | $ 455 | $ 810 |
Fair Value of Financial Instr78
Fair Value of Financial Instruments, Part 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets [Abstract] | ||||
Cash and cash equivalents | $ 718,156 | $ 671,448 | $ 583,044 | $ 544,016 |
Securities available for sale | 601,037 | 676,759 | ||
Held to maturity securities | 59,439 | 75,342 | ||
Net loans | 3,279,167 | 3,171,005 | ||
Accrued interest receivable | 10,262 | 10,800 | ||
Financial liabilities [Abstract] | ||||
Demand deposits | 365,081 | 331,425 | ||
Interest bearing deposits | 3,738,607 | 3,700,828 | ||
Short-term borrowings | 191,226 | 189,116 | ||
Accrued interest payable | 501 | 548 | ||
Level 1 [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 718,156 | 671,448 | ||
Securities available for sale | 35 | 35 | ||
Held to maturity securities | 0 | 0 | ||
Net loans | 0 | 0 | ||
Accrued interest receivable | 80 | 30 | ||
Financial liabilities [Abstract] | ||||
Demand deposits | 365,081 | 331,425 | ||
Interest bearing deposits | 2,627,367 | 2,537,583 | ||
Short-term borrowings | 0 | 0 | ||
Accrued interest payable | 74 | 100 | ||
Level 2 [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 601,002 | 676,724 | ||
Held to maturity securities | 59,439 | 75,342 | ||
Net loans | 0 | 0 | ||
Accrued interest receivable | 2,370 | 2,694 | ||
Financial liabilities [Abstract] | ||||
Demand deposits | 0 | 0 | ||
Interest bearing deposits | 1,111,240 | 1,163,245 | ||
Short-term borrowings | 191,226 | 189,116 | ||
Accrued interest payable | 427 | 448 | ||
Level 3 [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Held to maturity securities | 0 | 0 | ||
Net loans | 3,279,167 | 3,171,005 | ||
Accrued interest receivable | 7,812 | 8,076 | ||
Financial liabilities [Abstract] | ||||
Demand deposits | 0 | 0 | ||
Interest bearing deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Carrying Value [Member] | ||||
Financial assets [Abstract] | ||||
Cash and cash equivalents | 718,156 | 671,448 | ||
Securities available for sale | 601,037 | 676,759 | ||
Held to maturity securities | 56,465 | 70,946 | ||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,480 | 9,228 | ||
Net loans | 3,248,542 | 3,112,005 | ||
Accrued interest receivable | 10,262 | 10,800 | ||
Financial liabilities [Abstract] | ||||
Demand deposits | 365,081 | 331,425 | ||
Interest bearing deposits | 3,735,297 | 3,700,816 | ||
Short-term borrowings | 191,226 | 189,116 | ||
Accrued interest payable | $ 501 | $ 548 |
Regulatory Capital Requiremen79
Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2015USD ($)Classification | Dec. 31, 2014USD ($) | |
Trustco Bank [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 405,506 | ||
Tier 1 (core) capital | $ 386,913 | ||
Common equity Tier 1 capital | 405,506 | ||
Tier One Risk Based Capital | 405,506 | 386,913 | |
Total risk-based capital | $ 435,149 | $ 416,269 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 8.60% | ||
Tier 1 leverage ratio, Well capitalized | [1],[2] | 5.00% | |
Tier 1 leverage ratio, Capital adequacy | [1],[2] | 4.00% | |
Tier 1 (core) capital, ratio | 8.33% | ||
Tier 1 (core) capital, Well Capitalized | [1],[2] | 5.00% | |
Tier One Core Capital Required For Capital Adequacy To Assets | [1],[2] | 4.00% | |
Common equity Tier 1 capital, ratio | 17.21% | ||
Common equity Tier 1 capital, well capitalized | [1],[2] | 6.00% | |
Common equity Tier 1 capital, adequately capitalized | [1],[2] | 4.00% | |
Tier 1 risk-based capital, ratio | 17.21% | 16.60% | |
Tier 1 risk-based capital, Well Capitalized | [1],[2] | 6.00% | 6.00% |
Tier 1 risk-based capital, Adequately Capitalized | [1],[2] | 4.00% | 4.00% |
Total risk-based capital, ratio | 18.47% | 17.86% | |
Total risk-based capital, Well Capitalized | [1],[2] | 10.00% | 10.00% |
Total risk-based capital, Adequately Capitalized | [1],[2] | 8.00% | 8.00% |
Leverage Capital [Abstract] | |||
Tier One Risk Based Capital | $ 405,506 | $ 386,913 | |
Total risk-based capital | $ 435,149 | $ 416,269 | |
Number of classifications for prompt corrective action regulations provide | Classification | 5 | ||
Leverage Ratios [Abstract] | |||
Tier 1 risk-based capital, ratio | 17.21% | 16.60% | |
Total risk-based capital, ratio | 18.47% | 17.86% | |
TrustCo Bank Corp NY [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier One Risk Based Capital | $ 417,538 | $ 397,400 | |
Total risk-based capital | $ 447,193 | $ 426,770 | |
Risk Based Ratios [Abstract] | |||
Tier 1 risk-based capital, ratio | 17.71% | 17.04% | |
Total risk-based capital, ratio | 18.97% | 18.30% | |
Leverage Capital [Abstract] | |||
Leverage Capital | $ 417,538 | $ 397,400 | |
Common equity Tier 1 capital | 417,538 | ||
Tier One Risk Based Capital | 417,538 | 397,400 | |
Total risk-based capital | $ 447,193 | $ 426,770 | |
Leverage Ratios [Abstract] | |||
Leverage Capital, ratio | 8.85% | 8.55% | |
Common equity Tier 1 capital, ratio | 17.71% | ||
Tier 1 risk-based capital, ratio | 17.71% | 17.04% | |
Total risk-based capital, ratio | 18.97% | 18.30% | |
[1] | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | ||
[2] | Regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
Accumulated Other Comprehensi80
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, beginning of period | $ (4,509) | $ (13,803) | $ 1,558 |
Other comprehensive income (loss)- before reclassifications | (218) | 9,784 | (14,511) |
Amount reclassified from accumulated other comprehensive income | (54) | (490) | (850) |
Other comprehensive income (loss), net of tax | (272) | 9,294 | (15,361) |
Accumulated other comprehensive income (loss), net of tax, end of period | (4,781) | (4,509) | (13,803) |
Net Unrealized Gain (Losses) on Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (3,693) | (18,078) | 3,755 |
Other comprehensive income (loss)- before reclassifications | (648) | 14,815 | (20,860) |
Amount reclassified from accumulated other comprehensive income | (151) | (430) | (973) |
Other comprehensive income (loss), net of tax | (799) | 14,385 | (21,833) |
Accumulated other comprehensive income (loss), net of tax, end of period | (4,492) | (3,693) | (18,078) |
Net Change in Net Actuarial Loss and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, beginning of period | 372 | 432 | 309 |
Other comprehensive income (loss)- before reclassifications | 0 | 0 | 0 |
Amount reclassified from accumulated other comprehensive income | 97 | (60) | 123 |
Other comprehensive income (loss), net of tax | 97 | (60) | 123 |
Accumulated other comprehensive income (loss), net of tax, end of period | 469 | 372 | 432 |
Net Change in Overfunded Position [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, beginning of period | (1,188) | 3,843 | (2,506) |
Other comprehensive income (loss)- before reclassifications | 430 | (5,031) | 6,349 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 430 | (5,031) | 6,349 |
Accumulated other comprehensive income (loss), net of tax, end of period | $ (758) | $ (1,188) | $ 3,843 |
Accumulated Other Comprehensi81
Accumulated Other Comprehensive Loss, Reclassifications out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on securities transactions | $ 251 | $ 717 | $ 1,622 |
Salaries and employee benefits | 32,521 | 32,879 | 32,424 |
Income taxes | 24,522 | 27,396 | 23,717 |
Net income | 42,238 | 44,193 | 39,812 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | 54 | 490 | 850 |
Unrealized Gain (Losses) on Securities Available For Sale [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on securities transactions | 251 | 717 | 1,622 |
Income taxes | (100) | (287) | (649) |
Net income | 151 | 430 | 973 |
Net Change in Net Actuarial Loss and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Income taxes | 63 | (38) | 82 |
Net income | (97) | 60 | (123) |
Amortization of Net Actuarial Loss [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | (70) | 297 | (467) |
Amortization Of Prior Service Cost [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | $ (90) | $ (199) | $ 262 |
Building Held for Sale (Details
Building Held for Sale (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Building Held for Sale [Abstract] | ||
Agreement to sell operations center | $ 5 | |
Carrying value of building to be used as operations center | $ 3.2 | |
Recognized gain from the sale of the building | $ 1.6 |
Parent Company Only, Statements
Parent Company Only, Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Income [Abstract] | |||
Net gain on securities transactions | $ 251 | $ 717 | $ 1,622 |
Expenses [Abstract] | |||
Professional services | 7,878 | 5,807 | 5,649 |
Total noninterest expense | 90,560 | 84,670 | 85,005 |
Income before income taxes and subsidiaries' undistributed earnings | 66,760 | 71,589 | 63,529 |
Income tax benefit | 24,522 | 27,396 | 23,717 |
Net income | 42,238 | 44,193 | 39,812 |
TrustCo Bank Corp NY [Member] | |||
Statement of Income [Abstract] | |||
Dividends and interest from subsidiaries | 24,501 | 24,499 | 24,491 |
Miscellaneous income | 0 | 18 | 0 |
Total income | 24,501 | 24,517 | 24,491 |
Expenses [Abstract] | |||
Operating supplies | 33 | 50 | 81 |
Professional services | 577 | 557 | 491 |
Miscellaneous expense | 664 | 1,350 | 1,042 |
Total noninterest expense | 1,274 | 1,957 | 1,614 |
Income before income taxes and subsidiaries' undistributed earnings | 23,227 | 22,560 | 22,877 |
Income tax benefit | (405) | (663) | (548) |
Income before subsidiaries' undistributed earnings | 23,632 | 23,223 | 23,425 |
Equity in undistributed earnings of subsidiaries | 18,606 | 20,970 | 16,387 |
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Parent Company Only, Statemen84
Parent Company Only, Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | ||||
Cash in subsidiary bank | $ 718,156 | $ 671,448 | $ 583,044 | $ 544,016 |
Securities available for sale | 601,037 | 676,759 | ||
Other assets | 63,669 | 65,488 | ||
Total assets | 4,734,992 | 4,644,439 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Accrued expenses and other liabilities | 30,078 | 29,638 | ||
Total liabilities | 4,321,682 | 4,250,995 | ||
Shareholders' equity | 413,310 | 393,444 | 361,813 | 358,798 |
Total liabilities and shareholders' equity | 4,734,992 | 4,644,439 | ||
TrustCo Bank Corp NY [Member] | ||||
Assets [Abstract] | ||||
Cash in subsidiary bank | 18,463 | 17,034 | $ 15,263 | $ 12,950 |
Investments in subsidiaries | 401,289 | 382,968 | ||
Securities available for sale | 35 | 35 | ||
Other assets | 967 | 918 | ||
Total assets | 420,754 | 400,955 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Accrued expenses and other liabilities | 7,444 | 7,511 | ||
Total liabilities | 7,444 | 7,511 | ||
Shareholders' equity | 413,310 | 393,444 | ||
Total liabilities and shareholders' equity | $ 420,754 | $ 400,955 |
Parent Company Only, Statemen85
Parent Company Only, Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 42,238 | $ 44,193 | $ 39,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock based compensation expense | 204 | 325 | 378 |
Net gain on securities transactions | (251) | (717) | (1,622) |
Total adjustments | 17,770 | 10,802 | 30,077 |
Net cash provided by operating activities | 60,008 | 54,995 | 69,889 |
Cash flows from investing activities: | |||
Proceeds from sales and calls of securities available for sale | 254,955 | 321,074 | 417,204 |
Purchases of securities available for sale | (189,823) | (126,113) | (423,547) |
Net cash used in investing activities | (61,267) | (34,563) | (176,275) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options and related tax benefits | 147 | 131 | 36 |
Dividends paid | (24,950) | (24,851) | (24,724) |
Payments to acquire treasury stock | (147) | (282) | |
Proceeds from sales of treasury stock | 2,670 | 2,850 | 2,908 |
Net cash provided by (used in) financing activities | 47,967 | 67,972 | 145,414 |
Net increase in cash and cash equivalents | 46,708 | 88,404 | 39,028 |
Cash and cash equivalents at beginning of period | 671,448 | 583,044 | 544,016 |
Cash and cash equivalents at end of period | 718,156 | 671,448 | 583,044 |
TrustCo Bank Corp NY [Member] | |||
Cash flows from operating activities: | |||
Net income | 42,238 | 44,193 | 39,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (18,606) | (20,970) | (16,387) |
Stock based compensation expense | 204 | 325 | 378 |
Net change in other assets and accrued expenses | (140) | 388 | 277 |
Total adjustments | (18,542) | (20,257) | (15,732) |
Net cash provided by operating activities | 23,696 | 23,936 | 24,080 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | 0 | (25) | 0 |
Net cash used in investing activities | 0 | (25) | 0 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options and related tax benefits | 147 | 131 | 36 |
Dividends paid | (24,937) | (24,839) | (24,711) |
Payments to acquire treasury stock | (147) | (282) | 0 |
Proceeds from sales of treasury stock | 2,670 | 2,850 | 2,908 |
Net cash provided by (used in) financing activities | (22,267) | (22,140) | (21,767) |
Net increase in cash and cash equivalents | 1,429 | 1,771 | 2,313 |
Cash and cash equivalents at beginning of period | 17,034 | 15,263 | 12,950 |
Cash and cash equivalents at end of period | $ 18,463 | $ 17,034 | $ 15,263 |