Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 |
Cover [Abstract] | ||||
Entity Registrant Name | TRUSTCO BANK CORP NY | |||
Entity Central Index Key | 0000357301 | 0000357301 | ||
Current Fiscal Year End Date | --12-31 | --12-31 | ||
Document Type | 10-K | |||
Amendment Flag | false | false | ||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2020 | |||
Document Fiscal Year Focus | 2020 | 2020 | ||
Document Fiscal Period Focus | FY | FY | ||
Document Transition Report | false | |||
Entity File Number | 0-10592 | |||
Entity Incorporation, State or Country Code | NY | |||
Entity Tax Identification Number | 14-1630287 | |||
Entity Address, Address Line One | 5 SARNOWSKI DRIVE | |||
Entity Address, City or Town | GLENVILLE | |||
Entity Address, State or Province | NY | |||
Entity Address, Postal Zip Code | 12302 | |||
City Area Code | 518 | |||
Local Phone Number | 377-3311 | |||
Title of 12(b) Security | Common Stock, $1.00 Par Value | |||
Trading Symbol | TRST | |||
Security Exchange Name | NASDAQ | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | false | ||
Entity Public Float | $ 596 | |||
Entity Common Stock, Shares Outstanding | 96,432,657 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest and dividend income: | ||||
Interest and fees on loans | $ 165,964 | $ 166,610 | $ 158,304 | |
Interest and dividends on securities available for sale: | ||||
U. S. government sponsored enterprises | 568 | 3,209 | 3,112 | |
State and political subdivisions | 6 | 8 | 22 | |
Mortgage-backed securities and collateralized mortgage obligations-residential | 6,131 | 8,219 | 6,593 | |
Corporate bonds | 1,721 | 1,096 | 687 | |
Small Business Administration-guaranteed participation securities | 902 | 1,121 | 1,339 | |
Mortgage-backed securities and collateralized mortgage obligations-commercial | 0 | 0 | 37 | |
Other | 23 | 22 | 18 | |
Total interest and dividends on securities available for sale | 9,351 | 13,675 | 11,808 | |
Interest on held to maturity securities: | ||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 604 | 797 | 962 | |
Total interest on held to maturity securities | 604 | 797 | 962 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 421 | 568 | 564 | |
Interest on federal funds sold and other short-term investments | 1,948 | 10,478 | 9,276 | |
Total interest and dividend income | 178,288 | 192,128 | 180,914 | |
Interest expense: | ||||
Interest on deposits | 23,698 | 34,853 | 18,958 | |
Interest on short-term borrowings | 1,010 | 1,468 | 1,270 | |
Total interest expense | 24,708 | 36,321 | 20,228 | |
Net interest income | 153,580 | 155,807 | 160,686 | |
Provision for loan losses | 5,600 | 159 | 1,400 | |
Net interest income after provision for loan losses | 147,980 | 155,648 | 159,286 | |
Noninterest income: | ||||
Trustco Financial Services income | 6,279 | 6,387 | 6,283 | |
Fees for services to customers | 8,779 | 10,110 | 10,912 | |
Net gain on securities transactions | [1] | 1,155 | 0 | 0 |
Other | 957 | 2,094 | 886 | |
Total noninterest income | 17,170 | 18,591 | 18,081 | |
Noninterest expense: | ||||
Salaries and employee benefits | 45,647 | 46,630 | 42,107 | |
Net occupancy expense | 17,519 | 16,666 | 17,213 | |
Equipment expense | 6,636 | 7,068 | 7,068 | |
Professional services | 5,618 | 6,174 | 6,555 | |
Outsourced services | 7,750 | 7,600 | 7,500 | |
Advertising expense | 1,921 | 2,521 | 3,020 | |
FDIC and other insurance expense | 2,220 | 1,787 | 2,741 | |
Other real estate expense (income), net | 92 | (166) | 1,231 | |
Other | 8,301 | 9,450 | 10,278 | |
Total noninterest expense | 95,704 | 97,730 | 97,713 | |
Income before income taxes | 69,446 | 76,509 | 79,654 | |
Income taxes | 16,994 | 18,669 | 18,209 | |
Net income | $ 52,452 | $ 57,840 | $ 61,445 | |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.544 | $ 0.597 | $ 0.637 | |
Diluted (in dollars per share) | $ 0.543 | $ 0.597 | $ 0.636 | |
[1] | Not within the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 52,452 | $ 57,840 | $ 61,445 |
Net unrealized holding gain (loss) on securities available for sale | 10,475 | 14,459 | (5,328) |
Reclassification adjustments for net gain recognized in income | (1,155) | 0 | 0 |
Tax effect | (2,420) | (3,757) | 1,384 |
Net unrealized gain (loss) on securities available for sale, net of tax | 6,900 | 10,702 | (3,944) |
Change in overfunded position in pension and postretirement plans arising during the year | 1,681 | 5,967 | (3,684) |
Tax effect | (437) | (1,550) | 957 |
Change in overfunded position in pension and postretirement plans arising during the year, net of tax | 1,244 | 4,417 | (2,727) |
Amortization of net actuarial gain | (708) | (274) | (556) |
Amortization of prior service credit | (196) | (197) | (100) |
Tax effect | 235 | 122 | 170 |
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (669) | (349) | (486) |
Other comprehensive income (loss), net of tax | 7,475 | 14,770 | (7,157) |
Comprehensive income | $ 59,927 | $ 72,610 | $ 54,288 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 47,196 | $ 48,198 |
Federal funds sold and other short term investments | 1,059,903 | 408,648 |
Total cash and cash equivalents | 1,107,099 | 456,846 |
Securities available for sale | 439,071 | 573,823 |
Held to maturity securities ($14,988 and $19,680 fair value at December 31, 2020 and 2019, respectively) | 13,824 | 18,618 |
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 |
Loans, net of deferred net costs | 4,244,470 | 4,062,196 |
Less: Allowance for loan losses | 49,595 | 44,317 |
Net loans | 4,194,875 | 4,017,879 |
Bank premises and equipment, net | 34,412 | 34,622 |
Operating lease right-of-use assets | 47,885 | 51,475 |
Other assets | 59,124 | 58,876 |
Total assets | 5,901,796 | 5,221,322 |
Deposits: | ||
Demand | 652,756 | 463,858 |
Savings accounts | 1,285,501 | 1,113,146 |
Interest-bearing checking | 1,086,558 | 875,672 |
Money market deposit accounts | 716,005 | 599,163 |
Time accounts | 1,296,373 | 1,398,177 |
Total deposits | 5,037,193 | 4,450,016 |
Short-term borrowings | 214,755 | 148,666 |
Operating lease liabilities | 52,784 | 56,553 |
Accrued expenses and other liabilities | 28,903 | 27,830 |
Total liabilities | 5,333,635 | 4,683,065 |
Commitments and contingent liabilities | ||
SHAREHOLDERS' EQUITY: | ||
Capital stock: $1 par value; 150,000,000 shares authorized, 100,204,832 shares issued at December 31, 2020 and 2019 | 100,205 | 100,205 |
Surplus | 176,442 | 176,427 |
Undivided profits | 313,974 | 288,067 |
Accumulated other comprehensive income, net of tax | 11,936 | 4,461 |
Treasury stock: 3,772,175 and 3,283,175 shares, at cost, at December 31, 2020 and 2019, respectively | (34,396) | (30,903) |
Total shareholders' equity | 568,161 | 538,257 |
Total liabilities and shareholders' equity | $ 5,901,796 | $ 5,221,322 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Held to maturity securities, fair value | $ 14,988 | $ 19,680 |
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) | 100,204,832 | 100,204,832 |
Treasury stock, at cost (in shares) | 3,772,175 | 3,283,175 |
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 Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2017 | $ 99,998 | $ 175,651 | $ 219,436 | $ (1,806) | $ (34,971) | $ 458,308 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 0 | 0 | 61,445 | 0 | 0 | 61,445 |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 0 | 1,346 | (1,346) | 0 | 0 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | (7,157) | 0 | (7,157) |
Stock options exercises | 177 | 1,082 | 0 | 0 | 0 | 1,259 |
Cash dividend declared | 0 | 0 | (25,830) | 0 | 0 | (25,830) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (718) | (718) |
Sale of treasury stock | 0 | (196) | 0 | 0 | 2,587 | 2,391 |
Stock based compensation expense | 0 | 173 | 0 | 0 | 0 | 173 |
Balance at Dec. 31, 2018 | 100,175 | 176,710 | 256,397 | (10,309) | (33,102) | 489,871 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 0 | 0 | 57,840 | 0 | 0 | 57,840 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 14,770 | 0 | 14,770 |
Stock options exercises | 30 | 155 | 0 | 0 | 0 | 185 |
Cash dividend declared | 0 | 0 | (26,170) | 0 | 0 | (26,170) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (35) | (35) |
Sale of treasury stock | 0 | (443) | 0 | 0 | 2,234 | 1,791 |
Stock based compensation expense | 0 | 5 | 0 | 0 | 0 | 5 |
Balance at Dec. 31, 2019 | 100,205 | 176,427 | 288,067 | 4,461 | (30,903) | 538,257 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 0 | 0 | 52,452 | 0 | 0 | 52,452 |
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 7,475 | 0 | 7,475 |
Cash dividend declared | 0 | 0 | (26,545) | 0 | 0 | (26,545) |
Purchase of treasury stock | 0 | 0 | 0 | 0 | (3,493) | (3,493) |
Stock based compensation expense | 0 | 15 | 0 | 0 | 0 | 15 |
Balance at Dec. 31, 2020 | $ 100,205 | $ 176,442 | $ 313,974 | $ 11,936 | $ (34,396) | $ 568,161 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | |||
Cash dividend declared (in dollars per share) | $ 0.2725 | $ 0.2725 | $ 0.2675 |
Purchase of treasury stock (in shares) | 489,000 | 4,131 | 81,940 |
Sale of treasury stock (in shares) | 237,396 | 274,671 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income | $ 52,452 | $ 57,840 | $ 61,445 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 4,040 | 3,954 | 4,109 | |
Amortization of right-of-use asset | 6,138 | 5,989 | 0 | |
Net gain on sale of other real estate owned | (347) | (1,316) | (613) | |
Writedown of other real estate owned | 120 | 366 | 769 | |
Provision for loan losses | 5,600 | 159 | 1,400 | |
Deferred tax (benefit) expense | (1,067) | 1,139 | 2,556 | |
Net amortization of securities | 3,883 | 2,971 | 3,147 | |
Stock based compensation expense | 15 | 5 | 173 | |
Net gain on sale of bank premises and equipment | 0 | (3) | (1) | |
Net gain on securities transactions | [1] | (1,155) | 0 | 0 |
(Increase) Decrease in taxes receivable | (1,243) | 2,049 | 1,683 | |
Decrease in interest receivable | 884 | 426 | 100 | |
(Decrease) Increase in interest payable | (985) | 435 | 487 | |
Increase in other assets | (2,625) | (4,013) | (6,386) | |
Decrease in operating lease liabilities | (6,317) | (6,093) | 0 | |
Increase (Decrease) in accrued expenses and other liabilities | 2,764 | (110) | (1,229) | |
Total adjustments | 9,705 | 5,958 | 6,195 | |
Net cash provided by operating activities | 62,157 | 63,798 | 67,640 | |
Cash flows from investing activities: | ||||
Proceeds from sales, paydowns and calls of securities available for sale | 276,843 | 192,003 | 78,230 | |
Purchases of securities available for sale | (145,339) | (262,754) | (61,807) | |
Proceeds from maturities of securities available for sale | 10,007 | 10,052 | 45,604 | |
Proceeds from calls and maturities of held to maturity securities | 4,627 | 3,710 | 5,050 | |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (380) | (230) | (174) | |
Proceeds from redemptions of Federal Reserve Bank stock | 4,057 | 0 | 0 | |
Net increase in loans | (183,320) | (193,283) | (241,149) | |
Proceeds from dispositions of other real estate owned | 1,989 | 5,622 | 4,071 | |
Proceeds from dispositions of bank premises and equipment | 0 | 15 | 1 | |
Purchases of bank premises and equipment | (3,830) | (3,894) | (3,646) | |
Net cash used in investing activities | (35,346) | (248,759) | (173,820) | |
Cash flows from financing activities: | ||||
Net increase in deposits | 587,177 | 175,769 | 100,921 | |
Net change in short-term borrowings | 66,089 | (13,227) | (81,098) | |
Proceeds from exercise of stock options and related tax benefits | 0 | 185 | 1,259 | |
Stock based award tax withholding payments | 0 | 0 | (37) | |
Proceeds from sales of treasury stock | 0 | 1,791 | 2,391 | |
Purchases of treasury stock | (3,493) | (35) | (718) | |
Dividends paid | (26,331) | (26,385) | (25,569) | |
Net cash provided by (used in) financing activities | 623,442 | 138,098 | (2,851) | |
Net increase (decrease) in cash and cash equivalents | 650,253 | (46,863) | (109,031) | |
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | 612,740 | |
Cash and cash equivalents at end of period | 1,107,099 | 456,846 | 503,709 | |
Cash paid during the year for: | ||||
Interest paid | 25,693 | 35,886 | 19,741 | |
Income taxes paid | 18,185 | 16,806 | 16,359 | |
Non cash investing and financing activities: | ||||
Transfer of loans to real estate owned | 724 | 4,575 | 2,656 | |
Change in dividends payable | 214 | (215) | 261 | |
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes | 9,320 | 14,459 | (5,328) | |
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment | (2,420) | (3,757) | 1,384 | |
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes | (904) | (471) | (656) | |
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans | 235 | 122 | 170 | |
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes | 1,681 | 5,967 | (3,684) | |
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) | $ (437) | $ (1,550) | $ 957 | |
[1] | Not within the scope of ASC 606. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
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 (referred to as 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. Risks and Uncertainties Beginning in March 2020, the Company experienced negative impacts to its business in the form of requests for loan deferrals of principal and interest due to the business disruption caused by COVID-19. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. The Company has evaluated the impact of the effects of COVID-19 and determined that there were no material or systematic adverse impacts on the Company’s December 31, 2020 financial statements except for an increase in provision for loan losses and related allowance for loan losses. As of December 31, 2020, the Company and Bank capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession brought about by the COVID-19 pandemic, our reported and regulatory capital ratios, as well as the ability of the Company and the Bank to pay dividends or make other distributions, could be adversely impacted by unanticipated credit losses. At this time, we do not believe there exists any impairment to our goodwill, long-lived assets, right of use assets, held to maturity investment securities, or available-for-sale investment securities due to the COVID-19 pandemic. It is uncertain whether prolonged effects of the COVID-19 pandemic will result in future impairment charges related to any of the aforementioned assets and continue to negatively impact net interest income, provision for loan losses, and noninterest income Loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. Securities Available for Sale and Held to Maturity (Debt Securities) 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 ‑ ‑ 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 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 recorded at trade date and determined using the specific identification method. 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. Dividends are reported as income. The Bank was also a member of its regional Federal Reserve Bank until the membership was discontinued in 2020 and the FRB stock was redeemed. Prior to the stock redemption, the FRB stock was carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received were 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 ‑ ‑ ‑ ‑ ‑ 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 ‑ 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 TDR’s and classified as impaired. As noted above, loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable federal banking agency guidance are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. Loans not meeting the CARES Act or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures 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 ‑ ‑ TDR’s 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 ‑ ‑ Commercial and commercial real estate loans in non ‑ ‑ The general component of the allowance covers non ‑ ‑ ‑ ‑ The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non ‑ ‑ ‑ ‑ The following portfolio segments have been identified: commercial loans, residential real estate loans, and installment loans: Commercial: ‑ Residential real estate: ‑ ‑ Installment: In 2019, the company sold its credit card portfolio. Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight ‑ 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 December 31, 2020 and 2019, there were $541 thousand and $1.6 million, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. Income Taxes 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. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no benefit is recorded. 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 and the filing of notices with the Bank’s and the Company’s regulators. The Bank’s primary regulator 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 2021, the Bank could declare dividends of approximately $93.7 million plus any 2021 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 who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee’s compensation The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. 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). 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 ‑ 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 ‑ ‑ 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 mid ‑ 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, 2020 | |
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 Federal Reserve Bank. The amount of this reserve requirement, included in cash and due from banks and federal funds sold and other short ‑ |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 20,000 - 32 19,968 State and political subdivisions 103 - - 103 Mortgage backed securities and collateralized mortgage obligations - residential 308,432 7,749 23 316,158 Corporate bonds 59,185 916 162 59,939 Small Business Administration - guaranteed participation securities 40,955 1,262 - 42,217 Other 685 1 - 686 Total securities available for sale $ 429,360 9,928 217 439,071 (dollars in thousands) December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 104,895 36 419 104,512 State and political subdivisions 160 2 - 162 Mortgage backed securities and collateralized mortgage obligations - residential 388,537 2,406 1,426 389,517 Corporate bonds 30,164 367 95 30,436 Small Business Administration - guaranteed participation securities 48,991 - 480 48,511 Other 685 - - 685 Total securities available for sale 573,432 2,811 2,420 573,823 The following table distributes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2020, 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 Cost Fair Value Due in one year or less $ 9,174 9,270 Due in one year through five years 70,790 71,417 Due after five years through ten years 9 9 Mortgage backed securities and collateralized mortgage obligations - residential 308,432 316,158 Small Business Administration - guaranteed participation securities 40,955 42,217 $ 429,360 439,071 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, 2020 Less than 12 months 12 months or more Total Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,968 32 - - 19,968 32 Mortgage backed securities and collateralized mortgage obligations - residential 19,471 22 - - 19,471 22 Corporate bonds 14,901 99 4,937 63 19,838 162 Total $ 54,340 153 4,937 63 59,277 216 (dollars in thousands) December 31, 2019 Less than 12 months 12 months or more Total Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,820 180 74,656 239 94,476 419 Mortgage backed securities and collateralized mortgage obligations - residential 67,322 446 169,169 980 236,491 1,426 Corporate bonds 4,905 95 - - 4,905 95 Small Business Administration - guaranteed participation securities 48,510 480 - - 48,510 480 Total $ 140,557 1,201 243,825 1,219 384,382 2,420 The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during and are as follows : (dollars in thousands) Years ended December 31, 2020 2019 2018 Proceeds from sales $ 29,219 $ - $ - Proceeds from calls/paydowns 247,624 192,003 78,230 Proceeds from maturities 10,007 10,052 45,604 Gross realized gains 1,155 - - Gross realized losses - - - The amount of securities that have been pledged to secure short-term borrowings and for other purposes amounted to $267.6 million and $207.5 million at December 31, 2020 and 2019, respectively. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 13,824 $ 1,164 - 14,988 Total held to maturity $ 13,824 1,164 - 14,988 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 18,618 1,062 - 19,680 Total held to maturity $ 18,618 1,062 - 19,680 The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2020, 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 Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 13,824 14,988 $ 13,824 14,988 There were held to maturity securities in an unrecognized loss position for 2020 and 2019. (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, 2020 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Cost Fair Value Federal National Mortgage Association $ 188,266 192,907 Federal Home Loan Mortgage Corporation 89,036 91,077 Corporate Bonds 59,185 59,939 Government National Mortgage Association 54,954 57,148 (d) Other-Than-Temporary-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. In determining OTTI for debt securities, 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 any other ‑ ‑ 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, 2020, 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, 2020. Mortgage backed securities and collateralized mortgage obligations – residential At December 31, 2020, 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 ‑ ‑ Corporate Bonds At December 31, 2020, corporate bonds held by the Company are investment grade quality. 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, 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 148,775 18,666 167,441 Other 44,932 119 45,051 Real estate mortgage - 1 to 4 family: First mortgages 2,606,781 1,098,915 3,705,696 Home equity loans 59,400 15,071 74,471 Home equity lines of credit 193,654 48,540 242,194 Installment 7,810 1,807 9,617 Total loans, net $ 3,061,352 1,183,118 4,244,470 Less: Allowance for loan losses 49,595 Net loans $ 4,194,875 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 162,186 17,752 179,938 Other 19,326 235 19,561 Real estate mortgage - 1 to 4 family: First mortgages 2,541,440 953,995 3,495,435 Home equity loans 69,791 18,548 88,339 Home equity lines of credit 221,487 46,435 267,922 Installment 8,706 2,295 11,001 Total loans, net $ 3,022,936 1,039,260 4,062,196 Less: Allowance for loan losses 44,317 Net loans $ 4,017,879 * Includes New York, New Jersey, Vermont and Massachusetts. As December 31, 2020, the commercial loan class includes $ million of PPP loans. At December and the Company had approximately and of real estate construction loans, respectively. Of the in real estate construction loans at December approximately were secured by mortgages to residential borrowers with the remaining were to commercial borrowers for residential construction projects. Of the in real estate construction loans at December approximately were secured by mortgages to residential borrowers with the remaining were to commercial borrowers for residential construction projects. The vast majority of construction loans are in the Company’s New York market. At December and loans to executive officers, directors, and to associates of such persons aggregated and , respectively. During approximately of new loans were made and repayments of loans totaled approximately . The composition of related parties changed during the year resulting in additions to outstanding loans of approximately $ million, and reductions to loans of approximately $ thousand at December 31, 2020. 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 depends significantly on 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, 2020 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 372 - 372 Other 80 - 80 Real estate mortgage - 1 to 4 family: First mortgages 16,637 1,010 17,647 Home equity loans 80 47 127 Home equity lines of credit 2,662 130 2,792 Installment 43 - 43 Total non-accrual loans 19,874 1,187 21,061 Restructured real estate mortgages - 1 to 4 family 23 - 23 Total nonperforming loans $ 19,897 1,187 21,084 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 733 - 733 Other 83 - 83 Real estate mortgage - 1 to 4 family: First mortgages 15,385 1,468 16,853 Home equity loans 218 48 266 Home equity lines of credit 2,804 98 2,902 Installment 3 - 3 Total non-accrual loans 19,226 1,614 20,840 Restructured real estate mortgages - 1 to 4 family 29 - 29 Total nonperforming loans $ 19,255 1,614 20,869 * Includes New York, New Jersey, Vermont and Massachusetts. 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). As of December 31, 2020 and 2019, other real estate owned included $541 thousand and $1.2 million, respectively, of residential foreclosed properties. In addition, non ‑ The following tables present the aging of the recorded investment in past due loans by loan class and by region December 31, 2020 New York and other states*: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 125 77 279 481 148,294 148,775 Other - - 80 80 44,852 44,932 Real estate mortgage - 1 to 4 family: First mortgages 1,220 982 10,927 13,129 2,593,652 2,606,781 Home equity loans 120 1 48 169 59,231 59,400 Home equity lines of credit 401 344 1,273 2,018 191,636 193,654 Installment 3 - 43 46 7,764 7,810 Total $ 1,869 1,404 12,650 15,923 3,045,429 3,061,352 Florida: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 18,666 18,666 Other - - - - 119 119 Real estate mortgage - 1 to 4 family: First mortgages 365 517 655 1,537 1,097,378 1,098,915 Home equity loans - - 47 47 15,024 15,071 Home equity lines of credit - - - - 48,540 48,540 Installment 7 10 - 17 1,790 1,807 Total $ 372 527 702 1,601 1,181,517 1,183,118 Total: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 125 77 279 481 166,960 167,441 Other - - 80 80 44,971 45,051 Real estate mortgage - 1 to 4 family: First mortgages 1,585 1,499 11,582 14,666 3,691,030 3,705,696 Home equity loans 120 1 95 216 74,255 74,471 Home equity lines of credit 401 344 1,273 2,018 240,176 242,194 Installment 10 10 43 63 9,554 9,617 Total $ 2,241 1,931 13,352 17,524 4,226,946 4,244,470 * Includes New York, New Jersey, Vermont and Massachusetts. The following table presents the aging of the recorded investment in past due loans by loan class and by region: December 31, 2019 New York and other states*: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 141 - 617 758 161,428 162,186 Other 80 - 33 113 19,213 19,326 Real estate mortgage - 1 to 4 family: First mortgages 3,444 292 11,328 15,064 2,526,376 2,541,440 Home equity loans 183 7 133 323 69,468 69,791 Home equity lines of credit 232 149 1,141 1,522 219,965 221,487 Installment 37 8 3 48 8,658 8,706 Total $ 4,117 456 13,255 17,828 3,005,108 3,022,936 Florida: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 17,752 17,752 Other - - - - 235 235 Real estate mortgage - 1 to 4 family: First mortgages 542 - 617 1,159 952,836 953,995 Home equity loans 63 - - 63 18,485 18,548 Home equity lines of credit 80 - 50 130 46,305 46,435 Installment - - - - 2,295 2,295 Total $ 685 - 667 1,352 1,037,908 1,039,260 Total: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 141 - 617 758 179,180 179,938 Other 80 - 33 113 19,448 19,561 Real estate mortgage - 1 to 4 family: First mortgages 3,986 292 11,945 16,223 3,479,212 3,495,435 Home equity loans 246 7 133 386 87,953 88,339 Home equity lines of credit 312 149 1,191 1,652 266,270 267,922 Installment 37 8 3 48 10,953 11,001 Total $ 4,802 456 13,922 19,180 4,043,016 4,062,196 * Includes New York, New Jersey, Vermont and Massachusetts. At December 31, 2020 and 2019, there were no loans that are 90 days past due and still accruing interest. As a result, non ‑ ‑ Activity in the allowance for loan losses by portfolio segment is summarized as follows: For the year ended December 31, 2020 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,999 39,748 570 44,317 Loans charged off: New York and other states* 36 404 187 627 Florida - - 34 34 Total loan chargeoffs 36 404 221 661 Recoveries of loans previously charged off: New York and other states* 10 314 12 336 Florida - 3 - 3 Total recoveries 10 317 12 339 Net loans charged off 26 87 209 322 Provision for loan losses 167 5,289 144 5,600 Balance at end of period $ 4,140 44,950 505 49,595 For the year ended December 31, 2019 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,048 39,772 946 44,766 Loans charged off: New York and other states* 20 945 165 1,130 Florida - 29 48 77 Total loan chargeoffs 20 974 213 1,207 Recoveries of loans previously charged off: New York and other states* 46 496 21 563 Florida - 36 - 36 Total recoveries 46 532 21 599 Net loans charged off (recoveries) (26 ) 442 192 608 Provision (recoveries) for loan losses (75 ) 418 (184 ) 159 Balance at end of period $ 3,999 39,748 570 44,317 * Includes New York, New Jersey, Vermont and Massachusetts. 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, 2020 and 2019: December 31, 2020 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,140 44,950 505 49,595 Total ending allowance balance $ 4,140 44,950 505 49,595 Loans: Individually evaluated for impairment $ 1,028 20,553 - 21,581 Collectively evaluated for impairment 211,464 4,001,808 9,617 4,222,889 Total ending loans balance $ 212,492 4,022,361 9,617 4,244,470 December 31, 2019 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,999 39,748 570 44,317 Total ending allowance balance $ 3,999 39,748 570 44,317 Loans: Individually evaluated for impairment $ 1,437 19,539 - 20,976 Collectively evaluated for impairment 198,062 3,832,157 11,001 4,041,220 Total ending loans balance $ 199,499 3,851,696 11,001 4,062,196 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, 2020 and 2019 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, 2020 and 2019: December 31, 2020 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 819 943 - 1,186 Other 111 111 - 103 Real estate mortgage - 1 to 4 family: First mortgages 15,024 15,411 - 14,110 Home equity loans 219 240 - 235 Home equity lines of credit 2,158 2,298 - 2,258 Total 18,331 19,003 - 17,892 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate 98 98 - 105 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,908 2,908 - 2,555 Home equity loans - - - 16 Home equity lines of credit 244 244 - 246 Total $ 3,250 3,250 - 2,922 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 917 1,041 - 1,291 Other 111 111 - 103 Real estate mortgage - 1 to 4 family: First mortgages 17,932 18,319 - 16,665 Home equity loans 219 240 - 251 Home equity lines of credit 2,402 2,542 - 2,504 Total $ 21,581 22,253 - 20,814 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 1,217 1,359 - 1,385 Other 115 115 - 38 Real estate mortgage - 1 to 4 family: First mortgages 14,414 14,714 - 14,358 Home equity loans 235 255 - 241 Home equity lines of credit 2,160 2,300 - 2,274 Total $ 18,141 18,743 - 18,296 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 105 105 - 82 Other - - - 26 Real estate mortgage - 1 to 4 family: First mortgages 2,486 2,486 - 2,259 Home equity loans - - - 51 Home equity lines of credit 244 244 - 249 Total $ 2,835 2,835 - 2,667 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 1,322 1,464 - 1,467 Other 115 115 - 64 Real estate mortgage - 1 to 4 family: First mortgages 16,900 17,200 - 16,617 Home equity loans 235 255 - 292 Home equity lines of credit 2,404 2,544 - 2,523 Total $ 20,976 21,578 - 20,963 * Includes New York, New Jersey, Vermont and Massachusetts. 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 2020, 2019, and 2018. Included in impaired loans are approximately $ million and $ million of loans in accruing status that were identified as TDR’s as of December 31, 2020 and 2019, respectively Management evaluates impairment on impaired loans on a quarterly basis. If, during this evaluation, impairment of the loan is identified, a charge ‑ ‑ The following table presents modified loans by class that were determined to be TDR’s that occurred during the years ended December 31, 2020, 2019 and 2018: Year ended 12/31/20 Year ended 12/31/19 Year ended 12/31/18 New York and other states*: (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial: Commercial real estate 1 $ 125 125 1 $ 125 125 6 $ 747 747 Real estate mortgage - 1 to 4 family: First mortgages 12 2,303 2,303 18 2,621 2,621 18 2,349 2,349 Home equity loans - - - - - - 1 6 6 Home equity lines of credit 3 169 169 2 235 235 5 325 325 Total 16 $ 2,597 2,597 21 $ 2,981 2,981 30 $ 3,427 3,427 Florida: (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages 4 $ 586 586 6 $ 632 632 1 $ 35 35 Home equity loans - - - - - - - - - Home equity lines of credit - - - - - - - - - Total 4 $ 586 586 6 $ 632 632 1 $ 35 35 * Includes New York, New Jersey, Vermont and Massachusetts. 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, 2020, 2019 and 2018 for which there was a payment default within 12 months of modification: Year ended 12/31/20 Year ended 12/31/19 Year ended 12/31/18 New York and other states*: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages 4 $ 457 2 $ 418 1 $ 101 Home equity loans 1 19 - - - - Home equity lines of credit - - - - - - Total 5 $ 476 2 $ 418 1 $ 101 Florida: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages - $ - - $ - - $ - Home equity lines of credit - - - - - - Total - $ - - $ - - $ - * Includes New York, New Jersey, Vermont and Massachusetts. 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 was 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 was 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 TDR’s 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 TDR’s, and a charge ‑ As noted above, loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. Loan modifications made pursuant to the CARES ACT that were in payment deferral at December 31, 2020 totaled approximately $2 million of residential loans. There were no commercial or installment loan deferrals as of December 31, 2020. The Company categorizes non-homogenous loans such as commercial and commercial real estate 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 non-homogeneous loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are also tested by the Company’s external loan review firm in accordance with the Company’s 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, 2020 and 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: December 31, 2020 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,741 3,034 148,775 Other 44,522 410 44,932 $ 190,263 3,444 193,707 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 18,092 574 18,666 Other 119 - 119 $ 18,211 574 18,785 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 163,833 3,608 167,441 Other 44,641 410 45,051 $ 208,474 4,018 212,492 * Includes New York, New Jersey and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 157,280 4,906 162,186 Other 18,384 942 19,326 $ 175,664 5,848 181,512 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 17,752 - 17,752 Other 235 - 235 $ 17,987 - 17,987 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 175,032 4,906 179,938 Other 18,619 942 19,561 $ 193,651 5,848 199,499 * Includes New York, New Jersey and Massachusetts. Included in classified loans in the above tables are impaired loans of $796 thousand and $816 thousand at December 31, 2020 and 2019, 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, 2020 and 2019 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, 2020 and 2019 is presented in the recorded investment in non-accrual loans table. As of December 31, 2020, the company granted PPP loans totaling $ million of which PPP loans totaling $ million remain outstanding. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | (5) Bank Premises and Equipment A summary of premises and equipment at December 31, 2020 and 2019 follows: (dollars in thousands) 2020 2019 Land $ 2,414 $ 2,337 Buildings 36,077 36,245 Furniture, fixtures and equipment 56,317 54,245 Leasehold improvements 33,697 32,176 Total bank premises and equipment 128,505 125,003 Accumulated depreciation and amortization (94,093 ) (90,381 ) Total $ 34,412 $ 34,622 Depreciation and amortization expense was approximately $4.0 million, $4.0 million, and $4.1 million for the years 2020, 2019, and 2018, respectively. Occupancy expense of the Bank’s premises included rental expense of $8.0 million in 2020, $7.8 million in 2019, and $8.0 million in 2018. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | (6) Deposits Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2020 2019 2018 Interest bearing checking accounts $ 148 288 442 Savings accounts 716 1,338 1,657 Time deposits and money market accounts 22,834 33,227 16,859 Total $ 23,698 34,853 18,958 At December 31, 2020, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 1,058,878 1 to 2 years 225,988 2 to 3 years 7,057 3 to 4 years 3,284 4 to 5 years 968 Over 5 years 198 $ 1,296,373 Included in total time deposits as of December 31, 2020 and 2019 is $ 235.8 million and $227.6 million in time deposits with balances in excess of $250,000. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Amount outstanding at December 31, $ 214,755 148,666 161,893 Maximum amount outstanding at any month end 213,043 169,214 233,522 Average amount outstanding 180,065 159,220 194,810 Weighted average interest rate: For the year 0.56 % 0.92 0.65 As of year end 0.47 0.90 0.95 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 Federal Home Loan Bank of New York which approximates the balance of securities and/or loans pledged against such borrowings. The line of credit requires securities and/or loans to be pledged as collateral for the amount borrowed. As of December 31, 2020 and 2019, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York. Trustco Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of New York. The Bank can pledge certain securities to the Federal Reserve Bank to support this arrangement. As of December 31, 2020 and 2019, the Bank had no outstanding borrowings and loans with the Federal Reserve Bank of New York. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes A summary of income tax expense included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2020 2019 2018 Current tax expense: Federal $ 15,662 15,171 13,897 State 2,399 2,359 1,756 Total current tax expense 18,061 17,530 15,653 Deferred tax (benefit) expense (1,067 ) 1,139 2,556 Total income tax expense $ 16,994 18,669 18,209 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019, are as follows: December 31, (dollars in thousands) 2020 2019 Deductible temporary differences Deductible temporary differences Benefits and deferred remuneration $ (6,178 ) $ (5,156 ) Difference in reporting the allowance for loan losses, net 12,820 11,385 Other income or expense not yet reported for tax purposes 534 (314 ) Depreciable assets (2,541 ) (2,347 ) Net deferred tax asset at end of year 4,635 3,568 Net deferred tax asset at beginning of year 3,568 4,707 Deferred tax (benefit) expense $ (1,067 ) $ 1,139 Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Based primarily on the sufficiency of expected future taxable income, management believes it is more likely than not that the remaining deferred tax asset of $4.6 million and $3.6 million at December 31, 2020 and 2019, respectively, will be realized. In addition to the deferred tax items described in the preceding table, the Company has deferred tax liabilities of $2.5 million and $101 thousand at December 31, 2020 and 2019, respectively, relating to the net unrealized gains on securities available for sale and deferred tax liabilities of approximately $1.6 million $1.4 million at December 31, 2020 and 2019, respectively, as a result of changes in the 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 December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 21.0 Increase/(decrease) in taxes resulting from: Tax exempt income - - (0.1 ) State income tax, net of federal tax benefit 2.4 2.6 2.4 Other items 1.1 0.8 (0.4 ) Effective income tax rate 24.5 % 24.4 22.9 On a periodic basis, the Company evaluates its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the status of taxing authorities’ current examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment in relation to uncertain tax positions. 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 2020, 2019, and 2018, these amounts were not material. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as in various states. In the normal course of business, the Company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The Company's federal and state income tax returns for the years 2017 2020 Company’s |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
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 while the plan was in effect. This plan was frozen as of December 31, 2006. 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. The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2020 and 2019: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2020 2019 Projected benefit obligation at beginning of year $ 30,824 28,518 Service cost 37 42 Interest cost 1,076 1,244 Benefit payments and expected expenses (1,956 ) (1,798 ) Net actuarial loss 3,523 2,818 Projected benefit obligation at end of year $ 33,504 30,824 Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2020 2019 Fair Value of plan assets at beginning of year $ 51,264 44,157 Actual gain on plan assets 6,953 8,902 Benefit payments and actual expenses (1,980 ) (1,795 ) Fair value of plan assets at end of year 56,237 51,264 Funded status at end of year $ 22,733 20,440 Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of: December 31, 2020 2019 Net actuarial loss $ 1,401 1,787 The accumulated benefit obligation was $33.5 million and $30.8 million at December 31, 2020 and 2019, respectively. Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss): For the years ended December 31, (dollars in thousands) 2020 2019 2018 Service cost $ 37 42 34 Interest cost 1,076 1,244 1,197 Expected return on plan assets (3,020 ) (2,811 ) (3,012 ) Amortization of net loss - 59 - Net periodic pension credit (1,907 ) (1,466 ) (1,781 ) Amortization of net loss - (59 ) - Net actuarial (gain) loss included in other comprehensive income (loss) (386 ) (3,275 ) 2,149 Total recognized in other comprehensive income (loss) (386 ) (3,334 ) 2,149 Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (2,293 ) (4,800 ) 368 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 2021 $ 1,850 2022 1,830 2023 1,815 2024 1,821 2025 1,814 2026 - 2030 9,101 The assumptions used to determine benefit obligations at December 31 are as follows: 2020 2019 2018 Discount rate 2.65 % 3.56 4.53 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2020 2019 2018 Discount rate 3.56 % 4.53 3.93 Expected long-term rate of return on assets 6.00 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 $2.3 million as of December 31, 2020 and 2019. 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 $2.2 million, $1.9 million, and $1.4 million, in 2020, 2019, and 2018, 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 short-term investments in the Consolidated Statements of Condition. As of December 31, 2020 and 2019, the trusts had assets totaling $2.3 million and $2.4 million, respectively. (c) Postretirement Benefits The Company permits retirees under age 65 to participate in the Company’s medical plan by making certain payments. In addition, the plan provides a death benefit to certain eligible employees and retirees. 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. The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2020 and 2019: Change in Accumulated Benefit Obligation: (dollars in thousands) December 31, 2020 2019 Accumulated benefit obligation at beginning of year $ 6,134 5,400 Service cost 73 65 Interest cost 203 239 Benefits paid (116 ) (173 ) Net actuarial loss 315 603 Accumulated benefit obligation at end of year $ 6,609 6,134 Change in Plan Assets and Reconciliation of Funded Status: (dollars in thousands) December 31, 2020 2019 Fair value of plan assets at beginning of year $ 26,358 22,091 Actual gain on plan assets 2,793 4,285 Company contributions 91 155 Benefits paid (116 ) (173 ) Fair value of plan assets at end of year 29,126 26,358 Funded status at end of year $ 22,517 20,224 The accumulated benefit obligation was $6.6 million and $6.1 million at December 31, 2020 and 2019, respectively. Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss): (dollars in thousands) December 31, 2020 2019 2018 Service cost $ 73 65 53 Interest cost 203 239 202 Expected return on plan assets (1,183 ) (990 ) (1,028 ) Amortization of net actuarial gain (708 ) (333 ) (556 ) Amortization of prior service credit (196 ) (197 ) (100 ) Net periodic benefit credit (1,811 ) (1,216 ) (1,429 ) Net (gain) loss (1,295 ) (2,692 ) 830 Amortization of prior service credit 196 197 100 Prior service cost - - 705 Amortization of net gain 708 333 556 Total amount recognized in other comprehensive income (loss) (391 ) (2,162 ) 2,191 Total amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (2,202 ) (3,378 ) 762 The estimated amount of net gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income over the next fiscal year is approximately $913 thousand while the estimated amount of prior service credit that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit loss over the next fiscal year is approximately $206 thousand. Expected Future Benefit Payments The following benefit payments are expected to be paid: (dollars in thousands) Year Postretirement Benefits 2021 $ 121 2022 133 2023 146 2024 160 2025 181 2026 - 2030 1,257 The discount rate assumption used to determine benefit obligations at December 31 is as follows: 2020 2019 2018 Discount rate 2.65 % 3.56 4.53 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2020 2019 2018 Discount rate 3.56 % 4.53 3.93 Expected long-term rate of return on assets, net of tax 4.50 4.50 4.50 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. (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 income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2020 and 2019, respectively: (dollars in thousands) December 31, 2020 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (386 ) (1,295 ) (1,681 ) Amortization of net actuarial gain - 708 708 Amortization of prior service credit - 196 196 Total $ (386 ) (391 ) (777 ) December 31, 2019 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (3,275 ) (2,692 ) (5,967 ) Amortization of net actuarial (loss) gain (59 ) 333 274 Amortization of prior service credit - 197 197 Total (3,334 ) (2,162 ) (5,496 ) (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 Plan Assets Postretirement Benefit Plan Assets 2020 2019 2020 2019 Debt Securities 23 % 33 24 34 Equity Securities 68 63 66 63 Other 9 4 10 3 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. 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, 2020 and 2019, by asset category, is as follows: Fair Value Measurements at December 31, 2020 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 4,809 4,809 - - Equity mutual funds 38,352 38,352 - - U.S. government sponsored enterprises 4,983 - 4,983 - Corporate bonds 7,427 - 7,427 - Fixed income mutual funds 666 666 - - Total Plan Assets $ 56,237 43,827 12,410 - Fair Value Measurements at December 31, 2020 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 2,887 2,887 - - Equity mutual funds 19,304 19,304 - - U.S. government sponsored enterprises 3,607 - 3,607 - Corporate bonds 3,328 - 3,328 - Total Plan Assets $ 29,126 22,191 6,935 - Fair Value Measurements at December 31, 2019 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 2,165 2,165 - - Equity mutual funds 32,411 32,411 - - U.S. government sponsored enterprises 4,434 - 4,434 - Corporate bonds 11,646 - 11,646 - Fixed income mutual funds 608 608 - - Total Plan Assets $ 51,264 35,184 16,080 - Fair Value Measurements at December 31, 2019 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 677 677 - - Equity mutual funds 16,794 16,794 - - U.S. government sponsored enterprises 2,560 - 2,560 - Corporate bonds 6,327 - 6,327 - Total Plan Assets $ 26,358 17,471 8,887 - At December 31, 2020 and 2019, 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 ‑ ‑ There were no transfers between Level 1 and Level 2 in 2020 and 2019. The Company made no contributions to its pension and postretirement benefit plans in 2020 or 2019. The Company does not (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 2020, 2019 or 2018 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan aggregated $1.2 million for 2020, $1.2 million in 2019 and $1.1 million in 2018. 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 $3.3 million, $2.9 million and $2.7 million in 2020, 2019 and 2018, respectively. The Company has also awarded 1.5 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, 2020, the weighted average strike price of each unit was $8.87. (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. In May 2019, shareholders of the Company approved the TrustCo Bank Corp NY 2019 Equity Incentive Plan (2019 Equity Incentive Plan) which replaced and combined into one plan both the Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan (2010 Equity Incentive Plan) and the Amended and Restated TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan (Directors Plan), and all remaining shares eligible for issuance thereunder were canceled. Awards previously made under the prior plans remain in effect in accordance with the terms of those awards. Under the 2019 Equity Incentive Plan the Company may provide for the issuance of shares of our common stock which is available for issuance pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance based), to eligible employees and directors. This allotment of shares includes the authorized but unissued shares remaining available for issuance under the 2010 Equity Incentive Plan and the Directors Plan. As of December 31, 2020, the Company may issue approximately million shares of our common stock pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance based). Under the 2019 Equity Incentive Plan, the exercise price of each option shall not be less than of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten percent shareholder the option price shall not be less than of the fair value of the Company’s stock on the date of the ISO grant. The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement. Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire , and vest over , from the date the options were granted. A summary of the status of TrustCo’s stock option awards as of December 31, 2020 and changes during the year then ended, are as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Balance, January 1, 2020 519,091 $ 6.67 New options awarded - 2020 - - Expired options - 2020 - - Options forfeited - 2020 - - Exercised options - 2020 - - Balance, December 31, 2020 519,091 $ 6.67 3.5 Years Exercisable Options Balance, December 31, 2020 519,091 $ 6.67 3.5 Years At December 31, 2020, the intrinsic value of outstanding stock options and vested stock options was approximately $138 thousand. All outstanding options were vested as of December There were stock options exercised in During and options for and shares of stock 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 upon stock option exercises from previously unissued shares of common stock or treasury shares All stock-based compensation expense was recognized at December Income tax benefits recognized in the accompanying Consolidated Statements of Income related to stock-based compensation were not materia 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 Company did not grant new stock option awards in 2020, 2019, or 2018. During 2020, 2019 and 2018, the Company recognized $15 thousand, $5 thousand, and $173 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 2020, 2019 and 2018. The activity for service-based awards during 2020 was as follows: Restricted share units Outstanding Units Balance, December 31, 2019 244,273 New awards granted 222,155 Forfeited awards (7,527 ) Awards settled (112,580 ) Balance, December 31, 2020 346,321 Service-Based Awards: During 2020 and 2019, the Company issued restricted share units to certain eligible officers, executives and members of its board of directors. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. Depending on the year of the grant the awards either become 100% vested after one year, or vest in whole units in equal installments from the first through the third year following the award date. 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 2020, 2019 and 2018, the Company recognized $715 thousand, $743 thousand and $458 thousand, respectively, in stock ‑ During of the awards granted in and became vested and settled . The liability related to service-based liability awards was approximately $187 thousand and $170 thousand at December 31, 2020 and 2019, respectively. The activity for performance-based awards during 2020 was as follows: Performance share units Outstanding Units Balance, December 31, 2019 478,551 New awards granted 234,142 Forfeited awards (952 ) Awards settled (120,143 ) Balance, December 31, 2020 591,598 Performance Based Awards: During 2020, 2019 and 2018, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. 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 Plan provisions as well as the fair value of the Company’s stock. For units granted in 2017, those have been fully vested and unpaid. For units granted subsequent to 2017, all of the units are unvested as of December 31, 2020, and the Company expects to meet the required performance criteria of the awards. During 2020, 2019 and 2018, the Company recognized approximately $500 thousand, $1.6 million and $644 thousand, respectively, in stock based compensation expense related to these units. Unrecognized stock-based compensation expense related to the outstanding performance share units totaled $2.7 million at December 31, 2020. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 26 months as of December 31, 2020. The liability related to performance based liability awards totaled $2.1 million and $2.6 million at December 31, 2020 and 2019, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | (10) Commitments and Contingent Liabilities (a) Litigation Existing litigation arising in the normal course of business is not expected to result in any material loss to the Company. (b) 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 $7.8 million for 2020, $7.6 million for 2019 and $7.5 million in 2018. The Company is contractually obligated to pay these third-party service providers approximately $7 to $8 million per year through 2025. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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 2020, 2019 and 2018 follows: (dollars in thousands, except per share data) For the years ended December 31 2020 2019 2018 Net income $ 52,452 57,840 61,445 Weighted average common shares 96,506 96,849 96,505 Effect of dilutive common stock options 11 78 141 Weighted average common shares including potential dilutive shares 96,517 96,927 96,646 Basic EPS $ 0.544 0.597 0.637 Diluted EPS $ 0.543 0.597 0.636 For the years ended December and there were and - -, respectively, of antidilutive stock options excluded from diluted earnings per share |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Off Balance Sheet Financial Instruments [Abstract] | |
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, 2020 and 2019, was $458.2 million and $424.0 million, respectively. Approximately 83% and 85% of these commitments were for variable rate products at the end of 2020 and 2019, 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 $5.4 million and $9.6 million at December 31, 2020 and 2019, 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 ‑ ‑ ‑ ‑ No losses are anticipated as a result of loan commitments or standby letters of credit. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value [Abstract] | |
Fair Value | (13) Fair Value Fair value measurements (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 Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at December 31, 2020 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 19,968 $ - $ 19,968 $ - State and political subdivisions 103 - 103 - Mortgage backed securities and collateralized mortgage obligations - residential 316,158 - 316,158 - Corporate bonds 59,939 - 59,939 - Small Business Administration - guaranteed participation securities 42,217 - 42,217 - Other 686 - 686 - Total securities available for sale $ 439,071 $ - $ 439,071 $ - Fair Value Measurements at December 31, 2019 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 104,512 $ - $ 104,512 $ - State and political subdivisions 162 - 162 - Mortgage backed securities and collateralized mortgage obligations - residential 389,517 - 389,517 - Corporate bonds 30,436 - 30,436 - Small Business Administration - guaranteed participation securities 48,511 - 48,511 - Other 685 - 685 - Total securities available for sale $ 573,823 $ - $ 573,823 $ - There were no transfers between Level 1 and Level 2 in 2020 and 2019. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2020 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 541 $ - $ - $ 541 Sales comparison approach Adjustments for differences between comparable sales 1% - 7% (2 %) Impaired loans: Real estate mortgage - 1 to 4 family 211 - - 211 Sales comparison approach Adjustments for differences between comparable sales 11% - 12% (12 %) Fair Value Measurements at December 31, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 1,579 $ - $ - $ 1,579 Sales comparison approach Adjustments for differences between comparable sales 1% - 21% (2 %) Impaired loans: Real estate mortgage - 1 to 4 family 120 - - 120 Sales comparison approach Adjustments for differences between comparable sales 1% - 17% (9 %) Other real estate owned, which is carried at fair value less costs to sell, was approximately $541 thousand at December 31, 2020, and consisted of only residential real estate properties. A valuation charge of $120 thousand is included in earnings for the year ended December 31, 2020. Of the total impaired loans of $21.6 million at December 31, 2020, $211 thousand 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, 2020. Gross charge-offs related to residential impaired loans included in the table above amounted to $10 thousand. Other real estate owned, which is carried at fair value less costs to sell, was approximately $1.6 million at December 31, 2019, and consisted of $358 thousand of commercial real estate and $1.2 million of residential real estate properties. A valuation charge of $366 thousand is included in earnings for the year ended December 31, 2019 Of the total impaired loans of $21.0 million at December 31, 2019, $120 thousand 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, 2019. Gross charge-offs related to residential impaired loans included in the table above amounted to $22 thousand. In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2020 and 2019 are as follows: (dollars in thousands) Carrying Fair Value Measurements at December 31, 2020 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,107,099 1,107,099 - - 1,107,099 Securities available for sale 439,071 - 439,071 - 439,071 Held to maturity securities 13,824 - 14,988 - 14,988 Federal Home Loan Bank stock 5,506 N/A N/A N/A N/A Net loans 4,194,875 - - 4,287,585 4,287,585 Accrued interest receivable 10,031 39 1,458 8,534 10,031 Financial liabilities: Demand deposits 652,756 652,756 - - 652,756 Interest bearing deposits 4,384,437 3,088,064 1,298,375 - 4,386,439 Short-term borrowings 214,755 - 214,755 - 214,755 Accrued interest payable 474 68 406 - 474 (dollars in thousands) Carrying Fair Value Measurements at December 31, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 456,846 456,846 - - 456,846 Securities available for sale 573,823 - 573,823 - 573,823 Held to maturity securities 18,618 - 19,680 - 19,680 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 4,017,879 - - 4,078,210 4,078,210 Accrued interest receivable 10,915 216 2,221 8,478 10,915 Financial liabilities: Demand deposits 463,858 463,858 - - 463,858 Interest bearing deposits 3,986,158 2,587,981 1,397,271 - 3,985,252 Short-term borrowings 148,666 - 148,666 - 148,666 Accrued interest payable 1,459 174 1,285 - 1,459 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | (14) Regulatory Capital Requirements Depository institutions and their holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy rules and 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 capital requirements can result in regulatory action. The capital rules include a capital conservation buffer of 2.5% that is designed to absorb losses during periods of economic stress and to require increased capital levels before capital distributions and certain other payments can be made. Failure to meet the full amount of the buffer will result in restrictions on capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. As of December 31, 2020, the Company and Bank meet all capital adequacy requirements to which they are subject and reported capital in levels that exceeded the capital conservation buffer Prompt corrective action regulations, to which banks, but not their holding companies, are subject, provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. If a bank is not classified as well capitalized, its ability to accept brokered deposits is restricted. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. 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. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of December 31, 2020 and December 31, 2019, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category The following is a summary of actual capital amounts and ratios as of December 31, 2020 and 2019, for Trustco Bank: As of December 31, 2020 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized(1) Buffer(1)(2) Tier 1 leverage ratio $ 539,897 9.378 % 5.000 % 4.000 % Common equity Tier 1 capital 539,897 18.646 6.500 7.000 Tier 1 risk-based capital 539,897 18.646 8.000 8.500 Total risk-based capital 576,257 19.902 10.000 10.500 As of December 31, 2019 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized(1) Buffer(1)(2) Tier 1 leverage ratio $ 516,775 9.940 % 5.000 % 4.000 % Common equity Tier 1 capital 516,775 18.412 6.500 7.000 Tier 1 risk-based capital 516,775 18.412 8.000 8.500 Total risk-based capital 551,975 19.666 10.000 10.500 The following is a summary of actual capital amounts and ratios as of December 31, 2020 and 2019 for TrustCo on a consolidated basis. As of December 31, 2020 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer(1)(2) Tier 1 leverage ratio $ 555,672 9.650 % 4.000 % Common equity Tier 1 capital 555,672 19.187 7.000 Tier 1 risk-based capital 555,672 19.187 8.500 Total risk-based capital 592,040 20.443 10.500 As of December 31, 2019 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer(1)(2) Tier 1 leverage ratio $ 533,243 10.254 % 4.000 % Common equity Tier 1 capital 533,243 18.988 7.000 Tier 1 risk-based capital 533,243 18.988 8.500 Total risk-based capital 568,463 20.242 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The December 31, 2020 and 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | (15) Accumulated Other Comprehensive Income The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: December 31, 2020 (dollars in thousands) Balance at 12/31/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2020 Balance at 12/31/2020 Net unrealized holding loss on securities available for sale, net of tax $ 286 7,755 (855 ) 6,900 7,186 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 1,244 - 1,244 6,084 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (665 ) - (669 ) (669 ) (1,334 ) Accumulated other comprehensive income (loss), net of tax 4,461 8,999 (1,524 ) 7,475 11,936 December 31, 2019 (dollars in thousands) Balance at 12/31/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2019 Balance at 12/31/2019 Net unrealized holding loss on securities available for sale, net of tax $ (10,416 ) 10,702 - 10,702 286 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 4,417 - 4,417 4,840 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (316 ) - (349 ) (349 ) (665 ) Accumulated other comprehensive (loss) income, net of tax (10,309 ) 15,119 (349 ) 14,770 4,461 December 31, 2018 (dollars in thousands) Balance at 12/31/2017 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2018 Balance at 12/31/2018 Net unrealized holding loss on securities available for sale, net of tax $ (5,030 ) (3,944 ) - (3,944 ) (8,974 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 3,054 (2,727 ) - (2,727 ) 327 Net change in net actuarial loss (gain) and prior service cost (credit) on pension and pension and postretirement benefit plans, net of tax 170 - (486 ) (486 ) (316 ) Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained - - (1,346 ) - (1,346 ) Accumulated other comprehensive loss, net of tax $ (1,806 ) (6,671 ) (1,832 ) (7,157 ) (10,309 ) The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018: (dollars in thousands) Years ended December 31, 2020 2019 2018 Affected Line Item in Financial Statements Unrealized gains on securities available for sale: Realized gain on securities transactions $ 1,155 - - Net gain on securities transactions Income tax expense (300 ) - - Income taxes Net of tax 855 - - Amortization of pension and postretirement benefit items: Amortization of net actuarial gain 708 274 556 Salaries and employee benefits Amortization of prior service credit 196 197 100 Salaries and employee benefits Income tax benefit (235 ) (122 ) (170 ) Income taxes Net of tax 669 349 486 Total reclassifications, net of tax $ 1,524 349 486 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of Non-Interest Income for the years ended December 31, 2020, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) December 31, 2020 2019 2018 Non-interest income Service Charges on Deposits Overdraft fees $ 2,665 3,571 3,543 Other 1,629 459 455 Interchange Income 4,199 4,065 4,822 Net gain on securities transactions (a) 1,155 - - Wealth management fees 6,279 6,387 6,283 Other (a) 1,243 4,109 2,978 Total non-interest income $ 17,170 18,591 18,081 (a) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted in accordance with ASC 606 as follows: Service charges on Deposit Accounts Interchange Income: Wealth Management fees: Gains/Losses on Sales of Other real Estate Owned “OREO”: |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2020 | |
Operating leases [Abstract] | |
Operating leases | (17) Operating leases The Company adopted Topic 842 “Leases” effective January 1, 2019 and has applied the guidance to all operating leases within the scope of Topic 842 at that date. The company elected to adopt practical expedients, which among other things, does not require reassessment of lease classification. The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2020 the Company did not have any leases with terms of twelve months or less. As of December 31, 2020 the Company has one lease that the construction has not started yet. At December 31, 2020 lease expiration dates ranged from eight months to 23.8 years and have a weighted average remaining lease term of 9.0 years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments. Other information related to leases was as follows: (dollars in thousands) 2020 2019 2018 Operating lease cost $ 8,044 7,808 7,988 Variable lease cost 2,029 1,968 2,000 Total Lease costs $ 10,073 $ 9,776 $ 9,988 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,042 7,839 Right-of-use assets obtained in exchange for lease obligations: $ 2,548 57,464 Weighted average remaining lease term (years) 9.0 9.4 Weighted average discount rate 3.2 % 3.3 % Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: (dollars in thousands) Year ending December 31, 2021 $ 8,172 2022 7,719 2023 7,413 2024 7,288 2025 6,914 Thereafter 23,620 Total lease payments $ 61,126 Less: Interest 8,342 Present value of lease liabilities $ 52,784 During August 2020, the Board of Directors elected a new director that owns six commercial properties in which the Company leases branches from. Total lease payments, which is included in the table above, owed at December 31, 2020 was $4.7 million, which includes $665 thousand of interest. Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (dollars in thousands) Year ending December 31, 2020 $ 8,039 2021 8,033 2022 7,533 2023 7,227 2024 7,100 Thereafter 28,361 Total lease payments $ 66,293 Less: Interest 9,740 Present value of lease liabilities $ 56,553 As of December 31, 2020 and 2019, the operating lease right-of-use asset was $47.9 million and $51.5 million, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (18) Recent Accounting Pronouncements In September 2016, the FASB released ASU 2016-13, "Financial Instruments - Credit Losses" which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity's credit losses. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. As previously disclosed, the Company formed a cross-functional team to work through its implementation of the plan. The Company has selected the Discounted Cash Flow modeling method and is running parallel processes and is working to finalize assessment and documentation of processes, data and model validation testing, qualitative factors and forecast periods. The Company had previously elected to delay its adoption of CECL, as provided by the CARES Act until the date on which the National Emergency concerning COVID-19 was terminated or December 31, 2020, whichever occurred first. The December 31, 2020 adoption date under the CARES Act was extended to January 1, 2022 as a part of the COVID-19 Relief Bill, which became law in December 2020, and therefore the Company now intends to adopt CECL on |
Parent Company Only
Parent Company Only | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Only [Abstract] | |
Parent Company Only | (19) Parent Company Only The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Comprehensive Income (dollars in thousands) Years ended December 31, 2020 2019 2018 Income: Dividends and interest from subsidiaries $ 31,100 28,340 24,920 Net gain on securities transactions - - - Miscellaneous income - - - Total income 31,100 28,340 24,920 Expense: Operating supplies 20 82 122 Professional services 655 651 438 Miscellaneous expense 1,666 2,811 1,755 Total expense 2,341 3,544 2,315 Income before income taxes and subsidiaries’ undistributed earnings 28,759 24,796 22,605 Income tax benefit (558 ) (837 ) (523 ) Income before subsidiaries’ undistributed earnings 29,317 25,633 23,128 Equity in undistributed earnings of subsidiaries 23,135 32,207 38,317 Net income $ 52,452 57,840 61,445 Change in other comprehensive income (loss) 7,475 14,770 (7,157 ) Comprehensive income $ 59,927 72,610 54,288 Statements of Condition (dollars in thousands) December 31, 2020 2019 Assets: Cash in subsidiary bank $ 24,154 24,118 Investments in subsidiaries 552,399 521,802 Securities available for sale 36 35 Other assets 555 558 Total assets 577,144 546,513 Liabilities and shareholders’ equity: Accrued expenses and other liabilities 8,983 8,256 Total liabilities 8,983 8,256 Shareholders’ equity 568,161 538,257 Total liabilities and shareholders’ equity $ 577,144 546,513 Statements of Cash Flows (dollars in thousands) Years ended December 31, 2020 2019 2018 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 52,452 57,840 61,445 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (23,135 ) (32,207 ) (38,317 ) Stock based compensation expense 15 5 173 Net change in other assets and accrued expenses 515 246 214 Total adjustments (22,605 ) (31,956 ) (37,930 ) Net cash provided by operating activities 29,847 25,884 23,515 Cash flows from investing activities: Purchases of securities available for sale (1 ) - - Net cash used in investing activities (1 ) - - Cash flows from financing activities: Proceeds from exercise of stock options - 185 1,259 Dividends paid (26,317 ) (26,372 ) (25,555 ) Payments to acquire treasury stock (3,493 ) (35 ) (718 ) Proceeds from sales of treasury stock - 1,791 2,391 Net cash used in financing activities (29,810 ) (24,431 ) (22,623 ) Net increase in cash and cash equivalents 36 1,453 892 Cash and cash equivalents at beginning of year 24,118 22,665 21,773 Cash and cash equivalents at end of year $ 24,154 24,118 22,665 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. |
Risks and Uncertainties | Risks and Uncertainties Beginning in March 2020, the Company experienced negative impacts to its business in the form of requests for loan deferrals of principal and interest due to the business disruption caused by COVID-19. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. The Company has evaluated the impact of the effects of COVID-19 and determined that there were no material or systematic adverse impacts on the Company’s December 31, 2020 financial statements except for an increase in provision for loan losses and related allowance for loan losses. As of December 31, 2020, the Company and Bank capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession brought about by the COVID-19 pandemic, our reported and regulatory capital ratios, as well as the ability of the Company and the Bank to pay dividends or make other distributions, could be adversely impacted by unanticipated credit losses. At this time, we do not believe there exists any impairment to our goodwill, long-lived assets, right of use assets, held to maturity investment securities, or available-for-sale investment securities due to the COVID-19 pandemic. It is uncertain whether prolonged effects of the COVID-19 pandemic will result in future impairment charges related to any of the aforementioned assets and continue to negatively impact net interest income, provision for loan losses, and noninterest income Loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. |
Securities Available for Sale and Held to Maturity (Debt Securities) | Securities Available for Sale and Held to Maturity (Debt Securities) 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 ‑ ‑ 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 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 recorded at trade date and determined using the specific identification method. |
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 (FRB) and Federal Home Loan Bank (FHLB) 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. Dividends are reported as income. The Bank was also a member of its regional Federal Reserve Bank until the membership was discontinued in 2020 and the FRB stock was redeemed. Prior to the stock redemption, the FRB stock was carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received were 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 ‑ ‑ ‑ ‑ ‑ 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 ‑ 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 TDR’s and classified as impaired. As noted above, loan modifications and payment deferrals as a result of COVID-19 that meet the criteria established under Section 4013 of the CARES Act or under applicable federal banking agency guidance are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. Loans not meeting the CARES Act or regulatory guidance are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures 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 ‑ ‑ TDR’s 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 ‑ ‑ Commercial and commercial real estate loans in non ‑ ‑ The general component of the allowance covers non ‑ ‑ ‑ ‑ The Company’s allowance methodology also includes additional allocation percentages for residential and installment loans in non ‑ ‑ ‑ ‑ The following portfolio segments have been identified: commercial loans, residential real estate loans, and installment loans: Commercial: ‑ Residential real estate: ‑ ‑ Installment: In 2019, the company sold its credit card portfolio. |
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 ‑ |
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 December 31, 2020 and 2019, there were $541 thousand and $1.6 million, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. |
Income Taxes | Income Taxes 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. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no benefit is recorded. |
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 and the filing of notices with the Bank’s and the Company’s regulators. The Bank’s primary regulator 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 2021, the Bank could declare dividends of approximately $93.7 million plus any 2021 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 who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee’s compensation The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. 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). |
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 ‑ |
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 ‑ ‑ |
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 mid ‑ |
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, 2020 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available For Sale | The amortized cost and fair value of the securities available for sale are as follows: (dollars in thousands) December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 20,000 - 32 19,968 State and political subdivisions 103 - - 103 Mortgage backed securities and collateralized mortgage obligations - residential 308,432 7,749 23 316,158 Corporate bonds 59,185 916 162 59,939 Small Business Administration - guaranteed participation securities 40,955 1,262 - 42,217 Other 685 1 - 686 Total securities available for sale $ 429,360 9,928 217 439,071 (dollars in thousands) December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 104,895 36 419 104,512 State and political subdivisions 160 2 - 162 Mortgage backed securities and collateralized mortgage obligations - residential 388,537 2,406 1,426 389,517 Corporate bonds 30,164 367 95 30,436 Small Business Administration - guaranteed participation securities 48,991 - 480 48,511 Other 685 - - 685 Total securities available for sale 573,432 2,811 2,420 573,823 |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Proceeds from Sales, Calls/Paydowns and Maturities of Securities Available for Sale, Gross Realized Gains and Gross Realized Losses | The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during and are as follows : (dollars in thousands) Years ended December 31, 2020 2019 2018 Proceeds from sales $ 29,219 $ - $ - Proceeds from calls/paydowns 247,624 192,003 78,230 Proceeds from maturities 10,007 10,052 45,604 Gross realized gains 1,155 - - Gross realized losses - - - |
Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of the held to maturity securities are as follows: December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 13,824 $ 1,164 - 14,988 Total held to maturity $ 13,824 1,164 - 14,988 December 31, 2019 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 18,618 1,062 - 19,680 Total held to maturity $ 18,618 1,062 - 19,680 |
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, 2020 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Cost Fair Value Federal National Mortgage Association $ 188,266 192,907 Federal Home Loan Mortgage Corporation 89,036 91,077 Corporate Bonds 59,185 59,939 Government National Mortgage Association 54,954 57,148 |
Securities Available for Sale [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual 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, 2020, 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 Cost Fair Value Due in one year or less $ 9,174 9,270 Due in one year through five years 70,790 71,417 Due after five years through ten years 9 9 Mortgage backed securities and collateralized mortgage obligations - residential 308,432 316,158 Small Business Administration - guaranteed participation securities 40,955 42,217 $ 429,360 439,071 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in 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, 2020 Less than 12 months 12 months or more Total Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,968 32 - - 19,968 32 Mortgage backed securities and collateralized mortgage obligations - residential 19,471 22 - - 19,471 22 Corporate bonds 14,901 99 4,937 63 19,838 162 Total $ 54,340 153 4,937 63 59,277 216 (dollars in thousands) December 31, 2019 Less than 12 months 12 months or more Total Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss Fair Value Gross Unreal. Loss U.S. government sponsored enterprises $ 19,820 180 74,656 239 94,476 419 Mortgage backed securities and collateralized mortgage obligations - residential 67,322 446 169,169 980 236,491 1,426 Corporate bonds 4,905 95 - - 4,905 95 Small Business Administration - guaranteed participation securities 48,510 480 - - 48,510 480 Total $ 140,557 1,201 243,825 1,219 384,382 2,420 |
Held to Maturity Securities [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table distributes the debt securities included in the held to maturity portfolio as of December 31, 2020, 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 Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 13,824 14,988 $ 13,824 14,988 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 148,775 18,666 167,441 Other 44,932 119 45,051 Real estate mortgage - 1 to 4 family: First mortgages 2,606,781 1,098,915 3,705,696 Home equity loans 59,400 15,071 74,471 Home equity lines of credit 193,654 48,540 242,194 Installment 7,810 1,807 9,617 Total loans, net $ 3,061,352 1,183,118 4,244,470 Less: Allowance for loan losses 49,595 Net loans $ 4,194,875 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 162,186 17,752 179,938 Other 19,326 235 19,561 Real estate mortgage - 1 to 4 family: First mortgages 2,541,440 953,995 3,495,435 Home equity loans 69,791 18,548 88,339 Home equity lines of credit 221,487 46,435 267,922 Installment 8,706 2,295 11,001 Total loans, net $ 3,022,936 1,039,260 4,062,196 Less: Allowance for loan losses 44,317 Net loans $ 4,017,879 * 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, 2020 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 372 - 372 Other 80 - 80 Real estate mortgage - 1 to 4 family: First mortgages 16,637 1,010 17,647 Home equity loans 80 47 127 Home equity lines of credit 2,662 130 2,792 Installment 43 - 43 Total non-accrual loans 19,874 1,187 21,061 Restructured real estate mortgages - 1 to 4 family 23 - 23 Total nonperforming loans $ 19,897 1,187 21,084 December 31, 2019 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 733 - 733 Other 83 - 83 Real estate mortgage - 1 to 4 family: First mortgages 15,385 1,468 16,853 Home equity loans 218 48 266 Home equity lines of credit 2,804 98 2,902 Installment 3 - 3 Total non-accrual loans 19,226 1,614 20,840 Restructured real estate mortgages - 1 to 4 family 29 - 29 Total nonperforming loans $ 19,255 1,614 20,869 * Includes New York, New Jersey, Vermont and Massachusetts. |
Aging of 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 December 31, 2020 New York and other states*: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 125 77 279 481 148,294 148,775 Other - - 80 80 44,852 44,932 Real estate mortgage - 1 to 4 family: First mortgages 1,220 982 10,927 13,129 2,593,652 2,606,781 Home equity loans 120 1 48 169 59,231 59,400 Home equity lines of credit 401 344 1,273 2,018 191,636 193,654 Installment 3 - 43 46 7,764 7,810 Total $ 1,869 1,404 12,650 15,923 3,045,429 3,061,352 Florida: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 18,666 18,666 Other - - - - 119 119 Real estate mortgage - 1 to 4 family: First mortgages 365 517 655 1,537 1,097,378 1,098,915 Home equity loans - - 47 47 15,024 15,071 Home equity lines of credit - - - - 48,540 48,540 Installment 7 10 - 17 1,790 1,807 Total $ 372 527 702 1,601 1,181,517 1,183,118 Total: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 125 77 279 481 166,960 167,441 Other - - 80 80 44,971 45,051 Real estate mortgage - 1 to 4 family: First mortgages 1,585 1,499 11,582 14,666 3,691,030 3,705,696 Home equity loans 120 1 95 216 74,255 74,471 Home equity lines of credit 401 344 1,273 2,018 240,176 242,194 Installment 10 10 43 63 9,554 9,617 Total $ 2,241 1,931 13,352 17,524 4,226,946 4,244,470 * Includes New York, New Jersey, Vermont and Massachusetts. The following table presents the aging of the recorded investment in past due loans by loan class and by region: December 31, 2019 New York and other states*: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 141 - 617 758 161,428 162,186 Other 80 - 33 113 19,213 19,326 Real estate mortgage - 1 to 4 family: First mortgages 3,444 292 11,328 15,064 2,526,376 2,541,440 Home equity loans 183 7 133 323 69,468 69,791 Home equity lines of credit 232 149 1,141 1,522 219,965 221,487 Installment 37 8 3 48 8,658 8,706 Total $ 4,117 456 13,255 17,828 3,005,108 3,022,936 Florida: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 17,752 17,752 Other - - - - 235 235 Real estate mortgage - 1 to 4 family: First mortgages 542 - 617 1,159 952,836 953,995 Home equity loans 63 - - 63 18,485 18,548 Home equity lines of credit 80 - 50 130 46,305 46,435 Installment - - - - 2,295 2,295 Total $ 685 - 667 1,352 1,037,908 1,039,260 Total: 30-59 Days 60-89 Days 90 + Days Total 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 141 - 617 758 179,180 179,938 Other 80 - 33 113 19,448 19,561 Real estate mortgage - 1 to 4 family: First mortgages 3,986 292 11,945 16,223 3,479,212 3,495,435 Home equity loans 246 7 133 386 87,953 88,339 Home equity lines of credit 312 149 1,191 1,652 266,270 267,922 Installment 37 8 3 48 10,953 11,001 Total $ 4,802 456 13,922 19,180 4,043,016 4,062,196 * Includes New York, New Jersey, Vermont and Massachusetts. |
Activity in Allowance For Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment is summarized as follows: For the year ended December 31, 2020 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 3,999 39,748 570 44,317 Loans charged off: New York and other states* 36 404 187 627 Florida - - 34 34 Total loan chargeoffs 36 404 221 661 Recoveries of loans previously charged off: New York and other states* 10 314 12 336 Florida - 3 - 3 Total recoveries 10 317 12 339 Net loans charged off 26 87 209 322 Provision for loan losses 167 5,289 144 5,600 Balance at end of period $ 4,140 44,950 505 49,595 For the year ended December 31, 2019 (dollars in thousands) Commercial Real Estate Mortgage- 1 to 4 Family Installment Total Balance at beginning of period $ 4,048 39,772 946 44,766 Loans charged off: New York and other states* 20 945 165 1,130 Florida - 29 48 77 Total loan chargeoffs 20 974 213 1,207 Recoveries of loans previously charged off: New York and other states* 46 496 21 563 Florida - 36 - 36 Total recoveries 46 532 21 599 Net loans charged off (recoveries) (26 ) 442 192 608 Provision (recoveries) for loan losses (75 ) 418 (184 ) 159 Balance at end of period $ 3,999 39,748 570 44,317 * Includes New York, New Jersey, Vermont and Massachusetts. |
Allowance For Loan Losses and 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, 2020 and 2019: December 31, 2020 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 4,140 44,950 505 49,595 Total ending allowance balance $ 4,140 44,950 505 49,595 Loans: Individually evaluated for impairment $ 1,028 20,553 - 21,581 Collectively evaluated for impairment 211,464 4,001,808 9,617 4,222,889 Total ending loans balance $ 212,492 4,022,361 9,617 4,244,470 December 31, 2019 (dollars in thousands) Commercial Loans 1-to-4 Family Residential Real Estate Installment Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,999 39,748 570 44,317 Total ending allowance balance $ 3,999 39,748 570 44,317 Loans: Individually evaluated for impairment $ 1,437 19,539 - 20,976 Collectively evaluated for impairment 198,062 3,832,157 11,001 4,041,220 Total ending loans balance $ 199,499 3,851,696 11,001 4,062,196 |
Impaired Loans by Loan Class | The following tables present impaired loans by loan class as of December 31, 2020 and 2019: December 31, 2020 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 819 943 - 1,186 Other 111 111 - 103 Real estate mortgage - 1 to 4 family: First mortgages 15,024 15,411 - 14,110 Home equity loans 219 240 - 235 Home equity lines of credit 2,158 2,298 - 2,258 Total 18,331 19,003 - 17,892 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate 98 98 - 105 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,908 2,908 - 2,555 Home equity loans - - - 16 Home equity lines of credit 244 244 - 246 Total $ 3,250 3,250 - 2,922 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 917 1,041 - 1,291 Other 111 111 - 103 Real estate mortgage - 1 to 4 family: First mortgages 17,932 18,319 - 16,665 Home equity loans 219 240 - 251 Home equity lines of credit 2,402 2,542 - 2,504 Total $ 21,581 22,253 - 20,814 * Includes New York, New Jersey, Vermont and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 1,217 1,359 - 1,385 Other 115 115 - 38 Real estate mortgage - 1 to 4 family: First mortgages 14,414 14,714 - 14,358 Home equity loans 235 255 - 241 Home equity lines of credit 2,160 2,300 - 2,274 Total $ 18,141 18,743 - 18,296 Florida: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 105 105 - 82 Other - - - 26 Real estate mortgage - 1 to 4 family: First mortgages 2,486 2,486 - 2,259 Home equity loans - - - 51 Home equity lines of credit 244 244 - 249 Total $ 2,835 2,835 - 2,667 Total: (dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance YTD Avg Recorded Investment Commercial: Commercial real estate $ 1,322 1,464 - 1,467 Other 115 115 - 64 Real estate mortgage - 1 to 4 family: First mortgages 16,900 17,200 - 16,617 Home equity loans 235 255 - 292 Home equity lines of credit 2,404 2,544 - 2,523 Total $ 20,976 21,578 - 20,963 * Includes New York, New Jersey, Vermont and Massachusetts. |
Modified Loans by Class That Were Determined to be TDR's | The following table presents modified loans by class that were determined to be TDR’s that occurred during the years ended December 31, 2020, 2019 and 2018: Year ended 12/31/20 Year ended 12/31/19 Year ended 12/31/18 New York and other states*: (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial: Commercial real estate 1 $ 125 125 1 $ 125 125 6 $ 747 747 Real estate mortgage - 1 to 4 family: First mortgages 12 2,303 2,303 18 2,621 2,621 18 2,349 2,349 Home equity loans - - - - - - 1 6 6 Home equity lines of credit 3 169 169 2 235 235 5 325 325 Total 16 $ 2,597 2,597 21 $ 2,981 2,981 30 $ 3,427 3,427 Florida: (dollars in thousands) Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages 4 $ 586 586 6 $ 632 632 1 $ 35 35 Home equity loans - - - - - - - - - Home equity lines of credit - - - - - - - - - Total 4 $ 586 586 6 $ 632 632 1 $ 35 35 * Includes New York, New Jersey, Vermont and Massachusetts. |
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, 2020, 2019 and 2018 for which there was a payment default within 12 months of modification: Year ended 12/31/20 Year ended 12/31/19 Year ended 12/31/18 New York and other states*: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages 4 $ 457 2 $ 418 1 $ 101 Home equity loans 1 19 - - - - Home equity lines of credit - - - - - - Total 5 $ 476 2 $ 418 1 $ 101 Florida: (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate mortgage - 1 to 4 family: First mortgages - $ - - $ - - $ - Home equity lines of credit - - - - - - Total - $ - - $ - - $ - * Includes New York, New Jersey, Vermont and Massachusetts. |
Risk Category Loans by Class of Loans | As of December 31, 2020 and 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: December 31, 2020 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,741 3,034 148,775 Other 44,522 410 44,932 $ 190,263 3,444 193,707 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 18,092 574 18,666 Other 119 - 119 $ 18,211 574 18,785 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 163,833 3,608 167,441 Other 44,641 410 45,051 $ 208,474 4,018 212,492 * Includes New York, New Jersey and Massachusetts. December 31, 2019 New York and other states*: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 157,280 4,906 162,186 Other 18,384 942 19,326 $ 175,664 5,848 181,512 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 17,752 - 17,752 Other 235 - 235 $ 17,987 - 17,987 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 175,032 4,906 179,938 Other 18,619 942 19,561 $ 193,651 5,848 199,499 * Includes New York, New Jersey and Massachusetts. |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Bank Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2020 and 2019 follows: (dollars in thousands) 2020 2019 Land $ 2,414 $ 2,337 Buildings 36,077 36,245 Furniture, fixtures and equipment 56,317 54,245 Leasehold improvements 33,697 32,176 Total bank premises and equipment 128,505 125,003 Accumulated depreciation and amortization (94,093 ) (90,381 ) Total $ 34,412 $ 34,622 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Interest Expense on Deposits | Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2020 2019 2018 Interest bearing checking accounts $ 148 288 442 Savings accounts 716 1,338 1,657 Time deposits and money market accounts 22,834 33,227 16,859 Total $ 23,698 34,853 18,958 |
Maturity of Total Time Deposits | At December 31, 2020, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 1,058,878 1 to 2 years 225,988 2 to 3 years 7,057 3 to 4 years 3,284 4 to 5 years 968 Over 5 years 198 $ 1,296,373 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Short-Term Borrowings [Abstract] | |
Short-Term Borrowings | Short-term borrowings of the Company were cash management accounts as follows: (dollars in thousands) 2020 2019 2018 Amount outstanding at December 31, $ 214,755 148,666 161,893 Maximum amount outstanding at any month end 213,043 169,214 233,522 Average amount outstanding 180,065 159,220 194,810 Weighted average interest rate: For the year 0.56 % 0.92 0.65 As of year end 0.47 0.90 0.95 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Summary of Income Tax Expense | A summary of income tax expense included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2020 2019 2018 Current tax expense: Federal $ 15,662 15,171 13,897 State 2,399 2,359 1,756 Total current tax expense 18,061 17,530 15,653 Deferred tax (benefit) expense (1,067 ) 1,139 2,556 Total income tax expense $ 16,994 18,669 18,209 |
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, 2020 and 2019, are as follows: December 31, (dollars in thousands) 2020 2019 Deductible temporary differences Deductible temporary differences Benefits and deferred remuneration $ (6,178 ) $ (5,156 ) Difference in reporting the allowance for loan losses, net 12,820 11,385 Other income or expense not yet reported for tax purposes 534 (314 ) Depreciable assets (2,541 ) (2,347 ) Net deferred tax asset at end of year 4,635 3,568 Net deferred tax asset at beginning of year 3,568 4,707 Deferred tax (benefit) expense $ (1,067 ) $ 1,139 |
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 December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 21.0 Increase/(decrease) in taxes resulting from: Tax exempt income - - (0.1 ) State income tax, net of federal tax benefit 2.4 2.6 2.4 Other items 1.1 0.8 (0.4 ) Effective income tax rate 24.5 % 24.4 22.9 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Component of Other Comprehensive income (Loss) Related to Retirement Plan and Post-retirement Benefit Plan | The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2020 and 2019, respectively: (dollars in thousands) December 31, 2020 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (386 ) (1,295 ) (1,681 ) Amortization of net actuarial gain - 708 708 Amortization of prior service credit - 196 196 Total $ (386 ) (391 ) (777 ) December 31, 2019 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (3,275 ) (2,692 ) (5,967 ) Amortization of net actuarial (loss) gain (59 ) 333 274 Amortization of prior service credit - 197 197 Total (3,334 ) (2,162 ) (5,496 ) |
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 Plan Assets Postretirement Benefit Plan Assets 2020 2019 2020 2019 Debt Securities 23 % 33 24 34 Equity Securities 68 63 66 63 Other 9 4 10 3 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, 2020 and 2019, by asset category, is as follows: Fair Value Measurements at December 31, 2020 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 4,809 4,809 - - Equity mutual funds 38,352 38,352 - - U.S. government sponsored enterprises 4,983 - 4,983 - Corporate bonds 7,427 - 7,427 - Fixed income mutual funds 666 666 - - Total Plan Assets $ 56,237 43,827 12,410 - Fair Value Measurements at December 31, 2020 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 2,887 2,887 - - Equity mutual funds 19,304 19,304 - - U.S. government sponsored enterprises 3,607 - 3,607 - Corporate bonds 3,328 - 3,328 - Total Plan Assets $ 29,126 22,191 6,935 - Fair Value Measurements at December 31, 2019 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 2,165 2,165 - - Equity mutual funds 32,411 32,411 - - U.S. government sponsored enterprises 4,434 - 4,434 - Corporate bonds 11,646 - 11,646 - Fixed income mutual funds 608 608 - - Total Plan Assets $ 51,264 35,184 16,080 - Fair Value Measurements at December 31, 2019 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 677 677 - - Equity mutual funds 16,794 16,794 - - U.S. government sponsored enterprises 2,560 - 2,560 - Corporate bonds 6,327 - 6,327 - Total Plan Assets $ 26,358 17,471 8,887 - |
Summary of the Status of Stock Option Plans | Under the 2019 Equity Incentive Plan, the exercise price of each option shall not be less than of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten percent shareholder the option price shall not be less than of the fair value of the Company’s stock on the date of the ISO grant. The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement. Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire , and vest over , from the date the options were granted. A summary of the status of TrustCo’s stock option awards as of December 31, 2020 and changes during the year then ended, are as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Balance, January 1, 2020 519,091 $ 6.67 New options awarded - 2020 - - Expired options - 2020 - - Options forfeited - 2020 - - Exercised options - 2020 - - Balance, December 31, 2020 519,091 $ 6.67 3.5 Years Exercisable Options Balance, December 31, 2020 519,091 $ 6.67 3.5 Years |
Restricted Share Units | Restricted share units Outstanding Units Balance, December 31, 2019 244,273 New awards granted 222,155 Forfeited awards (7,527 ) Awards settled (112,580 ) Balance, December 31, 2020 346,321 |
Performance Share Units | Performance share units Outstanding Units Balance, December 31, 2019 478,551 New awards granted 234,142 Forfeited awards (952 ) Awards settled (120,143 ) Balance, December 31, 2020 591,598 |
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, 2020 and 2019: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2020 2019 Projected benefit obligation at beginning of year $ 30,824 28,518 Service cost 37 42 Interest cost 1,076 1,244 Benefit payments and expected expenses (1,956 ) (1,798 ) Net actuarial loss 3,523 2,818 Projected benefit obligation at end of year $ 33,504 30,824 |
Change in Plan Assets and Reconciliation of Funded Status | Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2020 2019 Fair Value of plan assets at beginning of year $ 51,264 44,157 Actual gain on plan assets 6,953 8,902 Benefit payments and actual expenses (1,980 ) (1,795 ) Fair value of plan assets at end of year 56,237 51,264 Funded status at end of year $ 22,733 20,440 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of: December 31, 2020 2019 Net actuarial loss $ 1,401 1,787 |
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss) | Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss): For the years ended December 31, (dollars in thousands) 2020 2019 2018 Service cost $ 37 42 34 Interest cost 1,076 1,244 1,197 Expected return on plan assets (3,020 ) (2,811 ) (3,012 ) Amortization of net loss - 59 - Net periodic pension credit (1,907 ) (1,466 ) (1,781 ) Amortization of net loss - (59 ) - Net actuarial (gain) loss included in other comprehensive income (loss) (386 ) (3,275 ) 2,149 Total recognized in other comprehensive income (loss) (386 ) (3,334 ) 2,149 Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (2,293 ) (4,800 ) 368 |
Estimated Future Benefit Payments | 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 2021 $ 1,850 2022 1,830 2023 1,815 2024 1,821 2025 1,814 2026 - 2030 9,101 |
Assumptions used to Determine Benefit Obligation and Net Periodic Expense | The assumptions used to determine benefit obligations at December 31 are as follows: 2020 2019 2018 Discount rate 2.65 % 3.56 4.53 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2020 2019 2018 Discount rate 3.56 % 4.53 3.93 Expected long-term rate of return on assets 6.00 6.50 6.50 |
Postretirement Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Projected/Accumulated Benefit Obligation | Change in Accumulated Benefit Obligation: (dollars in thousands) December 31, 2020 2019 Accumulated benefit obligation at beginning of year $ 6,134 5,400 Service cost 73 65 Interest cost 203 239 Benefits paid (116 ) (173 ) Net actuarial loss 315 603 Accumulated benefit obligation at end of year $ 6,609 6,134 |
Change in Plan Assets and Reconciliation of Funded Status | Change in Plan Assets and Reconciliation of Funded Status: (dollars in thousands) December 31, 2020 2019 Fair value of plan assets at beginning of year $ 26,358 22,091 Actual gain on plan assets 2,793 4,285 Company contributions 91 155 Benefits paid (116 ) (173 ) Fair value of plan assets at end of year 29,126 26,358 Funded status at end of year $ 22,517 20,224 |
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss) | Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss): (dollars in thousands) December 31, 2020 2019 2018 Service cost $ 73 65 53 Interest cost 203 239 202 Expected return on plan assets (1,183 ) (990 ) (1,028 ) Amortization of net actuarial gain (708 ) (333 ) (556 ) Amortization of prior service credit (196 ) (197 ) (100 ) Net periodic benefit credit (1,811 ) (1,216 ) (1,429 ) Net (gain) loss (1,295 ) (2,692 ) 830 Amortization of prior service credit 196 197 100 Prior service cost - - 705 Amortization of net gain 708 333 556 Total amount recognized in other comprehensive income (loss) (391 ) (2,162 ) 2,191 Total amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (2,202 ) (3,378 ) 762 |
Estimated Future Benefit Payments | Expected Future Benefit Payments The following benefit payments are expected to be paid: (dollars in thousands) Year Postretirement Benefits 2021 $ 121 2022 133 2023 146 2024 160 2025 181 2026 - 2030 1,257 |
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: 2020 2019 2018 Discount rate 2.65 % 3.56 4.53 The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2020 2019 2018 Discount rate 3.56 % 4.53 3.93 Expected long-term rate of return on assets, net of tax 4.50 4.50 4.50 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Component Parts of Earnings per Share | A reconciliation of the component parts of earnings per share for 2020, 2019 and 2018 follows: (dollars in thousands, except per share data) For the years ended December 31 2020 2019 2018 Net income $ 52,452 57,840 61,445 Weighted average common shares 96,506 96,849 96,505 Effect of dilutive common stock options 11 78 141 Weighted average common shares including potential dilutive shares 96,517 96,927 96,646 Basic EPS $ 0.544 0.597 0.637 Diluted EPS $ 0.543 0.597 0.636 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value on 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, 2020 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 19,968 $ - $ 19,968 $ - State and political subdivisions 103 - 103 - Mortgage backed securities and collateralized mortgage obligations - residential 316,158 - 316,158 - Corporate bonds 59,939 - 59,939 - Small Business Administration - guaranteed participation securities 42,217 - 42,217 - Other 686 - 686 - Total securities available for sale $ 439,071 $ - $ 439,071 $ - Fair Value Measurements at December 31, 2019 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 104,512 $ - $ 104,512 $ - State and political subdivisions 162 - 162 - Mortgage backed securities and collateralized mortgage obligations - residential 389,517 - 389,517 - Corporate bonds 30,436 - 30,436 - Small Business Administration - guaranteed participation securities 48,511 - 48,511 - Other 685 - 685 - Total securities available for sale $ 573,823 $ - $ 573,823 $ - |
Assets Measured at Fair Value on Non-Recurring Basis | Fair Value Measurements at December 31, 2020 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 541 $ - $ - $ 541 Sales comparison approach Adjustments for differences between comparable sales 1% - 7% (2 %) Impaired loans: Real estate mortgage - 1 to 4 family 211 - - 211 Sales comparison approach Adjustments for differences between comparable sales 11% - 12% (12 %) Fair Value Measurements at December 31, 2019 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 1,579 $ - $ - $ 1,579 Sales comparison approach Adjustments for differences between comparable sales 1% - 21% (2 %) Impaired loans: Real estate mortgage - 1 to 4 family 120 - - 120 Sales comparison approach Adjustments for differences between comparable sales 1% - 17% (9 %) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2020 and 2019 are as follows: (dollars in thousands) Carrying Fair Value Measurements at December 31, 2020 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,107,099 1,107,099 - - 1,107,099 Securities available for sale 439,071 - 439,071 - 439,071 Held to maturity securities 13,824 - 14,988 - 14,988 Federal Home Loan Bank stock 5,506 N/A N/A N/A N/A Net loans 4,194,875 - - 4,287,585 4,287,585 Accrued interest receivable 10,031 39 1,458 8,534 10,031 Financial liabilities: Demand deposits 652,756 652,756 - - 652,756 Interest bearing deposits 4,384,437 3,088,064 1,298,375 - 4,386,439 Short-term borrowings 214,755 - 214,755 - 214,755 Accrued interest payable 474 68 406 - 474 (dollars in thousands) Carrying Fair Value Measurements at December 31, 2019 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 456,846 456,846 - - 456,846 Securities available for sale 573,823 - 573,823 - 573,823 Held to maturity securities 18,618 - 19,680 - 19,680 Federal Reserve Bank and Federal Home Loan Bank stock 9,183 N/A N/A N/A N/A Net loans 4,017,879 - - 4,078,210 4,078,210 Accrued interest receivable 10,915 216 2,221 8,478 10,915 Financial liabilities: Demand deposits 463,858 463,858 - - 463,858 Interest bearing deposits 3,986,158 2,587,981 1,397,271 - 3,985,252 Short-term borrowings 148,666 - 148,666 - 148,666 Accrued interest payable 1,459 174 1,285 - 1,459 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, for Trustco Bank: As of December 31, 2020 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized(1) Buffer(1)(2) Tier 1 leverage ratio $ 539,897 9.378 % 5.000 % 4.000 % Common equity Tier 1 capital 539,897 18.646 6.500 7.000 Tier 1 risk-based capital 539,897 18.646 8.000 8.500 Total risk-based capital 576,257 19.902 10.000 10.500 As of December 31, 2019 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized(1) Buffer(1)(2) Tier 1 leverage ratio $ 516,775 9.940 % 5.000 % 4.000 % Common equity Tier 1 capital 516,775 18.412 6.500 7.000 Tier 1 risk-based capital 516,775 18.412 8.000 8.500 Total risk-based capital 551,975 19.666 10.000 10.500 The following is a summary of actual capital amounts and ratios as of December 31, 2020 and 2019 for TrustCo on a consolidated basis. As of December 31, 2020 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer(1)(2) Tier 1 leverage ratio $ 555,672 9.650 % 4.000 % Common equity Tier 1 capital 555,672 19.187 7.000 Tier 1 risk-based capital 555,672 19.187 8.500 Total risk-based capital 592,040 20.443 10.500 As of December 31, 2019 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer(1)(2) Tier 1 leverage ratio $ 533,243 10.254 % 4.000 % Common equity Tier 1 capital 533,243 18.988 7.000 Tier 1 risk-based capital 533,243 18.988 8.500 Total risk-based capital 568,463 20.242 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The December 31, 2020 and 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: December 31, 2020 (dollars in thousands) Balance at 12/31/2019 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2020 Balance at 12/31/2020 Net unrealized holding loss on securities available for sale, net of tax $ 286 7,755 (855 ) 6,900 7,186 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 4,840 1,244 - 1,244 6,084 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (665 ) - (669 ) (669 ) (1,334 ) Accumulated other comprehensive income (loss), net of tax 4,461 8,999 (1,524 ) 7,475 11,936 December 31, 2019 (dollars in thousands) Balance at 12/31/2018 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2019 Balance at 12/31/2019 Net unrealized holding loss on securities available for sale, net of tax $ (10,416 ) 10,702 - 10,702 286 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 423 4,417 - 4,417 4,840 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (316 ) - (349 ) (349 ) (665 ) Accumulated other comprehensive (loss) income, net of tax (10,309 ) 15,119 (349 ) 14,770 4,461 December 31, 2018 (dollars in thousands) Balance at 12/31/2017 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2018 Balance at 12/31/2018 Net unrealized holding loss on securities available for sale, net of tax $ (5,030 ) (3,944 ) - (3,944 ) (8,974 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 3,054 (2,727 ) - (2,727 ) 327 Net change in net actuarial loss (gain) and prior service cost (credit) on pension and pension and postretirement benefit plans, net of tax 170 - (486 ) (486 ) (316 ) Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained - - (1,346 ) - (1,346 ) Accumulated other comprehensive loss, net of tax $ (1,806 ) (6,671 ) (1,832 ) (7,157 ) (10,309 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018: (dollars in thousands) Years ended December 31, 2020 2019 2018 Affected Line Item in Financial Statements Unrealized gains on securities available for sale: Realized gain on securities transactions $ 1,155 - - Net gain on securities transactions Income tax expense (300 ) - - Income taxes Net of tax 855 - - Amortization of pension and postretirement benefit items: Amortization of net actuarial gain 708 274 556 Salaries and employee benefits Amortization of prior service credit 196 197 100 Salaries and employee benefits Income tax benefit (235 ) (122 ) (170 ) Income taxes Net of tax 669 349 486 Total reclassifications, net of tax $ 1,524 349 486 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Source of Non-Interest Income | All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of Non-Interest Income for the years ended December 31, 2020, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) December 31, 2020 2019 2018 Non-interest income Service Charges on Deposits Overdraft fees $ 2,665 3,571 3,543 Other 1,629 459 455 Interchange Income 4,199 4,065 4,822 Net gain on securities transactions (a) 1,155 - - Wealth management fees 6,279 6,387 6,283 Other (a) 1,243 4,109 2,978 Total non-interest income $ 17,170 18,591 18,081 (a) Not within the scope of ASC 606. |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: (dollars in thousands) 2020 2019 2018 Operating lease cost $ 8,044 7,808 7,988 Variable lease cost 2,029 1,968 2,000 Total Lease costs $ 10,073 $ 9,776 $ 9,988 |
Supplemental Cash Flows Information | Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,042 7,839 Right-of-use assets obtained in exchange for lease obligations: $ 2,548 57,464 Weighted average remaining lease term (years) 9.0 9.4 Weighted average discount rate 3.2 % 3.3 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows: (dollars in thousands) Year ending December 31, 2021 $ 8,172 2022 7,719 2023 7,413 2024 7,288 2025 6,914 Thereafter 23,620 Total lease payments $ 61,126 Less: Interest 8,342 Present value of lease liabilities $ 52,784 Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (dollars in thousands) Year ending December 31, 2020 $ 8,039 2021 8,033 2022 7,533 2023 7,227 2024 7,100 Thereafter 28,361 Total lease payments $ 66,293 Less: Interest 9,740 Present value of lease liabilities $ 56,553 |
Parent Company Only (Tables)
Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Only [Abstract] | |
Statements of Comprehensive Income | Statements of Comprehensive Income (dollars in thousands) Years ended December 31, 2020 2019 2018 Income: Dividends and interest from subsidiaries $ 31,100 28,340 24,920 Net gain on securities transactions - - - Miscellaneous income - - - Total income 31,100 28,340 24,920 Expense: Operating supplies 20 82 122 Professional services 655 651 438 Miscellaneous expense 1,666 2,811 1,755 Total expense 2,341 3,544 2,315 Income before income taxes and subsidiaries’ undistributed earnings 28,759 24,796 22,605 Income tax benefit (558 ) (837 ) (523 ) Income before subsidiaries’ undistributed earnings 29,317 25,633 23,128 Equity in undistributed earnings of subsidiaries 23,135 32,207 38,317 Net income $ 52,452 57,840 61,445 Change in other comprehensive income (loss) 7,475 14,770 (7,157 ) Comprehensive income $ 59,927 72,610 54,288 |
Statements of Condition | Statements of Condition (dollars in thousands) December 31, 2020 2019 Assets: Cash in subsidiary bank $ 24,154 24,118 Investments in subsidiaries 552,399 521,802 Securities available for sale 36 35 Other assets 555 558 Total assets 577,144 546,513 Liabilities and shareholders’ equity: Accrued expenses and other liabilities 8,983 8,256 Total liabilities 8,983 8,256 Shareholders’ equity 568,161 538,257 Total liabilities and shareholders’ equity $ 577,144 546,513 |
Statements of Cash Flows | Statements of Cash Flows (dollars in thousands) Years ended December 31, 2020 2019 2018 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 52,452 57,840 61,445 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (23,135 ) (32,207 ) (38,317 ) Stock based compensation expense 15 5 173 Net change in other assets and accrued expenses 515 246 214 Total adjustments (22,605 ) (31,956 ) (37,930 ) Net cash provided by operating activities 29,847 25,884 23,515 Cash flows from investing activities: Purchases of securities available for sale (1 ) - - Net cash used in investing activities (1 ) - - Cash flows from financing activities: Proceeds from exercise of stock options - 185 1,259 Dividends paid (26,317 ) (26,372 ) (25,555 ) Payments to acquire treasury stock (3,493 ) (35 ) (718 ) Proceeds from sales of treasury stock - 1,791 2,391 Net cash used in financing activities (29,810 ) (24,431 ) (22,623 ) Net increase in cash and cash equivalents 36 1,453 892 Cash and cash equivalents at beginning of year 24,118 22,665 21,773 Cash and cash equivalents at end of year $ 24,154 24,118 22,665 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | Mar. 16, 2020 | Mar. 03, 2020 | Dec. 31, 2020USD ($)PaymentSegment | Dec. 31, 2019USD ($) |
Risks and Uncertainties [Abstract] | ||||
Reduction in overnight federal funds rate | 1.00% | 0.50% | ||
Loans [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 | |||
Allowance for Loan Losses [Abstract] | ||||
Loan-to-value ratio applicable to additional allowance | 90.00% | |||
Other Real Estate Owned [Abstract] | ||||
Other real estate owned | $ 541 | $ 1,600 | ||
Dividend Restrictions [Abstract] | ||||
Statutory amount available for dividend payments with regulatory approval | $ 93,700 | |||
Benefit Plans [Abstract] | ||||
Age at which company provides access to Medicare Supplemental program for retirees | 65 years | |||
Segment Reporting [Abstract] | ||||
Number of reportable segment | Segment | 1 | |||
Buildings [Member] | Minimum [Member] | ||||
Bank Premises and Equipment [Abstract] | ||||
Premises and equipment, useful life | 20 years | |||
Buildings [Member] | Maximum [Member] | ||||
Bank Premises and Equipment [Abstract] | ||||
Premises and equipment, useful life | 40 years | |||
Furniture and Equipment [Member] | Minimum [Member] | ||||
Bank Premises and Equipment [Abstract] | ||||
Premises and equipment, useful life | 3 years | |||
Furniture and Equipment [Member] | Maximum [Member] | ||||
Bank Premises and Equipment [Abstract] | ||||
Premises and equipment, useful life | 7 years |
Balances at Other Banks (Detail
Balances at Other Banks (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Balances at Other Banks [Abstract] | ||
Balances at other banks | $ 61.5 | $ 41.5 |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 429,360 | $ 573,432 |
Gross Unrealized Gains | 9,928 | 2,811 |
Gross Unrealized Losses | 217 | 2,420 |
Fair Value | 439,071 | 573,823 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 20,000 | 104,895 |
Gross Unrealized Gains | 0 | 36 |
Gross Unrealized Losses | 32 | 419 |
Fair Value | 19,968 | 104,512 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 103 | 160 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 103 | 162 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 308,432 | 388,537 |
Gross Unrealized Gains | 7,749 | 2,406 |
Gross Unrealized Losses | 23 | 1,426 |
Fair Value | 316,158 | 389,517 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 59,185 | 30,164 |
Gross Unrealized Gains | 916 | 367 |
Gross Unrealized Losses | 162 | 95 |
Fair Value | 59,939 | 30,436 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 40,955 | 48,991 |
Gross Unrealized Gains | 1,262 | 0 |
Gross Unrealized Losses | 0 | 480 |
Fair Value | 42,217 | 48,511 |
Other [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 685 | 685 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 686 | $ 685 |
Investment Securities, Availa_2
Investment Securities, Available-for-sale Securities, Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 9,174 | |
Due in one year through five years | 70,790 | |
Due after five years through ten years | 9 | |
Amortized Cost | 429,360 | $ 573,432 |
Fair Value [Abstract] | ||
Due in one year or less | 9,270 | |
Due in one year through five years | 71,417 | |
Due after five years through ten years | 9 | |
Total securities available for sale | 439,071 | 573,823 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 308,432 | |
Amortized Cost | 308,432 | 388,537 |
Fair Value [Abstract] | ||
Securities, fair value | 316,158 | |
Total securities available for sale | 316,158 | 389,517 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 40,955 | |
Amortized Cost | 40,955 | 48,991 |
Fair Value [Abstract] | ||
Securities, fair value | 42,217 | |
Total securities available for sale | $ 42,217 | $ 48,511 |
Investment Securities, Availa_3
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 54,340 | $ 140,557 |
12 months or more - Fair Value | 4,937 | 243,825 |
Total - Fair Value | 59,277 | 384,382 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 153 | 1,201 |
12 months or more - Gross Unrealized Loss | 63 | 1,219 |
Total - Gross Unrealized Loss | 216 | 2,420 |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 19,968 | 19,820 |
12 months or more - Fair Value | 0 | 74,656 |
Total - Fair Value | 19,968 | 94,476 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 32 | 180 |
12 months or more - Gross Unrealized Loss | 0 | 239 |
Total - Gross Unrealized Loss | 32 | 419 |
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 | 19,471 | 67,322 |
12 months or more - Fair Value | 0 | 169,169 |
Total - Fair Value | 19,471 | 236,491 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 22 | 446 |
12 months or more - Gross Unrealized Loss | 0 | 980 |
Total - Gross Unrealized Loss | 22 | 1,426 |
Corporate Bonds [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 14,901 | 4,905 |
12 months or more - Fair Value | 4,937 | 0 |
Total - Fair Value | 19,838 | 4,905 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 99 | 95 |
12 months or more - Gross Unrealized Loss | 63 | 0 |
Total - Gross Unrealized Loss | $ 162 | 95 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 48,510 | |
12 months or more - Fair Value | 0 | |
Total - Fair Value | 48,510 | |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 480 | |
12 months or more - Gross Unrealized Loss | 0 | |
Total - Gross Unrealized Loss | $ 480 |
Investment Securities, Availa_4
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Proceeds from sales, calls/paydowns and maturities of securities available for sale, gross realized gains and gross realized losses [Abstract] | ||||
Proceeds from sales | $ 29,219 | $ 0 | $ 0 | |
Proceeds from calls/paydowns | 247,624 | 192,003 | 78,230 | |
Proceeds from maturities | 10,007 | 10,052 | 45,604 | |
Gross realized gains | [1] | 1,155 | 0 | 0 |
Gross realized losses | 0 | 0 | $ 0 | |
Securities available for sale pledged to secure short-term borrowings and for other purposes | $ 267,600 | $ 207,500 | ||
[1] | Not within the scope of ASC 606. |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 13,824 | $ 18,618 |
Gross Unrecognized Gains | 1,164 | 1,062 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | 14,988 | 19,680 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 13,824 | 18,618 |
Gross Unrecognized Gains | 1,164 | 1,062 |
Gross Unrecognized Losses | 0 | 0 |
Fair Value | $ 14,988 | $ 19,680 |
Investment Securities, Held-t_2
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortized Cost [Abstract] | ||
Amortized Cost | $ 13,824 | $ 18,618 |
Fair Value [Abstract] | ||
Fair Value | 14,988 | 19,680 |
Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months - Fair value | 0 | 0 |
Sales and transfers of held to maturity securities | 0 | 0 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations-Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 13,824 | |
Amortized Cost | 13,824 | 18,618 |
Fair Value [Abstract] | ||
Securities, fair value | 14,988 | |
Fair Value | $ 14,988 | $ 19,680 |
Investment Securities, Concentr
Investment Securities, Concentrations (Details) - Stockholders' Equity [Member] $ in Thousands | Dec. 31, 2020USD ($) |
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 | $ 188,266 |
Fair value | 192,907 |
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 | 89,036 |
Fair value | 91,077 |
Corporate Bonds [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized cost | 59,185 |
Fair value | 59,939 |
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 | 54,954 |
Fair value | $ 57,148 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses, Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | $ 4,244,470 | $ 4,062,196 | ||
Less: Allowance for loan losses | 49,595 | 44,317 | $ 44,766 | |
Net loans | 4,194,875 | 4,017,879 | ||
Due from officers | 16,300 | 4,400 | ||
New loans | 2,300 | |||
Repayments of loans | 1,800 | |||
Additions to outstanding loans | 12,100 | |||
Reduction in outstanding loans | 703 | |||
New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1] | 3,061,352 | 3,022,936 | |
Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 1,183,118 | 1,039,260 | ||
Real Estate Construction Loans [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 24,700 | 28,500 | ||
Residential Borrowers [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 10,500 | 10,700 | ||
Commercial Borrowers Residential Purpose [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 14,200 | 17,800 | ||
PPP Loans [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 29,000 | |||
Commercial [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 212,492 | 199,499 | ||
Less: Allowance for loan losses | 4,140 | 3,999 | 4,048 | |
Commercial [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [2] | 193,707 | 181,512 | |
Commercial [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 18,785 | 17,987 | ||
Commercial [Member] | Commercial Real Estate [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 167,441 | 179,938 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1],[2] | 148,775 | 162,186 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 18,666 | 17,752 | ||
Commercial [Member] | Other [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 45,051 | 19,561 | ||
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1],[2] | 44,932 | 19,326 | |
Commercial [Member] | Other [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 119 | 235 | ||
Commercial [Member] | PPP Loans [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 29,000 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 4,022,361 | 3,851,696 | ||
Less: Allowance for loan losses | 44,950 | 39,748 | 39,772 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 3,705,696 | 3,495,435 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1] | 2,606,781 | 2,541,440 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 1,098,915 | 953,995 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 74,471 | 88,339 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1] | 59,400 | 69,791 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 15,071 | 18,548 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 242,194 | 267,922 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1] | 193,654 | 221,487 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 48,540 | 46,435 | ||
Installment [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | 9,617 | 11,001 | ||
Less: Allowance for loan losses | 505 | 570 | $ 946 | |
Installment [Member] | New York and Other States [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | [1] | 7,810 | 8,706 | |
Installment [Member] | Florida [Member] | ||||
Loans and Leases Receivable [Abstract] | ||||
Total loans, net | $ 1,807 | $ 2,295 | ||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. | |||
[2] | Includes New York, New Jersey and Massachusetts. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses, Non-accrual Loans, by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 21,061 | $ 20,840 | |
Restructured real estate mortgages - 1 to 4 family | 23 | 29 | |
Total nonperforming loans | 21,084 | 20,869 | |
Other real estate owned | 541 | 1,200 | |
New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 19,874 | 19,226 |
Restructured real estate mortgages - 1 to 4 family | [1] | 23 | 29 |
Total nonperforming loans | [1] | 19,897 | 19,255 |
Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,187 | 1,614 | |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |
Total nonperforming loans | 1,187 | 1,614 | |
Residential Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Non accrual residential mortgage loans in the process of foreclosure | 11,600 | 8,700 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 372 | 733 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 372 | 733 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 80 | 83 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 80 | 83 |
Commercial [Member] | Other [Member] | Florida [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 | 17,647 | 16,853 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 16,637 | 15,385 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,010 | 1,468 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 127 | 266 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 80 | 218 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 47 | 48 | |
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 | 2,792 | 2,902 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 2,662 | 2,804 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 130 | 98 | |
Installment [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 43 | 3 | |
Installment [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 43 | 3 |
Installment [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 0 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses, Past Due (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | $ 17,524 | $ 19,180 | |
Current | 4,226,946 | 4,043,016 | |
Total loans | 4,244,470 | 4,062,196 | |
Loans that are 90 days past due and still accruing interest | $ 0 | $ 0 | |
Number of days past due | 90 days | 90 days | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | $ 15,923 | $ 17,828 |
Current | [1] | 3,045,429 | 3,005,108 |
Total loans | [1] | 3,061,352 | 3,022,936 |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,601 | 1,352 | |
Current | 1,181,517 | 1,037,908 | |
Total loans | 1,183,118 | 1,039,260 | |
30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 2,241 | 4,802 | |
30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1,869 | 4,117 |
30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 372 | 685 | |
60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,931 | 456 | |
60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1,404 | 456 |
60 to 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 527 | 0 | |
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 13,352 | 13,922 | |
90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 12,650 | 13,255 |
90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 702 | 667 | |
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 212,492 | 199,499 | |
Commercial [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | [2] | 193,707 | 181,512 |
Commercial [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total loans | 18,785 | 17,987 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 481 | 758 | |
Current | 166,960 | 179,180 | |
Total loans | 167,441 | 179,938 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 481 | 758 |
Current | [1] | 148,294 | 161,428 |
Total loans | [1],[2] | 148,775 | 162,186 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 18,666 | 17,752 | |
Total loans | 18,666 | 17,752 | |
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 | 125 | 141 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 125 | 141 |
Commercial [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
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 | 77 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 77 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
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 | 279 | 617 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 279 | 617 |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 80 | 113 | |
Current | 44,971 | 19,448 | |
Total loans | 45,051 | 19,561 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 80 | 113 |
Current | [1] | 44,852 | 19,213 |
Total loans | [1],[2] | 44,932 | 19,326 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 0 | |
Current | 119 | 235 | |
Total loans | 119 | 235 | |
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 | 80 | |
Commercial [Member] | Other [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 80 |
Commercial [Member] | Other [Member] | 30 to 59 Days Past Due [Member] | Florida [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] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 0 |
Commercial [Member] | Other [Member] | 60 to 89 Days Past Due [Member] | Florida [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 | 80 | 33 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 80 | 33 |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [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 | 4,022,361 | 3,851,696 | |
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 | 14,666 | 16,223 | |
Current | 3,691,030 | 3,479,212 | |
Total loans | 3,705,696 | 3,495,435 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 13,129 | 15,064 |
Current | [1] | 2,593,652 | 2,526,376 |
Total loans | [1] | 2,606,781 | 2,541,440 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 1,537 | 1,159 | |
Current | 1,097,378 | 952,836 | |
Total loans | 1,098,915 | 953,995 | |
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 | 1,585 | 3,986 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1,220 | 3,444 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 365 | 542 | |
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 | 1,499 | 292 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 982 | 292 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 to 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 517 | 0 | |
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 | 11,582 | 11,945 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 10,927 | 11,328 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 655 | 617 | |
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 | 216 | 386 | |
Current | 74,255 | 87,953 | |
Total loans | 74,471 | 88,339 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 169 | 323 |
Current | [1] | 59,231 | 69,468 |
Total loans | [1] | 59,400 | 69,791 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 47 | 63 | |
Current | 15,024 | 18,485 | |
Total loans | 15,071 | 18,548 | |
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 | 120 | 246 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 120 | 183 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 63 | |
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 | 1 | 7 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1 | 7 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 to 89 Days Past Due [Member] | Florida [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] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 95 | 133 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 48 | 133 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 47 | 0 | |
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 | 2,018 | 1,652 | |
Current | 240,176 | 266,270 | |
Total loans | 242,194 | 267,922 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 2,018 | 1,522 |
Current | [1] | 191,636 | 219,965 |
Total loans | [1] | 193,654 | 221,487 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 130 | |
Current | 48,540 | 46,305 | |
Total loans | 48,540 | 46,435 | |
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 | 401 | 312 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 401 | 232 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 80 | |
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 | 344 | 149 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 344 | 149 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | Florida [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] | 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 | 1,273 | 1,191 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 1,273 | 1,141 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 0 | 50 | |
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 63 | 48 | |
Current | 9,554 | 10,953 | |
Total loans | 9,617 | 11,001 | |
Installment [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 46 | 48 |
Current | [1] | 7,764 | 8,658 |
Total loans | [1] | 7,810 | 8,706 |
Installment [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 17 | 0 | |
Current | 1,790 | 2,295 | |
Total loans | 1,807 | 2,295 | |
Installment [Member] | 30 to 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 37 | |
Installment [Member] | 30 to 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 3 | 37 |
Installment [Member] | 30 to 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 7 | 0 | |
Installment [Member] | 60 to 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 8 | |
Installment [Member] | 60 to 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 0 | 8 |
Installment [Member] | 60 to 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 10 | 0 | |
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | 43 | 3 | |
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Total 30+ days Past Due | [1] | 43 | 3 |
Installment [Member] | 90+ Days Past Due [Member] | Florida [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. | ||
[2] | Includes New York, New Jersey and Massachusetts. |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | $ 44,317 | $ 44,766 | ||
Loans charged off [Abstract] | ||||
Total loan charge offs | 661 | 1,207 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 339 | 599 | ||
Net loans charged off (recoveries) | 322 | 608 | ||
Provision (recoveries) for loan losses | 5,600 | 159 | $ 1,400 | |
Balance at end of period | 49,595 | 44,317 | 44,766 | |
New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 627 | 1,130 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 336 | 563 | |
Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 34 | 77 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 3 | 36 | ||
Commercial [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 3,999 | 4,048 | ||
Loans charged off [Abstract] | ||||
Total loan charge offs | 36 | 20 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 10 | 46 | ||
Net loans charged off (recoveries) | 26 | (26) | ||
Provision (recoveries) for loan losses | 167 | (75) | ||
Balance at end of period | 4,140 | 3,999 | 4,048 | |
Commercial [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 36 | 20 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 10 | 46 | |
Commercial [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 0 | 0 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 0 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 39,748 | 39,772 | ||
Loans charged off [Abstract] | ||||
Total loan charge offs | 404 | 974 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 317 | 532 | ||
Net loans charged off (recoveries) | 87 | 442 | ||
Provision (recoveries) for loan losses | 5,289 | 418 | ||
Balance at end of period | 44,950 | 39,748 | 39,772 | |
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 404 | 945 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 314 | 496 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 0 | 29 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 3 | 36 | ||
Installment [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 570 | 946 | ||
Loans charged off [Abstract] | ||||
Total loan charge offs | 221 | 213 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 12 | 21 | ||
Net loans charged off (recoveries) | 209 | 192 | ||
Provision (recoveries) for loan losses | 144 | (184) | ||
Balance at end of period | 505 | 570 | $ 946 | |
Installment [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 187 | 165 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 12 | 21 | |
Installment [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 34 | 48 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | $ 0 | $ 0 | ||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ending allowance balance attributable to loans [Abstract] | |||
Individually evaluated for impairment | $ 0 | $ 0 | |
Collectively evaluated for impairment | 49,595 | 44,317 | |
Total ending allowance balance | 49,595 | 44,317 | $ 44,766 |
Loans [Abstract] | |||
Individually evaluated for impairment | 21,581 | 20,976 | |
Collectively evaluated for impairment | 4,222,889 | 4,041,220 | |
Total loans | 4,244,470 | 4,062,196 | |
Commercial [Member] | |||
Ending allowance balance attributable to loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 4,140 | 3,999 | |
Total ending allowance balance | 4,140 | 3,999 | 4,048 |
Loans [Abstract] | |||
Individually evaluated for impairment | 1,028 | 1,437 | |
Collectively evaluated for impairment | 211,464 | 198,062 | |
Total loans | 212,492 | 199,499 | |
1 to 4 Family Residential Real Estate [Member] | |||
Ending allowance balance attributable to loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 44,950 | 39,748 | |
Total ending allowance balance | 44,950 | 39,748 | 39,772 |
Loans [Abstract] | |||
Individually evaluated for impairment | 20,553 | 19,539 | |
Collectively evaluated for impairment | 4,001,808 | 3,832,157 | |
Total loans | 4,022,361 | 3,851,696 | |
Installment [Member] | |||
Ending allowance balance attributable to loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 505 | 570 | |
Total ending allowance balance | 505 | 570 | $ 946 |
Loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 9,617 | 11,001 | |
Total loans | $ 9,617 | $ 11,001 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses, Impaired Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | $ 21,581 | $ 20,976 | |
Unpaid Principal Balance | 22,253 | 21,578 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 20,814 | 20,963 | |
New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 18,331 | 18,141 |
Unpaid Principal Balance | [1] | 19,003 | 18,743 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 17,892 | 18,296 |
Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 3,250 | 2,835 | |
Unpaid Principal Balance | 3,250 | 2,835 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,922 | 2,667 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 917 | 1,322 | |
Unpaid Principal Balance | 1,041 | 1,464 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,291 | 1,467 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 819 | 1,217 |
Unpaid Principal Balance | [1] | 943 | 1,359 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 1,186 | 1,385 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 98 | 105 | |
Unpaid Principal Balance | 98 | 105 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 105 | 82 | |
Commercial [Member] | Other [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 111 | 115 | |
Unpaid Principal Balance | 111 | 115 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 103 | 64 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 111 | 115 |
Unpaid Principal Balance | [1] | 111 | 115 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 103 | 38 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 26 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 17,932 | 16,900 | |
Unpaid Principal Balance | 18,319 | 17,200 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 16,665 | 16,617 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 15,024 | 14,414 |
Unpaid Principal Balance | [1] | 15,411 | 14,714 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 14,110 | 14,358 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,908 | 2,486 | |
Unpaid Principal Balance | 2,908 | 2,486 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,555 | 2,259 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 219 | 235 | |
Unpaid Principal Balance | 240 | 255 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 251 | 292 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 219 | 235 |
Unpaid Principal Balance | [1] | 240 | 255 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 235 | 241 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | 0 | |
Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 16 | 51 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,402 | 2,404 | |
Unpaid Principal Balance | 2,542 | 2,544 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 2,504 | 2,523 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 2,158 | 2,160 |
Unpaid Principal Balance | [1] | 2,298 | 2,300 |
Related Allowance | [1] | 0 | 0 |
Average Recorded Investment | [1] | 2,258 | 2,274 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 244 | 244 | |
Unpaid Principal Balance | 244 | 244 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | $ 246 | $ 249 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | ||
Financing Receivable Modifications Information [Abstract] | ||||
TDR's classifications from previously performing loans | $ 11,700 | $ 11,100 | ||
New York and Other States [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | [1] | 16 | 21 | 30 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 2,597 | $ 2,981 | $ 3,427 |
Post-Modification Outstanding Recorded Investment | [1] | $ 2,597 | $ 2,981 | $ 3,427 |
Florida [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | 4 | 6 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 586 | $ 632 | $ 35 | |
Post-Modification Outstanding Recorded Investment | $ 586 | $ 632 | $ 35 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | [1] | 1 | 1 | 6 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 125 | $ 125 | $ 747 |
Post-Modification Outstanding Recorded Investment | [1] | $ 125 | $ 125 | $ 747 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | [1] | 12 | 18 | 18 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 2,303 | $ 2,621 | $ 2,349 |
Post-Modification Outstanding Recorded Investment | [1] | $ 2,303 | $ 2,621 | $ 2,349 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | 4 | 6 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 586 | $ 632 | $ 35 | |
Post-Modification Outstanding Recorded Investment | $ 586 | $ 632 | $ 35 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 6 |
Post-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 6 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | [1] | 3 | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 169 | $ 235 | $ 325 |
Post-Modification Outstanding Recorded Investment | [1] | $ 169 | $ 235 | $ 325 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Modified loans by class determined to be TDR's [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses, Modified Loans Payment Status (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | ||
Loans modified for which there was payment default [Abstract] | ||||
Deferral period of chapter 13 bankruptcies | 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 | [1] | 5 | 2 | 1 |
Recorded Investment | [1] | $ 476 | $ 418 | $ 101 |
Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | $ 0 | |
Commercial [Member] | Payment Deferral [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Outstanding loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Payment Deferral [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Outstanding loans | $ 2,000 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 4 | 2 | 1 |
Recorded Investment | [1] | $ 457 | $ 418 | $ 101 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 1 | 0 | 0 |
Recorded Investment | [1] | $ 19 | $ 0 | $ 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | [1] | 0 | 0 | 0 |
Recorded Investment | [1] | $ 0 | $ 0 | $ 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | |
Recorded Investment | $ 0 | $ 0 | $ 0 | |
Installment [Member] | Payment Deferral [Member] | ||||
Loans modified for which there was payment default [Abstract] | ||||
Outstanding loans | $ 0 | |||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses, Risk Category of Loans (Details) $ in Thousands | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($) | |
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | $ 4,244,470 | $ 4,062,196 | |
Impaired loans included in classified loans | 796 | 816 | |
New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [1] | 3,061,352 | 3,022,936 |
Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 1,183,118 | 1,039,260 | |
PPP Loans [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | $ 29,000 | ||
Number of loans granted | Loan | 663 | ||
Amount of loans granted | $ 46,000 | ||
Number of loans remain outstanding | Loan | 514 | ||
Commercial [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | $ 212,492 | 199,499 | |
Commercial [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 193,707 | 181,512 |
Commercial [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 18,785 | 17,987 | |
Commercial [Member] | Pass [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 208,474 | 193,651 | |
Commercial [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 190,263 | 175,664 |
Commercial [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 18,211 | 17,987 | |
Commercial [Member] | Classified [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 4,018 | 5,848 | |
Commercial [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 3,444 | 5,848 |
Commercial [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 574 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 167,441 | 179,938 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [1],[2] | 148,775 | 162,186 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 18,666 | 17,752 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 163,833 | 175,032 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 145,741 | 157,280 |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 18,092 | 17,752 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 3,608 | 4,906 | |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 3,034 | 4,906 |
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 574 | 0 | |
Commercial [Member] | Other [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 45,051 | 19,561 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [1],[2] | 44,932 | 19,326 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 119 | 235 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 44,641 | 18,619 | |
Commercial [Member] | Other [Member] | Pass [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 44,522 | 18,384 |
Commercial [Member] | Other [Member] | Pass [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 119 | 235 | |
Commercial [Member] | Other [Member] | Classified [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 410 | 942 | |
Commercial [Member] | Other [Member] | Classified [Member] | New York and Other States [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | [2] | 410 | 942 |
Commercial [Member] | Other [Member] | Classified [Member] | Florida [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | 0 | $ 0 | |
Commercial [Member] | PPP Loans [Member] | |||
Loans and Leases Receivable, Gross, Carrying Amount [Abstract] | |||
Total loans, net | $ 29,000 | ||
[1] | Includes New York, New Jersey, Vermont and Massachusetts. | ||
[2] | Includes New York, New Jersey and Massachusetts. |
Bank Premises and Equipment (De
Bank Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | $ 128,505 | $ 125,003 | |
Accumulated depreciation and amortization | (94,093) | (90,381) | |
Total | 34,412 | 34,622 | |
Depreciation and amortization expense | 4,000 | 4,000 | $ 4,100 |
Occupancy expense of the Bank's premises included rental expense | 8,000 | 7,800 | $ 8,000 |
Land [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 2,414 | 2,337 | |
Buildings [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 36,077 | 36,245 | |
Furniture, Fixtures and Equipment [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 56,317 | 54,245 | |
Leasehold Improvements [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | $ 33,697 | $ 32,176 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense, Deposits [Abstract] | |||
Interest bearing checking accounts | $ 148 | $ 288 | $ 442 |
Savings accounts | 716 | 1,338 | 1,657 |
Time deposits and money market accounts | 22,834 | 33,227 | 16,859 |
Total | 23,698 | 34,853 | $ 18,958 |
Maturity of Time Deposits [Abstract] | |||
Under 1 year | 1,058,878 | ||
1 to 2 years | 225,988 | ||
2 to 3 years | 7,057 | ||
3 to 4 years | 3,284 | ||
4 to 5 years | 968 | ||
Over 5 years | 198 | ||
Total time deposits | 1,296,373 | 1,398,177 | |
Amount included in time deposits with balance in excess of $250,000 | $ 235,800 | $ 227,600 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Abstract] | |||
Amount outstanding | $ 214,755 | $ 148,666 | |
Federal Home Loan Bank of New York [Member] | |||
Short-term Debt [Abstract] | |||
Amount outstanding | 0 | 0 | |
Federal Reserve Bank of New York [Member] | |||
Short-term Debt [Abstract] | |||
Amount outstanding | 0 | 0 | |
Cash Management [Member] | |||
Short-term Debt [Abstract] | |||
Amount outstanding | 214,755 | 148,666 | $ 161,893 |
Maximum amount outstanding at any month end | 213,043 | 169,214 | 233,522 |
Average amount outstanding | $ 180,065 | $ 159,220 | $ 194,810 |
Weighted average interest rate, For the year | 0.56% | 0.92% | 0.65% |
Weighted average interest rate, As of year end | 0.47% | 0.90% | 0.95% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense [Abstract] | |||
Federal | $ 15,662 | $ 15,171 | $ 13,897 |
State | 2,399 | 2,359 | 1,756 |
Total current tax expense | 18,061 | 17,530 | 15,653 |
Deferred tax (benefit) expense | (1,067) | 1,139 | 2,556 |
Total income tax expense | 16,994 | 18,669 | 18,209 |
Components of deferred tax assets and liabilities [Abstract] | |||
Benefits and deferred remuneration | (6,178) | (5,156) | |
Difference in reporting the allowance for loan losses, net | 12,820 | 11,385 | |
Other income or expense not yet reported for tax purposes | 534 | (314) | |
Depreciable assets | (2,541) | (2,347) | |
Net deferred tax asset at end of year | 4,635 | 3,568 | 4,707 |
Net deferred tax asset at beginning of year | 3,568 | 4,707 | |
Deferred tax (benefit) expense | (1,067) | 1,139 | $ 2,556 |
Deferred tax liabilities, unrealized gains on available-for-sale securities | 2,500 | 101 | |
Deferred tax liabilities, unrecognized overfunded position in company's pension and postretirement benefit plans | $ 1,600 | $ 1,400 | |
Reconciliation from statutory federal income tax rate to effective tax rate [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Increase/(decrease) in taxes resulting from [Abstract] | |||
Tax exempt income | 0.00% | 0.00% | (0.10%) |
State income tax, net of federal tax benefit | 2.40% | 2.60% | 2.40% |
Other items | 1.10% | 0.80% | (0.40%) |
Effective income tax rate | 24.50% | 24.40% | 22.90% |
Federal [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2017 | ||
Federal [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2020 | ||
New York State [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2017 | ||
New York State [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2020 |
Benefit Plans, Change in Projec
Benefit Plans, Change in Projected Benefit Obligation, Plan Assets and Funded Status Reconciliation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)yrh | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Company contributions | $ 0 | $ 0 | |
Retirement Plan [Member] | |||
Defined benefit plan [Abstract] | |||
Requisite minimum period of employment | 1 year | ||
Requisite minimum hours of service | h | 1,000 | ||
Number of consecutive years in highest compensation preceding retirement | yr | 5 | ||
Period preceding retirement considered in calculating benefits | 10 years | ||
Change in benefit obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 30,824 | 28,518 | |
Service cost | 37 | 42 | $ 34 |
Interest cost | 1,076 | 1,244 | 1,197 |
Benefit payments and expected expenses | (1,956) | (1,798) | |
Net actuarial loss | 3,523 | 2,818 | |
Projected benefit obligation at end of year | 33,504 | 30,824 | 28,518 |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair Value of plan assets at beginning of year | 51,264 | 44,157 | |
Actual gain on plan assets | 6,953 | 8,902 | |
Benefit payments and actual expenses | (1,980) | (1,795) | |
Fair value of plan assets at end of year | 56,237 | 51,264 | 44,157 |
Funded status at end of year | 22,733 | 20,440 | |
Postretirement Benefits [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Service cost | 73 | 65 | 53 |
Interest cost | 203 | 239 | 202 |
Net actuarial loss | 315 | 603 | |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair Value of plan assets at beginning of year | 26,358 | 22,091 | |
Actual gain on plan assets | 2,793 | 4,285 | |
Company contributions | 91 | 155 | |
Benefits paid | (116) | (173) | |
Fair value of plan assets at end of year | 29,126 | 26,358 | $ 22,091 |
Funded status at end of year | $ 22,517 | $ 20,224 |
Benefit Plans, Plan Disclosures
Benefit Plans, Plan Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Amortization of prior service credit | $ 196 | $ 197 | $ 100 |
Retirement Plan [Member] | |||
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Net actuarial loss | 1,401 | 1,787 | |
Accumulated benefit obligation for pension benefits | 33,500 | 30,800 | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Service cost | 37 | 42 | 34 |
Interest cost | 1,076 | 1,244 | 1,197 |
Expected return on plan assets | (3,020) | (2,811) | (3,012) |
Amortization of net loss (gain) | 0 | 59 | 0 |
Net periodic pension credit | (1,907) | (1,466) | (1,781) |
Net actuarial (gain) loss included in other comprehensive income (loss) | (386) | (3,275) | 2,149 |
Amortization of prior service credit | 0 | 0 | |
Amortization of net (loss) | 0 | (59) | 0 |
Total amount recognized in other comprehensive income (loss) | (386) | (3,334) | 2,149 |
Total amount recognized in net periodic benefit cost and other comprehensive income (loss) | (2,293) | (4,800) | 368 |
Postretirement Benefits [Member] | |||
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Accumulated benefit obligation for pension benefits | 6,609 | 6,134 | 5,400 |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Service cost | 73 | 65 | 53 |
Interest cost | 203 | 239 | 202 |
Expected return on plan assets | (1,183) | (990) | (1,028) |
Amortization of net loss (gain) | (708) | (333) | (556) |
Amortization of prior service credit | (196) | (197) | (100) |
Net periodic pension credit | (1,811) | (1,216) | (1,429) |
Net actuarial (gain) loss included in other comprehensive income (loss) | (1,295) | (2,692) | 830 |
Amortization of prior service credit | 196 | 197 | 100 |
Prior service cost | 0 | 0 | 705 |
Amortization of net gain | 708 | 333 | 556 |
Total amount recognized in other comprehensive income (loss) | (391) | (2,162) | 2,191 |
Total amount recognized in net periodic benefit cost and other comprehensive income (loss) | (2,202) | $ (3,378) | $ 762 |
Amounts of net gain that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 913 | ||
Amount of prior service credit that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | $ 206 |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Benefit Payments, Assumptions and Change in Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
2021 | $ 1,850 | ||
2022 | 1,830 | ||
2023 | 1,815 | ||
2024 | 1,821 | ||
2025 | 1,814 | ||
2026 - 2030 | $ 9,101 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 2.65% | 3.56% | 4.53% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 3.56% | 4.53% | 3.93% |
Expected long-term rate of return on assets, net of tax | 6.00% | 6.50% | 6.50% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 30,800 | ||
Service cost | 37 | $ 42 | $ 34 |
Interest cost | 1,076 | 1,244 | $ 1,197 |
Net actuarial loss | 3,523 | 2,818 | |
Accumulated benefit obligation at end of year | 33,500 | $ 30,800 | |
Postretirement Benefits [Member] | |||
Estimated future benefit payments [Abstract] | |||
2021 | 121 | ||
2022 | 133 | ||
2023 | 146 | ||
2024 | 160 | ||
2025 | 181 | ||
2026 - 2030 | $ 1,257 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 2.65% | 3.56% | 4.53% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 3.56% | 4.53% | 3.93% |
Expected long-term rate of return on assets, net of tax | 4.50% | 4.50% | 4.50% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 6,134 | $ 5,400 | |
Service cost | 73 | 65 | $ 53 |
Interest cost | 203 | 239 | 202 |
Benefits paid | (116) | (173) | |
Net actuarial loss | 315 | 603 | |
Accumulated benefit obligation at end of year | 6,609 | 6,134 | 5,400 |
Supplementary Pension Plan [Member] | |||
Pension and Other Postretirement Benefits Cost [Abstract] | |||
Plan expense | 2,200 | 1,900 | $ 1,400 |
Assets Held-in-trust [Abstract] | |||
Assets held in trust | 2,300 | 2,400 | |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | 2,300 | ||
Accumulated benefit obligation at end of year | $ 2,300 | $ 2,300 |
Benefit Plans, Health Care Cost
Benefit Plans, Health Care Cost Trend Rate and Other Comprehensive Income Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | $ (1,681) | $ (5,967) | |
Amortization of net actuarial (loss) gain | 708 | 274 | $ 556 |
Amortization of prior service credit | 196 | 197 | 100 |
Total | (777) | (5,496) | |
Retirement Plan [Member] | |||
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (386) | (3,275) | |
Amortization of net actuarial (loss) gain | 0 | (59) | |
Amortization of prior service credit | 0 | 0 | |
Total | (386) | (3,334) | |
Postretirement Benefits [Member] | |||
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (1,295) | (2,692) | |
Amortization of net actuarial (loss) gain | 708 | 333 | |
Amortization of prior service credit | 196 | 197 | $ 100 |
Total | $ (391) | $ (2,162) |
Benefit Plans, Allocation of Pl
Benefit Plans, Allocation of Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Plan [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 100.00% | 100.00% |
Retirement Plan [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 23.00% | 33.00% |
Retirement Plan [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 68.00% | 63.00% |
Retirement Plan [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 9.00% | 4.00% |
Postretirement Benefits [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 100.00% | 100.00% |
Postretirement Benefits [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 24.00% | 34.00% |
Postretirement Benefits [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 66.00% | 63.00% |
Postretirement Benefits [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 10.00% | 3.00% |
Pension and Postretirement Plans [Member] | Debt Securities [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 25.00% | |
Pension and Postretirement Plans [Member] | Debt Securities [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 40.00% | |
Pension and Postretirement Plans [Member] | Equity Securities [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 50.00% | |
Pension and Postretirement Plans [Member] | Equity Securities [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 70.00% | |
Pension and Postretirement Plans [Member] | Other [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 0.00% | |
Pension and Postretirement Plans [Member] | Other [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 10.00% |
Benefit Plans, Fair Value of Pl
Benefit Plans, Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of plan assets by asset category [Abstract] | |||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 | |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 | |
Employer contribtutions to postretirement benefit plans | 0 | 0 | |
Expected future contribution | 0 | ||
Retirement Plan [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 56,237 | 51,264 | $ 44,157 |
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 | 43,827 | 35,184 | |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 12,410 | 16,080 | |
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] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 56,237 | 51,264 | |
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 | 4,809 | 2,165 | |
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] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 4,809 | 2,165 | |
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 | 38,352 | 32,411 | |
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] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 38,352 | 32,411 | |
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 | 4,983 | 4,434 | |
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] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 4,983 | 4,434 | |
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 | 7,427 | 11,646 | |
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] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 7,427 | 11,646 | |
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 | 666 | 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 | |
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 | 666 | 608 | |
Postretirement Benefits [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 29,126 | 26,358 | $ 22,091 |
Employer contribtutions to postretirement benefit plans | 91 | 155 | |
Postretirement Benefits [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 | 22,191 | 17,471 | |
Postretirement Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 6,935 | 8,887 | |
Postretirement Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 29,126 | 26,358 | |
Postretirement Benefits [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 | 2,887 | 677 | |
Postretirement Benefits [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 | |
Postretirement Benefits [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 | |
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 2,887 | 677 | |
Postretirement Benefits [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 | 19,304 | 16,794 | |
Postretirement Benefits [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 | |
Postretirement Benefits [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 | |
Postretirement Benefits [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,304 | 16,794 | |
Postretirement Benefits [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 | |
Postretirement Benefits [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 | 3,607 | 2,560 | |
Postretirement Benefits [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 | |
Postretirement Benefits [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 3,607 | 2,560 | |
Postretirement Benefits [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 | |
Postretirement Benefits [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 | 3,328 | 6,327 | |
Postretirement Benefits [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 | |
Postretirement Benefits [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | $ 3,328 | $ 6,327 |
Benefit Plans, Incentive and Bo
Benefit Plans, Incentive and Bonus Plans (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Incentive and Bonus Plans [Abstract] | |||
Number of awards (in shares) | 1.5 | ||
Weighted average strike price (in dollars per share) | $ 8.87 | ||
401(k) Plan [Member] | |||
Incentive and Bonus Plans [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% | ||
Profit sharing contribution | $ 0 | $ 0 | $ 0 |
Expense related to 401(k) plan | 1.2 | 1.2 | 1.1 |
Executive Incentive Plan [Member] | |||
Incentive and Bonus Plans [Abstract] | |||
Expense for officers and executive incentive plan | $ 3.3 | $ 2.9 | $ 2.7 |
Benefit Plans, Stock Based Comp
Benefit Plans, Stock Based Compensation Plans - Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2019 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 15 | $ 5 | $ 173 | |
Stock Options [Member] | ||||
Summary of Changes in Stock Option Awards [Roll Forward] | ||||
Beginning balance (in shares) | 519,091 | |||
New options awarded (in shares) | 0 | |||
Expired options (in shares) | 0 | |||
Options forfeited (in shares) | 0 | |||
Exercised options (in shares) | 0 | (30,000) | (177,000) | |
Ending balance (in shares) | 519,091 | 519,091 | ||
Stock Option Awards, Exercisable [Roll Forward] | ||||
Ending balance (in shares) | 519,091 | |||
Weighted Average Exercise Price [Roll Forward] | ||||
Beginning balance (in dollars per share) | $ 6.67 | |||
New options awarded (in dollars per share) | 0 | |||
Expired options (in dollars per share) | 0 | |||
Options forfeited (in dollars per share) | 0 | |||
Exercised options (in dollars per share) | 0 | |||
Ending balance (in dollars per share) | $ 6.67 | $ 6.67 | ||
Additional Disclosures [Abstract] | ||||
Weighted average remaining contractual life, options outstanding | 3 years 6 months | |||
Exercisable options, weighted average exercise price (in dollars per share) | $ 6.67 | |||
Weighted average remaining contractual life, exercisable outstanding | 3 years 6 months | |||
Intrinsic value of outstanding stock options | $ 138 | |||
Intrinsic value of vested stock options | $ 138 | |||
New options granted (in shares) | 0 | 0 | 0 | |
Restricted Common Shares [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Stock based compensation expense | $ 15 | $ 5 | $ 173 | |
2010 Directors Stock Option Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 2,000,000 | |||
2010 Directors Stock Option Plan [Member] | Stock Options [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Options maximum term | 10 years | |||
Award vesting period | 5 years | |||
2019 Equity Incentive Plan [Member] | ||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ||||
Shares available for grant (in shares) | 1,200,000 | 2,000,000 | ||
Exercise price as percentage of fair value | 100.00% | |||
Shareholding percentage for grant of stock options | 10.00% | |||
Option price as percentage of fair value | 110.00% |
Benefit Plans, Valuation, Stock
Benefit Plans, Valuation, Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 15 | $ 5 | $ 173 |
Restricted Shares Units [Member] | |||
Activity for Performance Based Awards [Roll Forward] | |||
Balance, Beginning of period (in shares) | 244,273 | ||
New awards granted (in shares) | 222,155 | ||
Forfeited awards (in shares) | (7,527) | ||
Awards settled (in shares) | (112,580) | ||
Balance, End of period (in shares) | 346,321 | 244,273 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 715 | $ 743 | 458 |
Unrecognized stock-based compensation expense | $ 2,400 | ||
Unrecognized compensation expense, period of recognition | 27 months | ||
Additional Disclosures [Abstract] | |||
Shares vested after term | 100.00% | ||
Liability related to awards | $ 187 | $ 170 | |
Performance Share Units [Member] | |||
Activity for Performance Based Awards [Roll Forward] | |||
Balance, Beginning of period (in shares) | 478,551 | ||
New awards granted (in shares) | 234,142 | ||
Forfeited awards (in shares) | (952) | ||
Awards settled (in shares) | (120,143) | ||
Balance, End of period (in shares) | 591,598 | 478,551 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 500 | $ 1,600 | $ 644 |
Options maximum term | 3 years | 1 year | |
Unrecognized stock-based compensation expense | $ 2,700 | ||
Unrecognized compensation expense, period of recognition | 26 months | ||
Additional Disclosures [Abstract] | |||
Shares vested after term | 100.00% | ||
Liability related to awards | $ 2,100 | $ 2,600 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingent Liabilities [Abstract] | |||
Outsourced service expense | $ 7,750 | $ 7,600 | $ 7,500 |
Third-Party Service Agreement [Member] | Minimum [Member] | |||
Long Term Purchase Commitment [Abstract] | |||
Outsource service expense | 7,000 | ||
Third-Party Service Agreement [Member] | Maximum [Member] | |||
Long Term Purchase Commitment [Abstract] | |||
Outsource service expense | $ 8,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the component parts of earnings per share [Abstract] | |||
Net income | $ 52,452 | $ 57,840 | $ 61,445 |
Weighted average common shares (in shares) | 96,506 | 96,849 | 96,505 |
Effect of dilutive common stock options (in shares) | 11 | 78 | 141 |
Weighted average common shares including potential dilutive shares (in shares) | 96,517 | 96,927 | 96,646 |
Basic EPS (in dollars per share) | $ 0.544 | $ 0.597 | $ 0.637 |
Diluted EPS (in dollars per share) | $ 0.543 | $ 0.597 | $ 0.636 |
Stock Options [Member] | |||
Antidilutive Securities [Abstract] | |||
Antidilutive stock options excluded from diluted earnings per share (in shares) | 452 | 0 |
Off-Balance Sheet Financial I_2
Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments to Extend Credit [Member] | ||
Off-Balance Sheet Risks [Abstract] | ||
Off-balance sheet risks, amount | $ 458.2 | $ 424 |
Variable rate product commitments | 83.00% | 85.00% |
Standby Letters of Credit [Member] | ||
Off-Balance Sheet Risks [Abstract] | ||
Off-balance sheet risks, amount | $ 5.4 | $ 9.6 |
Off balance sheet instrument term | 12 months |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale [Abstract] | ||
Total securities available for sale | $ 439,071 | $ 573,823 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 439,071 | 573,823 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 0 | 0 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 439,071 | 573,823 |
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 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 19,968 | 104,512 |
State and political subdivisions | 103 | 162 |
Mortgage backed securities and collateralized mortgage obligations - residential | 316,158 | 389,517 |
Corporate bonds | 59,939 | 30,436 |
Small Business Administration - guaranteed participation securities | 42,217 | 48,511 |
Other | 686 | 685 |
Total securities available for sale | 439,071 | 573,823 |
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 | 0 |
Small Business Administration - guaranteed participation securities | 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 | 19,968 | 104,512 |
State and political subdivisions | 103 | 162 |
Mortgage backed securities and collateralized mortgage obligations - residential | 316,158 | 389,517 |
Corporate bonds | 59,939 | 30,436 |
Small Business Administration - guaranteed participation securities | 42,217 | 48,511 |
Other | 686 | 685 |
Total securities available for sale | $ 439,071 | $ 573,823 |
Fair Value, Assets Measured at
Fair Value, Assets Measured at Fair Value Non-recurring (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other Real Estate Owned, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Other Real Estate Owned, Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember |
Impaired loans [Abstract] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Other real estate owned, commercial real estate | 358 | |
Other real estate owned, residential real estate properties | 1,200 | |
Valuation charge on other real estate owned | 120 | 366 |
Impaired loans | 21,581 | 20,976 |
Collateral dependent impaired loans | 211 | 120 |
Gross charge offs, residential impaired loans | 10 | 22 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Impaired loans [Abstract] | ||
Real estate mortgage - 1 to 4 family | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Impaired loans [Abstract] | ||
Real estate mortgage - 1 to 4 family | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 541 | 1,579 |
Impaired loans [Abstract] | ||
Real estate mortgage - 1 to 4 family | $ 211 | $ 120 |
Nonrecurring [Member] | Minimum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.01 | 0.01 |
Nonrecurring [Member] | Maximum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.07 | 0.21 |
Nonrecurring [Member] | Weighted Average [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.02 | 0.02 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Adjustments for Differences Between Comparable Sales [Member] | ||
Impaired loans [Abstract] | ||
Impaired loans, unobservable inputs | 0.11 | 0.01 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Adjustments for Differences Between Comparable Sales [Member] | ||
Impaired loans [Abstract] | ||
Impaired loans, unobservable inputs | 0.12 | 0.17 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | Adjustments for Differences Between Comparable Sales [Member] | ||
Impaired loans [Abstract] | ||
Impaired loans, unobservable inputs | 0.12 | 0.09 |
Nonrecurring [Member] | Carrying Value [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | $ 541 | $ 1,579 |
Impaired loans [Abstract] | ||
Real estate mortgage - 1 to 4 family | $ 211 | $ 120 |
Fair Value, Carrying Amounts an
Fair Value, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 1,107,099 | $ 456,846 |
Securities available for sale | 439,071 | 573,823 |
Held to maturity securities | 14,988 | 19,680 |
Net loans | 4,287,585 | 4,078,210 |
Accrued interest receivable | 10,031 | 10,915 |
Financial liabilities [Abstract] | ||
Demand deposits | 652,756 | 463,858 |
Interest bearing deposits | 4,386,439 | 3,985,252 |
Short-term borrowings | 214,755 | 148,666 |
Accrued interest payable | 474 | 1,459 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 1,107,099 | 456,846 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 39 | 216 |
Financial liabilities [Abstract] | ||
Demand deposits | 652,756 | 463,858 |
Interest bearing deposits | 3,088,064 | 2,587,981 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 68 | 174 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 439,071 | 573,823 |
Held to maturity securities | 14,988 | 19,680 |
Net loans | 0 | 0 |
Accrued interest receivable | 1,458 | 2,221 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 1,298,375 | 1,397,271 |
Short-term borrowings | 214,755 | 148,666 |
Accrued interest payable | 406 | 1,285 |
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 | 4,287,585 | 4,078,210 |
Accrued interest receivable | 8,534 | 8,478 |
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 | 1,107,099 | 456,846 |
Securities available for sale | 439,071 | 573,823 |
Held to maturity securities | 13,824 | 18,618 |
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 |
Net loans | 4,194,875 | 4,017,879 |
Accrued interest receivable | 10,031 | 10,915 |
Financial liabilities [Abstract] | ||
Demand deposits | 652,756 | 463,858 |
Interest bearing deposits | 4,384,437 | 3,986,158 |
Short-term borrowings | 214,755 | 148,666 |
Accrued interest payable | $ 474 | $ 1,459 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2020USD ($)Classification | Dec. 31, 2019USD ($) | |
Trustco Bank [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations Information [Abstract] | |||
Number of classifications for prompt corrective action regulations provide | Classification | 5 | ||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 539,897 | $ 516,775 | |
Common equity Tier 1 capital | 539,897 | 516,775 | |
Tier 1 risk-based capital | 539,897 | 516,775 | |
Total risk-based capital | $ 576,257 | $ 551,975 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09378 | 0.09940 | |
Common equity Tier 1 capital, ratio | 0.18646 | 0.18412 | |
Tier 1 risk-based capital, ratio | 0.18646 | 0.18412 | |
Total risk-based capital, ratio | 0.19902 | 0.19666 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, well capitalized | [1] | 0.05000 | 0.05000 |
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04000 | 0.04000 |
Common equity Tier 1 capital, well capitalized | [1] | 0.06500 | 0.06500 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07000 | 0.07000 |
Tier 1 risk-based capital, well capitalized | [1] | 0.08000 | 0.08000 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.08500 | 0.08500 |
Total risk-based capital, well capitalized | [1] | 0.10000 | 0.10000 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.10500 | 0.10500 |
Common equity Tier 1 capital conservation buffer | 0.0250 | 0.0250 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
Total risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
TrustCo Bank Corp NY [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 555,672 | $ 533,243 | |
Common equity Tier 1 capital | 555,672 | 533,243 | |
Tier 1 risk-based capital | 555,672 | 533,243 | |
Total risk-based capital | $ 592,040 | $ 568,463 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09650 | 0.10254 | |
Common equity Tier 1 capital, ratio | 0.19187 | 0.18988 | |
Tier 1 risk-based capital, ratio | 0.19187 | 0.18988 | |
Total risk-based capital, ratio | 0.20443 | 0.20242 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04000 | 0.04000 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07000 | 0.07000 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.08500 | 0.08500 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.10500 | 0.10500 |
Common equity Tier 1 capital conservation buffer | 0.0250 | 0.0250 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
Total risk based capital ratio, capital conservation buffer | 0.0250 | 0.0250 | |
[1] | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized | ||
[2] | The December 31, 2020 and 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | $ 538,257 | $ 489,871 | $ 458,308 |
Other comprehensive income (loss) - before reclassifications | 8,999 | 15,119 | (6,671) |
Amount reclassified from accumulated other comprehensive income | (1,524) | (349) | (1,832) |
Other comprehensive income (loss), net of tax | 7,475 | 14,770 | (7,157) |
Balance | 568,161 | 538,257 | 489,871 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | 4,461 | (10,309) | (1,806) |
Other comprehensive income (loss), net of tax | 7,475 | 14,770 | (7,157) |
Balance | 11,936 | 4,461 | (10,309) |
Net Unrealized Holding Loss on Securities Available for Sale, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | 286 | (10,416) | (5,030) |
Other comprehensive income (loss) - before reclassifications | 7,755 | 10,702 | (3,944) |
Amount reclassified from accumulated other comprehensive income | (855) | 0 | 0 |
Other comprehensive income (loss), net of tax | 6,900 | 10,702 | (3,944) |
Balance | 7,186 | 286 | (10,416) |
Net Unrealized Holding Loss on Securities Available for Sale, Net of Tax [Member] | Previously Reported [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | 286 | (8,974) | |
Balance | 286 | (8,974) | |
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | 4,840 | 423 | 3,054 |
Other comprehensive income (loss) - before reclassifications | 1,244 | 4,417 | (2,727) |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | 1,244 | 4,417 | (2,727) |
Balance | 6,084 | 4,840 | 423 |
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | Previously Reported [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | 4,840 | 327 | |
Balance | 4,840 | 327 | |
Net Change in Net Actuarial Loss (Gain) and Prior Service Cost (Credit) on Pension and Postretirement Benefit Plans, Net of Tax [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | (665) | (316) | 170 |
Other comprehensive income (loss) - before reclassifications | 0 | 0 | 0 |
Amount reclassified from accumulated other comprehensive income | (669) | (349) | (486) |
Other comprehensive income (loss), net of tax | (669) | (349) | (486) |
Balance | $ (1,334) | (665) | (316) |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balance | $ (1,346) | 0 | |
Other comprehensive income (loss) - before reclassifications | 0 | ||
Amount reclassified from accumulated other comprehensive income | (1,346) | ||
Other comprehensive income (loss), net of tax | 0 | ||
Balance | $ (1,346) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income, Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Net gain on securities transactions | [1] | $ 1,155 | $ 0 | $ 0 |
Salaries and employee benefits | 45,647 | 46,630 | 42,107 | |
Income tax effect | 16,994 | 18,669 | 18,209 | |
Net income | 52,452 | 57,840 | 61,445 | |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Net income | 1,524 | 349 | 486 | |
Unrealized Gains on Securities Available for Sale [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Net gain on securities transactions | 1,155 | 0 | 0 | |
Income tax effect | (300) | 0 | 0 | |
Net income | 855 | 0 | 0 | |
Amortization of Pension and Postretirement Benefit Items [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Income tax effect | (235) | (122) | (170) | |
Net income | 669 | 349 | 486 | |
Amortization of Net Actuarial Gain [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Salaries and employee benefits | 708 | 274 | 556 | |
Amortization of Prior Service Credit [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive loss [Abstract] | ||||
Salaries and employee benefits | $ 196 | $ 197 | $ 100 | |
[1] | Not within the scope of ASC 606. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Sources of non-interest income [Abstract] | ||||
Net gain on securities transactions | [1] | $ 1,155 | $ 0 | $ 0 |
Other | [1] | 1,243 | 4,109 | 2,978 |
Total non-interest income | 17,170 | 18,591 | 18,081 | |
Overdraft Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 2,665 | 3,571 | 3,543 | |
Other [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 1,629 | 459 | 455 | |
Interchange Income [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 4,199 | 4,065 | 4,822 | |
Wealth Management Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | $ 6,279 | $ 6,387 | $ 6,283 | |
[1] | Not within the scope of ASC 606. |
Operating leases (Details)
Operating leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)PropertyLease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Leases, operating [Abstract] | |||
Number of lease for which construction not started | Lease | 1 | ||
Other information related to leases [Abstract] | |||
Operating lease cost | $ 8,044 | $ 7,808 | $ 7,988 |
Variable lease cost | 2,029 | 1,968 | 2,000 |
Total Lease costs | 10,073 | 9,776 | $ 9,988 |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | |||
Operating cash flows from operating leases | 8,042 | 7,839 | |
Right-of-use assets obtained in exchange for lease obligations: | $ 2,548 | $ 57,464 | |
Weighted average remaining lease term (years) | 9 years | 9 years 4 months 24 days | |
Weighted average discount rate | 3.20% | 3.30% | |
Future minimum lease payments under non-cancellable leases [Abstract] | |||
2020/2021 | $ 8,172 | $ 8,039 | |
2021/2022 | 7,719 | 8,033 | |
2022/2023 | 7,413 | 7,533 | |
2023/2024 | 7,288 | 7,227 | |
2024/2025 | 6,914 | 7,100 | |
Thereafter | 23,620 | 28,361 | |
Total lease payments | 61,126 | 66,293 | |
Less: Interest | 8,342 | 9,740 | |
Present value of lease liabilities | 52,784 | 56,553 | |
Operating lease right-of-use assets | 47,885 | $ 51,475 | |
Director [Member] | |||
Future minimum lease payments under non-cancellable leases [Abstract] | |||
Total lease payments | 4,700 | ||
Less: Interest | $ 665 | ||
Number of commercial properties | Property | 6 | ||
Minimum [Member] | |||
Leases, operating [Abstract] | |||
Operating lease expiration term | 8 months | ||
Maximum [Member] | |||
Leases, operating [Abstract] | |||
Operating lease expiration term | 23 years 9 months 18 days |
Parent Company Only, Statements
Parent Company Only, Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses [Abstract] | |||
Professional services | $ 5,618 | $ 6,174 | $ 6,555 |
Total noninterest expense | 95,704 | 97,730 | 97,713 |
Income before income taxes and subsidiaries' undistributed earnings | 69,446 | 76,509 | 79,654 |
Income tax benefit | 16,994 | 18,669 | 18,209 |
Net income | 52,452 | 57,840 | 61,445 |
Other comprehensive income, net of tax | 7,475 | 14,770 | (7,157) |
Comprehensive income | 59,927 | 72,610 | 54,288 |
TrustCo Bank Corp NY [Member] | |||
Statements of Comprehensive Income [Abstract] | |||
Dividends and interest from subsidiaries | 31,100 | 28,340 | 24,920 |
Net gain on securities transactions | 0 | 0 | 0 |
Miscellaneous income | 0 | 0 | 0 |
Total income | 31,100 | 28,340 | 24,920 |
Expenses [Abstract] | |||
Operating supplies | 20 | 82 | 122 |
Professional services | 655 | 651 | 438 |
Miscellaneous expense | 1,666 | 2,811 | 1,755 |
Total noninterest expense | 2,341 | 3,544 | 2,315 |
Income before income taxes and subsidiaries' undistributed earnings | 28,759 | 24,796 | 22,605 |
Income tax benefit | (558) | (837) | (523) |
Income before subsidiaries' undistributed earnings | 29,317 | 25,633 | 23,128 |
Equity in undistributed earnings of subsidiaries | 23,135 | 32,207 | 38,317 |
Net income | 52,452 | 57,840 | 61,445 |
Other comprehensive income, net of tax | 7,475 | 14,770 | (7,157) |
Comprehensive income | $ 59,927 | $ 72,610 | $ 54,288 |
Parent Company Only, Statemen_2
Parent Company Only, Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||||
Cash in subsidiary bank | $ 1,107,099 | $ 456,846 | ||
Securities available for sale | 439,071 | 573,823 | ||
Other assets | 59,124 | 58,876 | ||
Total assets | 5,901,796 | 5,221,322 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Accrued expenses and other liabilities | 28,903 | 27,830 | ||
Total liabilities | 5,333,635 | 4,683,065 | ||
Shareholders' equity | 568,161 | 538,257 | $ 489,871 | $ 458,308 |
Total liabilities and shareholders' equity | 5,901,796 | 5,221,322 | ||
TrustCo Bank Corp NY [Member] | ||||
Assets [Abstract] | ||||
Cash in subsidiary bank | 24,154 | 24,118 | ||
Investments in subsidiaries | 552,399 | 521,802 | ||
Securities available for sale | 36 | 35 | ||
Other assets | 555 | 558 | ||
Total assets | 577,144 | 546,513 | ||
Liabilities and shareholders' equity [Abstract] | ||||
Accrued expenses and other liabilities | 8,983 | 8,256 | ||
Total liabilities | 8,983 | 8,256 | ||
Shareholders' equity | 568,161 | 538,257 | ||
Total liabilities and shareholders' equity | $ 577,144 | $ 546,513 |
Parent Company Only, Statemen_3
Parent Company Only, Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities [Abstract] | |||
Net income | $ 52,452 | $ 57,840 | $ 61,445 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Stock based compensation expense | 15 | 5 | 173 |
Total adjustments | 9,705 | 5,958 | 6,195 |
Net cash provided by operating activities | 62,157 | 63,798 | 67,640 |
Cash flows from investing activities [Abstract] | |||
Purchases of securities available for sale | (145,339) | (262,754) | (61,807) |
Net cash used in investing activities | (35,346) | (248,759) | (173,820) |
Cash flows from financing activities [Abstract] | |||
Proceeds from exercise of stock options | 0 | 185 | 1,259 |
Dividends paid | (26,331) | (26,385) | (25,569) |
Payments to acquire treasury stock | (3,493) | (35) | (718) |
Proceeds from sales of treasury stock | 0 | 1,791 | 2,391 |
Net cash provided by (used in) financing activities | 623,442 | 138,098 | (2,851) |
Net increase (decrease) in cash and cash equivalents | 650,253 | (46,863) | (109,031) |
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | 612,740 |
Cash and cash equivalents at end of period | 1,107,099 | 456,846 | 503,709 |
TrustCo Bank Corp NY [Member] | |||
Cash flows from operating activities [Abstract] | |||
Net income | 52,452 | 57,840 | 61,445 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Equity in undistributed earnings of subsidiaries | (23,135) | (32,207) | (38,317) |
Stock based compensation expense | 15 | 5 | 173 |
Net change in other assets and accrued expenses | 515 | 246 | 214 |
Total adjustments | (22,605) | (31,956) | (37,930) |
Net cash provided by operating activities | 29,847 | 25,884 | 23,515 |
Cash flows from investing activities [Abstract] | |||
Purchases of securities available for sale | (1) | 0 | 0 |
Net cash used in investing activities | (1) | 0 | 0 |
Cash flows from financing activities [Abstract] | |||
Proceeds from exercise of stock options | 0 | 185 | 1,259 |
Dividends paid | (26,317) | (26,372) | (25,555) |
Payments to acquire treasury stock | (3,493) | (35) | (718) |
Proceeds from sales of treasury stock | 0 | 1,791 | 2,391 |
Net cash provided by (used in) financing activities | (29,810) | (24,431) | (22,623) |
Net increase (decrease) in cash and cash equivalents | 36 | 1,453 | 892 |
Cash and cash equivalents at beginning of period | 24,118 | 22,665 | 21,773 |
Cash and cash equivalents at end of period | $ 24,154 | $ 24,118 | $ 22,665 |