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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TrustCo Bank Corporation of NY | NASDAQ:TRST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 0.89% | 28.38 | 28.37 | 28.39 | 28.66 | 28.30 | 28.43 | 13,831 | 19:17:37 |
New York
|
14-1630287
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
5 SARNOWSKI DRIVE,
GLENVILLE, NEW YORK
|
12302
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code:
|
(518) 377-3311
|
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
Common Stock, $1.00 par value
|
TRST
|
Nasdaq Global Select Market
|
Large accelerated filer ☒
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
Common Stock
|
Number of Shares Outstanding
as of April 30, 2021 |
$1 Par Value
|
96,439,602
|
Part I.
|
FINANCIAL INFORMATION
|
PAGE NO.
|
Item 1.
|
Consolidated Interim Financial Statements (Unaudited):
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
7
|
|
|
|
|
|
8–36
|
|
|
|
|
|
37
|
|
|
|
|
Item 2.
|
38–58
|
|
|
|
|
Item 3.
|
59
|
|
|
|
|
Item 4.
|
59
|
|
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
60
|
|
|
|
|
Item 1A.
|
60
|
|
|
|
|
Item 2.
|
60
|
|
|
|
|
Item 3.
|
60
|
|
|
|
|
Item 4.
|
60
|
|
|
|
|
Item 5.
|
61
|
|
|
|
|
Item 6.
|
61
|
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
40,217
|
42,063
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
50
|
421
|
||||||
State and political subdivisions
|
1
|
1
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
1,237
|
2,113
|
||||||
Corporate bonds
|
316
|
238
|
||||||
Small Business Administration-guaranteed participation securities
|
206
|
245
|
||||||
Other securities
|
6
|
6
|
||||||
Total interest and dividends on securities available for sale
|
1,816
|
3,024
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
123
|
175
|
||||||
Total interest on held to maturity securities
|
123
|
175
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
69
|
82
|
||||||
Interest on federal funds sold and other short-term investments
|
270
|
1,267
|
||||||
Total interest income
|
42,495
|
46,611
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
52
|
16
|
||||||
Savings accounts
|
159
|
233
|
||||||
Money market deposit accounts
|
283
|
1,096
|
||||||
Time deposits
|
1,666
|
6,391
|
||||||
Interest on short-term borrowings
|
228
|
322
|
||||||
Total interest expense
|
2,388
|
8,058
|
||||||
Net interest income
|
40,107
|
38,553
|
||||||
Provision for loan losses
|
350
|
2,000
|
||||||
Net interest income after provision for loan losses
|
39,757
|
36,553
|
||||||
Noninterest income:
|
||||||||
Trustco financial services income
|
2,035
|
1,600
|
||||||
Fees for services to customers
|
2,204
|
2,315
|
||||||
Net gain on securities transactions
|
-
|
1,155
|
||||||
Other
|
189
|
264
|
||||||
Total noninterest income
|
4,428
|
5,334
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
12,425
|
11,373
|
||||||
Net occupancy expense
|
4,586
|
4,306
|
||||||
Equipment expense
|
1,631
|
1,802
|
||||||
Professional services
|
1,432
|
1,481
|
||||||
Outsourced services
|
2,250
|
2,075
|
||||||
Advertising expense
|
354
|
488
|
||||||
FDIC and other insurance
|
707
|
294
|
||||||
Other real estate expense, net
|
239
|
194
|
||||||
Other
|
1,711
|
2,255
|
||||||
Total noninterest expenses
|
25,335
|
24,268
|
||||||
Income before taxes
|
18,850
|
17,619
|
||||||
Income taxes
|
4,767
|
4,306
|
||||||
Net income
|
$
|
14,083
|
13,313
|
|||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.146
|
0.138
|
|||||
- Diluted
|
$
|
0.146
|
0.138
|
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
Net income
|
$
|
14,083
|
13,313
|
|||||
Net unrealized holding (loss) gain on securities available for sale
|
(6,018
|
)
|
10,732
|
|||||
Reclassification adjustments for net gain recognized in income
|
-
|
(1,155
|
)
|
|||||
Tax effect
|
1,557
|
(2,487
|
)
|
|||||
Net unrealized (loss) gain on securities available for sale, net of tax
|
(4,461
|
)
|
7,090
|
|||||
Amortization of net actuarial gain
|
(228
|
)
|
(166
|
)
|
||||
Amortization of prior service credit
|
(52
|
)
|
(49
|
)
|
||||
Tax effect
|
73
|
56
|
||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax
|
(207
|
)
|
(159
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(4,668
|
)
|
6,931
|
|||||
Comprehensive income
|
$
|
9,415
|
20,244
|
|
March 31, 2021
|
December 31, 2020
|
||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
45,493
|
47,196
|
|||||
Federal funds sold and other short term investments
|
1,094,880
|
1,059,903
|
||||||
Total cash and cash equivalents
|
1,140,373
|
1,107,099
|
||||||
Securities available for sale
|
527,587
|
439,071
|
||||||
Held to maturity securities ($13,891 and $14,988 fair value at March 31, 2021 and Decmber 31, 2020, respectively)
|
12,729
|
13,824
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,506
|
5,506
|
||||||
Loans, net of deferred net costs
|
4,269,172
|
4,244,470
|
||||||
Less:
|
||||||||
Allowance for loan losses
|
49,991
|
49,595
|
||||||
Net loans
|
4,219,181
|
4,194,875
|
||||||
Bank premises and equipment, net
|
34,012
|
34,412
|
||||||
Operating lease right-of-use assets
|
46,614
|
47,885
|
||||||
Other assets
|
60,455
|
59,124
|
||||||
Total assets
|
$
|
6,046,457
|
5,901,796
|
|||||
LIABILITIES:
|
||||||||
Deposits:
|
||||||||
Demand
|
$
|
718,343
|
652,756
|
|||||
Interest-bearing checking
|
1,141,595
|
1,086,558
|
||||||
Savings accounts
|
1,362,141
|
1,285,501
|
||||||
Money market deposit accounts
|
719,580
|
716,005
|
||||||
Time deposits
|
1,231,263
|
1,296,373
|
||||||
Total deposits
|
5,172,922
|
5,037,193
|
||||||
Short-term borrowings
|
229,950
|
214,755
|
||||||
Operating lease liabilities
|
51,449
|
52,784
|
||||||
Accrued expenses and other liabilities
|
21,105
|
28,903
|
||||||
Total liabilities
|
5,475,426
|
5,333,635
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,218,082 and 100,204,832 shares issued at March 31, 2021 and December 31, 2020, respectively
|
100,218
|
100,205
|
||||||
Surplus
|
176,500
|
176,442
|
||||||
Undivided profits
|
321,486
|
313,974
|
||||||
Accumulated other comprehensive income, net of tax
|
7,268
|
11,936
|
||||||
Treasury stock at cost - 3,778,480 and 3,772,175 shares at March 31, 2021 and December 31, 2020, respectively
|
(34,441
|
)
|
(34,396
|
)
|
||||
Total shareholders' equity
|
571,031
|
568,161
|
||||||
Total liabilities and shareholders' equity
|
$
|
6,046,457
|
5,901,796
|
|
Capital
Stock
|
Surplus
|
Undivided
Profits
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
Total
|
||||||||||||||||||
Beginning balance, January 1, 2020
|
$
|
100,205
|
176,427
|
288,067
|
4,461
|
(30,903
|
)
|
538,257
|
||||||||||||||||
Net income
|
-
|
-
|
13,313
|
-
|
-
|
13,313
|
||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
6,931
|
-
|
6,931
|
||||||||||||||||||
Cash dividend declared, $0.068125 per share
|
-
|
-
|
(6,827
|
)
|
-
|
-
|
(6,827
|
)
|
||||||||||||||||
Purchase of treasury stock (489,000 shares)
|
-
|
-
|
-
|
-
|
(3,493
|
)
|
(3,493
|
)
|
||||||||||||||||
Stock based compensation expense
|
-
|
4
|
-
|
-
|
-
|
4
|
||||||||||||||||||
Ending balance, March 31, 2020
|
$
|
100,205
|
176,431
|
294,553
|
11,392
|
(34,396
|
)
|
548,185
|
||||||||||||||||
Beginning balance, January 1, 2021
|
$
|
100,205
|
176,442
|
313,974
|
11,936
|
(34,396
|
)
|
568,161
|
||||||||||||||||
Net income
|
-
|
-
|
14,083
|
-
|
-
|
14,083
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
(4,668
|
)
|
-
|
(4,668
|
)
|
||||||||||||||||
Stock options exercised (13,250 shares)
|
13
|
58
|
-
|
-
|
-
|
71
|
||||||||||||||||||
Cash dividend declared, $0.068125 per share
|
-
|
-
|
(6,571
|
)
|
-
|
-
|
(6,571
|
)
|
||||||||||||||||
Purchase of treasury stock (6,305 Shares)
|
-
|
-
|
-
|
-
|
(45
|
)
|
(45
|
)
|
||||||||||||||||
Ending balance, March 31, 2021
|
$
|
100,218
|
176,500
|
321,486
|
7,268
|
(34,441
|
)
|
571,031
|
|
Three months ended March 31,
|
|||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
14,083
|
13,313
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,063
|
999
|
||||||
Amortization of right-of-use asset
|
1,573
|
1,520
|
||||||
Net gain on sale of other real estate owned
|
-
|
(82
|
)
|
|||||
Writedown of other real estate owned
|
121
|
80
|
||||||
Provision for loan losses
|
350
|
2,000
|
||||||
Deferred tax expense
|
1,152
|
846
|
||||||
Net amortization of securities
|
1,081
|
858
|
||||||
Stock based compensation expense
|
-
|
4
|
||||||
Net gain on sale of bank premises and equipment
|
(4
|
)
|
-
|
|||||
Net gain on sales of securities
|
-
|
(1,155
|
)
|
|||||
Decrease in taxes receivable
|
101
|
3,682
|
||||||
Decrease in interest receivable
|
392
|
673
|
||||||
Decrease in interest payable
|
(164
|
)
|
(200
|
)
|
||||
Increase in other assets
|
(3,160
|
)
|
(2,171
|
)
|
||||
Decrease in operating lease liabilities
|
(1,637
|
)
|
(1,555
|
)
|
||||
Decrease in accrued expenses and other liabilities
|
(6,221
|
)
|
(4,307
|
)
|
||||
Total adjustments
|
(5,353
|
)
|
1,192
|
|||||
Net cash provided by operating activities
|
8,730
|
14,505
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sales and calls of securities available for sale
|
36,820
|
98,363
|
||||||
Proceeds from calls and maturities of held to maturity securities
|
1,061
|
859
|
||||||
Purchases of securities available for sale
|
(132,456
|
)
|
(22,793
|
)
|
||||
Proceeds from maturities of securities available for sale
|
55
|
5,000
|
||||||
Net increase in loans
|
(24,656
|
)
|
(37,792
|
)
|
||||
Proceeds from dispositions of other real estate owned
|
-
|
731
|
||||||
Proceeds from dispositions of bank premises and equipment
|
4
|
-
|
||||||
Purchases of bank premises and equipment
|
(663
|
)
|
(805
|
)
|
||||
Net cash (used in) provided by investing activities
|
(119,835
|
)
|
43,563
|
|||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
135,729
|
31,812
|
||||||
Net increase (decrease) in short-term borrowings
|
15,195
|
(576
|
)
|
|||||
Proceeds from exercise of stock options
|
71
|
-
|
||||||
Purchases of treasury stock
|
(45
|
)
|
(3,493
|
)
|
||||
Dividends paid
|
(6,571
|
)
|
(6,604
|
)
|
||||
Net cash provided by financing activities
|
144,379
|
21,139
|
||||||
Net increase in cash and cash equivalents
|
33,274
|
79,207
|
||||||
Cash and cash equivalents at beginning of period
|
1,107,099
|
456,846
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,140,373
|
536,053
|
|||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest paid
|
$
|
2,552
|
8,258
|
|||||
Income taxes paid
|
4,661
|
626
|
||||||
Other non cash items:
|
||||||||
Transfer of loans to other real estate owned
|
-
|
434
|
||||||
Increase in dividends payable
|
-
|
223
|
||||||
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes
|
(6,018
|
)
|
9,577
|
|||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale
|
1,557
|
(2,487
|
)
|
|||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans
|
(280
|
)
|
(215
|
)
|
||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans
|
73
|
56
|
(in thousands, except per share data)
|
For the three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
Net income
|
$
|
14,083
|
$
|
13,313
|
||||
Weighted average common shares
|
96,435
|
96,727
|
||||||
Stock Options
|
31
|
22
|
||||||
Weighted average common shares including potential dilutive shares
|
96,466
|
96,749
|
||||||
Basic EPS
|
$
|
0.146
|
$
|
0.138
|
||||
Diluted EPS
|
$
|
0.146
|
$
|
0.138
|
Three months ended March 31,
|
||||||||||||||||
|
Pension Benefits
|
Other Postretirement Benefits
|
||||||||||||||
(dollars in thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Service cost
|
$
|
11
|
12
|
22
|
19
|
|||||||||||
Interest cost
|
216
|
266
|
44
|
54
|
||||||||||||
Expected return on plan assets
|
(761
|
)
|
(819
|
)
|
(327
|
)
|
(296
|
)
|
||||||||
Amortization of net gain
|
-
|
-
|
(228
|
)
|
(166
|
)
|
||||||||||
Amortization of prior service credit
|
-
|
-
|
(52
|
)
|
(49
|
)
|
||||||||||
Net periodic benefit
|
$
|
(534
|
)
|
(541
|
)
|
(541
|
)
|
(438
|
)
|
|
March 31, 2021
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
74,970
|
-
|
505
|
74,465
|
|||||||||||
State and political subdivisions
|
48
|
-
|
-
|
48
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
344,892
|
5,953
|
2,528
|
348,317
|
||||||||||||
Corporate bonds
|
64,562
|
661
|
384
|
64,839
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
38,737
|
495
|
-
|
39,232
|
||||||||||||
Other
|
685
|
1
|
-
|
686
|
||||||||||||
Total Securities Available for Sale
|
$
|
523,894
|
7,110
|
3,417
|
527,587
|
|
December 31, 2020
|
|||||||||||||||
(dollars in thousands)
|
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)
|
Amortized
Cost
|
Fair
Value
|
||||||
Due in one year or less
|
$
|
14,219
|
14,390
|
|||||
Due in one year through five years
|
121,037
|
120,669
|
||||||
Due after five years through ten years
|
5,009
|
4,979
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
344,892
|
348,317
|
||||||
Small Business Administration - guaranteed participation securities
|
38,737
|
39,232
|
||||||
$
|
523,894
|
527,587
|
|
March 31, 2021
|
|||||||||||||||||||||||
Less than
12 months
|
12 months
or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Gross
Unrealized
Loss
|
Fair
Value
|
Gross
Unrealized
Loss
|
Fair
Value
|
Gross
Unrealized
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
74,465
|
505
|
-
|
-
|
74,465
|
505
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
125,788
|
2,528
|
-
|
-
|
125,788
|
2,528
|
||||||||||||||||||
Corporate bonds
|
20,112
|
321
|
4,937
|
63
|
25,049
|
384
|
||||||||||||||||||
Total
|
$
|
220,365
|
3,354
|
4,937
|
63
|
225,302
|
3,417
|
|
December 31, 2020
|
|||||||||||||||||||||||
Less than
12 months
|
12 months
or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Gross
Unrealized
Loss
|
Fair
Value
|
Gross
Unrealized
Loss
|
Fair
Value
|
Gross
Unrealized
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
19,968
|
32
|
-
|
-
|
19,968
|
32
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
19,471
|
23
|
-
|
-
|
19,471
|
23
|
||||||||||||||||||
Corporate bonds
|
14,901
|
99
|
4,937
|
63
|
19,838
|
162
|
||||||||||||||||||
Total
|
$
|
54,340
|
154
|
4,937
|
63
|
59,277
|
217
|
|
Three months ended March 31,
|
|||||||
(dollars in thousands)
|
2021
|
2020
|
||||||
Proceeds from sales
|
$
|
-
|
$
|
29,219
|
||||
Proceeds from calls/paydowns
|
36,820
|
69,144
|
||||||
Proceeds from maturities
|
55
|
5,000
|
||||||
Gross realized gains
|
-
|
1,155
|
||||||
Gross realized losses
|
-
|
-
|
|
March 31, 2021
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrecognized
Gains
|
Gross
Unrecognized
Losses
|
Fair
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
12,729
|
1,162
|
-
|
13,891
|
|||||||||||
Total held to maturity
|
$
|
12,729
|
1,162
|
-
|
13,891
|
|
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
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
12,729
|
13,891
|
|||||
$
|
12,729
|
13,891
|
|
March 31, 2021
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
146,994
|
17,989
|
164,983
|
||||||||
Other
|
51,673
|
365
|
52,038
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,615,578
|
1,122,469
|
3,738,047
|
|||||||||
Home equity loans
|
55,469
|
14,321
|
69,790
|
|||||||||
Home equity lines of credit
|
185,237
|
50,407
|
235,644
|
|||||||||
Installment
|
7,072
|
1,598
|
8,670
|
|||||||||
Total loans, net
|
$
|
3,062,023
|
1,207,149
|
4,269,172
|
||||||||
Less: Allowance for loan losses
|
49,991
|
|||||||||||
Net loans
|
$
|
4,219,181
|
|
December 31, 2020
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
148,775
|
18,666
|
167,441
|
||||||||
Other
|
44,932
|
119
|
45,051
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,606,781
|
1,098,915
|
3,705,696
|
|||||||||
Home equity loans
|
59,400
|
15,071
|
74,471
|
|||||||||
Home equity lines of credit
|
193,654
|
48,540
|
242,194
|
|||||||||
Installment
|
7,810
|
1,807
|
9,617
|
|||||||||
Total loans, net
|
$
|
3,061,352
|
1,183,118
|
4,244,470
|
||||||||
Less: Allowance for loan losses
|
49,595
|
|||||||||||
Net loans
|
$
|
4,194,875
|
|
March 31, 2021
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
45
|
-
|
45
|
||||||||
Other
|
80
|
-
|
80
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
16,645
|
1,451
|
18,096
|
|||||||||
Home equity loans
|
78
|
46
|
124
|
|||||||||
Home equity lines of credit
|
3,103
|
129
|
3,232
|
|||||||||
Installment
|
32
|
-
|
32
|
|||||||||
Total non-accrual loans
|
19,983
|
1,626
|
21,609
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
22
|
-
|
22
|
|||||||||
Total nonperforming loans
|
$
|
20,005
|
1,626
|
21,631
|
|
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
|
|
March 31, 2021
|
|||||||||||||||||||||||
New York and other states*:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
324
|
-
|
-
|
324
|
146,670
|
146,994
|
|||||||||||||||||
Other
|
-
|
-
|
80
|
80
|
51,593
|
51,673
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
1,439
|
281
|
11,133
|
12,853
|
2,602,725
|
2,615,578
|
||||||||||||||||||
Home equity loans
|
147
|
-
|
50
|
197
|
55,272
|
55,469
|
||||||||||||||||||
Home equity lines of credit
|
413
|
140
|
1,484
|
2,037
|
183,200
|
185,237
|
||||||||||||||||||
Installment
|
6
|
-
|
-
|
6
|
7,066
|
7,072
|
||||||||||||||||||
Total
|
$
|
2,329
|
421
|
12,747
|
15,497
|
3,046,526
|
3,062,023
|
Florida:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
17,989
|
17,989
|
|||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
365
|
365
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
1,052
|
163
|
914
|
2,129
|
1,120,340
|
1,122,469
|
||||||||||||||||||
Home equity loans
|
-
|
1
|
46
|
47
|
14,274
|
14,321
|
||||||||||||||||||
Home equity lines of credit
|
-
|
221
|
-
|
221
|
50,186
|
50,407
|
||||||||||||||||||
Installment
|
19
|
-
|
-
|
19
|
1,579
|
1,598
|
||||||||||||||||||
Total
|
$
|
1,071
|
385
|
960
|
2,416
|
1,204,733
|
1,207,149
|
Total:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
324
|
-
|
-
|
324
|
164,659
|
164,983
|
|||||||||||||||||
Other
|
-
|
-
|
80
|
80
|
51,958
|
52,038
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
2,491
|
444
|
12,047
|
14,982
|
3,723,065
|
3,738,047
|
||||||||||||||||||
Home equity loans
|
147
|
1
|
96
|
244
|
69,546
|
69,790
|
||||||||||||||||||
Home equity lines of credit
|
413
|
361
|
1,484
|
2,258
|
233,386
|
235,644
|
||||||||||||||||||
Installment
|
25
|
-
|
-
|
25
|
8,645
|
8,670
|
||||||||||||||||||
Total
|
$
|
3,400
|
806
|
13,707
|
17,913
|
4,251,259
|
4,269,172
|
|
December 31, 2020
|
|||||||||||||||||||||||
New York and other states*:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
125
|
77
|
279
|
481
|
148,294
|
148,775
|
|||||||||||||||||
Other
|
-
|
-
|
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:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
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:
|
||||||||||||||||||||||||
(dollars in thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 +
Days
Past Due
|
Total
30+ days
Past Due
|
Current
|
Total
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
125
|
77
|
279
|
481
|
166,960
|
167,441
|
|||||||||||||||||
Other
|
-
|
-
|
80
|
80
|
44,971
|
45,051
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
1,585
|
1,499
|
11,582
|
14,666
|
3,691,030
|
3,705,696
|
||||||||||||||||||
Home equity loans
|
120
|
1
|
95
|
216
|
74,255
|
74,471
|
||||||||||||||||||
Home equity lines of credit
|
401
|
344
|
1,273
|
2,018
|
240,176
|
242,194
|
||||||||||||||||||
Installment
|
10
|
10
|
43
|
63
|
9,554
|
9,617
|
||||||||||||||||||
Total
|
$
|
2,241
|
1,931
|
13,352
|
17,524
|
4,226,946
|
4,244,470
|
|
For the three months ended March 31, 2021
|
|||||||||||||||
(dollars in thousands)
|
Commercial
|
Real Estate
Mortgage-
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
Balance at beginning of period
|
$
|
4,140
|
44,950
|
505
|
49,595
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
-
|
86
|
7
|
93
|
||||||||||||
Florida
|
-
|
-
|
2
|
2
|
||||||||||||
Total loan chargeoffs
|
-
|
86
|
9
|
95
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
32
|
88
|
21
|
141
|
||||||||||||
Florida
|
-
|
-
|
-
|
-
|
||||||||||||
Total recoveries
|
32
|
88
|
21
|
141
|
||||||||||||
Net loans (recoveries) charged off
|
(32
|
)
|
(2
|
)
|
(12
|
)
|
(46
|
)
|
||||||||
(Credit) provision for loan losses
|
(120
|
)
|
555
|
(85
|
)
|
350
|
||||||||||
Balance at end of period
|
$
|
4,052
|
45,507
|
432
|
49,991
|
|
For the three months ended March 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*
|
3
|
191
|
7
|
201
|
||||||||||||
Florida
|
-
|
-
|
19
|
19
|
||||||||||||
Total loan chargeoffs
|
3
|
191
|
26
|
220
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
2
|
51
|
3
|
56
|
||||||||||||
Florida
|
-
|
2
|
-
|
2
|
||||||||||||
Total recoveries
|
2
|
53
|
3
|
58
|
||||||||||||
Net loans (recoveries) charged off
|
1
|
138
|
23
|
162
|
||||||||||||
(Credit) provision for loan losses
|
(38
|
)
|
2,033
|
5
|
2,000
|
|||||||||||
Balance at end of period
|
$
|
3,960
|
41,643
|
552
|
46,155
|
|
March 31, 2021
|
|||||||||||||||
(dollars in thousands)
|
Commercial
Loans
|
1-to-4 Family
Residential
Real Estate
|
Installment
Loans
|
Total
|
||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
4,052
|
45,507
|
432
|
49,991
|
||||||||||||
Total ending allowance balance
|
$
|
4,052
|
45,507
|
432
|
49,991
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
699
|
19,646
|
-
|
20,345
|
|||||||||||
Collectively evaluated for impairment
|
216,322
|
4,023,835
|
8,670
|
4,248,827
|
||||||||||||
Total ending loans balance
|
$
|
217,021
|
4,043,481
|
8,670
|
4,269,172
|
|
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
|
|
March 31, 2021
|
|||||||||||||||
New York and other states*:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
523
|
616
|
-
|
1,152
|
|||||||||||
Other
|
80
|
80
|
-
|
106
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
14,425
|
14,812
|
-
|
14,059
|
||||||||||||
Home equity loans
|
214
|
214
|
-
|
235
|
||||||||||||
Home equity lines of credit
|
2,005
|
2,145
|
-
|
2,260
|
||||||||||||
Total
|
$
|
17,247
|
17,867
|
-
|
17,812
|
Florida:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
96
|
96
|
-
|
106
|
|||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
2,758
|
2,758
|
-
|
2,547
|
||||||||||||
Home equity loans
|
-
|
-
|
-
|
17
|
||||||||||||
Home equity lines of credit
|
244
|
244
|
-
|
246
|
||||||||||||
Total
|
$
|
3,098
|
3,098
|
-
|
2,916
|
Total:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
619
|
712
|
-
|
1,258
|
|||||||||||
Other
|
80
|
80
|
-
|
106
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
17,183
|
17,570
|
-
|
16,606
|
||||||||||||
Home equity loans
|
214
|
214
|
-
|
252
|
||||||||||||
Home equity lines of credit
|
2,249
|
2,389
|
-
|
2,506
|
||||||||||||
Total
|
$
|
20,345
|
20,965
|
-
|
20,728
|
|
December 31, 2020
|
|||||||||||||||
New York and other states*:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
819
|
943
|
-
|
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
|
Average
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
|
Average
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
|
|
Three months ended March 31, 2021
|
Three months ended March 31, 2020
|
||||||||||||||||||||||
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
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
-
|
||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
-
|
-
|
-
|
1
|
167
|
167
|
||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
1
|
70
|
70
|
||||||||||||||||||
Total
|
-
|
$
|
-
|
-
|
2
|
$
|
237
|
237
|
Florida:
|
||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
-
|
||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
-
|
|
March 31, 2021
|
|||||||||||
New York and other states*:
|
||||||||||||
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
144,433
|
2,561
|
146,994
|
||||||||
Other
|
51,444
|
229
|
51,673
|
|||||||||
$
|
195,877
|
2,790
|
198,667
|
Florida:
|
||||||||||||
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
17,419
|
570
|
17,989
|
||||||||
Other
|
365
|
-
|
365
|
|||||||||
$
|
17,784
|
570
|
18,354
|
Total:
|
||||||||||||
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
161,852
|
3,131
|
164,983
|
||||||||
Other
|
51,809
|
229
|
52,038
|
|||||||||
$
|
213,661
|
3,360
|
217,021
|
|
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
|
|
Fair Value Measurements at
|
|||||||||||||||
March 31, 2021 Using:
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
74,465
|
$
|
-
|
$
|
74,465
|
$
|
-
|
||||||||
State and political subdivisions
|
48
|
-
|
48
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
348,317
|
-
|
348,317
|
-
|
||||||||||||
Corporate bonds
|
64,839
|
-
|
64,839
|
-
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
39,232
|
-
|
39,232
|
-
|
||||||||||||
Other securities
|
686
|
-
|
686
|
-
|
||||||||||||
Total securities available for sale
|
$
|
527,587
|
$
|
-
|
$
|
527,587
|
$
|
-
|
|
Fair Value Measurements at
|
|||||||||||||||
December 31, 2020 Using:
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
19,968
|
$
|
-
|
$
|
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 securities
|
686
|
-
|
686
|
-
|
||||||||||||
Total securities available for sale
|
$
|
439,071
|
$
|
-
|
$
|
439,071
|
$
|
-
|
|
Fair Value Measurements at
|
|
|
|||||||||||||||||||
|
March 31, 2021 Using:
|
|
|
|||||||||||||||||||
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Valuation
technique
|
Unobservable
inputs
|
Range (Weighted Average)
|
|||||||||||||||
|
|
|
||||||||||||||||||||
Other real estate owned
|
$
|
420
|
$
|
-
|
$
|
-
|
$
|
420
|
Sales comparison approach
|
Adjustments for differences between comparable sales
|
1% - 7% (2
|
%)
|
||||||||||
Impaired loans:
|
||||||||||||||||||||||
Real estate mortgage -1 to 4 family
|
-
|
-
|
-
|
-
|
Sales comparison
|
Adjustments for differences between comparable sales
|
N/A
|
|
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
|
Adjustments for differences between comparable sales
|
11% - 12% (12
|
%)
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
March 31, 2021 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
1,140,373
|
1,140,373
|
-
|
-
|
1,140,373
|
||||||||||||||
Securities available for sale
|
527,587
|
-
|
527,587
|
-
|
527,587
|
|||||||||||||||
Held to maturity securities
|
12,729
|
-
|
13,891
|
-
|
13,891
|
|||||||||||||||
Federal Home Loan Bank stock
|
5,506
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
4,219,181
|
-
|
-
|
4,301,999
|
4,301,999
|
|||||||||||||||
Accrued interest receivable
|
9,639
|
21
|
1,368
|
8,250
|
9,639
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
718,343
|
718,343
|
-
|
-
|
718,343
|
|||||||||||||||
Interest bearing deposits
|
4,454,579
|
3,223,316
|
1,232,604
|
-
|
4,455,920
|
|||||||||||||||
Short-term borrowings
|
229,950
|
-
|
229,950
|
-
|
229,950
|
|||||||||||||||
Accrued interest payable
|
310
|
45
|
265
|
-
|
310
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
December 31, 2020 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
1,107,099
|
1,107,099
|
-
|
-
|
1,107,099
|
||||||||||||||
Securities available for sale
|
439,071
|
-
|
439,071
|
-
|
439,071
|
|||||||||||||||
Held to maturity securities
|
13,824
|
-
|
14,988
|
-
|
14,988
|
|||||||||||||||
Federal Reserve Bank and Federal
|
||||||||||||||||||||
Home Loan Bank stock
|
5,506
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
4,194,875
|
-
|
-
|
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
|
|
Three months ended 3/31/2021
|
|||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2020
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
Three months ended
3/31/2021
|
Balance at
3/31/2021
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
7,186
|
(4,461
|
)
|
-
|
(4,461
|
)
|
2,725
|
||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
6,084
|
-
|
-
|
-
|
6,084
|
|||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax
|
(1,334
|
)
|
-
|
(207
|
)
|
(207
|
)
|
(1,541
|
)
|
|||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
11,936
|
(4,461
|
)
|
(207
|
)
|
(4,668
|
)
|
7,268
|
|
Three months ended 3/31/2020
|
|||||||||||||||||||
(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)-
Three months ended
3/31/2020
|
Balance at
3/31/2020
|
|||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax
|
$
|
286
|
7,945
|
(855
|
)
|
7,090
|
7,376
|
|||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
4,840
|
-
|
-
|
-
|
4,840
|
|||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax
|
(665
|
)
|
-
|
(159
|
)
|
(159
|
)
|
(824
|
)
|
|||||||||||
Accumulated other comprehensive income (loss), net of tax
|
$
|
4,461
|
7,945
|
(1,014
|
)
|
6,931
|
11,392
|
|
Three months ended
March 31,
|
||||||||
2021
|
2020
|
Affected Line Item in Financial Statements
|
|||||||
Net unrealized holding gain on securities available for sale
|
|||||||||
Realized gain on securities transactions
|
$
|
-
|
1,155
|
Net gain on securities transactions
|
|||||
Income tax effect
|
-
|
(300
|
)
|
Income taxes
|
|||||
Net of tax
|
-
|
855
|
|||||||
Amortization of pension and postretirement benefit items:
|
|||||||||
Amortization of net actuarial gain
|
$
|
228
|
166
|
Salaries and employee benefits
|
|||||
Amortization of prior service credit
|
52
|
49
|
Salaries and employee benefits
|
||||||
Income tax benefit
|
(73
|
)
|
(56
|
)
|
Income taxes
|
||||
Net of tax
|
207
|
159
|
|||||||
Total reclassifications, net of tax
|
$
|
207
|
159
|
(dollars in thousands)
|
Three months ended
|
|||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Non-interest income
|
||||||||
Service Charges on Deposits
|
||||||||
Overdraft fees
|
$
|
617
|
$
|
873
|
||||
Other
|
469
|
429
|
||||||
Interchange Income
|
1,153
|
946
|
||||||
Net gain on securities transactions (a)
|
-
|
1,155
|
||||||
Wealth management fees
|
2,035
|
1,600
|
||||||
Other (a)
|
154
|
331
|
||||||
Total non-interest income
|
$
|
4,428
|
$
|
5,334
|
(dollars in thousands)
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
Operating lease cost
|
$
|
2,016
|
$
|
1,995
|
||||
Variable lease cost
|
502
|
480
|
||||||
Total Lease costs
|
$
|
2,518
|
$
|
2,475
|
(dollars in thousands)
|
Three months ended
March 31,
|
|||||||
2021
|
2020
|
|||||||
Supplemental cash flows information:
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
2,038
|
$
|
1,995
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
302
|
-
|
||||||
Weighted average remaining lease term
|
8.9 years
|
9.2 years
|
||||||
Weighted average discount rate
|
3.16
|
%
|
3.25
|
%
|
(Bank Only)
|
||||||||||||||||
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
|||||||||||||||
|
As of March 31, 2021
|
Well
|
||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
$
|
546,391
|
9.235
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
546,391
|
18.654
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
546,391
|
18.654
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
283,171
|
19.910
|
10.000
|
10.500
|
|
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
|
(Consolidated)
|
||||||||||||
As of March 31, 2021
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
|||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
563,210
|
9.515
|
%
|
4.000
|
%
|
||||||
Common equity tier 1 capital
|
563,210
|
19.223
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
563,210
|
19.223
|
8.500
|
|||||||||
Total risk-based capital
|
599,999
|
20.479
|
10.500
|
|
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
|
(1) |
Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized
|
(2) |
The March 31, 2021 and December 31, 2020 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent
|
|
|
Crowe LLP
Independent Member Crowe Global
|
/s/ Crowe LLP
|
|
New York, New York
|
|
May 7, 2021
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
• |
The current COVID-19 pandemic, the effects of which could, and in some instances has, caused us to experience a decline in the demand for products and services; an increase in loan delinquencies; problem assets and foreclosures; a decline in collateral value; a work stoppage, forced quarantine, or other interruption or the unavailability of key employees; an increase in the allowance for loan losses; a reduction in wealth management revenues; an increase in Federal Deposit Insurance Corporation premiums; a reduction in the value of the securities portfolio; or a decline in the net worth and liquidity of loan guarantors;
|
• |
TrustCo’s ability to continue to originate a significant volume of one- to- four family mortgage loans in its market areas and to otherwise maintain or increase its market share in the areas in which it operates;
|
• |
TrustCo’s ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income;
|
• |
TrustCo’s ability to make accurate assumptions and judgments regarding the credit risks associated with its lending and investing activities, including changes in the level and direction of loan delinquencies and charge-offs, changes in property values, and changes in estimates of the adequacy of the allowance for loan and lease losses;
|
• |
the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations;
|
• |
restrictions or conditions imposed by TrustCo’s and Trustco Bank’s regulators on their operations that may make it more difficult to achieve TrustCo’s and Trustco Bank’s goals;
|
• |
the future earnings and capital levels of TrustCo and Trustco Bank and the continued non objection from TrustCo’s and Trustco Bank’s primary federal banking regulators under regulatory rules to distribute capital from Trustco Bank to TrustCo, which could affect the ability of TrustCo to pay dividends;
|
• |
the results of supervisory monitoring or examinations of Trustco Bank and the Company by their respective primary federal banking regulators, including the possibility that the regulators may, among other things, require us to increase our loss allowances or to take other actions that reduce capital or income;
|
• |
adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio;
|
• |
the perceived overall value of TrustCo’s products and services by users, including the features, pricing and quality, compared to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for TrustCo’s products and services;
|
• |
changes in consumer spending, borrowing and savings habits;
|
• |
the effect of changes in financial services laws and regulations (including laws concerning taxation, banking and securities) and the impact of other governmental initiatives affecting the financial services industry, including regulatory capital requirements;
|
• |
changes in management personnel;
|
• |
real estate and collateral values;
|
• |
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies Financial Accounting Standards Board or the Public Company Accounting Oversight Board;
|
• |
disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;
|
• |
technological changes and electronic, cyber and physical security breaches;
|
• |
changes in local market areas and general business and economic trends;
|
• |
TrustCo’s success at managing the risks involved in the foregoing and managing its business; and
|
• |
other risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2020.
|
• |
The establishment of the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, and the Primary Dealer Credit Facility;
|
• |
The expansion of central bank liquidity swap lines;
|
• |
Steps to enhance the availability and ease terms for borrowing at the discount window;
|
• |
The elimination of reserve requirements;
|
• |
Guidance encouraging banks to be flexible with customers experiencing financial challenges related to the coronavirus and to utilize their liquidity and capital buffers in doing so;
|
• |
expand access to its Paycheck Protection Program Liquidity Facility (PPPLF) for additional SBA-qualified lenders;
|
• |
Statements encouraging the use of daylight credit at the Federal Reserve.
|
|
3 Month
|
2 Year
|
5 Year
|
10 Year
|
10 - 2 Year
|
||
Yield (%)
|
Yield (%)
|
Yield (%)
|
Yield (%)
|
Spread (%)
|
|||
Q1/20
|
Beg of Q1
|
1.55
|
1.58
|
1.69
|
1.92
|
0.34
|
|
Peak
|
1.59
|
1.58
|
1.67
|
1.88
|
0.68
|
||
Trough
|
0.00
|
0.23
|
0.37
|
0.54
|
0.12
|
||
End of Q1
|
0.11
|
0.23
|
0.37
|
0.70
|
0.47
|
||
Average in Q1
|
1.10
|
1.08
|
1.14
|
1.37
|
0.28
|
||
Q2/20
|
Beg of Q2
|
0.11
|
0.23
|
0.37
|
0.70
|
0.47
|
|
Peak
|
0.26
|
0.28
|
0.48
|
0.91
|
0.69
|
||
Trough
|
0.09
|
0.13
|
0.28
|
0.58
|
0.38
|
||
End of Q2
|
0.16
|
0.16
|
0.29
|
0.66
|
0.50
|
||
Average in Q2
|
0.14
|
0.19
|
0.36
|
0.69
|
0.49
|
||
Q3/20
|
Beg of Q3
|
0.16
|
0.16
|
0.29
|
0.66
|
0.50
|
|
Peak
|
0.16
|
0.17
|
0.32
|
0.74
|
0.60
|
||
Trough
|
0.09
|
0.11
|
0.19
|
0.52
|
0.41
|
||
End of Q3
|
0.10
|
0.13
|
0.28
|
0.69
|
0.56
|
||
Average in Q3
|
0.14
|
0.14
|
0.27
|
0.65
|
0.51
|
||
Q4/20
|
Beg of Q4
|
0.10
|
0.13
|
0.28
|
0.69
|
0.56
|
|
Peak
|
0.12
|
0.19
|
0.46
|
0.98
|
0.83
|
||
Trough
|
0.07
|
0.11
|
0.27
|
0.68
|
0.54
|
||
End of Q4
|
0.09
|
0.13
|
0.36
|
0.93
|
0.80
|
||
Average in Q4
|
0.09
|
0.15
|
0.37
|
0.86
|
0.71
|
||
Q1/21
|
Beg of Q1
|
0.09
|
0.13
|
0.36
|
0.93
|
0.80
|
|
Peak
|
0.09
|
0.17
|
0.92
|
1.74
|
1.59
|
||
Trough
|
0.01
|
0.09
|
0.36
|
0.93
|
0.82
|
||
End of Q1
|
0.03
|
0.16
|
0.92
|
1.74
|
1.58
|
||
Average in Q1
|
0.05
|
0.13
|
0.62
|
1.34
|
1.20
|
• |
A decrease in the cost of interest bearing liabilities of $5.7 million, partially offset by a decrease in income from interest earning assets of $4.1 million, resulted in an increase in taxable equivalent net interest income in the first quarter of 2021 compared to the first quarter of 2020 of $1.6 million.
|
• |
A decrease of $1.7 million in provision for loan losses for the first quarter of 2021 compared to the first quarter 2020.
|
• |
A decrease of $906 thousand in noninterest income for the first quarter of 2021 compared to the first quarter of 2020, primarily driven by a $1.2 million gain on securities transactions in the prior period.
|
• |
An increase of $1.1 million in noninterest expense for the first quarter 2021 compared to the first quarter 2020.
|
• |
The average balance of Federal Funds sold and other short-term investments increased by $617.5 million while the average yield decreased 113 basis points in the first quarter of 2021 compared to the same period in 2020.
|
• |
The average balance of securities available for sale decreased by $57.8 million while the average yield decreased 76 basis points to 1.50%. The average balance of held to maturity securities decreased by $4.9 million and the average yield decreased 16 basis points to 3.70% for the first quarter of 2021 compared to the same period in 2020.
|
• |
The average loan portfolio grew by $173.3 million to $4.25 billion and the average yield decreased 33 basis points to 3.80% in the first quarter of 2021 compared to the same period in 2020.
|
• |
The average balance of interest bearing liabilities (primarily deposit accounts) increased $485.5 million and the average rate paid decreased 58 basis points to 0.21% in the first quarter of 2021 compared to the same period in 2020.
|
(dollars in thousands)
|
||||
Under 1 year
|
$
|
1,060,965
|
||
1 to 2 years
|
156,531
|
|||
2 to 3 years
|
9,873
|
|||
3 to 4 years
|
2,852
|
|||
4 to 5 years
|
842
|
|||
Over 5 years
|
200
|
|||
$
|
1,231,263
|
(dollars in thousands)
|
March 31, 2021
|
December 31, 2020
|
||||||||||||||
Amount
|
Percent of
Loans to
Total Loans
|
Amount
|
Percent of
Loans to
Total Loans
|
|||||||||||||
Commercial
|
$
|
3,886
|
4.75
|
%
|
$
|
3,975
|
4.67
|
%
|
||||||||
Real estate - construction
|
338
|
0.67
|
%
|
290
|
0.58
|
%
|
||||||||||
Real estate mortgage - 1 to 4 family
|
41,892
|
88.86
|
%
|
41,228
|
88.81
|
%
|
||||||||||
Home equity lines of credit
|
3,443
|
5.52
|
%
|
3,597
|
5.71
|
%
|
||||||||||
Installment Loans
|
432
|
0.20
|
%
|
505
|
0.23
|
%
|
||||||||||
$
|
49,991
|
100.00
|
%
|
$
|
49,595
|
100.00
|
%
|
• |
The magnitude and nature of recent loan chargeoffs and recoveries;
|
• |
The growth in the loan portfolio and the implication that it has in relation to the economic climate in the Bank’s market territories;
|
• |
The economic environment in the Upstate New York and Florida territories over the last several years, as well as in the Company’s other market areas, and;
|
• |
The economic environment as a result of the global pandemic.
|
As of March 31, 2021
|
Estimated Percentage of
Fair value of Capital to
Fair value of Assets
|
|||
+400 BP
|
21.60
|
%
|
||
+300 BP
|
21.70
|
|||
+200 BP
|
21.60
|
|||
+100 BP
|
22.00
|
|||
Current rates
|
21.40
|
|||
-100 BP
|
18.40
|
(Bank Only)
|
Minimum for
Capital Adequacy plus
|
|||||||||||||||
As of March 31, 2021
|
Well
|
Capital Conservation
|
||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
Tier 1 leverage ratio
|
$
|
546,391
|
9.235
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
546,391
|
18.654
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
546,391
|
18.654
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
283,171
|
19.910
|
10.000
|
10.500
|
|
Minimum for
Capital Adequacy plus
|
|||||||||||||||
As of December 31, 2020
|
Well
|
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
|
|
Minimum for
Capital Adequacy plus
|
|||||||||||
As of March 31, 2021
|
Capital Conservation
|
|||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
Tier 1 leverage ratio
|
$
|
563,210
|
9.515
|
%
|
4.000
|
%
|
||||||
Common equity tier 1 capital
|
563,210
|
19.223
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
563,210
|
19.223
|
8.500
|
|||||||||
Total risk-based capital
|
599,999
|
20.479
|
10.500
|
|
Minimum for
Capital Adequacy plus
|
|||||||||||
As of December 31, 2020
|
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
|
(1) |
Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized
|
(2) |
The March 31, 2021 and December 31, 2020 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent
|
(dollars in thousands)
|
Three months ended
March 31, 2021
|
Three months ended
March 31, 2020
|
||||||||||||||||||||||||||||||||||
Assets
|
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
Change in
Interest
Income/
Expense
|
Variance
Balance
Change
|
Variance
Rate
Change
|
|||||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
51,649
|
$
|
50
|
0.38
|
%
|
$
|
92,369
|
$
|
421
|
1.82
|
%
|
$
|
(371
|
)
|
(133
|
)
|
(238
|
)
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
327,614
|
1,237
|
1.51
|
%
|
371,768
|
2,113
|
2.27
|
%
|
(876
|
)
|
(229
|
)
|
(647
|
)
|
||||||||||||||||||||||
State and political subdivisions
|
50
|
1
|
6.47
|
%
|
114
|
2
|
7.59
|
%
|
(1
|
)
|
(1
|
)
|
-
|
|||||||||||||||||||||||
Corporate bonds
|
63,334
|
316
|
1.99
|
%
|
28,332
|
238
|
3.36
|
%
|
78
|
641
|
(563
|
)
|
||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
39,582
|
206
|
2.09
|
%
|
47,418
|
245
|
2.06
|
%
|
(39
|
)
|
(56
|
)
|
17
|
|||||||||||||||||||||||
Other
|
686
|
6
|
3.50
|
%
|
685
|
6
|
3.50
|
%
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Total securities available for sale
|
482,915
|
1,816
|
1.50
|
%
|
540,686
|
3,025
|
2.26
|
%
|
(1,209
|
)
|
222
|
(1,431
|
)
|
|||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
1,029,570
|
270
|
0.11
|
%
|
412,076
|
1,267
|
1.24
|
%
|
(997
|
)
|
5,166
|
(6,163
|
)
|
|||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
13,273
|
123
|
3.70
|
%
|
18,144
|
175
|
3.86
|
%
|
(52
|
)
|
(45
|
)
|
(7
|
)
|
||||||||||||||||||||||
Total held to maturity securities
|
13,273
|
123
|
3.70
|
%
|
18,144
|
175
|
3.86
|
%
|
(52
|
)
|
(45
|
)
|
(7
|
)
|
||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,506
|
69
|
5.01
|
%
|
9,183
|
82
|
3.57
|
%
|
(13
|
)
|
(138
|
)
|
125
|
|||||||||||||||||||||||
Commercial loans
|
212,781
|
2,945
|
5.54
|
%
|
198,047
|
2,542
|
5.13
|
%
|
403
|
196
|
207
|
|||||||||||||||||||||||||
Residential mortgage loans
|
3,789,256
|
34,852
|
3.69
|
%
|
3,601,728
|
36,461
|
4.05
|
%
|
(1,609
|
)
|
9,054
|
(10,663
|
)
|
|||||||||||||||||||||||
Home equity lines of credit
|
238,379
|
2,259
|
3.84
|
%
|
265,461
|
2,868
|
4.35
|
%
|
(609
|
)
|
(285
|
)
|
(324
|
)
|
||||||||||||||||||||||
Installment loans
|
8,795
|
161
|
7.41
|
%
|
10,717
|
192
|
7.20
|
%
|
(31
|
)
|
(65
|
)
|
34
|
|||||||||||||||||||||||
Loans, net of unearned income
|
4,249,211
|
40,217
|
3.80
|
%
|
4,075,953
|
42,063
|
4.13
|
%
|
(1,846
|
)
|
8,900
|
(10,746
|
)
|
|||||||||||||||||||||||
Total interest earning assets
|
5,780,475
|
42,495
|
2.95
|
%
|
5,056,042
|
46,612
|
3.69
|
%
|
(4,117
|
)
|
14,105
|
(18,222
|
)
|
|||||||||||||||||||||||
Allowance for loan losses
|
(49,945
|
)
|
(44,520
|
)
|
||||||||||||||||||||||||||||||||
Cash & non-interest earning assets
|
199,769
|
193,619
|
||||||||||||||||||||||||||||||||||
Total assets
|
$
|
5,930,299
|
5,205,141
|
|||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,084,572
|
52
|
0.02
|
%
|
$
|
871,153
|
$
|
16
|
0.01
|
%
|
36
|
6
|
30
|
||||||||||||||||||||||
Money market accounts
|
725,570
|
283
|
0.16
|
%
|
614,201
|
1,096
|
0.72
|
%
|
(813
|
)
|
1,144
|
(1,957
|
)
|
|||||||||||||||||||||||
Savings
|
1,315,049
|
159
|
0.05
|
%
|
1,116,558
|
233
|
0.08
|
%
|
(74
|
)
|
212
|
(286
|
)
|
|||||||||||||||||||||||
Time deposits
|
1,261,963
|
1,666
|
0.54
|
%
|
1,369,914
|
6,391
|
1.88
|
%
|
(4,725
|
)
|
(469
|
)
|
(4,256
|
)
|
||||||||||||||||||||||
Total interest bearing deposits
|
4,387,154
|
2,160
|
0.20
|
%
|
3,971,826
|
7,736
|
0.78
|
%
|
(5,576
|
)
|
893
|
(6,469
|
)
|
|||||||||||||||||||||||
Short-term borrowings
|
223,807
|
228
|
0.41
|
%
|
153,668
|
322
|
0.84
|
%
|
(94
|
)
|
580
|
(674
|
)
|
|||||||||||||||||||||||
Total interest bearing liabilities
|
4,610,961
|
2,388
|
0.21
|
%
|
4,125,494
|
8,058
|
0.79
|
%
|
(5,670
|
)
|
1,473
|
(7,143
|
)
|
|||||||||||||||||||||||
Demand deposits
|
673,428
|
458,476
|
||||||||||||||||||||||||||||||||||
Other liabilities
|
75,143
|
79,003
|
||||||||||||||||||||||||||||||||||
Shareholders' equity
|
570,767
|
542,168
|
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
5,930,299
|
$
|
5,205,141
|
||||||||||||||||||||||||||||||||
Net interest income , tax equivalent
|
40,107
|
38,554
|
$
|
1,553
|
12,632
|
(11,079
|
)
|
|||||||||||||||||||||||||||||
Net interest spread
|
2.74
|
%
|
2.91
|
%
|
||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
2.78
|
%
|
3.05
|
%
|
||||||||||||||||||||||||||||||||
Tax equivalent adjustment
|
-
|
(1
|
)
|
|||||||||||||||||||||||||||||||||
Net interest income
|
40,107
|
38,553
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4. |
Controls and Procedures
|
PART II |
OTHER INFORMATION
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Issuer Purchases of Common Shares
|
|||
Period
|
Total
Numbers
of shares
purchased
|
Average price paid per
share
|
Total number of
shares purchased as
part of publicly
announced plans or
programs
|
Maximum number of
shares that may yet
be purchased under
the plans or
programs (1)
|
January 1, 2021 through January 31, 2021
|
-
|
N/A
|
-
|
-
|
February 1, 2021 through February 28, 2021
|
-
|
N/A
|
-
|
-
|
March 1, 2021 through March 31, 2021
|
-
|
N/A
|
-
|
-
|
|
|
|
|
|
Total
|
-
|
N/A
|
-
|
-
|
(1) |
On February 18, 2021 the Company’s Board of Directors authorized another share repurchase program of up to 2,000,000 shares, or approximately 2% of its currently outstanding common stock. If TrustCo’s previous announced reverse stock split is consummated, the then remaining number of shares subject to the repurchase program would be proportionately adjusted. The Company did not make any repurchases under this authorization during the three months ended March 31, 2021.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
TrustCo Bank Corp NY
|
||||
By:
|
/s/ Robert J. McCormick
|
|||
Robert J. McCormick
|
||||
Chairman, President and Chief Executive Officer
|
||||
By:
|
/s/ Michael M. Ozimek
|
|||
Michael M. Ozimek
|
||||
Executive Vice President and Chief Financial Officer
|
||||
Date: May 7, 2021
|
1 Year TrustCo Bank Corporation... Chart |
1 Month TrustCo Bank Corporation... Chart |
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