TrustCo Bank Corp NY (TrustCo, NASDAQ:
TRST) today announced first quarter 2024 net income of
$12.1 million or $0.64 diluted earnings per share, compared to net
income of $17.7 million or $0.93 diluted earnings per share for the
first quarter 2023. Average loan growth increased 5.2% or $249.4
million for the first quarter 2024 over the same period in
2023.
Overview
Chairman, President, and CEO, Robert J. McCormick said “Trustco
Bank is known for its top-tier residential mortgage products and
our customers, both existing and new, drove residential loan
production up 3% compared to the first quarter of 2023. Commercial
loans also grew, besting last year’s first quarter by 13%, for an
increase in total loans of 4%. Non-interest income and capital
ratios are both up during the same period, and our team held the
line on deposit run-off generating modest growth there as well.
Non-performing loans are steady and charge-offs resulted in a net
recovery this quarter, consistent with our commitment to excellent
credit quality. All in all, we believe that we are well positioned
for the year ahead.”
Details
Average loans were up $249.4 million or 5.2% in
the first quarter 2024 over the same period in 2023. Average
residential loans, our primary lending focus, were up $146.6
million, or 3.5%, in the first quarter 2024 over the same period in
2023. Average commercial loans and home equity lines of credit also
increased $38.3 million, or 16.0%, and $61.7 million, or 21.2%,
respectively, in the first quarter 2024 over the same period in
2023. Average deposits were up $141.6 million or 2.74% for the
first quarter 2024 over the same period a year earlier. We believe
the increase in time deposits continues to reflect the desire of
customers to have additional funds in the safety and security
offered by TrustCo’s long history of conservative banking. As we
move forward, the objective is to encourage customers to retain
these additional funds in the expanded product offerings of the
Bank through aggressive marketing and product differentiation.
Net interest income was $36.6 million for the
first quarter 2024, a decrease of $2.0 million, or 5.3%, compared
to the prior quarter, driven by a higher cost of deposits,
partially offset by loan growth at higher interest rates. The net
interest margin for the first quarter 2024 was 2.44%, down 16 basis
points from 2.60% in the fourth quarter of 2023. The yield on
interest earnings assets increased to 3.99%, up 6 basis points from
3.93% in the fourth quarter of 2023. The cost of interest bearing
liabilities increased to 1.99% in the first quarter 2024 from 1.72%
in the fourth quarter 2023. The Bank has seen the erosion of margin
begin to slow when comparing the decrease to prior quarters and we
are optimistic that we are nearing the bottom of this rate cycle.
The Federal Reserve’s decision regarding whether to cut or hold
rates in the upcoming meetings will have an effect on our ability
to decrease deposit costs which should help margin in future
quarters. During the first quarter of 2024 we have been able to
lower the rates offered on our time deposits while continuing to
retain and grow that product. This should bring down the cost of
time deposits over time. Non-interest expense decreased $3.9
million over the prior quarter primarily as a result of lower
salaries and employee benefits costs in the current quarter and a
litigation settlement in the prior quarter.
Asset quality remains strong and has been
consistent over the past twelve months. The Company recorded a
provision for credit losses of $600 thousand in the first quarter
of 2024, which is the result of a provision for credit losses on
loans of $600 thousand, and there was no change in unfunded
commitments. The ratio of allowance for credit losses on loans to
total loans was 0.98% and 0.97% as of March 31, 2024 and 2023,
respectively. The allowance for credit losses on loans was $49.2
million at March 31, 2024, compared to $46.7 million at March 31,
2023. NPLs were $18.3 million at March 31, 2024, compared to $19.2
million at March 31, 2023. NPLs were 0.37% and 0.40% of total loans
at March 31, 2024 and 2023, respectively. The coverage ratio, or
allowance for credit losses on loans to NPLs, was 269.3% at March
31, 2024, compared to 243.6% at March 31, 2023. NPAs were $20.6
million at March 31, 2024, compared to $21.0 million at March 31,
2023.
At March 31, 2024, our equity to asset ratio was
10.51%, compared to 10.17% at March 31, 2023. Book value per share
at March 31, 2024 was $34.12, up 5.6% compared to $32.31 a year
earlier.
A conference call to discuss first quarter 2024 results will be
held at 9:00 a.m. Eastern Time on April 23, 2024. Those wishing to
participate in the call may dial toll-free for the United States at
1-833-470-1428, and for Canada at 1-833-950-0062, Access code
897430. A replay of the call will be available for thirty days by
dialing toll-free for the United States at 1-866-813-9403, Access
code 734817. The call will also be audio webcast at
https://events.q4inc.com/attendee/180461992, and will be available
for one year.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $6.2 billion savings
and loan holding company and through its subsidiary, Trustco Bank,
operated 140 offices in New York, New Jersey, Vermont,
Massachusetts, and Florida at March 31, 2024.
In addition, the Bank’s Wealth Management
Department offers a full range of investment services, retirement
planning and trust and estate administration services. The common
shares of TrustCo are traded on the NASDAQ Global Select Market
under the symbol TRST.
Forward-Looking Statements
All statements in this news release that are not
historical are forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as "anticipate," "intend," "plan," "goal," "seek,"
"believe," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
development, results or periods. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations for our future performance, including our expectations
regarding the effects of the economic environment on our financial
results, our ability to retain customers and the amount of
customers’ business, including deposit balances, with us, the
impact of the Federal Reserve’s actions regarding interest rates,
the growth of loans and deposits throughout our branch network, and
our ability to capitalize on economic changes in the areas in which
we operate. Forward-looking statements are based on management’s
current expectations as well as certain assumptions and estimates
made by, and information available to, management at the time the
statements are made. Such forward-looking statements are subject to
factors and uncertainties that could cause actual results to differ
materially for TrustCo from the views, beliefs and projections
expressed in such statements, and many of the risks and
uncertainties are heightened by or may, in the future, be
heightened by volatility in financial markets and macroeconomic or
geopolitical concerns related to inflation, continued elevated
interest rates and ongoing armed conflicts (including the
Russia/Ukraine conflict and the conflict in Israel and surrounding
areas). TrustCo wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The following important factors, among others,
in some cases have affected and in the future could affect
TrustCo’s actual results and could cause TrustCo’s actual financial
performance to differ materially from that expressed in any
forward-looking statement: future changes in interest rates;
ongoing inflationary pressures and continued elevated prices;
exposure to credit risk in our lending activities; our increasing
commercial loan portfolio; the sufficiency of our allowance for
credit losses on loans to cover actual loan losses; our ability to
meet the cash flow requirements of our depositors or borrowers or
meet our operating cash needs to fund corporate expansion and other
activities; claims and litigation pertaining to fiduciary
responsibility and lender liability; our dependency upon the
services of the management team; our disclosure controls and
procedures’ ability to prevent or detect errors or acts of fraud;
the adequacy of our business continuity and disaster recovery
plans; the effectiveness of our risk management framework; the
impact of any expansion by us into new lines of business or new
products and services; the impact of severe weather events and
climate change on us and the communities we serve, including
societal responses to climate change; increasing scrutiny and
evolving expectations from customers, regulators, investors, and
other stakeholders with respect to our environmental, social and
governance practices; the chance of a prolonged economic downturn,
especially one affecting our geographic market area; instability in
global economic conditions and geopolitical matters, as well as
volatility in financial markets; the soundness of other financial
institutions; U.S. government shutdowns, credit rating downgrades,
or failure to increase the debt ceiling; fluctuations in the trust
wealth management fees we receive as a result of investment
performance; the impact of regulatory capital rules on our growth;
changes in laws and regulations, including changes in cybersecurity
or privacy regulations; restrictions on data collection and use;
our compliance with the USA PATRIOT Act, Bank Secrecy Act, and
other laws and regulations that could result in material fines or
sanctions; changes in tax laws; limitations on our ability to pay
dividends; TrustCo Realty Corp.’s ability to qualify as a real
estate investment trust; changes in accounting standards;
competition within our market areas; consumers and businesses’ use
of non-banks to complete financial transactions; our reliance on
third-party service providers; the impact of data breaches and
cyber-attacks; the impact of a failure in or breach of our
operational or security systems or infrastructure, or those of
third parties; the impact of an unauthorized disclosure of
sensitive or confidential client or customer information; the
impact of interruptions in the effective operation of our computer
systems; the impact of anti-takeover provisions in our
organizational documents; the impact of the manner in which we
allocate capital; and other risks and uncertainties under the
heading “Risk Factors” in our most recent annual report on Form
10-K and, if any, in our subsequent quarterly reports on Form 10-Q
or other securities filings. The forward-looking statements
contained in this news release represent TrustCo management’s
judgment as of the date of this news release. TrustCo disclaims,
however, any intent or obligation to update forward-looking
statements, either as a result of future developments, new
information or otherwise, except as may be required by law.
TRUSTCO BANK
CORP NY |
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GLENVILLE,
NY |
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FINANCIAL
HIGHLIGHTS |
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(dollars in
thousands, except per share data) |
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(Unaudited) |
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Three months
ended |
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|
3/31/2024 |
|
12/31/2023 |
|
3/31/2023 |
|
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Summary of
operations |
|
|
|
|
|
|
|
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|
Net interest income |
$ |
36,578 |
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|
$ |
38,607 |
|
|
$ |
46,965 |
|
|
|
|
|
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|
Provision for credit losses |
|
600 |
|
|
|
1,350 |
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|
|
300 |
|
|
|
|
|
Noninterest income |
|
4,843 |
|
|
|
4,474 |
|
|
|
4,669 |
|
|
|
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Noninterest expense |
|
24,903 |
|
|
|
28,831 |
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|
|
27,679 |
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|
|
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Net income |
|
12,126 |
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|
|
9,848 |
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|
17,746 |
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Per
share |
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Net income per share: |
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-
Basic |
$ |
0.64 |
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$ |
0.52 |
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$ |
0.93 |
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|
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|
-
Diluted |
|
0.64 |
|
|
|
0.52 |
|
|
|
0.93 |
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|
|
|
|
Cash dividends |
|
0.36 |
|
|
|
0.36 |
|
|
|
0.36 |
|
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|
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|
Book value at period end |
|
34.12 |
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|
|
33.92 |
|
|
|
32.31 |
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|
|
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|
Market price at period end |
|
28.16 |
|
|
|
31.05 |
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|
|
31.94 |
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At period
end |
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Full time equivalent employees |
|
761 |
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|
|
750 |
|
|
|
776 |
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|
|
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Full service banking offices |
|
140 |
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|
|
140 |
|
|
|
143 |
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|
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Performance
ratios |
|
|
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|
Return on average assets |
|
0.80 |
% |
|
|
0.64 |
% |
|
|
1.20 |
% |
|
|
|
|
Return on average equity |
|
7.54 |
|
|
|
6.21 |
|
|
|
11.84 |
|
|
|
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|
Efficiency ratio (1) |
|
59.94 |
|
|
|
60.16 |
|
|
|
53.17 |
|
|
|
|
|
Net interest spread |
|
2.00 |
|
|
|
2.21 |
|
|
|
3.06 |
|
|
|
|
|
Net interest margin |
|
2.44 |
|
|
|
2.60 |
|
|
|
3.21 |
|
|
|
|
|
Dividend payout ratio |
|
56.48 |
|
|
|
69.54 |
|
|
|
38.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Capital
ratios at period end |
|
|
|
|
|
|
|
|
|
|
|
Consolidated equity to assets |
|
10.51 |
% |
|
|
10.46 |
% |
|
|
10.17 |
% |
|
|
|
|
Consolidated tangible equity to tangible assets (2) |
|
10.50 |
% |
|
|
10.45 |
% |
|
|
10.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Asset
quality analysis at period end |
|
|
|
|
|
|
|
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|
Nonperforming loans to total loans |
|
0.37 |
% |
|
|
0.35 |
% |
|
|
0.40 |
% |
|
|
|
|
Nonperforming assets to total assets |
|
0.33 |
|
|
|
0.29 |
|
|
|
0.35 |
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
0.98 |
|
|
|
0.97 |
|
|
|
0.97 |
|
|
|
|
|
Coverage ratio (3) |
2.7x |
|
2.7x |
|
2.4x |
|
|
|
|
|
|
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(1) Non-GAAP measure;
calculated as noninterest expense (excluding ORE income/expense,
branch closure expenses, and non-recurring expenses) divided
by taxable equivalent net interest income plus noninterest income
(excluding non-recurring loss). See Non-GAAP Financial Measures
Reconciliation. |
(2) Non-GAAP measure;
calculated as total shareholders' equity less $553 of intangible
assets divided by total assets less $553 of intangible assets.
See Non-GAAP Financial Measures Reconciliation. |
(3) Calculated as
allowance for credit losses on loans divided by total nonperforming
loans. |
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CONSOLIDATED
STATEMENTS OF INCOME |
|
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|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
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|
Three months
ended |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
Interest and
dividend income: |
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
49,804 |
|
|
$ |
49,201 |
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|
$ |
47,921 |
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|
$ |
46,062 |
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|
$ |
44,272 |
|
Interest and dividends on securities available for sale: |
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
906 |
|
|
|
750 |
|
|
|
672 |
|
|
|
691 |
|
|
|
692 |
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State and political subdivisions |
|
- |
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|
|
1 |
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|
- |
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|
1 |
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|
|
- |
|
Mortgage-backed securities and collateralized mortgage |
|
|
|
|
|
|
|
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|
obligations - residential |
|
1,494 |
|
|
|
1,533 |
|
|
|
1,485 |
|
|
|
1,543 |
|
|
|
1,585 |
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Corporate bonds |
|
476 |
|
|
|
477 |
|
|
|
473 |
|
|
|
516 |
|
|
|
521 |
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Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
participation securities |
|
100 |
|
|
|
102 |
|
|
|
107 |
|
|
|
111 |
|
|
|
117 |
|
Other securities |
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
3 |
|
|
|
2 |
|
Total
interest and dividends on securities available for sale |
|
2,979 |
|
|
|
2,866 |
|
|
|
2,739 |
|
|
|
2,865 |
|
|
|
2,917 |
|
|
|
|
|
|
|
|
|
|
|
Interest on
held to maturity securities: |
|
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
obligations - residential |
|
68 |
|
|
|
70 |
|
|
|
73 |
|
|
|
75 |
|
|
|
78 |
|
Total interest on held to maturity securities |
|
68 |
|
|
|
70 |
|
|
|
73 |
|
|
|
75 |
|
|
|
78 |
|
|
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank stock |
|
152 |
|
|
|
149 |
|
|
|
131 |
|
|
|
110 |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
|
Interest on
federal funds sold and other short-term investments |
|
6,750 |
|
|
|
6,354 |
|
|
|
6,688 |
|
|
|
6,970 |
|
|
|
6,555 |
|
Total interest income |
|
59,753 |
|
|
|
58,640 |
|
|
|
57,552 |
|
|
|
56,082 |
|
|
|
53,932 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
240 |
|
|
|
165 |
|
|
|
102 |
|
|
|
49 |
|
|
|
66 |
|
Savings |
|
712 |
|
|
|
707 |
|
|
|
639 |
|
|
|
655 |
|
|
|
530 |
|
Money market deposit accounts |
|
2,342 |
|
|
|
2,500 |
|
|
|
2,384 |
|
|
|
1,756 |
|
|
|
814 |
|
Time deposits |
|
19,677 |
|
|
|
16,460 |
|
|
|
11,962 |
|
|
|
9,291 |
|
|
|
5,272 |
|
Interest on short-term borrowings |
|
204 |
|
|
|
201 |
|
|
|
244 |
|
|
|
279 |
|
|
|
285 |
|
Total interest expense |
|
23,175 |
|
|
|
20,033 |
|
|
|
15,331 |
|
|
|
12,030 |
|
|
|
6,967 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
36,578 |
|
|
|
38,607 |
|
|
|
42,221 |
|
|
|
44,052 |
|
|
|
46,965 |
|
|
|
|
|
|
|
|
|
|
|
Less: Provision (Credit) for credit losses |
|
600 |
|
|
|
1,350 |
|
|
|
100 |
|
|
|
(500 |
) |
|
|
300 |
|
Net interest income after provision (credit) for credit losses |
|
35,978 |
|
|
|
37,257 |
|
|
|
42,121 |
|
|
|
44,552 |
|
|
|
46,665 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Trustco Financial Services income |
|
1,816 |
|
|
|
1,612 |
|
|
|
1,627 |
|
|
|
1,412 |
|
|
|
1,774 |
|
Fees for services to customers |
|
2,745 |
|
|
|
2,563 |
|
|
|
2,590 |
|
|
|
2,847 |
|
|
|
2,648 |
|
Other |
|
282 |
|
|
|
299 |
|
|
|
357 |
|
|
|
339 |
|
|
|
247 |
|
Total noninterest income |
|
4,843 |
|
|
|
4,474 |
|
|
|
4,574 |
|
|
|
4,598 |
|
|
|
4,669 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
11,427 |
|
|
|
12,444 |
|
|
|
12,393 |
|
|
|
13,122 |
|
|
|
13,283 |
|
Net occupancy expense |
|
4,611 |
|
|
|
4,209 |
|
|
|
4,358 |
|
|
|
4,262 |
|
|
|
4,598 |
|
Equipment expense |
|
1,738 |
|
|
|
1,852 |
|
|
|
1,923 |
|
|
|
1,873 |
|
|
|
1,962 |
|
Professional services |
|
1,460 |
|
|
|
1,561 |
|
|
|
1,717 |
|
|
|
1,360 |
|
|
|
1,607 |
|
Outsourced services |
|
2,501 |
|
|
|
2,532 |
|
|
|
2,720 |
|
|
|
2,491 |
|
|
|
2,296 |
|
Advertising expense |
|
408 |
|
|
|
384 |
|
|
|
586 |
|
|
|
518 |
|
|
|
390 |
|
FDIC and other insurance |
|
1,094 |
|
|
|
1,085 |
|
|
|
1,078 |
|
|
|
1,085 |
|
|
|
1,052 |
|
Other real estate expense (income), net |
|
74 |
|
|
|
(12 |
) |
|
|
163 |
|
|
|
148 |
|
|
|
225 |
|
Other |
|
1,590 |
|
|
|
4,776 |
|
|
|
2,522 |
|
|
|
2,468 |
|
|
|
2,266 |
|
Total noninterest expenses |
|
24,903 |
|
|
|
28,831 |
|
|
|
27,460 |
|
|
|
27,327 |
|
|
|
27,679 |
|
|
|
|
|
|
|
|
|
|
|
Income
before taxes |
|
15,918 |
|
|
|
12,900 |
|
|
|
19,235 |
|
|
|
21,823 |
|
|
|
23,655 |
|
Income
taxes |
|
3,792 |
|
|
|
3,052 |
|
|
|
4,555 |
|
|
|
5,451 |
|
|
|
5,909 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
12,126 |
|
|
$ |
9,848 |
|
|
$ |
14,680 |
|
|
$ |
16,372 |
|
|
$ |
17,746 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share: |
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
0.64 |
|
|
$ |
0.52 |
|
|
$ |
0.77 |
|
|
$ |
0.86 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
-
Diluted |
|
0.64 |
|
|
|
0.52 |
|
|
|
0.77 |
|
|
|
0.86 |
|
|
|
0.93 |
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares (in thousands) |
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
Average
diluted shares (in thousands) |
|
19,032 |
|
|
|
19,026 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION |
|
(dollars in
thousands) |
(Unaudited) |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
$ |
44,868 |
|
|
$ |
49,274 |
|
|
$ |
45,940 |
|
|
$ |
55,662 |
|
|
$ |
47,595 |
|
Federal
funds sold and other short term investments |
|
564,815 |
|
|
|
528,730 |
|
|
|
461,321 |
|
|
|
547,695 |
|
|
|
589,389 |
|
Total cash and cash equivalents |
|
609,683 |
|
|
|
578,004 |
|
|
|
507,261 |
|
|
|
603,357 |
|
|
|
636,984 |
|
|
|
|
|
|
|
|
|
|
|
Securities
available for sale: |
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
128,854 |
|
|
|
118,668 |
|
|
|
121,474 |
|
|
|
113,570 |
|
|
|
119,132 |
|
States and political subdivisions |
|
26 |
|
|
|
26 |
|
|
|
34 |
|
|
|
34 |
|
|
|
34 |
|
Mortgage-backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
obligations - residential |
|
227,078 |
|
|
|
237,677 |
|
|
|
233,719 |
|
|
|
243,444 |
|
|
|
255,556 |
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
participation securities |
|
16,260 |
|
|
|
17,186 |
|
|
|
17,316 |
|
|
|
18,382 |
|
|
|
19,821 |
|
Corporate bonds |
|
53,341 |
|
|
|
78,052 |
|
|
|
76,935 |
|
|
|
76,618 |
|
|
|
81,464 |
|
Other securities |
|
682 |
|
|
|
680 |
|
|
|
657 |
|
|
|
656 |
|
|
|
652 |
|
Total securities available for sale |
|
426,241 |
|
|
|
452,289 |
|
|
|
450,135 |
|
|
|
452,704 |
|
|
|
476,659 |
|
|
|
|
|
|
|
|
|
|
|
Held to
maturity securities: |
|
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
obligations-residential |
|
6,206 |
|
|
|
6,458 |
|
|
|
6,724 |
|
|
|
7,043 |
|
|
|
7,382 |
|
Total held to maturity securities |
|
6,206 |
|
|
|
6,458 |
|
|
|
6,724 |
|
|
|
7,043 |
|
|
|
7,382 |
|
|
|
|
|
|
|
|
|
|
|
Federal
Reserve Bank and Federal Home Loan Bank stock |
|
6,203 |
|
|
|
6,203 |
|
|
|
6,203 |
|
|
|
6,203 |
|
|
|
5,797 |
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial |
|
279,092 |
|
|
|
273,515 |
|
|
|
268,642 |
|
|
|
251,434 |
|
|
|
246,307 |
|
Residential mortgage loans |
|
4,354,369 |
|
|
|
4,365,063 |
|
|
|
4,343,006 |
|
|
|
4,310,005 |
|
|
|
4,241,459 |
|
Home equity line of credit |
|
355,879 |
|
|
|
347,415 |
|
|
|
332,028 |
|
|
|
308,976 |
|
|
|
296,490 |
|
Installment loans |
|
16,166 |
|
|
|
16,886 |
|
|
|
16,605 |
|
|
|
16,396 |
|
|
|
15,326 |
|
Loans, net
of deferred net costs |
|
5,005,506 |
|
|
|
5,002,879 |
|
|
|
4,960,281 |
|
|
|
4,886,811 |
|
|
|
4,799,582 |
|
|
|
|
|
|
|
|
|
|
|
Less:
Allowance for credit losses on loans |
|
49,220 |
|
|
|
48,578 |
|
|
|
47,226 |
|
|
|
46,914 |
|
|
|
46,685 |
|
Net loans |
|
4,956,286 |
|
|
|
4,954,301 |
|
|
|
4,913,055 |
|
|
|
4,839,897 |
|
|
|
4,752,897 |
|
|
|
|
|
|
|
|
|
|
|
Bank
premises and equipment, net |
|
33,423 |
|
|
|
34,007 |
|
|
|
32,135 |
|
|
|
32,351 |
|
|
|
32,305 |
|
Operating
lease right-of-use assets |
|
39,647 |
|
|
|
40,542 |
|
|
|
41,475 |
|
|
|
43,113 |
|
|
|
43,478 |
|
Other
assets |
|
101,881 |
|
|
|
96,387 |
|
|
|
97,310 |
|
|
|
90,957 |
|
|
|
90,306 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
6,179,570 |
|
|
$ |
6,168,191 |
|
|
$ |
6,054,298 |
|
|
$ |
6,075,625 |
|
|
$ |
6,045,808 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand |
$ |
742,997 |
|
|
$ |
754,532 |
|
|
$ |
773,293 |
|
|
$ |
791,353 |
|
|
$ |
806,075 |
|
Interest-bearing checking |
|
1,020,136 |
|
|
|
1,015,213 |
|
|
|
1,033,898 |
|
|
|
1,082,989 |
|
|
|
1,124,785 |
|
Savings accounts |
|
1,155,517 |
|
|
|
1,179,241 |
|
|
|
1,235,658 |
|
|
|
1,315,893 |
|
|
|
1,400,887 |
|
Money market deposit accounts |
|
532,611 |
|
|
|
565,767 |
|
|
|
610,012 |
|
|
|
625,253 |
|
|
|
600,410 |
|
Time deposits |
|
1,903,908 |
|
|
|
1,836,024 |
|
|
|
1,581,504 |
|
|
|
1,442,959 |
|
|
|
1,280,301 |
|
Total deposits |
|
5,355,169 |
|
|
|
5,350,777 |
|
|
|
5,234,365 |
|
|
|
5,258,447 |
|
|
|
5,212,458 |
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
94,374 |
|
|
|
88,990 |
|
|
|
103,110 |
|
|
|
113,765 |
|
|
|
134,293 |
|
Operating
lease liabilities |
|
43,438 |
|
|
|
44,471 |
|
|
|
45,418 |
|
|
|
47,172 |
|
|
|
47,643 |
|
Accrued
expenses and other liabilities |
|
37,399 |
|
|
|
38,668 |
|
|
|
47,479 |
|
|
|
34,852 |
|
|
|
36,711 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
5,530,380 |
|
|
|
5,522,906 |
|
|
|
5,430,372 |
|
|
|
5,454,236 |
|
|
|
5,431,105 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
Capital
stock |
|
20,058 |
|
|
|
20,058 |
|
|
|
20,058 |
|
|
|
20,058 |
|
|
|
20,058 |
|
Surplus |
|
257,335 |
|
|
|
257,181 |
|
|
|
257,078 |
|
|
|
257,078 |
|
|
|
257,078 |
|
Undivided
profits |
|
430,346 |
|
|
|
425,069 |
|
|
|
422,082 |
|
|
|
414,251 |
|
|
|
404,728 |
|
Accumulated
other comprehensive loss, net of tax |
|
(14,763 |
) |
|
|
(13,237 |
) |
|
|
(31,506 |
) |
|
|
(26,212 |
) |
|
|
(23,375 |
) |
Treasury
stock at cost |
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
649,190 |
|
|
|
645,285 |
|
|
|
623,926 |
|
|
|
621,389 |
|
|
|
614,703 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,179,570 |
|
|
$ |
6,168,191 |
|
|
$ |
6,054,298 |
|
|
$ |
6,075,625 |
|
|
$ |
6,045,808 |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
shares (in thousands) |
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
(dollars in
thousands) |
(Unaudited) |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York and other states* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans in
nonaccrual status: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
532 |
|
|
$ |
536 |
|
|
$ |
540 |
|
|
$ |
545 |
|
|
$ |
560 |
|
Real estate mortgage - 1 to 4 family |
|
14,359 |
|
|
|
14,375 |
|
|
|
14,633 |
|
|
|
16,260 |
|
|
|
15,722 |
|
Installment |
|
149 |
|
|
|
151 |
|
|
|
93 |
|
|
|
124 |
|
|
|
59 |
|
Total
non-accrual loans |
|
15,040 |
|
|
|
15,062 |
|
|
|
15,266 |
|
|
|
16,929 |
|
|
|
16,341 |
|
Other
nonperforming real estate mortgages - 1 to 4 family |
|
- |
|
|
|
3 |
|
|
|
5 |
|
|
|
7 |
|
|
|
8 |
|
Total
nonperforming loans |
|
15,040 |
|
|
|
15,065 |
|
|
|
15,271 |
|
|
|
16,936 |
|
|
|
16,349 |
|
Other real
estate owned |
|
2,334 |
|
|
|
194 |
|
|
|
1,185 |
|
|
|
1,412 |
|
|
|
1,869 |
|
Total
nonperforming assets |
$ |
17,374 |
|
|
$ |
15,259 |
|
|
$ |
16,456 |
|
|
$ |
18,348 |
|
|
$ |
18,218 |
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
Loans in
nonaccrual status: |
|
|
|
|
|
Commercial |
$ |
314 |
|
|
$ |
314 |
|
|
$ |
314 |
|
|
$ |
314 |
|
|
$ |
314 |
|
Real estate mortgage - 1 to 4 family |
|
2,921 |
|
|
|
2,272 |
|
|
|
2,228 |
|
|
|
2,170 |
|
|
|
2,437 |
|
Installment |
|
- |
|
|
|
15 |
|
|
|
65 |
|
|
|
- |
|
|
|
62 |
|
Total
non-accrual loans |
|
3,235 |
|
|
|
2,601 |
|
|
|
2,607 |
|
|
|
2,484 |
|
|
|
2,813 |
|
Other
nonperforming real estate mortgages - 1 to 4 family |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
nonperforming loans |
|
3,235 |
|
|
|
2,601 |
|
|
|
2,607 |
|
|
|
2,484 |
|
|
|
2,813 |
|
Other real
estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
nonperforming assets |
$ |
3,235 |
|
|
$ |
2,601 |
|
|
$ |
2,607 |
|
|
$ |
2,484 |
|
|
$ |
2,813 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
Loans in
nonaccrual status: |
|
|
|
|
|
Commercial |
$ |
846 |
|
|
$ |
850 |
|
|
$ |
854 |
|
|
$ |
859 |
|
|
$ |
874 |
|
Real estate mortgage - 1 to 4 family |
|
17,280 |
|
|
|
16,647 |
|
|
|
16,861 |
|
|
|
18,430 |
|
|
|
18,159 |
|
Installment |
|
149 |
|
|
|
166 |
|
|
|
158 |
|
|
|
124 |
|
|
|
121 |
|
Total
non-accrual loans |
|
18,275 |
|
|
|
17,663 |
|
|
|
17,873 |
|
|
|
19,413 |
|
|
|
19,154 |
|
Other
nonperforming real estate mortgages - 1 to 4 family |
|
- |
|
|
|
3 |
|
|
|
5 |
|
|
|
7 |
|
|
|
8 |
|
Total
nonperforming loans |
|
18,275 |
|
|
|
17,666 |
|
|
|
17,878 |
|
|
|
19,420 |
|
|
|
19,162 |
|
Other real
estate owned |
|
2,334 |
|
|
|
194 |
|
|
|
1,185 |
|
|
|
1,412 |
|
|
|
1,869 |
|
Total
nonperforming assets |
$ |
20,609 |
|
|
$ |
17,860 |
|
|
$ |
19,063 |
|
|
$ |
20,832 |
|
|
$ |
21,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Net (Recoveries) Chargeoffs |
|
|
|
|
|
|
|
|
|
|
|
New York and other states* |
|
|
|
|
|
Commercial |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(129 |
) |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
(78 |
) |
|
|
219 |
|
|
|
(26 |
) |
|
|
(161 |
) |
|
|
(53 |
) |
Installment |
|
36 |
|
|
|
23 |
|
|
|
14 |
|
|
|
21 |
|
|
|
(6 |
) |
Total net (recoveries) chargeoffs |
$ |
(42 |
) |
|
$ |
242 |
|
|
$ |
(12 |
) |
|
$ |
(269 |
) |
|
$ |
(59 |
) |
|
|
|
|
|
|
Florida |
|
|
|
|
|
Commercial |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(25 |
) |
Installment |
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
40 |
|
|
|
31 |
|
Total net (recoveries) chargeoffs |
$ |
- |
|
|
$ |
6 |
|
|
$ |
- |
|
|
$ |
40 |
|
|
$ |
6 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
Commercial |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(129 |
) |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
(78 |
) |
|
|
219 |
|
|
|
(26 |
) |
|
|
(161 |
) |
|
|
(78 |
) |
Installment |
|
36 |
|
|
|
29 |
|
|
|
14 |
|
|
|
61 |
|
|
|
25 |
|
Total net (recoveries) chargeoffs |
$ |
(42 |
) |
|
$ |
248 |
|
|
$ |
(12 |
) |
|
$ |
(229 |
) |
|
$ |
(53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
Total
nonperforming loans (1) |
$ |
18,275 |
|
|
$ |
17,666 |
|
|
$ |
17,878 |
|
|
$ |
19,420 |
|
|
$ |
19,162 |
|
Total
nonperforming assets (1) |
|
20,609 |
|
|
|
17,860 |
|
|
|
19,063 |
|
|
|
20,832 |
|
|
|
21,031 |
|
Total net
(recoveries) chargeoffs (2) |
|
(42 |
) |
|
|
248 |
|
|
|
(12 |
) |
|
|
(229 |
) |
|
|
(53 |
) |
|
|
|
|
|
|
Allowance
for credit losses on loans (1) |
|
49,220 |
|
|
|
48,578 |
|
|
|
47,226 |
|
|
|
46,914 |
|
|
|
46,685 |
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
0.37 |
% |
|
|
0.35 |
% |
|
|
0.36 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
Nonperforming assets to total assets |
|
0.33 |
% |
|
|
0.29 |
% |
|
|
0.31 |
% |
|
|
0.34 |
% |
|
|
0.35 |
% |
Allowance
for credit losses on loans to total loans |
|
0.98 |
% |
|
|
0.97 |
% |
|
|
0.95 |
% |
|
|
0.96 |
% |
|
|
0.97 |
% |
Coverage
ratio (1) |
|
269.3 |
% |
|
|
275.0 |
% |
|
|
264.2 |
% |
|
|
241.6 |
% |
|
|
243.6 |
% |
Annualized
net (recoveries) chargeoffs to average loans (2) |
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.00 |
% |
|
|
-0.02 |
% |
|
|
0.00 |
% |
Allowance
for credit losses on loans to annualized net chargeoffs (2) |
N/A |
49.0x |
N/A |
N/A |
N/A |
|
* Includes New York,
New Jersey, Vermont and Massachusetts. |
(1) At period-end |
(2) For the
three-month period ended |
DISTRIBUTION
OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY - |
INTEREST RATES
AND INTEREST DIFFERENTIAL |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Three months
ended |
|
|
Three months
ended |
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
Average |
|
Interest |
|
|
Average |
|
|
Average |
|
Interest |
|
Average |
|
|
Balance |
|
|
|
|
Rate |
|
|
Balance |
|
|
|
Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
$ |
125,973 |
|
|
$ |
906 |
|
|
|
2.88 |
% |
|
$ |
120,692 |
|
|
$ |
692 |
|
|
|
2.29 |
% |
Mortgage backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
obligations - residential |
|
258,814 |
|
|
|
1,494 |
|
|
|
2.30 |
|
|
|
287,046 |
|
|
|
1,585 |
|
|
|
2.20 |
|
State and political subdivisions |
|
26 |
|
|
|
- |
|
|
|
6.90 |
|
|
|
34 |
|
|
|
0 |
|
|
|
6.74 |
|
Corporate bonds |
|
73,625 |
|
|
|
476 |
|
|
|
2.59 |
|
|
|
85,578 |
|
|
|
521 |
|
|
|
2.43 |
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
participation securities |
|
18,224 |
|
|
|
100 |
|
|
|
2.20 |
|
|
|
22,129 |
|
|
|
117 |
|
|
|
2.12 |
|
Other |
|
696 |
|
|
|
3 |
|
|
|
1.72 |
|
|
|
686 |
|
|
|
2 |
|
|
|
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale |
|
477,358 |
|
|
|
2,979 |
|
|
|
2.50 |
|
|
|
516,165 |
|
|
|
2,917 |
|
|
|
2.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and other short-term Investments |
|
497,652 |
|
|
|
6,750 |
|
|
|
5.45 |
|
|
|
576,931 |
|
|
|
6,555 |
|
|
|
4.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to
maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
obligations - residential |
|
6,329 |
|
|
|
68 |
|
|
|
4.30 |
|
|
|
7,542 |
|
|
|
78 |
|
|
|
4.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total held to maturity securities |
|
6,329 |
|
|
|
68 |
|
|
|
4.30 |
|
|
|
7,542 |
|
|
|
78 |
|
|
|
4.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home
Loan Bank stock |
|
6,203 |
|
|
|
152 |
|
|
|
9.80 |
|
|
|
5,797 |
|
|
|
110 |
|
|
|
7.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans |
|
277,183 |
|
|
|
3,661 |
|
|
|
5.28 |
|
|
|
238,870 |
|
|
|
3,024 |
|
|
|
5.06 |
|
Residential
mortgage loans |
|
4,359,476 |
|
|
|
40,415 |
|
|
|
3.71 |
|
|
|
4,212,878 |
|
|
|
36,913 |
|
|
|
3.50 |
|
Home equity
lines of credit |
|
353,004 |
|
|
|
5,464 |
|
|
|
6.22 |
|
|
|
291,326 |
|
|
|
4,119 |
|
|
|
5.73 |
|
Installment
loans |
|
16,128 |
|
|
|
264 |
|
|
|
6.58 |
|
|
|
13,323 |
|
|
|
216 |
|
|
|
6.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net
of unearned income |
|
5,005,791 |
|
|
|
49,804 |
|
|
|
3.98 |
|
|
|
4,756,397 |
|
|
|
44,272 |
|
|
|
3.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
5,993,333 |
|
|
$ |
59,753 |
|
|
|
3.99 |
|
|
|
5,862,832 |
|
|
$ |
53,932 |
|
|
|
3.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses on loans |
|
(48,824 |
) |
|
|
|
|
|
|
|
|
(46,290 |
) |
|
|
|
|
|
Cash &
non-interest earning assets |
|
185,230 |
|
|
|
|
|
|
|
|
|
175,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
6,129,739 |
|
|
|
|
|
|
|
|
$ |
5,991,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
$ |
990,130 |
|
|
$ |
240 |
|
|
|
0.10 |
% |
|
$ |
1,133,383 |
|
|
$ |
66 |
|
|
|
0.02 |
% |
Money market accounts |
|
544,687 |
|
|
|
2,342 |
|
|
|
1.73 |
|
|
|
600,855 |
|
|
|
814 |
|
|
|
0.55 |
|
Savings |
|
1,158,558 |
|
|
|
712 |
|
|
|
0.25 |
|
|
|
1,456,242 |
|
|
|
530 |
|
|
|
0.15 |
|
Time deposits |
|
1,889,929 |
|
|
|
19,677 |
|
|
|
4.19 |
|
|
|
1,160,969 |
|
|
|
5,272 |
|
|
|
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing deposits |
|
4,583,304 |
|
|
|
22,971 |
|
|
|
2.02 |
|
|
|
4,351,449 |
|
|
|
6,682 |
|
|
|
0.62 |
|
Short-term
borrowings |
|
93,316 |
|
|
|
204 |
|
|
|
0.88 |
|
|
|
131,867 |
|
|
|
285 |
|
|
|
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities |
|
4,676,620 |
|
|
$ |
23,175 |
|
|
|
1.99 |
|
|
|
4,483,316 |
|
|
$ |
6,967 |
|
|
|
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
deposits |
|
726,299 |
|
|
|
|
|
|
|
|
|
816,565 |
|
|
|
|
|
|
Other
liabilities |
|
80,158 |
|
|
|
|
|
|
|
|
|
84,092 |
|
|
|
|
|
|
Shareholders' equity |
|
646,662 |
|
|
|
|
|
|
|
|
|
607,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
6,129,739 |
|
|
|
|
|
|
|
|
$ |
5,991,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income, GAAP and non-GAAP tax equivalent (1) |
|
|
$ |
36,578 |
|
|
|
|
|
|
|
|
$ |
46,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread, GAAP and non-GAAP tax equivalent (1) |
|
|
|
|
|
2.00 |
% |
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (net interest income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
total interest earning assets), GAAP and non-GAAP tax equivalent
(1) |
|
|
|
|
|
2.44 |
% |
|
|
|
|
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
equivalent adjustment (1) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
36,578 |
|
|
|
|
|
|
|
|
$ |
46,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax equivalent
adjustment to a measure results in a non-GAAP financial measure.
See Non-GAAP Financial Measures Reconciliation. |
|
|
|
|
|
|
Non-GAAP Financial Measures
Reconciliation
Tangible book value per share is a non-GAAP
financial measure derived from GAAP-based amounts. We calculate
tangible book value by excluding the balance of intangible assets
from total shareholders’ equity divided by shares outstanding. We
believe that this is consistent with the treatment by bank
regulatory agencies, which exclude intangible assets from the
calculation of risk-based capital ratios. Additionally, we believe
that this measure is important to many investors in the marketplace
who are interested in relative changes from period to period in
equity exclusive of changes in intangible assets.
Tangible equity as a percentage of tangible
assets at period end is a non-GAAP financial measure derived from
GAAP-based amounts. We calculate tangible equity and tangible
assets by excluding the balance of intangible assets from total
shareholders’ equity and total assets, respectively. We calculate
tangible equity as a percentage of tangible assets at period end by
dividing tangible equity by tangible assets at period end. We
believe that this is consistent with the treatment by bank
regulatory agencies, which exclude intangible assets from the
calculation of risk-based capital ratios. Additionally, we believe
that this measure is important to many investors in the marketplace
who are interested in relative changes from period to period in
equity and total assets, each exclusive of changes in intangible
assets.
Net interest income is commonly presented on a
taxable equivalent basis. That is, to the extent that some
component of the institution’s net interest income will be exempt
from taxation (e.g., was received by the institution as a result of
its holdings of state or municipal obligations), an amount equal to
the tax benefit derived from that component is added back to the
net interest income total. Management considers this adjustment
helpful to investors in comparing one financial institution’s net
interest income (pre- tax) to that of another institution, as each
will have a different proportion of tax-exempt items in their
portfolios. Moreover, net interest income is itself a component of
another financial measure commonly used by financial institutions,
net interest margin, which is the ratio of net interest income to
average interest earning assets. Additionally, management and many
financial institutions also present net interest spread, which is
the average yield on interest earning assets minus the average rate
paid on interest bearing liabilities. For purposes of these
measures as well, taxable equivalent net interest income is
generally used by financial institutions, again to provide
investors with a better basis of comparison from institution to
institution. We calculate taxable equivalent net interest margin by
dividing net interest income, adjusted to include the benefit of
non-taxable interest income, by average interest earning assets. We
calculate taxable equivalent net interest spread as the difference
between average yield on interest earning assets, adjusted to
include the benefit of non-taxable interest income, and the average
rate paid on interest bearing liabilities.
The efficiency ratio is a non-GAAP measure of
expense control relative to revenue from net interest income and
non-interest fee income. We calculate the efficiency ratio by
dividing total noninterest expenses as determined under GAAP,
excluding other real estate expense, net, strategic branch closing
costs, and a non-recurring expense related to the settlement of a
class action lawsuit, by net interest income (fully taxable
equivalent) and total noninterest income as determined under GAAP,
excluding gain/loss on the disposal of assets from strategic branch
closures from this calculation. We believe that this provides a
reasonable measure of primary banking expenses relative to primary
banking revenue. Additionally, we believe this measure is important
to investors looking for a measure of efficiency in our
productivity measured by the amount of revenue generated for each
dollar spent.
We believe that these non-GAAP financial
measures provide information that is important to investors and
that is useful in understanding our financial results. Our
management internally assesses our performance based, in part, on
these measures. However, these non-GAAP financial measures are
supplemental and not a substitute for an analysis based on GAAP
measures. As other companies may use different calculations for
these measures, this presentation may not be comparable to other
similarly titled measures reported by other companies. A
reconciliation of the non-GAAP measures of tangible equity as a
percentage of tangible assets, and efficiency ratio to the most
directly comparable GAAP measures is set forth below. We have not
presented a reconciliation of taxable equivalent net interest
income, taxable equivalent net interest margin or taxable
equivalent net interest spread to the most directly comparable GAAP
measure, as there was no difference between the taxable equivalent
measure and comparable GAAP measure for any period presented in
this release.
NON-GAAP FINANCIAL MEASURES RECONCILIATION |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
(Unaudited) |
|
|
|
|
|
3/31/2024 |
|
|
|
12/31/2023 |
|
|
|
3/31/2023 |
|
Tangible Book Value Per Share |
|
|
|
|
|
|
|
Equity
(GAAP) |
$ |
649,190 |
|
|
$ |
645,285 |
|
|
$ |
614,703 |
|
Less:
Intangible assets |
|
553 |
|
|
|
553 |
|
|
|
553 |
|
Tangible equity (Non-GAAP) |
$ |
648,637 |
|
|
$ |
644,732 |
|
|
$ |
614,150 |
|
|
|
|
|
Shares
outstanding |
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
Tangible
book value per share |
|
34.10 |
|
|
|
33.89 |
|
|
|
32.28 |
|
Book value
per share |
|
34.12 |
|
|
|
33.92 |
|
|
|
32.31 |
|
|
|
|
|
Tangible Equity to Tangible Assets |
|
|
|
Total Assets
(GAAP) |
$ |
6,179,570 |
|
|
$ |
6,168,191 |
|
|
$ |
6,045,808 |
|
Less:
Intangible assets |
|
553 |
|
|
|
553 |
|
|
|
553 |
|
Tangible assets (Non-GAAP) |
$ |
6,179,017 |
|
|
$ |
6,167,638 |
|
|
$ |
6,045,255 |
|
|
|
|
|
Tangible
Equity to Tangible Assets (Non-GAAP) |
|
10.50 |
% |
|
|
10.45 |
% |
|
|
10.16 |
% |
Equity to
Assets (GAAP) |
|
10.51 |
% |
|
|
10.46 |
% |
|
|
10.17 |
% |
|
|
|
|
|
Three months ended |
Efficiency Ratio |
|
3/31/2024 |
|
|
|
12/31/2023 |
|
|
|
3/31/2023 |
|
|
|
|
|
Net interest
income (GAAP) |
$ |
36,578 |
|
|
$ |
38,607 |
|
|
$ |
46,965 |
|
Taxable
equivalent adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
Net interest
income (fully taxable equivalent) (Non-GAAP) |
|
36,578 |
|
|
|
38,607 |
|
|
|
46,965 |
|
Non-interest
income (GAAP) |
|
4,843 |
|
|
|
4,474 |
|
|
|
4,669 |
|
Add:
Non-recurring loss |
|
- |
|
|
|
101 |
|
|
|
- |
|
Revenue used for efficiency ratio (Non-GAAP) |
$ |
41,421 |
|
|
$ |
43,182 |
|
|
$ |
51,634 |
|
|
|
|
|
Total
noninterest expense (GAAP) |
$ |
24,903 |
|
|
$ |
28,831 |
|
|
$ |
27,679 |
|
Less: Branch
closure expense |
|
- |
|
|
|
114 |
|
|
|
- |
|
Less:
Non-recurring expenses |
|
- |
|
|
|
2,750 |
|
|
|
- |
|
Less: Other
real estate (income) expense, net |
|
74 |
|
|
|
(12 |
) |
|
|
225 |
|
Expense used for efficiency ratio (Non-GAAP) |
$ |
24,829 |
|
|
$ |
25,979 |
|
|
$ |
27,454 |
|
|
|
|
|
Efficiency
Ratio |
|
59.94 |
% |
|
|
60.16 |
% |
|
|
53.17 |
% |
Subsidiary: |
Trustco Bank |
|
|
Contact: |
Robert Leonard |
|
Executive Vice President |
|
(518) 381-3693 |
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