SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2005
(April 19, 2005)
TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-10592 14-1630287
(Commission File Number) (IRS 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
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1
TrustCo Bank Corp NY
Item 2.02 Results of Operations and Financial Condition
On April 19, 2005, TrustCo Bank Corp NY ("Trustco") issued two press
releases with first quarter results for the period ending March 31,
2005. Attached is a copy of each press release labeled as Exhibits
99(a) and 99(b).
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release dated April 19, 2005,
for the period ending March 31, 2005,
regarding first quarter results.
99(b) Press Release dated April 19, 2005, for the
period ending March 31, 2005, regarding first
quarter results.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 19, 2005
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
----------------------------
Robert T. Cushing
Executive Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
------------------ ------------------------------ --------
99(a) One page press release dated April 19,
2005, highlighting first quarter 2005 results. 5
99(b) Press release dated April 19, 2005,
highlighting first quarter 2005 results. 6-10
4
TRUSTCO Exhibit 99 (a)
Bank Corp NY News Release
----------------------------------------------------------------------------
5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact: Robert M. Leonard
Administrative Vice President
(518) 381-3693
Glenville, New York - April 19, 2005
TrustCo Bank Corp NY
(dollars in thousands, except per share data) 2005 2004
---- ----
Three Months Ended
March 31:
Net Income $ 14,907 14,133
Provision for Loan Losses (1,500) 150
Average Equivalent Shares Outstanding:
Basic 74,881,000 74,129,000
Diluted 75,486,000 75,075,000
Net Income per Share:
Basic $ 0.199 0.191
Diluted 0.197 0.188
Period End:
Total Assets $ 2,848,313 2,900,855
Total Nonperforming Loans 3,151 3,129
Total Nonperforming Assets 3,151 3,129
Allowance for Loan Losses 48,534 48,110
Allowance as a Percentage
of Total Loans 3.84% 4.13%
# # #
5
TRUSTCO Exhibit 99 (b)
Bank Corp NY News Release
----------------------------------------------------------------------------
5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact: Robert M. Leonard
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE
TRUSTCO ANNOUNCES RECORD FIRST QUARTER RESULTS
Glenville, New York - April 19, 2005 - TrustCo Bank Corp NY (TrustCo, Nasdaq:
TRST) today announced record first quarter results for 2005. Net income for
the first quarter was $14.9 million, compared to $14.1 million for 2004, an
increase of 5.5%. Diluted earnings per share was $0.197 for the first quarter
of 2005 compared to $0.188 for 2004. As a result of continued asset quality
strength, reductions in gross loan charge offs, strong recoveries and
improving real estate values, the Company recorded a negative loan loss
provision of $1.5 million versus a $150,000 provision in the first quarter of
2004.
Commenting on the results, Robert J. McCormick, President and Chief Executive
Officer noted: "These are very strong results and underline our expectations
that 2005 will be another record year for TrustCo.
Our expansion plan continued in the first quarter of 2005 with the opening of
our East Colonial office. This is Trustco's 75th office overall and our
seventh in Florida.
TrustCo is a $2.8 billion bank holding company and through its subsidiary,
Trustco Bank, operates 75 offices in New York, Vermont, and Florida. In
addition, the Bank operates a full service Trust Department that has $946
million of assets under management. The common shares of TrustCo are traded on
the Nasdaq National Market tier of the Nasdaq Stock Market under the symbol
TRST.
# # #
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TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
03/31/05 12/31/04 03/31/04
Summary of operations
Net interest income (TE) $25,856 26,283 26,388
Provision for loan losses (1,500) 0 150
Net securities transactions 3,652 1,318 4,186
Noninterest income 4,486 4,561 4,535
Noninterest expense 11,730 12,475 12,508
Net income 14,907 12,823 14,133
Per common share
Net income per share:
- Basic $0.199 0.172 0.191
- Diluted 0.197 0.171 0.188
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 2.99 3.02 3.15
Market price at period end 11.49 13.79 13.46
At period end
Full time equivalent employees 513 511 490
Full service banking offices 75 74 69
Performance ratios
Return on average assets 2.13 % 1.79 2.04
Return on average equity (1) 26.83 22.73 27.30
Efficiency (2) 40.05 41.25 38.87
Net interest spread (TE) 3.50 3.59 3.75
Net interest margin (TE) 3.75 3.83 3.95
Dividend payout ratio 75.47 87.30 78.65
Capital ratios at period end (3)
Total equity to assets 7.94 % 7.74 7.27
Tier 1 risk adjusted capital 17.33 17.09 16.44
Total risk adjusted capital 18.61 18.37 17.72
Asset quality analysis at period end
Nonperforming loans to total loans 0.25 % 0.26 0.27
Nonperforming assets to total assets 0.11 0.11 0.11
Allowance for loan losses to total loans 3.84 3.98 4.13
Coverage ratio (4) 15.4 X 15.6 15.4
(1) Average equity excludes the effect of the market value adjustment for
securities available for sale.
(2) Calculated as noninterest expense (excluding ORE income/expense and any
nonrecurring charges) divided by taxable equivalent net interest income
plus noninterest income (excluding net securities transactions).
(3) Capital ratios exclude the effect of the market value adjustment for
securities available for sale.
(4) Calculated as allowance for loan losses divided by total nonperforming
loans.
TE = Taxable equivalent.
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
03/31/05 12/31/04 03/31/04
ASSETS
Loans, net $1,216,837 1,190,681 1,115,076
Securities available for sale 904,193 895,989 1,291,674
Federal funds sold and other short-term investments 609,086 642,208 357,314
-------------------- ------------------ ----------------------
Total earning assets 2,730,116 2,728,878 2,764,064
Cash and due from banks 41,391 54,222 69,970
Bank premises and equipment 22,665 22,479 20,212
Other assets 54,141 58,255 46,609
-------------------- ------------------ ----------------------
Total assets $2,848,313 2,863,834 2,900,855
==================== ================== ======================
LIABILITIES
Deposits:
Demand $221,978 237,423 198,119
Interest-bearing checking 322,769 336,538 320,373
Savings 818,756 820,593 795,517
Money market 139,926 155,299 164,746
Certificates of deposit (in denominations
of $100,000 or more) 186,876 178,021 173,746
Other time deposits 807,081 799,228 783,930
-------------------- ------------------ ----------------------
Total deposits 2,497,386 2,527,102 2,436,431
Short-term borrowings 75,048 77,979 102,785
Long-term debt 107 114 191
Other liabilities 51,188 32,807 127,232
-------------------- ------------------ ----------------------
Total liabilities 2,623,729 2,638,002 2,666,639
SHAREHOLDERS' EQUITY 224,584 225,832 234,216
-------------------- ------------------ ----------------------
Total liabilities and
shareholders' equity $2,848,313 2,863,834 2,900,855
==================== ================== ======================
Number of common shares
outstanding, in thousands 74,827 74,540 74,322
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
03/31/05 12/31/04 03/31/04
Interest income
Loans $19,982 19,340 18,781
Investments 11,100 13,504 14,434
Federal funds sold and other short term investments 3,803 2,476 1,194
-------------------- ------------------ ----------------------
Total interest income 34,885 35,320 34,409
Interest expense
Deposits 9,630 9,834 9,165
Borrowings 395 340 181
-------------------- ------------------ ----------------------
Total interest expense 10,025 10,174 9,346
-------------------- ------------------ ----------------------
Net interest income 24,860 25,146 25,063
Provision for loan losses (1,500) 0 150
-------------------- ------------------ ----------------------
Net interest income after
provision for loan losses 26,360 25,146 24,913
Net securities transactions 3,652 1,318 4,186
Noninterest income 4,486 4,561 4,535
Noninterest expense 11,730 12,475 12,508
-------------------- ------------------ ----------------------
Income before income taxes 22,768 18,550 21,126
Income tax expense 7,861 5,727 6,993
-------------------- ------------------ ----------------------
Net income $14,907 12,823 14,133
==================== ================== ======================
Net income per share:
- Basic $0.199 0.172 0.191
- Diluted 0.197 0.171 0.188
Avg equivalent shares outstanding, in thousands:
- Basic 74,881 74,385 74,129
- Diluted 75,486 75,172 75,075
==================== ================== ======================
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
03/31/05 12/31/04 03/31/04
Total assets $2,842,312 2,842,123 2,781,764
Shareholders' equity 228,538 232,450 230,402
Total loans 1,251,553 1,208,423 1,162,611
Securities available for sale 874,115 1,030,282 1,065,578
Interest-earning assets 2,754,905 2,745,106 2,666,318
Interest-bearing deposits 2,279,234 2,274,565 2,226,022
Interest-bearing liabilities 2,361,805 2,359,011 2,325,874
Demand deposits 226,403 227,780 195,052
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