-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TcAGb2nXCCzLXKTnDprzttTbTYdeDp7Idcu85Z9UJrINQKlk/Cz9KVy60r5czyuK 91VEGnrdRisTkelDkMrUbQ== 0000357301-05-000003.txt : 20050419 0000357301-05-000003.hdr.sgml : 20050419 20050419135000 ACCESSION NUMBER: 0000357301-05-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050419 DATE AS OF CHANGE: 20050419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRUSTCO BANK CORP N Y CENTRAL INDEX KEY: 0000357301 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 141630287 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10592 FILM NUMBER: 05758823 BUSINESS ADDRESS: STREET 1: 5 SARNOWSKI DRIVE CITY: GLENVILLE STATE: NY ZIP: 12302 BUSINESS PHONE: 5183773311 MAIL ADDRESS: STREET 1: 5 SARNOWSKI DRIVE CITY: GLENVILLE STATE: NY ZIP: 12302 8-K 1 k8k041905.txt K8K041905 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 -------------- 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 3 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. # # # 6 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. 7 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 8 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 ==================== ================== ======================
9 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 10 -----END PRIVACY-ENHANCED MESSAGE-----