8-K

UNITED STATES

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):  October 19, 2010

TrustCo Bank Corp NY

(Exact name of registrant as specified in its charter)

NEW YORK	0-10592	14-1630287
State or Other Jurisdiction of Incorporation or Organization	Commission File No.	I.R.S. Employer Identification  Number

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK 12302

(Address of principal executive offices)

(518) 377-3311

(Registrant’s Telephone Number,

Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TrustCo Bank Corp NY

Item 2.02.	Results of Operations and Financial Condition
	On October 19, 2010, TrustCo Bank Corp NY (“TrustCo”) issued a press release with third quarter and year to date results for the period ending September 30, 2010. Attached is a copy of the press release labeled as Exhibit 99(a).
Item 9.01.	Financial Statements and Exhibits
	(c) Exhibits
	Reg S-K Exhibit No.	Description
	99(a)	Press release dated October 19, 2010, for the period ending September 30, 2010, regarding third quarter and year to date results.

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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: October 19, 2010

TrustCo Bank Corp NY (Registrant)
By:	/s/ Robert T. Cushing
	Name Robert T. Cushing
	Title Executive Vice President and Chief Financial Officer

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Exhibits Index

Reg S-K Exhibit No.	Description	Page
99(a)	Press release dated October 19, 2010, for the period ending September 30, 2010, regarding third quarter and year to date results.	5 - 12

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EX-99.1

 News Release

5 Sarnowski Drive, Glenville, New York, 12302

(518) 377-3311  Fax:  (518) 381-3668

Subsidiary: Trustco Bank   NASDAQ – TRST

Contact:	Kevin T. Timmons
	Vice President/Treasurer
	(518) 381-3607

FOR IMMEDIATE RELEASE:

TrustCo Announces Third Quarter

Net Income Increase

Glenville, New York –October 19, 2010

TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced net income for the third quarter of 2010 of $8.4 million, up 5.7% over the prior-year period and equal to diluted earnings per share of $0.109, as compared to net income of $7.9 million and diluted earnings per share of $0.103 for the third quarter of 2009.   The third quarter of 2010 was marked by continued core balance sheet growth.  Making the earnings announcement was Robert J. McCormick, Chairman, President and Chief Executive Officer.  Mr. McCormick noted, “We are pleased that our year-to-date results continue to show progress in terms of both our bottom line and in terms of growing our core franchise.  I am encouraged that our financial strength enabled the B oard to declare a 5% increase in the common cash dividend during the quarter.  We look forward with optimism to the remainder of this year and to 2011.  Our industry still faces challenges, but the progress we have made this year has helped to position the Company for future growth and profitability.”  Return on average assets and return on average equity were 0.86% and 12.81%, respectively, for the third quarter of 2010, compared to 0.87% and 13.09% for the third quarter of 2009.  The Company’s net interest margin was 3.42% for the third quarter of 2010, unchanged from the third quarter of 2009.

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Mr. McCormick also noted, “TrustCo continues to focus on traditional lending criteria and conservative balance sheet management, an approach that has allowed us to direct our efforts towards conducting business and expanding our loan and deposit base.  As I have noted in the past, the growth of loans and deposits, and the customer relationships that they represent, is fundamental to the long term success of the Company.”

For the first nine months of 2010 net income was $22.4 million and resulted in diluted earnings per share of $0.292, as compared to the first nine months of 2009 that resulted in net income of $19.6 million and diluted earnings per share of $0.257.  Return on average assets and return on average equity were 0.80% and 11.83%, respectively, for the first nine months of 2010 and 0.75% and 11.03% for the comparable period in 2009.

TrustCo continued to report strong growth in loans and deposits on a year-over-year basis.  For the quarter ended September 30, 2010, average loans were up $134.6 million or 6.1% compared to the same period in 2009, while average deposits were up $200.3 million or 6.2% over the same period.   The branch expansion program is substantially complete, although the Company typically opens or relocates a small number of branches every year as opportunities arise or circumstances dictate.  Mr. McCormick noted that, “We are pleased with the results of our expansion program and continue to work hard to fully capitalize on our expanded branch network.  Our success in growing loans and deposits provides the basic building blocks that we believe will help drive profit growth over the coming years. ”

Nonperforming loans were $50.6 million as of September 30, 2010, compared to $49.9 million as of June 30, 2010, and to $46.0 million as of December 31, 2009, and remain at manageable levels.  At September 30, 2010, nonperforming loans were equal to 2.15% of total loans, compared to 2.14% at the end of the second quarter and 1.97% at September 30, 2009.  The allowance for loan losses was unchanged at 0.8 times nonperforming loans.  The ratio of reserves to total loans was 1.74% at September 30, 2010 compared to 1.68% at June 30, 2010 and to 1.65% at September 30, 2009.  Net charge-offs were $4.3 million in the third quarter of 2010, compared to $7.4 million in the second quarter of 2010 and $2.5 million in the third quarter of 2009.  The loan loss provision was $5.9 million for the third quarter of 2010, compared to a provision of $7.1 million in the second quarter of 2010 and to $3.2 million in the third quarter of 2009.

TrustCo recently announced that it ranked 11th on SNL Financial’s annual ranking of the 100 largest U.S. thrifts for 2009.  TrustCo has ranked in the top twenty on this study every year since 2005.  The study rates thrifts based on nine financial performance metrics including  core return on average assets, core return on average equity, the compound annual growth rate in tangible book value per share, the efficiency ratio, nonperforming assets plus loans more than 90 days past due as a percentage of total assets and net charge-offs as a percentage of average loans.  In addition, the ABA Banking Journal recently ranked TrustCo 13th on its list of top performing banks with at least $3 billion of assets.  TrustCo was one of only nine banks of the top fifteen that repeated from the prior year.

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TrustCo Bank Corp is a $3.8 billion bank holding company and through its subsidiary, Trustco Bank, operates 133 offices in New York, New Jersey, Vermont, Massachusetts, and Florida.

In addition, the Bank operates a full service Trust Department.  The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST.

Except for the historical information contained herein, the matters discussed in this news release and other information contained in TrustCo’s Securities and Exchange Commission filings may express “forward-looking statements.”  Those “forward-looking statements” may involve risk and uncertainties, including statements containing future events or performance and assumptions and other statements of historical facts.

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:  (1) credit risk, (2) interest rate risk, (3) competition, (4) changes in the regulatory environment, (5) real estate and collateral values, and (6) changes in local market areas and general business and economic trends.  The foregoing list should not be construed as exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circum stances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events.

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TRUSTCO BANK CORP NY

GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended
	09/30/10			06/30/10		09/30/09
Summary of operations
Net interest income (TE)	$	31,998		$	32,314		30,070
Provision for loan losses		5,900			7,100		3,150
Net securities transactions		934			1,537		892
Net trading losses		-			-		(6	)
Noninterest income		3,905			4,114		4,114
Noninterest expense		18,984			19,235		18,686
Net income		8,358			7,124		7,909
Per common share
Net income per share:
- Basic	$	0.109		$	0.093		0.103
- Diluted		0.109			0.093		0.103
Cash dividends		0.066			0.063		0.063
Tangible Book value at period end		3.39			3.31		3.19
Market price at period end		5.56			5.60		6.25
At period end
Full time equivalent employees		720			737		727
Full service banking offices		133			133		129
Performance ratios
Return on average assets		0.86	%		0.75		0.87
Return on average equity		12.81			11.34		13.09
Efficiency (1)		49.06			50.62		52.51
Net interest spread (TE)		3.31			3.38		3.23
Net interest margin (TE)		3.42			3.51		3.42
Dividend payout ratio		60.46			67.43		60.49
Capital ratios at period end (2)
Total equity to assets		6.71	%		6.61		6.65
Tier 1 risk adjusted capital		12.50			12.68		12.45
Total risk adjusted capital		13.76			13.94		13.71
Asset quality analysis at period end
Nonperforming loans to total loans		2.15	%		2.14		1.97
Nonperforming assets to total assets		1.44			1.44		1.41
Allowance for loan losses to total loans		1.74			1.68		1.65
Coverage ratio (3)		0.8	X		0.8		0.8

(1) Calculated as noninterest expense (excluding ORE income/expense, specialized consulting and any one-time charges) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions, unrealized trading gains and losses and one-time income items).

(2) Capital ratios exclude the effect of accumulated other comprehensive income.

(3) Calculated as allowance for loan losses divided by total nonperforming loans.

TE = Taxable equivalent.

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FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)

(Unaudited)

	Nine Months Ended
	09/30/10			09/30/09
Summary of operations
Net interest income (TE)	$	96,610			82,867
Provision for loan losses		17,700			7,910
Net securities transactions		2,475			962
Net trading losses		-			(350	)
Noninterest income		11,879			13,652
Noninterest expense		58,308			57,525
Net income		22,417			19,638
Per common share
Net income per share:
- Basic	$	0.292			0.257
- Diluted		0.292			0.257
Cash dividends		0.191			0.235
Tangible Book value at period end		3.39			3.19
Market price at period end		5.56			6.25
Performance ratios
Return on average assets		0.80	%		0.75
Return on average equity		11.83			11.03
Efficiency (1)		49.95			56.77
Net interest spread (TE)		3.39			2.98
Net interest margin (TE)		3.52			3.20
Dividend payout ratio		65.37			91.37

(1) Calculated as noninterest expense (excluding other real estate owned income/expense, specialized consulting and any one-time charges) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions, net trading gains and losses and one-time income items).

TE = Taxable equivalent.

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

(Unaudited)

	09/30/10		12/31/09		09/30/09
ASSETS
Loans, net	$	2,307,297		2,243,945		2,194,811
Trading securities		-		-		1,040
Securities available for sale		845,161		810,365		558,222
Held to maturity securities		205,119		374,871		552,052
Federal funds sold and other short-term investments		331,329		100,636		223,795
Total earning assets		3,688,906		3,529,817		3,529,920
Cash and due from banks		39,201		45,258		40,145
Bank premises and equipment		37,162		37,793		37,359
Other assets		66,253		67,029		42,954
Total assets	$	3,831,522		3,679,897		3,650,378
LIABILITIES
Deposits:
Demand	$	251,532		258,759		258,960
Interest-bearing checking		421,687		405,383		371,373
Savings		735,814		665,463		640,983
Money market		574,925		393,779		354,194
Certificates of deposit (in denominations of $100,000 or more)		445,474		486,190		503,662
Other time deposits		1,003,912		1,095,586		1,133,917
Total deposits		3,433,344		3,305,160		3,263,089
Short-term borrowings		116,774		107,728		121,894
Other liabilities		20,233		21,331		20,727
Total liabilities		3,570,351		3,434,219		3,405,710
SHAREHOLDERS' EQUITY		261,171		245,678		244,668
Total liabilities and shareholders' equity	$	3,831,522		3,679,897		3,650,378
Number of common shares outstanding, in thousands		76,999		76,651		76,537

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CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

	Three Months Ended
	09/30/10		06/30/10		09/30/09
Interest income
Loans	$	32,297		31,976		31,184
Investment securities		7,529		8,899		9,397
Federal funds sold and other short term investments		258		228		565
Total interest income		40,084		41,103		41,146
Interest expense
Deposits		8,093		8,803		11,187
Borrowings		438		455		422
Total interest expense		8,531		9,258		11,609
Net interest income		31,553		31,845		29,537
Provision for loan losses		5,900		7,100		3,150
Net interest income after provision for loan losses		25,653		24,745		26,387
Net securities transactions		934		1,537		892
Net trading losses		-		-		(6	)
Noninterest income		3,905		4,114		4,114
Noninterest expense		18,984		19,235		18,686
Income before income taxes		11,508		11,161		12,701
Income tax expense		3,150		4,037		4,792
Net income	$	8,358		7,124		7,909
Net income per share:
- Basic	$	0.109		0.093		0.103
- Diluted		0.109		0.093		0.103
Avg equivalent shares outstanding, in thousands:
- Basic		76,990		76,649		76,526
- Diluted		76,990		76,649		76,526

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CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

	Nine Months Ended
	09/30/10		09/30/09
Interest income
Loans	$	96,026		93,469
Investments		25,839		24,819
Federal funds sold and other short term investments		650		1,705
Total interest income		122,515		119,993
Interest expense
Deposits		25,972		37,526
Borrowings		1,349		1,227
Total interest expense		27,321		38,753
Net interest income		95,194		81,240
Provision for loan losses		17,700		7,910
Net interest income after provision for loan losses		77,494		73,330
Net securities transactions		2,475		962
Net trading losses		-		(350	)
Noninterest income		11,879		13,652
Noninterest expense		58,308		57,525
Income before income taxes		33,540		30,069
Income tax expense		11,123		10,431
Net income	$	22,417		19,638
Net income per share:
- Basic	$	0.292		0.257
- Diluted		0.292		0.257
Avg equivalent shares outstanding, in thousands:
- Basic		76,875		76,329
- Diluted		76,875		76,329

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