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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.73 | 2.74% | 27.35 | 26.73 | 31.83 | 27.60 | 26.82 | 26.82 | 67,219 | 22:30:00 |
NEW YORK
|
0-10592
|
14-1630287
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
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)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(c) | Exhibits. |
Reg S-K Exhibit No. | Description |
99(a) | Press release dated October 21, 2014, for the period ending September 30, 2014, regarding third quarter results. |
Dated: October 21, 2014
|
||
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By:
|
/s/ Robert T. Cushing
|
|
Robert T. Cushing
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
News Release
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST
|
Contact:
|
Kevin T. Timmons
|
· | Continued strong financial results: |
o | Year-to-Date 2014 compared to the same period in 2013: |
§ | Net income up 14.9% |
§ | Diluted EPS up 14.2% |
§ | Return on average assets (ROA) rose 9 basis points to 0.98% |
§ | Return on average equity (ROE) rose 90 basis points to 11.84% |
§ | Improvement in the efficiency ratio from 52.99% in 2013 to 52.35% in 2014 |
o | Third quarter 2014 compared to third quarter 2013: |
§ | Net income up 4.5% |
§ | Diluted EPS up 3.7% |
§ | Return on average assets (ROA) up an additional basis point to 0.92% |
· | Asset quality improvement: |
o | Virtually every measure of asset quality improved during the third quarter |
o | Nonperforming assets (NPAs) fell $8.0 million or 16% to $43.6 million at September 30, 2014 compared to $51.6 million at September 30, 2013 |
o | NPAs to total assets improved from 1.16% to 0.95% over the last year |
· | Continued expansion of customer base: |
o | Focus on capitalizing on opportunities presented by expanded branch network |
o | Deposits per branch grew $634 thousand from September 30, 2013 to September 30, 2014 on a same store basis |
o | Average core deposits grew $88.7 million for the first nine months of 2014 compared to the same period in 2013 |
· | Loan portfolio reaches all-time high: |
o | Average loans were up $238 million for the first nine months of 2014 compared to the same period in 2013 |
o | At $3.08 billion at September 30, 2014, loans reached an all-time historic high |
Three Months Ended
|
||||||||||||
09/30/14
|
06/30/14
|
09/30/13
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
35,676
|
35,513
|
34,180
|
||||||||
Provision for loan losses
|
1,100
|
1,500
|
1,500
|
|||||||||
Net securities transactions
|
376
|
-
|
-
|
|||||||||
Noninterest income, excluding net securities transactions
|
4,514
|
4,505
|
4,414
|
|||||||||
Noninterest expense
|
22,192
|
19,437
|
20,688
|
|||||||||
Net income
|
10,714
|
11,808
|
10,252
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.125
|
0.109
|
||||||||
- Diluted
|
0.113
|
0.125
|
0.109
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
4.10
|
4.06
|
3.75
|
|||||||||
Market price at period end
|
6.44
|
6.68
|
5.95
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
733
|
747
|
708
|
|||||||||
Full service banking offices
|
143
|
141
|
139
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.92
|
%
|
1.03
|
%
|
0.91
|
|||||||
Return on average equity
|
10.96
|
12.50
|
11.64
|
|||||||||
Efficiency (1)
|
52.73
|
53.00
|
51.15
|
|||||||||
Net interest spread (TE)
|
3.11
|
3.11
|
3.06
|
|||||||||
Net interest margin (TE)
|
3.16
|
3.16
|
3.12
|
|||||||||
Dividend payout ratio
|
58.05
|
52.62
|
60.38
|
|||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
8.49
|
8.38
|
7.94
|
|||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.20
|
1.36
|
1.47
|
|||||||||
Nonperforming assets to total assets
|
0.95
|
1.07
|
1.16
|
|||||||||
Allowance for loan losses to total loans
|
1.51
|
1.56
|
1.68
|
|||||||||
Coverage ratio (3)
|
1.3x
|
|
1.1x
|
|
1.1
|
(1)
|
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions and the net gain on sale of building).
|
(2)
|
The tangible equity ratio excludes $553 of intangibles from both equity and assets.
|
(3)
|
Calculated as allowance for loan losses divided by total nonperforming loans.
|
Nine Months Ended
|
||||||||
09/30/14
|
09/30/13
|
|||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
105,890
|
101,517
|
|||||
Provision for loan losses
|
4,100
|
5,500
|
||||||
Net securities transactions
|
382
|
1,434
|
||||||
Noninterest income, excluding net securities transactions
|
14,772
|
13,488
|
||||||
Noninterest expense
|
62,430
|
64,114
|
||||||
Net income
|
33,533
|
29,183
|
||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.354
|
0.310
|
|||||
- Diluted
|
0.354
|
0.310
|
||||||
Cash dividends
|
0.197
|
0.197
|
||||||
Tangible Book value at period end
|
4.10
|
3.75
|
||||||
Market price at period end
|
6.44
|
5.95
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.98
|
%
|
0.89
|
|||||
Return on average equity
|
11.84
|
10.94
|
||||||
Efficiency (1)
|
52.35
|
52.99
|
||||||
Net interest spread (TE)
|
3.09
|
3.08
|
||||||
Net interest margin (TE)
|
3.15
|
3.14
|
||||||
Dividend payout ratio
|
55.58
|
63.55
|
(1)
|
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions).
|
Three Months Ended
|
||||||||||||||||||||
9/30/2014
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
34,421
|
33,614
|
32,874
|
32,658
|
32,166
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
297
|
381
|
506
|
586
|
571
|
|||||||||||||||
State and political subdivisions
|
38
|
44
|
68
|
96
|
127
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
3,040
|
3,299
|
3,078
|
3,027
|
2,888
|
|||||||||||||||
Corporate bonds
|
2
|
2
|
59
|
138
|
223
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
535
|
539
|
556
|
562
|
558
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
38
|
38
|
38
|
38
|
39
|
|||||||||||||||
Other securities
|
4
|
4
|
4
|
4
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
3,954
|
4,307
|
4,309
|
4,451
|
4,411
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
545
|
577
|
625
|
649
|
686
|
|||||||||||||||
Corporate bonds
|
153
|
154
|
154
|
153
|
154
|
|||||||||||||||
Total interest on held to maturity securities
|
698
|
731
|
779
|
802
|
840
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
127
|
128
|
133
|
129
|
121
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
374
|
376
|
351
|
324
|
344
|
|||||||||||||||
Total interest income
|
39,574
|
39,156
|
38,446
|
38,364
|
37,882
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
94
|
89
|
84
|
83
|
84
|
|||||||||||||||
Savings
|
644
|
592
|
763
|
790
|
798
|
|||||||||||||||
Money market deposit accounts
|
648
|
618
|
599
|
611
|
590
|
|||||||||||||||
Time deposits
|
2,213
|
2,035
|
1,951
|
1,982
|
1,937
|
|||||||||||||||
Interest on short-term borrowings
|
327
|
342
|
393
|
382
|
370
|
|||||||||||||||
Total interest expense
|
3,926
|
3,676
|
3,790
|
3,848
|
3,779
|
|||||||||||||||
Net interest income
|
35,648
|
35,480
|
34,656
|
34,516
|
34,103
|
|||||||||||||||
Provision for loan losses
|
1,100
|
1,500
|
1,500
|
1,500
|
1,500
|
|||||||||||||||
Net interest income after provision for loan losses
|
34,548
|
33,980
|
33,156
|
33,016
|
32,603
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,471
|
1,405
|
1,510
|
1,276
|
1,317
|
|||||||||||||||
Fees for services to customers
|
2,838
|
2,732
|
2,521
|
2,917
|
2,903
|
|||||||||||||||
Net gain on securities transactions
|
376
|
-
|
6
|
188
|
-
|
|||||||||||||||
Other
|
205
|
368
|
1,722
|
467
|
194
|
|||||||||||||||
Total noninterest income
|
4,890
|
4,505
|
5,759
|
4,848
|
4,414
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
8,272
|
8,012
|
7,592
|
8,664
|
7,935
|
|||||||||||||||
Net occupancy expense
|
4,013
|
4,110
|
4,259
|
4,226
|
3,911
|
|||||||||||||||
Equipment expense
|
1,725
|
1,823
|
1,752
|
1,514
|
1,567
|
|||||||||||||||
Professional services
|
1,547
|
1,438
|
1,286
|
1,409
|
1,255
|
|||||||||||||||
Outsourced services
|
1,375
|
1,425
|
1,325
|
1,075
|
1,350
|
|||||||||||||||
Advertising expense
|
629
|
657
|
599
|
835
|
548
|
|||||||||||||||
FDIC and other insurance
|
1,054
|
1,000
|
904
|
952
|
1,009
|
|||||||||||||||
Other real estate (income) expense, net
|
1,001
|
(1,688
|
)
|
855
|
430
|
946
|
||||||||||||||
Other
|
2,576
|
2,660
|
2,229
|
1,786
|
2,167
|
|||||||||||||||
Total noninterest expenses
|
22,192
|
19,437
|
20,801
|
20,891
|
20,688
|
|||||||||||||||
Income before taxes
|
17,246
|
19,048
|
18,114
|
16,973
|
16,329
|
|||||||||||||||
Income taxes
|
6,532
|
7,240
|
7,103
|
6,344
|
6,077
|
|||||||||||||||
Net income
|
$
|
10,714
|
11,808
|
11,011
|
10,629
|
10,252
|
||||||||||||||
Net income per Common Share:
|
||||||||||||||||||||
- Basic
|
$
|
0.113
|
0.125
|
0.116
|
0.113
|
0.109
|
||||||||||||||
- Diluted
|
0.113
|
0.125
|
0.116
|
0.112
|
0.109
|
|||||||||||||||
Average basic shares (thousands)
|
94,628
|
94,559
|
94,452
|
94,347
|
94,228
|
|||||||||||||||
Average diluted shares (thousands)
|
94,752
|
94,675
|
94,581
|
94,472
|
94,275
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
35,676
|
35,513
|
34,701
|
34,577
|
34,180
|
Nine Months Ended
|
||||||||
9/30/2014
|
9/30/2013
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
100,909
|
95,286
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
1,184
|
2,014
|
||||||
State and political subdivisions
|
150
|
466
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
9,417
|
8,358
|
||||||
Corporate bonds
|
63
|
674
|
||||||
Small Business Administration-guaranteed participation securities
|
1,630
|
1,618
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
114
|
106
|
||||||
Other securities
|
12
|
13
|
||||||
Total interest and dividends on securities available for sale
|
12,570
|
13,249
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
1,747
|
2,191
|
||||||
Corporate bonds
|
461
|
680
|
||||||
Total interest on held to maturity securities
|
2,208
|
2,871
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
388
|
361
|
||||||
Interest on federal funds sold and other short-term investments
|
1,101
|
916
|
||||||
Total interest income
|
117,176
|
112,683
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
267
|
246
|
||||||
Savings
|
1,999
|
2,543
|
||||||
Money market deposit accounts
|
1,865
|
1,905
|
||||||
Time deposits
|
6,199
|
5,640
|
||||||
Interest on short-term borrowings
|
1,062
|
1,101
|
||||||
Total interest expense
|
11,392
|
11,435
|
||||||
Net interest income
|
105,784
|
101,248
|
||||||
Provision for loan losses
|
4,100
|
5,500
|
||||||
Net interest income after provision for loan losses
|
101,684
|
95,748
|
||||||
Noninterest income:
|
||||||||
Trust department income
|
4,386
|
4,025
|
||||||
Fees for services to customers
|
8,091
|
8,758
|
||||||
Net gain on securities transactions
|
382
|
1,434
|
||||||
Other
|
2,295
|
705
|
||||||
Total noninterest income
|
15,154
|
14,922
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
23,876
|
23,760
|
||||||
Net occupancy expense
|
12,382
|
11,874
|
||||||
Equipment expense
|
5,300
|
4,867
|
||||||
Professional services
|
4,271
|
4,240
|
||||||
Outsourced services
|
4,125
|
4,050
|
||||||
Advertising expense
|
1,885
|
1,992
|
||||||
FDIC and other insurance
|
2,958
|
3,023
|
||||||
Other real estate expense, net
|
168
|
3,168
|
||||||
Other
|
7,465
|
7,140
|
||||||
Total noninterest expenses
|
62,430
|
64,114
|
||||||
Income before taxes
|
54,408
|
46,556
|
||||||
Income taxes
|
20,875
|
17,373
|
||||||
Net income
|
$
|
33,533
|
29,183
|
|||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.354
|
0.310
|
|||||
- Diluted
|
0.354
|
0.310
|
||||||
Average basic shares (thousands)
|
94,562
|
94,096
|
||||||
Average diluted shares (thousands)
|
94,685
|
94,115
|
||||||
Note: Taxable equivalent net interest income
|
$
|
105,890
|
101,517
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$ |
43,724
|
48,034
|
46,127
|
46,453
|
45,088
|
||||||||||||||
Federal funds sold and other short term investments
|
586,931
|
573,514
|
687,003
|
536,591
|
510,561
|
|||||||||||||||
Total cash and cash equivalents
|
630,655
|
621,548
|
733,130
|
583,044
|
555,649
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
83,087
|
103,340
|
92,708
|
198,829
|
193,614
|
|||||||||||||||
States and political subdivisions
|
2,769
|
3,921
|
4,968
|
7,758
|
11,199
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
523,779
|
589,517
|
524,197
|
532,449
|
534,301
|
|||||||||||||||
Corporate bonds
|
1,401
|
1,402
|
6,402
|
10,471
|
53,094
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
100,491
|
102,367
|
101,821
|
103,029
|
104,863
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,417
|
10,544
|
10,543
|
10,558
|
10,715
|
|||||||||||||||
Other securities
|
679
|
679
|
653
|
660
|
660
|
|||||||||||||||
Total securities available for sale
|
722,623
|
811,770
|
741,292
|
863,754
|
908,446
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
64,223
|
67,974
|
72,188
|
76,270
|
81,337
|
|||||||||||||||
Corporate bonds
|
9,956
|
9,952
|
9,948
|
9,945
|
9,941
|
|||||||||||||||
Total held to maturity securities
|
74,179
|
77,926
|
82,136
|
86,215
|
91,278
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
10,951
|
10,500
|
10,500
|
10,500
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
219,825
|
222,655
|
220,443
|
223,481
|
212,833
|
|||||||||||||||
Residential mortgage loans
|
2,510,151
|
2,437,500
|
2,374,874
|
2,338,944
|
2,279,064
|
|||||||||||||||
Home equity line of credit
|
346,496
|
339,897
|
339,971
|
340,489
|
337,178
|
|||||||||||||||
Installment loans
|
6,557
|
6,098
|
5,714
|
5,895
|
5,894
|
|||||||||||||||
Loans, net of deferred fees and costs
|
3,083,029
|
3,006,150
|
2,941,002
|
2,908,809
|
2,834,969
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
46,512
|
46,935
|
47,035
|
47,714
|
47,722
|
|||||||||||||||
Net loans
|
3,036,517
|
2,959,215
|
2,893,967
|
2,861,095
|
2,787,247
|
|||||||||||||||
Bank premises and equipment, net
|
37,455
|
36,658
|
35,267
|
34,414
|
34,559
|
|||||||||||||||
Other assets
|
71,609
|
71,061
|
82,445
|
82,430
|
71,728
|
|||||||||||||||
Total assets
|
$ |
4,582,266
|
4,589,129
|
4,578,737
|
4,521,452
|
4,459,407
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$ |
327,527
|
324,277
|
327,779
|
318,456
|
314,660
|
||||||||||||||
Interest-bearing checking
|
646,862
|
643,473
|
628,752
|
611,127
|
591,590
|
|||||||||||||||
Savings accounts
|
1,215,087
|
1,233,347
|
1,236,331
|
1,218,038
|
1,221,791
|
|||||||||||||||
Money market deposit accounts
|
655,646
|
651,367
|
648,244
|
648,402
|
650,688
|
|||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
|
449,832
|
436,785
|
432,168
|
419,301
|
405,575
|
|||||||||||||||
Other time accounts
|
690,087
|
705,938
|
713,944
|
711,747
|
710,064
|
|||||||||||||||
Total deposits
|
3,985,041
|
3,995,187
|
3,987,218
|
3,927,071
|
3,894,368
|
|||||||||||||||
Short-term borrowings
|
179,957
|
181,516
|
195,411
|
204,162
|
185,226
|
|||||||||||||||
Accrued expenses and other liabilities
|
27,781
|
27,409
|
24,329
|
28,406
|
25,425
|
|||||||||||||||
Total liabilities
|
4,192,779
|
4,204,112
|
4,206,958
|
4,159,639
|
4,105,019
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,942
|
98,927
|
98,927
|
98,927
|
98,912
|
|||||||||||||||
Surplus
|
172,598
|
172,769
|
172,964
|
173,144
|
173,408
|
|||||||||||||||
Undivided profits
|
162,326
|
157,832
|
152,237
|
147,432
|
143,015
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(3,508
|
)
|
(2,611
|
)
|
(9,452
|
)
|
(13,803
|
)
|
(15,923
|
)
|
||||||||||
Treasury stock at cost
|
(40,871
|
)
|
(41,900
|
)
|
(42,897
|
)
|
(43,887
|
)
|
(45,024
|
)
|
||||||||||
Total shareholders' equity
|
389,487
|
385,017
|
371,779
|
361,813
|
354,388
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$ |
4,582,266
|
4,589,129
|
4,578,737
|
4,521,452
|
4,459,407
|
||||||||||||||
Outstanding shares (thousands)
|
94,785
|
94,665
|
94,564
|
94,463
|
94,334
|
Nonperforming Assets
|
||||||||||||||||||||
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
09/30/13
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$ |
4,226
|
5,132
|
4,853
|
6,952
|
5,436
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
29,736
|
31,433
|
34,597
|
31,045
|
30,643
|
|||||||||||||||
Installment
|
95
|
87
|
103
|
93
|
71
|
|||||||||||||||
Total non-accrual loans
|
34,057
|
36,652
|
39,553
|
38,090
|
36,150
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
155
|
159
|
162
|
166
|
170
|
|||||||||||||||
Total nonperforming loans
|
34,212
|
36,811
|
39,715
|
38,256
|
36,320
|
|||||||||||||||
Other real estate owned
|
5,238
|
3,930
|
4,707
|
3,348
|
3,011
|
|||||||||||||||
Total nonperforming assets
|
$ |
39,450
|
40,741
|
44,422
|
41,604
|
39,331
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$ |
517
|
517
|
517
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,395
|
3,578
|
4,668
|
5,137
|
5,406
|
|||||||||||||||
Installment
|
1
|
1
|
7
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
2,913
|
4,096
|
5,192
|
5,137
|
5,406
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,913
|
4,096
|
5,192
|
5,137
|
5,406
|
|||||||||||||||
Other real estate owned
|
1,188
|
4,365
|
4,300
|
5,381
|
6,816
|
|||||||||||||||
Total nonperforming assets
|
$ |
4,101
|
8,461
|
9,492
|
10,518
|
12,222
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$ |
4,743
|
5,649
|
5,370
|
6,952
|
5,436
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
32,131
|
35,011
|
39,265
|
36,182
|
36,049
|
|||||||||||||||
Installment
|
96
|
88
|
110
|
93
|
71
|
|||||||||||||||
Total non-accrual loans
|
36,970
|
40,748
|
44,745
|
43,227
|
41,556
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
155
|
159
|
162
|
166
|
170
|
|||||||||||||||
Total nonperforming loans
|
37,125
|
40,907
|
44,907
|
43,393
|
41,726
|
|||||||||||||||
Other real estate owned
|
6,426
|
8,295
|
9,007
|
8,729
|
9,827
|
|||||||||||||||
Total nonperforming assets
|
$ |
43,551
|
49,202
|
53,914
|
52,122
|
51,553
|
||||||||||||||
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
09/30/13
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$ |
124
|
13
|
242
|
176
|
585
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,105
|
1,496
|
851
|
1,194
|
1,215
|
|||||||||||||||
Installment
|
57
|
24
|
44
|
(2
|
)
|
25
|
||||||||||||||
Total net chargeoffs
|
$ |
1,286
|
1,533
|
1,137
|
1,368
|
1,825
|
||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$ |
(1
|
)
|
(2
|
)
|
612
|
(1
|
)
|
(502
|
)
|
||||||||||
Real estate mortgage - 1 to 4 family
|
242
|
59
|
428
|
138
|
41
|
|||||||||||||||
Installment
|
(4
|
)
|
10
|
2
|
3
|
3
|
||||||||||||||
Total net chargeoffs
|
$ |
237
|
67
|
1,042
|
140
|
(458
|
)
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$ |
123
|
11
|
854
|
175
|
83
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,347
|
1,555
|
1,279
|
1,332
|
1,256
|
|||||||||||||||
Installment
|
53
|
34
|
46
|
1
|
28
|
|||||||||||||||
Total net chargeoffs
|
$ |
1,523
|
1,600
|
2,179
|
1,508
|
1,367
|
||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
09/30/13
|
||||||||||||||||
Total nonperforming loans(1)
|
$ |
37,125
|
40,907
|
44,907
|
43,393
|
41,726
|
||||||||||||||
Total nonperforming assets(1)
|
43,551
|
49,202
|
53,914
|
52,122
|
51,553
|
|||||||||||||||
Total net chargeoffs(2)
|
1,523
|
1,600
|
2,179
|
1,508
|
1,367
|
|||||||||||||||
Allowance for loan losses(1)
|
46,512
|
46,935
|
47,035
|
47,714
|
47,722
|
|||||||||||||||
Nonperforming loans to total loans
|
1.20
|
%
|
1.36
|
%
|
1.53
|
%
|
1.49
|
%
|
1.47
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.95
|
%
|
1.07
|
%
|
1.18
|
%
|
1.15
|
%
|
1.16
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.51
|
%
|
1.56
|
%
|
1.60
|
%
|
1.64
|
%
|
1.68
|
%
|
||||||||||
Coverage ratio(1)
|
125.3
|
%
|
114.7
|
%
|
104.7
|
%
|
110.0
|
%
|
114.4
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.20
|
%
|
0.22
|
%
|
0.30
|
%
|
0.21
|
%
|
0.20
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
7.6
|
x
|
7.3
|
x
|
5.4
|
x
|
7.9
|
x
|
8.7
|
x
|
(1)
|
At period-end
|
(2)
|
For the period ended
|
(dollars in thousands)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
(Unaudited)
|
September 30, 2014
|
September 30, 2013
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
93,098
|
297
|
1.27
|
%
|
$
|
197,336
|
571
|
1.16
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
569,352
|
3,040
|
2.14
|
534,773
|
2,888
|
2.16
|
||||||||||||||||||
State and political subdivisions
|
3,307
|
60
|
7.26
|
11,272
|
197
|
7.01
|
||||||||||||||||||
Corporate bonds
|
1,403
|
2
|
0.48
|
53,238
|
223
|
1.68
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
106,109
|
535
|
2.02
|
113,298
|
558
|
1.97
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,803
|
38
|
1.40
|
11,070
|
39
|
1.41
|
||||||||||||||||||
Other
|
685
|
4
|
2.34
|
660
|
5
|
3.03
|
||||||||||||||||||
Total securities available for sale
|
784,757
|
3,976
|
2.03
|
921,647
|
4,481
|
1.94
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
598,318
|
374
|
0.25
|
551,409
|
344
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,954
|
153
|
6.18
|
9,939
|
154
|
6.19
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
66,206
|
545
|
3.29
|
85,388
|
686
|
3.21
|
||||||||||||||||||
Total held to maturity securities
|
76,160
|
698
|
3.67
|
95,327
|
840
|
3.52
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,884
|
127
|
5.14
|
10,500
|
121
|
4.61
|
||||||||||||||||||
Commercial loans
|
220,347
|
2,842
|
5.16
|
213,541
|
2,785
|
5.22
|
||||||||||||||||||
Residential mortgage loans
|
2,473,857
|
28,315
|
4.58
|
2,245,284
|
26,325
|
4.69
|
||||||||||||||||||
Home equity lines of credit
|
342,456
|
3,102
|
3.59
|
335,391
|
2,892
|
3.42
|
||||||||||||||||||
Installment loans
|
6,048
|
168
|
11.02
|
5,494
|
171
|
12.33
|
||||||||||||||||||
Loans, net of unearned income
|
3,042,708
|
34,427
|
4.52
|
2,799,710
|
32,173
|
4.59
|
||||||||||||||||||
Total interest earning assets
|
4,511,827
|
39,602
|
3.51
|
4,378,593
|
37,959
|
3.46
|
||||||||||||||||||
Allowance for loan losses
|
(47,115
|
)
|
(48,649
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
134,110
|
122,130
|
||||||||||||||||||||||
Total assets
|
$
|
4,598,822
|
$
|
4,452,074
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
650,132
|
94
|
0.06
|
%
|
$
|
592,264
|
84
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
656,935
|
648
|
0.39
|
641,597
|
590
|
0.36
|
||||||||||||||||||
Savings
|
1,229,712
|
644
|
0.21
|
1,233,284
|
798
|
0.26
|
||||||||||||||||||
Time deposits
|
1,148,419
|
2,213
|
0.76
|
1,121,737
|
1,937
|
0.69
|
||||||||||||||||||
Total interest bearing deposits
|
3,685,198
|
3,599
|
0.39
|
3,588,882
|
3,409
|
0.38
|
||||||||||||||||||
Short-term borrowings
|
180,063
|
327
|
0.72
|
183,414
|
370
|
0.80
|
||||||||||||||||||
Total interest bearing liabilities
|
3,865,261
|
3,926
|
0.40
|
3,772,296
|
3,779
|
0.40
|
||||||||||||||||||
Demand deposits
|
322,083
|
307,910
|
||||||||||||||||||||||
Other liabilities
|
23,783
|
22,435
|
||||||||||||||||||||||
Shareholders' equity
|
387,695
|
349,433
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,598,822
|
$
|
4,452,074
|
||||||||||||||||||||
Net interest income, tax equivalent
|
35,676
|
34,180
|
||||||||||||||||||||||
Net interest spread
|
3.11
|
%
|
3.06
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.16
|
%
|
3.12
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(28
|
)
|
(77
|
)
|
||||||||||||||||||||
Net interest income
|
35,648
|
34,103
|
(dollars in thousands)
|
Nine months ended
|
Nine months ended
|
||||||||||||||||||||||
(Unaudited)
|
September 30, 2014
|
September 30, 2013
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
124,133
|
1,184
|
1.27
|
%
|
$
|
228,560
|
2,014
|
1.17
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
568,257
|
9,417
|
2.21
|
545,974
|
8,358
|
2.04
|
||||||||||||||||||
State and political subdivisions
|
4,411
|
235
|
7.10
|
14,282
|
713
|
6.66
|
||||||||||||||||||
Corporate bonds
|
3,758
|
63
|
2.23
|
51,795
|
674
|
1.74
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
108,078
|
1,630
|
2.01
|
109,297
|
1,618
|
1.97
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,870
|
114
|
1.40
|
10,204
|
106
|
1.39
|
||||||||||||||||||
Other
|
670
|
12
|
2.39
|
660
|
13
|
2.63
|
||||||||||||||||||
Total securities available for sale
|
820,177
|
12,655
|
2.06
|
960,772
|
13,496
|
1.87
|
||||||||||||||||||
Federal funds sold and other
|
||||||||||||||||||||||||
short-term Investments
|
593,577
|
1,101
|
0.25
|
496,211
|
916
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,950
|
461
|
6.18
|
15,340
|
680
|
5.91
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
70,273
|
1,747
|
3.31
|
94,146
|
2,191
|
3.10
|
||||||||||||||||||
Total held to maturity securities
|
80,223
|
2,208
|
3.67
|
109,486
|
2,871
|
3.50
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,438
|
388
|
4.96
|
10,192
|
361
|
4.72
|
||||||||||||||||||
Commercial loans
|
221,492
|
8,481
|
5.11
|
214,626
|
8,444
|
5.25
|
||||||||||||||||||
Residential mortgage loans
|
2,410,435
|
82,845
|
4.59
|
2,186,574
|
77,875
|
4.75
|
||||||||||||||||||
Home equity lines of credit
|
341,014
|
9,102
|
3.57
|
334,119
|
8,498
|
3.40
|
||||||||||||||||||
Installment loans
|
5,825
|
502
|
11.52
|
4,988
|
491
|
13.16
|
||||||||||||||||||
Loans, net of unearned income
|
2,978,766
|
100,930
|
4.52
|
2,740,307
|
95,308
|
4.64
|
||||||||||||||||||
Total interest earning assets
|
4,483,181
|
117,282
|
3.49
|
4,316,968
|
112,952
|
3.49
|
||||||||||||||||||
Allowance for loan losses
|
(47,570
|
)
|
(48,469
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
133,456
|
140,432
|
||||||||||||||||||||||
Total assets
|
$
|
4,569,067
|
$
|
4,408,931
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
629,542
|
267
|
0.06
|
%
|
$
|
575,687
|
246
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
652,886
|
1,865
|
0.38
|
650,501
|
1,905
|
0.39
|
||||||||||||||||||
Savings
|
1,231,761
|
1,999
|
0.22
|
1,218,625
|
2,543
|
0.28
|
||||||||||||||||||
Time deposits
|
1,144,164
|
6,199
|
0.72
|
1,110,229
|
5,640
|
0.68
|
||||||||||||||||||
Total interest bearing deposits
|
3,658,353
|
10,330
|
0.38
|
3,555,042
|
10,334
|
0.39
|
||||||||||||||||||
Short-term borrowings
|
190,599
|
1,062
|
0.74
|
177,173
|
1,101
|
0.83
|
||||||||||||||||||
Total interest bearing liabilities
|
3,848,952
|
11,392
|
0.40
|
3,732,215
|
11,435
|
0.41
|
||||||||||||||||||
Demand deposits
|
318,306
|
298,986
|
||||||||||||||||||||||
Other liabilities
|
23,074
|
21,087
|
||||||||||||||||||||||
Shareholders' equity
|
378,735
|
356,643
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,569,067
|
$
|
4,408,931
|
||||||||||||||||||||
Net interest income, tax equivalent
|
105,890
|
101,517
|
||||||||||||||||||||||
Net interest spread
|
3.09
|
%
|
3.08
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.15
|
%
|
3.14
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(106
|
)
|
(269
|
)
|
||||||||||||||||||||
Net interest income
|
105,784
|
101,248
|
09/30/14
|
06/30/14
|
09/30/13
|
||||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Equity
|
$
|
389,487
|
385,017
|
354,388
|
||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||||||||||
Tangible equity
|
388,934
|
384,464
|
353,835
|
|||||||||||||||||
Shares outstanding
|
94,785
|
94,665
|
94,334
|
|||||||||||||||||
Tangible book value per share
|
4.10
|
4.06
|
3.75
|
|||||||||||||||||
Book value per share
|
4.11
|
4.07
|
3.76
|
|||||||||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||||||||||
Total Assets
|
4,582,266
|
4,589,129
|
4,459,407
|
|||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||||||||||
Tangible assets
|
4,581,713
|
4,588,576
|
4,458,854
|
|||||||||||||||||
Tangible Equity to Tangible Assets
|
8.49
|
%
|
8.38
|
%
|
7.94
|
%
|
||||||||||||||
Equity to Assets
|
8.50
|
%
|
8.39
|
%
|
7.95
|
%
|
||||||||||||||
3 Months Ended
|
9 Months Ended
|
|||||||||||||||||||
Efficiency Ratio
|
09/30/14
|
06/30/14
|
09/30/13
|
09/30/14
|
09/30/13
|
|||||||||||||||
Net interest income (fully taxable equivalent)
|
$
|
35,676
|
35,513
|
34,180
|
105,890
|
101,517
|
||||||||||||||
Non-interest income
|
4,890
|
4,505
|
4,413
|
15,154
|
14,921
|
|||||||||||||||
Less: Net gain on sale of building and net gain on sale of nonperforming loans
|
-
|
163
|
-
|
1,719
|
-
|
|||||||||||||||
Less: Net gain on securities
|
376
|
-
|
-
|
382
|
1,434
|
|||||||||||||||
Recurring revenue
|
40,190
|
39,855
|
38,593
|
118,943
|
115,004
|
|||||||||||||||
Total Noninterest expense
|
22,192
|
19,437
|
20,688
|
62,430
|
64,114
|
|||||||||||||||
Less: Other real estate (income) expense, net
|
1,001
|
(1,688
|
)
|
946
|
168
|
3,168
|
||||||||||||||
Recurring expense
|
21,191
|
21,125
|
19,742
|
62,262
|
60,946
|
|||||||||||||||
Efficiency Ratio
|
52.73
|
%
|
53.00
|
%
|
51.15
|
%
|
52.35
|
%
|
52.99
|
%
|
1 Year TrustCo Bank Corporation... Chart |
1 Month TrustCo Bank Corporation... Chart |
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