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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.34 | -1.20% | 27.89 | 26.50 | 31.83 | 28.49 | 27.86 | 28.26 | 54,368 | 01:00:00 |
NEW YORK
|
0-10592
|
14-1630287
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | 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
|
Press release dated January 21, 2015, for the period ending December 31, 2014, regarding fourth quarter results.
|
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By:
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Senior Vice President and
|
||
Chief Financial Officer
|
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
|
· | Continued strong financial results: |
o | Full year 2014 compared to the same period in 2013: |
§ | Net income up 11.0% |
§ | Diluted EPS up 10.4% |
§ | Return on average assets (ROA) rose 7 basis points to 0.97% |
§ | Return on average equity (ROE) rose 39 basis points to 11.54% |
§ | Improvement in the efficiency ratio from 52.78% in 2013 to 52.60% in 2014 |
· | Asset quality improvement: |
o | Virtually every measure of asset quality improved for both the full year 2014 and for the fourth quarter of 2014 |
o | Nonperforming assets (NPAs) fell $3.1 million during the quarter and $11.7 million during the year |
o | NPAs to total assets improved from 1.15% to 0.87% over last year |
o | Quarterly net chargeoffs at lowest level since the fourth quarter of 2008 |
· | Continued expansion of customer base: |
o | Focus on capitalizing on opportunities presented by expanded branch network |
o | Deposits per branch grew $715 thousand from December 31, 2013 to December 31, 2014 on a same store basis |
o | Average core deposits grew $84 million for the full year 2014 compared to 2013 |
· | Loan portfolio reaches all-time high: |
o | Average loans were up $242 million for full year 2014 compared to 2013 |
o | At $3.16 billion at December 30, 2014, loans reached an all-time historic high |
(dollars in thousands, except per share data) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
12/31/14
|
09/30/14
|
12/31/13
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
35,693
|
35,676
|
34,577
|
||||||||
Provision for loan losses
|
1,000
|
1,100
|
1,500
|
|||||||||
Net securities transactions
|
335
|
376
|
188
|
|||||||||
Noninterest income, excluding net securities transactions
|
4,417
|
4,514
|
4,660
|
|||||||||
Noninterest expense
|
22,240
|
22,192
|
20,891
|
|||||||||
Net income
|
10,660
|
10,714
|
10,629
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.113
|
||||||||
- Diluted
|
0.112
|
0.113
|
0.112
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
4.14
|
4.10
|
3.82
|
|||||||||
Market price at period end
|
7.26
|
6.44
|
7.18
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
737
|
733
|
708
|
|||||||||
Full service banking offices
|
144
|
143
|
139
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.92
|
%
|
0.92
|
0.94
|
||||||||
Return on average equity
|
10.70
|
10.96
|
11.78
|
|||||||||
Efficiency (1)
|
53.35
|
52.73
|
52.15
|
|||||||||
Net interest spread (TE)
|
3.11
|
3.11
|
3.10
|
|||||||||
Net interest margin (TE)
|
3.17
|
3.16
|
3.15
|
|||||||||
Dividend payout ratio
|
58.55
|
58.05
|
58.44
|
|||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
8.46
|
8.49
|
7.99
|
|||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.08
|
1.20
|
1.49
|
|||||||||
Nonperforming assets to total assets
|
0.87
|
0.95
|
1.15
|
|||||||||
Allowance for loan losses to total loans
|
1.47
|
1.51
|
1.64
|
|||||||||
Coverage ratio (3)
|
1.4
|
x
|
1.3
|
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.
|
(dollars in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Years Ended
|
||||||||
12/31/14
|
12/31/13
|
|||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
141,583
|
136,094
|
|||||
Provision for loan losses
|
5,100
|
7,000
|
||||||
Net securities transactions
|
717
|
1,622
|
||||||
Noninterest income, excluding net securities transactions
|
19,189
|
18,148
|
||||||
Noninterest expense
|
84,670
|
85,005
|
||||||
Net income
|
44,193
|
39,812
|
||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.467
|
0.422
|
|||||
- Diluted
|
0.466
|
0.422
|
||||||
Cash dividends
|
0.263
|
0.263
|
||||||
Tangible Book value at period end
|
4.14
|
3.82
|
||||||
Market price at period end
|
7.26
|
7.18
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.97
|
%
|
0.90
|
|||||
Return on average equity
|
11.54
|
11.15
|
||||||
Efficiency (1)
|
52.60
|
52.78
|
||||||
Net interest spread (TE)
|
3.10
|
3.08
|
||||||
Net interest margin (TE)
|
3.16
|
3.14
|
||||||
Dividend payout ratio
|
56.30
|
62.19
|
(1)
|
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions).
|
(dollars in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
12/31/2014
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
35,051
|
34,421
|
33,614
|
32,874
|
32,658
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
233
|
297
|
381
|
506
|
586
|
|||||||||||||||
State and political subdivisions
|
29
|
38
|
44
|
68
|
96
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,733
|
3,040
|
3,299
|
3,078
|
3,027
|
|||||||||||||||
Corporate bonds
|
2
|
2
|
2
|
59
|
138
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
524
|
535
|
539
|
556
|
562
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
37
|
38
|
38
|
38
|
38
|
|||||||||||||||
Other securities
|
4
|
4
|
4
|
4
|
4
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
3,562
|
3,954
|
4,307
|
4,309
|
4,451
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
512
|
545
|
577
|
625
|
649
|
|||||||||||||||
Corporate bonds
|
154
|
153
|
154
|
154
|
153
|
|||||||||||||||
Total interest on held to maturity securities
|
666
|
698
|
731
|
779
|
802
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
123
|
127
|
128
|
133
|
129
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
363
|
374
|
376
|
351
|
324
|
|||||||||||||||
Total interest income
|
39,765
|
39,574
|
39,156
|
38,446
|
38,364
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
98
|
94
|
89
|
84
|
83
|
|||||||||||||||
Savings
|
663
|
644
|
592
|
763
|
790
|
|||||||||||||||
Money market deposit accounts
|
634
|
648
|
618
|
599
|
611
|
|||||||||||||||
Time deposits
|
2,366
|
2,213
|
2,035
|
1,951
|
1,982
|
|||||||||||||||
Interest on short-term borrowings
|
335
|
327
|
342
|
393
|
382
|
|||||||||||||||
Total interest expense
|
4,096
|
3,926
|
3,676
|
3,790
|
3,848
|
|||||||||||||||
Net interest income
|
35,669
|
35,648
|
35,480
|
34,656
|
34,516
|
|||||||||||||||
Provision for loan losses
|
1,000
|
1,100
|
1,500
|
1,500
|
1,500
|
|||||||||||||||
Net interest income after provision for loan losses
|
34,669
|
34,548
|
33,980
|
33,156
|
33,016
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,451
|
1,471
|
1,405
|
1,510
|
1,276
|
|||||||||||||||
Fees for services to customers
|
2,753
|
2,838
|
2,732
|
2,521
|
2,917
|
|||||||||||||||
Net gain on securities transactions
|
335
|
376
|
-
|
6
|
188
|
|||||||||||||||
Other
|
213
|
205
|
368
|
1,722
|
467
|
|||||||||||||||
Total noninterest income
|
4,752
|
4,890
|
4,505
|
5,759
|
4,848
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
9,003
|
8,272
|
8,012
|
7,592
|
8,664
|
|||||||||||||||
Net occupancy expense
|
3,869
|
4,013
|
4,110
|
4,259
|
4,226
|
|||||||||||||||
Equipment expense
|
1,919
|
1,725
|
1,823
|
1,752
|
1,514
|
|||||||||||||||
Professional services
|
1,536
|
1,547
|
1,438
|
1,286
|
1,409
|
|||||||||||||||
Outsourced services
|
1,225
|
1,375
|
1,425
|
1,325
|
1,075
|
|||||||||||||||
Advertising expense
|
602
|
629
|
657
|
599
|
835
|
|||||||||||||||
FDIC and other insurance
|
949
|
1,054
|
1,000
|
904
|
952
|
|||||||||||||||
Other real estate expense (income), net
|
841
|
1,001
|
(1,688
|
)
|
855
|
430
|
||||||||||||||
Other
|
2,296
|
2,576
|
2,660
|
2,229
|
1,786
|
|||||||||||||||
Total noninterest expenses
|
22,240
|
22,192
|
19,437
|
20,801
|
20,891
|
|||||||||||||||
Income before taxes
|
17,181
|
17,246
|
19,048
|
18,114
|
16,973
|
|||||||||||||||
Income taxes
|
6,521
|
6,532
|
7,240
|
7,103
|
6,344
|
|||||||||||||||
Net income
|
$
|
10,660
|
10,714
|
11,808
|
11,011
|
10,629
|
||||||||||||||
Net income per Common Share:
|
||||||||||||||||||||
- Basic
|
$
|
0.113
|
0.113
|
0.125
|
0.116
|
0.113
|
||||||||||||||
- Diluted
|
0.112
|
0.113
|
0.125
|
0.116
|
0.112
|
|||||||||||||||
Average basic shares (thousands)
|
94,681
|
94,628
|
94,559
|
94,452
|
94,347
|
|||||||||||||||
Average diluted shares (thousands)
|
94,813
|
94,752
|
94,675
|
94,581
|
94,472
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
35,693
|
35,676
|
35,513
|
34,701
|
34,577
|
(dollars in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Years Ended
|
||||||||
12/31/2014
|
12/31/2013
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
135,960
|
127,944
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
1,417
|
2,600
|
||||||
State and political subdivisions
|
179
|
562
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
12,150
|
11,385
|
||||||
Corporate bonds
|
65
|
812
|
||||||
Small Business Administration-guaranteed participation securities
|
2,154
|
2,180
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
151
|
144
|
||||||
Other securities
|
16
|
17
|
||||||
Total interest and dividends on securities available for sale
|
16,132
|
17,700
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
2,259
|
2,840
|
||||||
Corporate bonds
|
615
|
833
|
||||||
Total interest on held to maturity securities
|
2,874
|
3,673
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
511
|
490
|
||||||
Interest on federal funds sold and other short-term investments
|
1,464
|
1,240
|
||||||
Total interest income
|
156,941
|
151,047
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
365
|
329
|
||||||
Savings
|
2,662
|
3,333
|
||||||
Money market deposit accounts
|
2,499
|
2,516
|
||||||
Time deposits
|
8,565
|
7,622
|
||||||
Interest on short-term borrowings
|
1,397
|
1,483
|
||||||
Total interest expense
|
15,488
|
15,283
|
||||||
Net interest income
|
141,453
|
135,764
|
||||||
Provision for loan losses
|
5,100
|
7,000
|
||||||
Net interest income after provision for loan losses
|
136,353
|
128,764
|
||||||
Noninterest income:
|
||||||||
Trust department income
|
5,837
|
5,301
|
||||||
Fees for services to customers
|
10,844
|
11,675
|
||||||
Net gain on securities transactions
|
717
|
1,622
|
||||||
Other
|
2,508
|
1,172
|
||||||
Total noninterest income
|
19,906
|
19,770
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
32,879
|
32,424
|
||||||
Net occupancy expense
|
16,251
|
16,100
|
||||||
Equipment expense
|
7,219
|
6,381
|
||||||
Professional services
|
5,807
|
5,649
|
||||||
Outsourced services
|
5,350
|
5,125
|
||||||
Advertising expense
|
2,487
|
2,827
|
||||||
FDIC and other insurance
|
3,907
|
3,975
|
||||||
Other real estate expense, net
|
1,009
|
3,598
|
||||||
Other
|
9,761
|
8,926
|
||||||
Total noninterest expenses
|
84,670
|
85,005
|
||||||
Income before taxes
|
71,589
|
63,529
|
||||||
Income taxes
|
27,396
|
23,717
|
||||||
Net income
|
$
|
44,193
|
39,812
|
|||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.467
|
0.422
|
|||||
- Diluted
|
0.466
|
0.422
|
||||||
Average basic shares (thousands)
|
94,628
|
94,160
|
||||||
Average diluted shares (thousands)
|
94,753
|
94,206
|
||||||
Note: Taxable equivalent net interest income
|
$
|
141,583
|
136,094
|
12/31/2014
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
43,505
|
43,724
|
48,034
|
46,127
|
46,453
|
||||||||||||||
Federal funds sold and other short term investments
|
627,943
|
586,931
|
573,514
|
687,003
|
536,591
|
|||||||||||||||
Total cash and cash equivalents
|
671,448
|
630,655
|
621,548
|
733,130
|
583,044
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
77,800
|
83,087
|
103,340
|
92,708
|
198,829
|
|||||||||||||||
States and political subdivisions
|
2,271
|
2,769
|
3,921
|
4,968
|
7,758
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
483,560
|
523,779
|
589,517
|
524,197
|
532,449
|
|||||||||||||||
Corporate bonds
|
1,500
|
1,401
|
1,402
|
6,402
|
10,471
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
100,496
|
100,491
|
102,367
|
101,821
|
103,029
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,447
|
10,417
|
10,544
|
10,543
|
10,558
|
|||||||||||||||
Other securities
|
685
|
679
|
679
|
653
|
660
|
|||||||||||||||
Total securities available for sale
|
676,759
|
722,623
|
811,770
|
741,292
|
863,754
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
60,986
|
64,223
|
67,974
|
72,188
|
76,270
|
|||||||||||||||
Corporate bonds
|
9,960
|
9,956
|
9,952
|
9,948
|
9,945
|
|||||||||||||||
Total held to maturity securities
|
70,946
|
74,179
|
77,926
|
82,136
|
86,215
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
9,228
|
10,951
|
10,500
|
10,500
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
223,382
|
219,825
|
222,655
|
220,443
|
223,481
|
|||||||||||||||
Residential mortgage loans
|
2,575,222
|
2,510,151
|
2,437,500
|
2,374,874
|
2,338,944
|
|||||||||||||||
Home equity line of credit
|
352,134
|
346,496
|
339,897
|
339,971
|
340,489
|
|||||||||||||||
Installment loans
|
7,594
|
6,557
|
6,098
|
5,714
|
5,895
|
|||||||||||||||
Loans, net of deferred fees and costs
|
3,158,332
|
3,083,029
|
3,006,150
|
2,941,002
|
2,908,809
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
46,327
|
46,512
|
46,935
|
47,035
|
47,714
|
|||||||||||||||
Net loans
|
3,112,005
|
3,036,517
|
2,959,215
|
2,893,967
|
2,861,095
|
|||||||||||||||
Bank premises and equipment, net
|
38,565
|
37,455
|
36,658
|
35,267
|
34,414
|
|||||||||||||||
Other assets
|
65,488
|
71,609
|
71,061
|
82,445
|
82,430
|
|||||||||||||||
Total assets
|
$
|
4,644,439
|
4,582,266
|
4,589,129
|
4,578,737
|
4,521,452
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
331,425
|
327,527
|
324,277
|
327,779
|
318,456
|
||||||||||||||
Interest-bearing checking
|
682,210
|
646,862
|
643,473
|
628,752
|
611,127
|
|||||||||||||||
Savings accounts
|
1,216,831
|
1,215,087
|
1,233,347
|
1,236,331
|
1,218,038
|
|||||||||||||||
Money market deposit accounts
|
638,542
|
655,646
|
651,367
|
648,244
|
648,402
|
|||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
|
466,260
|
449,832
|
436,785
|
432,168
|
419,301
|
|||||||||||||||
Other time accounts
|
696,973
|
690,087
|
705,938
|
713,944
|
711,747
|
|||||||||||||||
Total deposits
|
4,032,241
|
3,985,041
|
3,995,187
|
3,987,218
|
3,927,071
|
|||||||||||||||
Short-term borrowings
|
189,116
|
179,957
|
181,516
|
195,411
|
204,162
|
|||||||||||||||
Accrued expenses and other liabilities
|
29,638
|
27,781
|
27,409
|
24,329
|
28,406
|
|||||||||||||||
Total liabilities
|
4,250,995
|
4,192,779
|
4,204,112
|
4,206,958
|
4,159,639
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,945
|
98,942
|
98,927
|
98,927
|
98,927
|
|||||||||||||||
Surplus
|
172,353
|
172,598
|
172,769
|
172,964
|
173,144
|
|||||||||||||||
Undivided profits
|
166,745
|
162,326
|
157,832
|
152,237
|
147,432
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(4,509
|
)
|
(3,508
|
)
|
(2,611
|
)
|
(9,452
|
)
|
(13,803
|
)
|
||||||||||
Treasury stock at cost
|
(40,090
|
)
|
(40,871
|
)
|
(41,900
|
)
|
(42,897
|
)
|
(43,887
|
)
|
||||||||||
Total shareholders' equity
|
393,444
|
389,487
|
385,017
|
371,779
|
361,813
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,644,439
|
4,582,266
|
4,589,129
|
4,578,737
|
4,521,452
|
||||||||||||||
Outstanding shares (thousands)
|
94,857
|
94,785
|
94,665
|
94,564
|
94,463
|
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
3,835
|
4,226
|
5,132
|
4,853
|
6,952
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
27,221
|
29,736
|
31,433
|
34,597
|
31,045
|
|||||||||||||||
Installment
|
77
|
95
|
87
|
103
|
93
|
|||||||||||||||
Total non-accrual loans
|
31,133
|
34,057
|
36,652
|
39,553
|
38,090
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
125
|
155
|
159
|
162
|
166
|
|||||||||||||||
Total nonperforming loans
|
31,258
|
34,212
|
36,811
|
39,715
|
38,256
|
|||||||||||||||
Other real estate owned
|
5,533
|
5,238
|
3,930
|
4,707
|
3,348
|
|||||||||||||||
Total nonperforming assets
|
$
|
36,791
|
39,450
|
40,741
|
44,422
|
41,604
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
517
|
517
|
517
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,740
|
2,395
|
3,578
|
4,668
|
5,137
|
|||||||||||||||
Installment
|
13
|
1
|
1
|
7
|
-
|
|||||||||||||||
Total non-accrual loans
|
2,753
|
2,913
|
4,096
|
5,192
|
5,137
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,753
|
2,913
|
4,096
|
5,192
|
5,137
|
|||||||||||||||
Other real estate owned
|
908
|
1,188
|
4,365
|
4,300
|
5,381
|
|||||||||||||||
Total nonperforming assets
|
$
|
3,661
|
4,101
|
8,461
|
9,492
|
10,518
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
3,835
|
4,743
|
5,649
|
5,370
|
6,952
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
29,961
|
32,131
|
35,011
|
39,265
|
36,182
|
|||||||||||||||
Installment
|
90
|
96
|
88
|
110
|
93
|
|||||||||||||||
Total non-accrual loans
|
33,886
|
36,970
|
40,748
|
44,745
|
43,227
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
125
|
155
|
159
|
162
|
166
|
|||||||||||||||
Total nonperforming loans
|
34,011
|
37,125
|
40,907
|
44,907
|
43,393
|
|||||||||||||||
Other real estate owned
|
6,441
|
6,426
|
8,295
|
9,007
|
8,729
|
|||||||||||||||
Total nonperforming assets
|
$
|
40,452
|
43,551
|
49,202
|
53,914
|
52,122
|
||||||||||||||
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
(16
|
)
|
124
|
13
|
242
|
176
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
1,591
|
1,105
|
1,496
|
851
|
1,194
|
|||||||||||||||
Installment
|
48
|
57
|
24
|
44
|
(2
|
)
|
||||||||||||||
Total net chargeoffs
|
$
|
1,623
|
1,286
|
1,533
|
1,137
|
1,368
|
||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(476
|
)
|
(1
|
)
|
(2
|
)
|
612
|
(1
|
)
|
||||||||||
Real estate mortgage - 1 to 4 family
|
37
|
242
|
59
|
428
|
138
|
|||||||||||||||
Installment
|
1
|
(4
|
)
|
10
|
2
|
3
|
||||||||||||||
Total net chargeoffs
|
$
|
(438
|
)
|
237
|
67
|
1,042
|
140
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
(492
|
)
|
123
|
11
|
854
|
175
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
1,628
|
1,347
|
1,555
|
1,279
|
1,332
|
|||||||||||||||
Installment
|
49
|
53
|
34
|
46
|
1
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,185
|
1,523
|
1,600
|
2,179
|
1,508
|
Asset Quality Ratios
|
||||||||||||||||||||
12/31/14
|
09/30/14
|
06/30/14
|
03/31/14
|
12/31/13
|
||||||||||||||||
Total nonperforming loans(1)
|
$
|
34,011
|
37,125
|
40,907
|
44,907
|
43,393
|
||||||||||||||
Total nonperforming assets(1)
|
40,452
|
43,551
|
49,202
|
53,914
|
52,122
|
|||||||||||||||
Total net chargeoffs(2)
|
1,185
|
2,179
|
1,600
|
2,179
|
1,508
|
|||||||||||||||
Allowance for loan losses(1)
|
46,327
|
46,512
|
46,935
|
47,035
|
47,714
|
|||||||||||||||
Nonperforming loans to total loans
|
1.08
|
%
|
1.20
|
%
|
1.36
|
%
|
1.53
|
%
|
1.49
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.87
|
%
|
0.95
|
%
|
1.07
|
%
|
1.18
|
%
|
1.15
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.47
|
%
|
1.51
|
%
|
1.56
|
%
|
1.60
|
%
|
1.64
|
%
|
||||||||||
Coverage ratio(1)
|
136.2
|
%
|
125.3
|
%
|
114.7
|
%
|
104.7
|
%
|
110.0
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.15
|
%
|
0.29
|
%
|
0.22
|
%
|
0.30
|
%
|
0.21
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
9.8
|
x
|
5.3
|
x
|
7.3
|
x
|
5.4
|
x
|
7.9
|
x
|
(1)
|
At period-end
|
(2)
|
For the period ended
|
(dollars in thousands)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
(Unaudited)
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
80,520
|
233
|
1.16
|
%
|
$
|
197,755
|
586
|
1.18
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
517,694
|
2,733
|
2.11
|
543,856
|
3,027
|
2.23
|
||||||||||||||||||
State and political subdivisions
|
2,436
|
45
|
7.32
|
8,577
|
149
|
6.96
|
||||||||||||||||||
Corporate bonds
|
1,261
|
2
|
0.54
|
28,689
|
138
|
1.92
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
103,846
|
524
|
2.02
|
111,859
|
562
|
2.01
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,737
|
37
|
1.40
|
11,004
|
38
|
1.39
|
||||||||||||||||||
Other
|
685
|
4
|
2.34
|
523
|
4
|
3.06
|
||||||||||||||||||
Total securities available for sale
|
717,179
|
3,578
|
2.00
|
902,263
|
4,504
|
2.00
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
579,870
|
363
|
0.25
|
522,461
|
324
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,958
|
154
|
6.18
|
9,943
|
153
|
6.19
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
62,720
|
512
|
3.27
|
78,821
|
649
|
3.29
|
||||||||||||||||||
Total held to maturity securities
|
72,678
|
666
|
3.67
|
88,764
|
802
|
3.62
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
123
|
5.33
|
10,500
|
129
|
4.91
|
||||||||||||||||||
Commercial loans
|
220,516
|
2,847
|
5.16
|
215,124
|
2,766
|
5.14
|
||||||||||||||||||
Residential mortgage loans
|
2,543,869
|
28,875
|
4.54
|
2,306,591
|
26,771
|
4.64
|
||||||||||||||||||
Home equity lines of credit
|
349,984
|
3,161
|
3.58
|
339,281
|
2,954
|
3.45
|
||||||||||||||||||
Installment loans
|
6,861
|
176
|
10.19
|
5,653
|
175
|
12.26
|
||||||||||||||||||
Loans, net of unearned income
|
3,121,230
|
35,059
|
4.49
|
2,866,649
|
32,666
|
4.55
|
||||||||||||||||||
Total interest earning assets
|
4,500,185
|
39,789
|
3.53
|
4,390,637
|
38,425
|
3.50
|
||||||||||||||||||
Allowance for loan losses
|
(46,902
|
)
|
(48,393
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
140,041
|
122,386
|
||||||||||||||||||||||
Total assets
|
$
|
4,593,324
|
$
|
4,464,630
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
656,694
|
98
|
0.06
|
%
|
$
|
587,854
|
83
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
644,676
|
634
|
0.39
|
649,574
|
611
|
0.37
|
||||||||||||||||||
Savings
|
1,214,885
|
663
|
0.22
|
1,219,178
|
790
|
0.26
|
||||||||||||||||||
Time deposits
|
1,148,055
|
2,366
|
0.82
|
1,123,671
|
1,982
|
0.70
|
||||||||||||||||||
Total interest bearing deposits
|
3,664,310
|
3,761
|
0.41
|
3,580,277
|
3,466
|
0.38
|
||||||||||||||||||
Short-term borrowings
|
185,577
|
335
|
0.72
|
189,754
|
382
|
0.80
|
||||||||||||||||||
Total interest bearing liabilities
|
3,849,887
|
4,096
|
0.42
|
3,770,031
|
3,848
|
0.40
|
||||||||||||||||||
Demand deposits
|
323,070
|
313,174
|
||||||||||||||||||||||
Other liabilities
|
25,214
|
23,469
|
||||||||||||||||||||||
Shareholders' equity
|
395,153
|
357,956
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,593,324
|
$
|
4,464,630
|
||||||||||||||||||||
Net interest income, tax equivalent
|
35,693
|
34,577
|
||||||||||||||||||||||
Net interest spread
|
3.11
|
%
|
3.10
|
%
|
||||||||||||||||||||
Net interest margin (net interest income
to total interest earning assets)
|
3.17
|
%
|
3.15
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(24
|
)
|
(61
|
)
|
||||||||||||||||||||
Net interest income
|
35,669
|
34,516
|
(dollars in thousands)
|
Year ended
|
Year ended
|
||||||||||||||||||||||
(Unaudited)
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
113,563
|
1,417
|
1.25
|
%
|
$
|
221,028
|
2,600
|
1.18
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
555,430
|
12,150
|
2.19
|
545,487
|
11,385
|
2.09
|
||||||||||||||||||
State and political subdivisions
|
3,924
|
280
|
7.14
|
12,845
|
862
|
6.71
|
||||||||||||||||||
Corporate bonds
|
3,156
|
65
|
2.04
|
46,049
|
812
|
1.76
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
107,029
|
2,154
|
2.01
|
109,913
|
2,180
|
1.98
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,837
|
151
|
1.40
|
10,420
|
144
|
1.38
|
||||||||||||||||||
Other
|
674
|
16
|
2.37
|
625
|
17
|
2.72
|
||||||||||||||||||
Total securities available for sale
|
794,613
|
16,233
|
2.04
|
946,367
|
18,000
|
1.90
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
589,873
|
1,464
|
0.25
|
502,136
|
1,240
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,952
|
615
|
6.18
|
14,011
|
833
|
5.95
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
68,404
|
2,259
|
3.30
|
90,360
|
2,840
|
3.14
|
||||||||||||||||||
Total held to maturity securities
|
78,356
|
2,874
|
3.67
|
104,371
|
3,673
|
3.52
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,135
|
511
|
5.04
|
10,266
|
490
|
4.77
|
||||||||||||||||||
Commercial loans
|
221,251
|
11,328
|
5.12
|
214,756
|
11,210
|
5.22
|
||||||||||||||||||
Residential mortgage loans
|
2,443,558
|
111,720
|
4.57
|
2,216,346
|
104,646
|
4.72
|
||||||||||||||||||
Home equity lines of credit
|
343,264
|
12,263
|
3.57
|
335,409
|
11,452
|
3.41
|
||||||||||||||||||
Installment loans
|
6,083
|
678
|
11.14
|
5,152
|
666
|
12.93
|
||||||||||||||||||
Loans, net of unearned income
|
3,014,156
|
135,989
|
4.51
|
2,771,663
|
127,974
|
4.62
|
||||||||||||||||||
Total interest earning assets
|
4,487,133
|
157,071
|
3.50
|
4,334,803
|
151,377
|
3.49
|
||||||||||||||||||
Allowance for loan losses
|
(47,409
|
)
|
(48,452
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
135,217
|
136,042
|
||||||||||||||||||||||
Total assets
|
$
|
4,574,941
|
$
|
4,422,393
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
636,140
|
365
|
0.06
|
%
|
$
|
578,531
|
329
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
650,779
|
2,499
|
0.38
|
650,324
|
2,516
|
0.39
|
||||||||||||||||||
Savings
|
1,227,473
|
2,662
|
0.22
|
1,218,655
|
3,333
|
0.27
|
||||||||||||||||||
Time deposits
|
1,145,118
|
8,565
|
0.75
|
1,113,473
|
7,622
|
0.68
|
||||||||||||||||||
Total interest bearing deposits
|
3,659,510
|
14,091
|
0.39
|
3,560,983
|
13,800
|
0.39
|
||||||||||||||||||
Short-term borrowings
|
189,430
|
1,397
|
0.74
|
180,275
|
1,483
|
0.82
|
||||||||||||||||||
Total interest bearing liabilities
|
3,848,940
|
15,488
|
0.40
|
3,741,258
|
15,283
|
0.41
|
||||||||||||||||||
Demand deposits
|
319,458
|
302,437
|
||||||||||||||||||||||
Other liabilities
|
23,733
|
21,719
|
||||||||||||||||||||||
Shareholders' equity
|
382,810
|
356,979
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,574,941
|
$
|
4,422,393
|
||||||||||||||||||||
Net interest income, tax equivalent
|
141,583
|
136,094
|
||||||||||||||||||||||
Net interest spread
|
3.10
|
%
|
3.08
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.16
|
%
|
3.14
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(130
|
)
|
(330
|
)
|
||||||||||||||||||||
Net interest income
|
141,453
|
135,764
|
(dollars in thousands, except per share amounts)
|
||||||||||||
(Unaudited)
|
||||||||||||
12/31/14
|
09/30/14
|
12/31/13
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity
|
$
|
393,444
|
389,487
|
361,813
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity
|
392,891
|
388,934
|
361,260
|
|||||||||
Shares outstanding
|
94,857
|
94,785
|
94,463
|
|||||||||
Tangible book value per share
|
4.14
|
4.10
|
3.82
|
|||||||||
Book value per share
|
4.15
|
4.11
|
3.83
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets
|
4,644,439
|
4,582,266
|
4,521,452
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets
|
4,643,886
|
4,581,713
|
4,520,899
|
|||||||||
Tangible Equity to Tangible Assets
|
8.46
|
%
|
8.49
|
%
|
7.99
|
%
|
||||||
Equity to Assets
|
8.47
|
%
|
8.50
|
%
|
8.00
|
%
|
3 Months Ended
|
Years Ended
|
|||||||||||||||||||
Efficiency Ratio
|
12/31/14
|
09/30/14
|
12/31/13
|
12/31/14
|
12/31/13
|
|||||||||||||||
Net interest income (fully taxable equivalent)
|
$
|
35,693
|
35,676
|
34,577
|
141,583
|
136,094
|
||||||||||||||
Non-interest income
|
4,752
|
4,890
|
4,848
|
19,906
|
19,770
|
|||||||||||||||
Less: Net gain on sale of building and net gain on sale of nonperforming loans
|
-
|
-
|
-
|
1,719
|
-
|
|||||||||||||||
Less: Net gain on securities
|
335
|
376
|
188
|
717
|
1,622
|
|||||||||||||||
Recurring revenue
|
40,110
|
40,190
|
39,237
|
159,053
|
154,242
|
|||||||||||||||
Total Noninterest expense
|
22,240
|
22,192
|
20,891
|
84,670
|
85,005
|
|||||||||||||||
Less: Other real estate expense, net
|
841
|
1,001
|
430
|
1,009
|
3,598
|
|||||||||||||||
Recurring expense
|
21,399
|
21,191
|
20,461
|
83,661
|
81,407
|
|||||||||||||||
Efficiency Ratio
|
53.35
|
%
|
52.73
|
%
|
52.15
|
%
|
52.60
|
%
|
52.78
|
%
|
1 Year TrustCo Bank Corporation... Chart |
1 Month TrustCo Bank Corporation... Chart |
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