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 17, 2000
(October 17, 2000)
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.)
192 Erie Boulevard, Schenectady, New York 12305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
TrustCo Bank Corp NY
Item 5. Other Events
____________
On October 17, 2000, TrustCo Bank Corp NY ("Trustco") issued
two press releases with year to date and third quarter results
for the period ending September 30, 2000. Attached is a
copy of each press release labeled as Exhibits
99(a) and 99(b).
Item 7. (c) Exhibits
Reg S-K Exhibit No. Description
__________________________________
99(a) Highlights Press Release dated
October 17, 2000, for the period
ending September 30, 2000, regarding
year to date and third quarter results.
99(b) Press Release dated October 17, 2000,
for the period ending September 30,
2000, regarding year to date and third
quarter 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 17, 2000
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
---------------------
Robert T. Cushing
Vice President and
Chief Financial Officer
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EXHIBITS INDEX
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
__________________ ____________________________ __________
99(a) Highlights Press Release of 5
October 17, 2000, for the period
ending September 30, 2000,
regarding year to date and third
quarter results.
99(b) Press Release of October 17, 6
2000, for the period ending
September 30, 2000, regarding year
to date and third quarter results.
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TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
________________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank, N.A.
Trustco Savings Bank
Contact: William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE: Schenectady, New York - October 17, 2000
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
9/00 9/99
Three Months Ended September 30:
Net Income $ 10,761 9,972
Provision for Loan Losses 910 1,000
Average Equivalent Shares Outstanding:
Basic 53,501,000 53,722,000
Diluted 55,286,000 55,952,000
Net Income per Share:
Basic $ 0.201 0.186
Diluted 0.195 0.178
Nine Months Ended September 30:
Net Income $ 31,528 28,787
Provision for Loan Losses 2,560 4,013
Average Equivalent Shares Outstanding:
Basic 53,471,000 53,747,000
Diluted 55,207,000 55,954,000
Net Income per Share:
Basic $ 0.590 0.536
Diluted 0.571 0.514
Period End:
Total Assets 2,395,659 2,385,360
Total Nonperforming Loans 12,747 9,941
Total Nonperforming Assets 14,472 12,212
Allowance for Loan Losses 55,751 55,719
Allowance as a Percentage
of Total Loans 3.88% 4.17%
Note: All share and per share information is prior to the 15% stock split declared August, 2000.
# # #
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Exhibit 99(b)
TRUSTCO
Bank Corp NY News Release
________________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
Contact: William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TrustCo Announces Record Third Quarter and Year to Date 2000 Results
Schenectady, New York-October 17, 2000
TRUSTCO BANK CORP NY (TRUSTCO, NASDAQ: TRST) today announced record earnings
results for the third quarter and year to date 2000. Net income for the third
quarter 2000 was $10.8 million or $0.195 diluted earnings per share, compared to
$10.0 million or $0.178 diluted earnings per share for the third quarter of
1999. The third quarter results represent increases of 8% and 10% in net income
and diluted earnings per share, respectively for 2000 compared to 1999.
Net income for the nine months ended September 30, 2000 was $31.5 million, or
$0.571 diluted earnings per share, compared to $28.8 million, or $0.514 diluted
earnings per share, for the nine month period ended September 30, 1999. The year
to date results reflect increases of 10% and 11% in net income and diluted
earnings per share, respectively, for the nine months of 2000 compared to the
similar period in 1999.
All per share information in this press release is presented prior to the 15%
stock split declared in August 2000.
Making the announcement was Robert A. McCormick, President and Chief Executive
Officer. Mr. McCormick noted "TrustCo's superior earnings results for 2000 are
the result of consistent growth in our consumer business and the execution of
our basic banking plan to deliver superior quality service to our customers at
reasonable cost. I am confident for 2000 we will achieve our stated goals with
respect to return on equity and we are well situated for increased growth in
that area for the future." Return on equity was 24.3% for the third quarter and
year to date results for 2000, compared to 23.2% and 22.7% for the comparable
periods in 1999.
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During the third quarter of 2000 TrustCo completed the acquisition of Landmark
Financial Corporation thereby expanding further into the Mohawk Valley region.
Landmark, which was renamed Trustco Savings Bank, brings a savings bank charter
into the TrustCo operation which provides flexibility with respect to products
and geographic locations. Mr. McCormick noted " we have been preparing for this
acquisition and are excited about the prospects for growth using the savings
bank charter."
For the third quarter of 2000 the net interest margin increased to 4.50% from
4.25% in 1999. The increase in net interest margin is significant because it
represents the largest contributor to growth in net income. Taxable equivalent
net interest income increased by $1.1 million to $25.9 million in the third
quarter 2000 compared to $24.8 million in 1999. Similarly, for the nine months
ended September 30, 2000 taxable equivalent net interest income was $77.3
million compared to $72.1 million in 1999. The growth in margin and net interest
income is the result of a plan executed in 1999 to limit the dependency on high
cost deposits. As a result, the average balance of deposits has decreased by
$69.1 million for the nine months of 2000 compared to the comparable period in
1999. The average balance of deposits for the nine months ended September 30,
2000 and 1999 was $1.99 billion and $2.06 billion respectively.
For the third quarter of 2000, TrustCo's efficiency ratio was 37.0%, compared to
37.4% for the third quarter of 1999. The efficiency ratio for the nine months of
2000 was 37.5% compared to 39.0% for 1999. As noted by Mr. McCormick, "TrustCo's
profitability and efficiency ratios rank among the best in the banking industry
nationally. We continually strive to identify opportunities to reduce or control
cost. Cost containment is part of the basic banking plan of this company.
Increased shareholder value is the result of efficient operations."
During the third quarter of 2000, the Board of Directors declared a 15% stock
split for shareholders of record on October 20, 2000. Also, the Board indicated
their intention to maintain the annual cash dividend at $0.60 per share on the
post split shares.
Mr. McCormick also announced that William F. Terry, Executive Officer and
Director, has decided to retire effective February 2001. Mr. McCormick noted "
Bill has been a very valuable asset to TrustCo. He has served in a number of key
managerial roles and has done a tremendous job in each. He will be missed, and
we all wish him well."
TRUSTCO BANK CORP NY is a $2.4 billion bank holding company which serves the
financial needs of customers through its banking subsidiaries, Trustco Bank,
National Association and Trustco Savings Bank. Trustco Bank operates 54 bank
offices, in Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga,
Schenectady, Schoharie, Warren and Washington Counties. In addition, Trustco
Bank operates a full service Trust Department with $1.37 billion of assets under
management.
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Except for 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 concerning future events or performance and assumptions and other
statements that are other than statements of historical facts. TrustCo wishes to
caution readers not to place undue reliance on any forward looking statements,
which speak only as of the date made. Readers are advised that various risk
factors, including but not limited to: (1) credit risk, (2) interest rate risk,
(3) competition, (4) certain vendors critical systems or services failing to
comply with Year 2000 programming issues, (5) changes in the regulatory
environment, and (6) changes in general business and economic trends, could
cause the actual results or circumstances for future periods to differ
materially from those anticipated or projected.
TrustCo does not undertake, and specifically disclaims any obligation, to
publicly release the results of any revisions that may be made to any forward
looking statements to reflect the occurrence of unanticipated events or
circumstances after the date of such statement.
# # #
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TRUSTCO BANK CORP NY
SCHENECTADY, NY
(dollars in thousands, except per share data)
Three Months Ended
09/30/2000 06/30/2000 09/30/99
Summary of operations
Net interest income (TE) $25,892 25,899 24,788
Provision for loan losses 910 800 1,000
Net securities transactions (1,644) (2,320) (1,153)
Noninterest income 5,611 5,375 5,051
Noninterest expense 11,747 11,432 11,500
Net income 10,761 10,497 9,972
Per common share (1)
Net income per share:
- Basic 0.201 0.196 0.186
- Diluted 0.195 0.190 0.178
Cash dividends 0.150 0.150 0.138
Book value at period end 3.45 3.30 3.21
Market price at period end 12.31 12.50 14.77
At period end
Full time equivalent employees 473 467 466
Full service banking offices 54 53 53
Performance ratios
Return on average assets 1.79 % 1.79 1.64
Return on average equity (2) 24.32 24.36 23.22
Efficiency (3) 36.97 37.38 37.41
Net interest spread (TE) 3.99 4.03 3.78
Net interest margin (TE) 4.50 4.53 4.25
Dividend payout ratio 74.53 76.33 74.17
Capital ratios at period end (4)
Total equity to assets 7.32 7.31 7.09
Tier 1 risk adjusted capital 13.76 13.86 13.27
Total risk adjusted capital 15.05 15.15 14.56
Asset quality analysis at period end
Nonperforming loans to total loans 0.89 0.86 0.74
Nonperforming assets to total assets 0.60 0.55 0.51
Allowance for loan losses to total loans 3.88 4.03 4.17
Coverage ratio (5) 4.4 X 4.7 X 5.6 X
(1) All share and per share information is prior to the 15% stock split declared August, 2000.
(2) Average equity excludes the effect of the market value adjustment for securities
available for sale.
(3) Calculated as noninterest expense (excluding ORE expense and any nonrecurring
charges) divided by taxable equivalent net interest income plus noninterest
income (excluding ORE income and net securities transactions).
(4) Capital ratios exclude the effect of the market value adustment for securities
available for sale.
(5) Calculated as allowance for loan losses divided by total nonperforming loans.
TE = Taxable equivalent.
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FINANCIAL HIGHLIGHTS, Continued
Nine Months Ended
09/30/2000 09/30/99
Summary of operations
Net interest income (TE) $77,271 72,158
Provision for loan losses 2,560 4,013
Net securities transactions (5,013) (2,230)
Noninterest income 15,837 15,798
Noninterest expense 35,101 35,055
Net income 31,528 28,787
Per common share (1)
Net income per share:
- Basic 0.590 0.536
- Diluted 0.571 0.514
Cash dividends 0.450 0.413
Book value at period end 3.45 3.21
Market price at period end 12.31 14.77
Performance ratios
Return on average assets 1.78 % 1.59
Return on average equity (2) 24.31 22.72
Efficiency (3) 37.54 38.97
Net interest spread (TE) 4.00 3.63
Net interest margin (TE) 4.50 4.09
Dividend payout ratio 76.28 77.08
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CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
09/30/2000 12/31/99 09/30/99
ASSETS
Loans, net $1,380,424 1,293,989 1,280,859
Securities available for sale 638,686 640,830 703,276
Other short-term investments 0 9,970 0
Federal funds sold 244,420 266,000 265,000
------------------------------------------------------------------------
Total earning assets 2,263,530 2,210,789 2,249,135
Cash and due from banks 40,621 54,542 41,755
Bank premises and equipment 16,898 16,209 15,826
Other assets 74,610 82,482 78,644
------------------------------------------------------------------------
Total assets $2,395,659 2,364,022 2,385,360
========================================================================
LIABILITIES
Deposits:
Demand $187,167 155,313 159,088
Interest-bearing checking 274,105 272,384 266,952
Savings 611,891 641,650 656,038
Money Market 57,416 58,557 59,747
Certificates of deposit > $100 thou 118,925 115,636 112,122
Other time deposits 743,809 751,369 759,497
------------------------------------------------------------------------
Total deposits 1,993,313 1,994,909 2,013,444
Short-term borrowings 165,223 152,782 151,774
Long-term debt 1,231 0 0
Other liabilities 51,572 49,975 48,036
------------------------------------------------------------------------
Total liabilities 2,211,339 2,197,666 2,213,254
SHAREHOLDERS' EQUITY 184,320 166,356 172,106
------------------------------------------------------------------------
Total liabilities and
shareholders' equity $2,395,659 2,364,022 2,385,360
========================================================================
Number of common shares
outstanding, in thousands 53,457 53,408 53,547
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
09/30/2000 06/30/2000 09/30/99
Interest income
Loans $28,953 27,779 26,706
Investments 11,299 11,373 11,453
Federal funds sold 3,846 3,880 3,932
------------------------------------------------------------------------
Total interest income 44,098 43,032 42,091
Interest expense
Deposits 17,022 16,190 16,799
Borrowings 2,351 2,035 1,472
------------------------------------------------------------------------
Total interest expense 19,373 18,225 18,271
------------------------------------------------------------------------
Net interest income 24,725 24,807 23,820
Provision for loan losses 910 800 1,000
------------------------------------------------------------------------
Net interest income after
provision for loan losses 23,815 24,007 22,820
Net securities transactions (1,644) (2,320) (1,153)
Noninterest income 5,611 5,375 5,051
Noninterest expense 11,747 11,432 11,500
------------------------------------------------------------------------
Income before income taxes 16,035 15,630 15,218
Income tax expense 5,274 5,133 5,246
------------------------------------------------------------------------
Net income $10,761 10,497 9,972
========================================================================
Net income per share:
- Basic $0.201 0.196 0.186
- Diluted 0.195 0.190 0.178
Avg equivalent shares outstanding, in thousands:
- Basic 53,501 53,467 53,722
- Diluted 55,286 55,146 55,952
========================================================================
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Nine Months Ended
09/30/2000 09/30/99
Interest income
Loans $84,164 79,732
Investments 33,897 33,293
Federal funds sold 11,313 12,330
-----------------------------------------
Total interest income 129,374 125,355
Interest expense
Deposits 49,267 51,722
Borrowings 6,132 4,401
-----------------------------------------
Total interest expense 55,399 56,123
-----------------------------------------
Net interest income 73,975 69,232
Provision for loan losses 2,560 4,013
-----------------------------------------
Net interest income after
provision for loan losses 71,415 65,219
Net securities transactions (5,013) (2,230)
Noninterest income 15,837 15,798
Noninterest expense 35,101 35,055
-----------------------------------------
Income before income taxes 47,138 43,732
Income tax expense 15,610 14,945
-----------------------------------------
Net income $31,528 28,787
=========================================
Net income per share:
- Basic $0.590 0.536
- Diluted 0.571 0.514
Avg equivalent shares outstanding, in thousands:
- Basic 53,471 53,747
- Diluted 55,207 55,954
=========================================
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CONSOLIDATED AVERAGE BALANCE SHEETS
(in thousands)
Three Months Ended
09/30/2000 06/30/2000 09/30/99
Total assets $2,388,763 2,357,061 2,407,449
Shareholders' equity 181,428 172,073 174,485
Total loans 1,410,150 1,361,820 1,331,901
Interest earning assets 2,304,268 2,283,669 2,340,493
Interest-bearing liabilities 1,987,710 1,976,384 2,032,121
Nine Months Ended
09/30/2000 09/30/99
Total assets $2,364,433 2,427,688
Shareholders' equity 173,024 181,792
Total loans 1,375,176 1,325,113
Interest earning assets 2,287,594 2,351,310
Interest-bearing liabilities 1,980,936 2,053,126
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