________________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
________________________________________________________________________
Date of Report (Date of earliest event reported): April 17, 2001
(April 17, 2001)
____________________________________________________________
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
_______ ____________
Two press releases were issued on April 17, 2001, discussing
first quarter results for 2001. Attached are the press
releases labeled as exhibit 99(a) and 99(b).
Item 7 (c) Exhibits
______
Reg S-K Exhibit No. Description
___________________ ___________
99(a) One page press release dated
April 17, 2001, with first
quarter 2001 results.
99(b) Press release dated April 17,
2001, with first quarter 2001
results.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 17, 2001
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) One page press release dated April 17,
2001, highlighting first quarter 2001
results. 5
99(b) Press release dated April 17, 2001,
highlighting first quarter 2001 results. 6
4
TRUSTCO Exhibit 99(a)
BANK CORP NY News Release
________________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
John L. Pritchard
Administrative Vice President
(518) 381-3629
Schenectady, New York - April 17, 2001
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data) 3/01 3/00
Three Months Ended
March 31:
Net Income $ 11,298 10,270
Provision for Loan Losses 1,495 850
Average Equivalent Shares Outstanding:
Basic 61,592,000 61,461,000
Diluted 63,848,000 63,467,000
Net Income per Share:
Basic $ 0.183 0.167
Diluted 0.177 0.162
Period End:
Total Assets $ 2,482,893 2,353,653
Total Nonperforming Loans 11,067 10,129
Total Nonperforming Assets 13,278 11,729
Allowance for Loan Losses 56,783 55,666
Allowance as a Percentage
of Total Loans 3.80% 4.11%
Note: All share and per share information is adjusted for the 15% stock split
declared August, 2000.
# # #
5
TRUSTCO Exhibit 99(b)
BANK CORP NY News Release
________________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
John L. Pritchard
Administrative Vice President
518-381-3629
FOR IMMEDIATE RELEASE:
TrustCo Announces First Quarter 2001 Results
Schenectady, New York - April 17, 2001
TRUSTCO BANK CORP NY (TRUSTCO, NASDAQ: TRST) today announced record results for
the first quarter of 2001. This record continues the outstanding results posted
for the full year 2000. Net income for the first quarter was $11.3 million, an
increase of $1.03 million or 10.0% over the first quarter of 2000. Diluted
earnings per share were $.177 for the first quarter, an increase of 9.3%
compared to the $.162 earnings per share for the first quarter of 2000. Return
on average equity and return on average assets were 25.91% and 1.88%
respectively for the first quarter, compared to 24.24% and 1.76% for the first
quarter of 2000.
TrustCo's efficiency ratio for the first quarter was 39.56%. This ratio, which
allows investors to compare financial institutions and benchmark the bank's
performance, measures the effective use of human capital and other bank
resources in delivering the products and services that create the revenue
stream. For customers it means that TrustCo delivers superior products at the
best possible prices.
Asset quality remains a top priority at TrustCo. The allowance for loan losses
is $56.8 million as of March 31, 2001 and represents 3.80% of loans outstanding.
Non-performing assets were $13.3 million at the end of the first quarter.
Robert A. McCormick, Chairman, President, and Chief Executive Officer of TrustCo
commented, "I am extremely gratified that TrustCo continues to produce the
results of a world-class banking organization. Although some economists are
citing a slowdown in our economy, the demand for TrustCo's products remains
strong. The marketplace is responding very favorably to the convenience,
service, and price of our products. These products are sold through a
responsive, locally operated franchise which brings added
-more-
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value to our customers. Plans for the year call for continued growth in our
market share focused on fulfilling the core financial needs of families and
businesses throughout the area."
TrustCo Bank Corp NY is a multi-bank holding company headquartered in
Schenectady, New York. The Company's principal subsidiaries, Trustco Bank,
National Association and Trustco Savings Bank, operate 57 community banking
offices offering 36 drive-up windows and 47 Automatic Teller Machines throughout
the Banks' market area. The Company services 10 counties with a broad range of
community banking services.
Except for the historical information continued herein, the matters discussed in
this news release and other information continued 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) changes in the regulatory environment, and (5) 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
03/31/2001 12/31/2000 03/31/2000
Summary of operations
Net interest income (TE) $25,160 $25,255 $25,480
Provision for loan losses 1,495 1,554 850
Net securities transactions 1,142 28 (1,049)
Noninterest income 5,184 5,514 4,851
Noninterest expense 12,261 12,666 11,922
Net income 11,298 10,174 10,270
Per common share (1)
Net income per share:
- Basic 0.183 0.166 0.167
- Diluted 0.177 0.160 0.162
Cash dividends 0.150 0.150 0.130
Book value at period end 3.22 3.19 2.78
Market price at period end 12.88 12.19 10.16
At period end
Full time equivalent employees 481 474 458
Full service banking offices 55 55 53
Performance ratios
Return on average assets 1.88 % 1.69 1.76
Return on average equity (2) 25.91 23.38 24.24
Efficiency (3) 39.56 39.63 38.31
Net interest spread (TE) 3.74 3.83 4.00
Net interest margin (TE) 4.28 4.39 4.47
Dividend payout ratio 81.72% 90.63 78.07
Capital ratios at period end (4)
Total equity to assets 7.24 7.20 7.24
Tier 1 risk adjusted capital 13.75 14.03 13.66
Total risk adjusted capital 15.04 15.32 14.95
Asset quality analysis at period end
Nonperforming loans to total loans 0.74% 0.79 0.75
Nonperforming assets to total assets 0.53 0.55 0.50
Allowance for loan losses to total loans 3.80 3.82 4.11
Coverage ratio (5) 5.1 X 4.8 X 5.5 X
(1) All share and per share information is adjusted for 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 income/expense,goodwill amortization
and any nonrecurring charges) divided by taxable equivalent net interest income plus
noninterest income (excluding 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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CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
03/31/2001 12/31/2000 03/31/2000
ASSETS
Loans, net $1,436,612 1,418,750 1,298,824
Securities available for sale 607,530 605,284 653,593
Other short-term investments -- -- 7,783
Federal funds sold 297,492 299,490 258,000
---------------------------------------------------------------------------------------
Total earning assets 2,341,634 2,323,524 2,218,200
Cash and due from banks 53,356 45,956 35,308
Bank premises and equipment 18,335 17,416 16,223
Other assets 69,568 69,302 83,922
---------------------------------------------------------------------------------------
Total assets $2,482,893 2,456,198 2,353,653
=======================================================================================
LIABILITIES
Deposits:
Demand $182,174 191,260 163,730
Interest-bearing checking 293,773 277,543 273,283
Savings 603,513 588,595 641,036
Money Market 59,049 56,917 56,437
Certificates of deposit > $100 thou 129,008 123,211 121,028
Other time deposits 752,112 773,465 735,544
---------------------------------------------------------------------------------------
Total deposits 2,019,629 2,010,991 1,991,058
Short-term borrowings 209,709 192,898 145,034
Long-term debt 841 911 --
Other liabilities 52,702 55,555 47,017
---------------------------------------------------------------------------------------
Total liabilities 2,282,881 2,260,355 2,183,109
SHAREHOLDERS' EQUITY 200,012 195,843 170,544
---------------------------------------------------------------------------------------
Total liabilities and
shareholders' equity $2,482,893 2,456,198 2,353,653
=======================================================================================
Number of common shares
outstanding, in thousands 61,900 61,371 61,430
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
03/31/2001 12/31/2000 03/31/2000
Interest income
Loans $30,042 29,904 27,432
Investments 10,014 10,734 11,225
Federal funds sold 3,773 3,690 3,587
------------------------------------------------------------------------------
Total interest income 43,829 44,328 42,244
Interest expense
Deposits 17,544 17,679 16,055
Borrowings 2,385 2,570 1,746
------------------------------------------------------------------------------
Total interest expense 19,929 20,249 17,801
------------------------------------------------------------------------------
Net interest income 23,900 24,079 24,443
Provision for loan losses 1,495 1,554 850
------------------------------------------------------------------------------
Net interest income after
provision for loan losses 22,405 22,525 23,593
Net securities transactions 1,142 28 (1,049)
Noninterest income 5,184 5,514 4,851
Noninterest expense 12,261 12,666 11,922
------------------------------------------------------------------------------
Income before income taxes 16,470 15,401 15,473
Income tax expense 5,172 5,227 5,203
------------------------------------------------------------------------------
Net income $11,298 10,174 10,270
==============================================================================
Net income per share:
- Basic $0.183 0.166 0.167
- Diluted 0.177 0.160 0.162
Avg equivalent shares outstanding, in thousands:
- Basic 61,592 61,413 61,461
- Diluted 63,848 63,600 63,467
==============================================================================
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CONSOLIDATED AVERAGE BALANCE SHEETS
(in thousands)
Three Months Ended
03/31/2001 12/31/2000 03/31/2000
Total assets $2,441,527 2,398,221 2,347,207
Shareholders' equity 198,271 184,754 165,477
Total loans 1,484,476 1,455,688 1,353,172
Interest earning assets 2,334,896 2,305,494 2,274,660
Interest-bearing liabilities 2,018,466 1,982,662 1,978,639
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TRUSTCO BANK CORP NY
Subsidiaries: Trustco Bank, N.A.
Trustco Savings Bank
NASDAQ -- TRST
Contact: John L. Pritchard
Administrative Vice President
(518) 381-3629
Schenectady, New York, April 17, 2001
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
3/01 3/00
Three Months Ended
March 31:
Net Income $ 11,298 10,270
Provision for loan losses 1,495 850
Average Equivalent Share Outstanding:
- Basic 61,592,000 61,461,000
- Diluted 63,848,000 63,467,000
Net Income per share:
- Basic $ 0.183 0.167
- Diluted 0.177 0.162
Period End:
Total Assets 2,482,893 2,353,653
Total Nonperforming Loans 11,067 10,129
Total Nonperforming Assets 13,278 11,729
Allowance for Loan Losses 56,783 55,666
Allowance as a Percentage
of Total Loans 3.80 % 4.11
All share and per share information is adjusted for the 15% stock split declared August, 2000.
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