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): July 17, 2001
(July 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 July 17, 2001, discussing
second 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
July 17, 2001, with
second quarter 2001 results.
99(b) Press release dated July 17,
2001, with second 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.
Date: July 17, 2001
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
_______________________
Robert T. Cushing
Vice President and
Chief Financial Officer
Exhibits Index
3
Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
__________________ ______________________________ ________
99(a) One page press release dated July 17,
2001, with second quarter 2001 results. 5
99(b) Press release dated July 17, 2001,
with second quarter 2001 results. 6
4
Exhibit 99(a)
TRUSTCO
Bank Corp NY News Release
________________________________________________________________________________
John L. Pritchard
Administrative Vice President
(518) 381-3629
Glenville, New York -- July 17, 2001
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
6/01 6/00
Three Months Ended June 30: ____________________________________
Net Income $ 11,672 10,497
Provision for Loan Losses 1,120 800
Average Equivalent Shares Outstanding:
Basic 61,910,000 61,487,000
Diluted 63,996,000 63,418,000
Net Income per Share:
Basic $ 0.189 0.171
Diluted 0.182 0.166
Six Months Ended June 30:
Net Income $ 22,970 20,767
Provision for Loan Losses 2,615 1,650
Average Equivalent Shares Outstanding:
Basic 61,752,000 61,474,000
Diluted 63,939,000 63,443,000
Net Income per Share:
Basic $ 0.372 0.338
Diluted 0.359 0.327
Period End:
Total Assets 2,471,801 2,367,107
Total Nonperforming Loans 9,334 11,762
Total Nonperforming Assets 10,995 13,106
Allowance for Loan Losses 56,944 55,389
Allowance as a Percentage
of Total Loans 3.76% 4.03%
All share and per share information is adjusted for the 15% stock split declared
August, 2000.
# # #
5
Exhibit 99(b)
TRUSTCO
Bank Corp NY News Release
________________________________________________________________________________
John L. Pritchard
Administrative Vice President
518-381-3629
FOR IMMEDIATE RELEASE:
TRUSTCO ANNOUNCES SECOND QUARTER 2001 RESULTS
Glenville, New York, July 17, 2001
TRUSTCO BANK CORP NY (TRUSTCO, NASDAQ: TRST) today announced
record results for the second quarter of 2001. This record continues the
outstanding results posted for the first quarter of 2001. Net income for the
second quarter was $11.7 million, an increase of $1.18 million or 11.2% over the
second quarter of 2000. Diluted earnings per share were $.182 for the second
quarter, an increase of 9.6% compared to the $.166 diluted earnings per share
for the second quarter of 2000. Return on average equity and return on average
assets were 26.1% and 1.90%, respectively, for the second quarter of 2001,
compared to 24.4% and 1.79% for the second quarter of 2000.
Robert A. McCormick, Chairman, President, and Chief Executive Officer of TrustCo
commented, "I am pleased to report that our plan for 2001 is working very well.
Fortunately, the home mortgage market remains robust in a very challenging
economy. We believe our strategy of focusing on what we do well and not trying
to be all things to all people will continue to pay dividends for years to come.
Notwithstanding our results, your company continues to strive for improvement
and the second quarter of 2001 is no exception. Our second quarter's improved
results over the very attractive results in the first quarter of 2001 is
gratifying. As a result, the year-to-date numbers are right on target."
TrustCo's efficiency ratio for the second quarter was 39.95%. 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 continues to deliver superior
products at the best possible prices.
Asset quality remains an important priority at TrustCo. The allowance for loan
losses stands at $56.9 million as of June 30, 2001 and represents 3.76% of loans
outstanding. Non-performing assets were $11.0 million at the end of the second
quarter.
TrustCo Bank Corp NY is a multi-bank holding company headquartered in Glenville,
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.
6
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
GLENVILLE, NY
(dollars in thousands, except per share data)
Three Months Ended
06/30/2001 03/31/2001 06/30/2000
Summary of operations
Net interest income (TE) $25,257 $25,160 $25,899
Provision for loan losses 1,120 1,495 800
Net securities transactions 2,067 1,142 (2,320)
Noninterest income 5,414 5,184 5,375
Noninterest expense 12,940 12,261 11,432
Net income 11,672 11,298 10,497
Per common share (1)
Net income per share:
- Basic 0.189 0.183 0.171
- Diluted 0.182 0.177 0.166
Cash dividends 0.150 0.150 0.130
Tangible Book value at period end 3.25 3.21 2.87
Market price at period end 13.35 12.88 10.87
At period end
Full time equivalent employees 479 481 467
Full service banking offices 57 55 53
Performance ratios
Return on average assets 1.90 % 1.88 1.79
Return on average equity (2) 26.13 25.91 24.36
Efficiency (3) 39.95 39.56 37.38
Net interest spread (TE) 3.77 3.74 4.03
Net interest margin (TE) 4.28 4.28 4.53
Dividend payout ratio 79.38% 81.72% 76.33
Capital ratios at period end (4)
Total equity to assets 7.28 7.24 7.31
Tier 1 risk adjusted capital 13.43 13.75 13.86
Total risk adjusted capital 14.72 15.04 15.15
Asset quality analysis at period end
Nonperforming loans to total loans 0.62% 0.74% 0.86
Nonperforming assets to total assets 0.44 0.53 0.55
Allowance for loan losses to total loans 3.76 3.80 4.03
Coverage ratio (5) 6.1 X 5.1 X 4.7 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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FINANCIAL HIGHLIGHTS, Continued
Six Months Ended
06/30/2001 06/30/2000
Summary of operations
Net interest income (TE) $50,416 $51,379
Provision for loan losses 2,615 1,650
Net securities transactions 3,209 (3,369)
Noninterest income 10,598 10,226
Noninterest expense 25,201 23,354
Net income 22,970 20,767
Per common share (1)
Net income per share:
- Basic 0.372 0.338
- Diluted 0.359 0.327
Cash dividends 0.300 0.261
Tangible Book value at period end 3.25 2.87
Market price at period end 13.35 10.87
Performance ratios
Return on average assets 1.89 % 1.78
Return on average equity (2) 26.02 24.30
Efficiency (3) 39.76 37.84
Net interest spread (TE) 3.75 4.02
Net interest margin (TE) 4.28 4.50
Dividend payout ratio 80.53 77.19
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CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
06/30/2001 12/31/2000 06/30/2000
ASSETS
Loans, net $1,456,281 1,418,750 1,319,680
Securities available for sale 604,457 605,284 661,478
Other short-term investments -- -- 7,902
Federal funds sold 277,292 299,490 243,000
Total earning assets 2,338,030 2,323,524 2,232,060
Cash and due from banks 44,370 45,956 36,325
Bank premises and equipment 19,135 17,416 16,104
Other assets 70,266 69,302 82,618
Total assets $2,471,801 2,456,198 2,367,107
LIABILITIES
Deposits:
Demand $188,223 191,260 167,425
Interest-bearing checking 276,909 277,543 270,710
Savings 614,371 588,595 630,278
Money Market 62,558 56,917 56,180
Certificates of deposit > $100 thou 130,450 123,211 119,340
Other time deposits 738,184 773,465 735,211
Total deposits 2,010,695 2,010,991 1,979,144
Short-term borrowings 204,522 192,898 162,109
Long-term debt 770 911 --
Other liabilities 54,780 55,555 49,722
Total liabilities 2,270,767 2,260,355 2,190,975
SHAREHOLDERS' EQUITY 201,034 195,843 176,132
Total liabilities and
shareholders' equity $2,471,801 2,456,198 2,367,107
Number of common shares
outstanding, in thousands 61,706 61,371 61,461
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
06/30/2001 03/31/2001 06/30/2000
Interest income
Loans 29,747 $30,042 27,779
Investments 9,459 10,014 11,373
Federal funds sold 3,251 3,773 3,880
Total interest income 42,457 43,829 43,032
Interest expense
Deposits 16,858 17,544 16,190
Borrowings 1,904 2,385 2,035
Total interest expense 18,762 19,929 18,225
Net interest income 23,695 23,900 24,807
Provision for loan losses 1,120 1,495 800
Net interest income after
provision for loan losses 22,575 22,405 24,007
Net securities transactions 2,067 1,142 (2,320)
Noninterest income 5,414 5,184 5,375
Noninterest expense 12,940 12,261 11,432
Income before income taxes 17,116 16,470 15,630
Income tax expense 5,444 5,172 5,133
Net income $11,672 $11,298 10,497
Net income per share:
- Basic $0.189 $0.183 0.171
- Diluted $0.182 0.177 0.166
Avg equivalent shares outstanding, in thousands:
- Basic 61,910 61,592 61,487
- Diluted 63,996 63,848 63,418
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Six Months Ended
06/30/01 06/30/00
Interest income
Loans $59,789 55,211
Investments 19,473 22,598
Federal funds sold 7,024 7,467
Total interest income 86,286 85,276
Interest expense
Deposits 34,402 32,245
Borrowings 4,289 3,781
Total interest expense 38,691 36,026
Net interest income 47,595 49,250
Provision for loan losses 2,615 1,650
Net interest income after
provision for loan losses 44,980 47,600
Net securities transactions 3,209 (3,369)
Noninterest income 10,598 10,226
Noninterest expense 25,201 23,354
Income before income taxes 33,586 31,103
Income tax expense 10,616 10,336
Net income $22,970 20,767
Net income per share:
- Basic $0.372 0.338
- Diluted $0.359 0.327
Avg equivalent shares outstanding, in thousands:
- Basic 61,752 61,474
- Diluted 63,939 63,443
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CONSOLIDATED AVERAGE BALANCE SHEETS
(in thousands)
Three Months Ended
06/30/2001 03/31/2001 06/30/2000
Total assets $2,468,867 2,441,527 2,357,061
Shareholders' equity $200,537 198,271 172,073
Total loans $1,501,101 1,484,476 1,361,820
Interest earning assets $2,359,920 2,334,896 2,283,669
Interest-bearing liabilities $2,037,190 2,018,466 1,976,384
Six Months Ended
06/30/2001 06/30/2000
Total assets $2,455,272 2,352,134
Shareholders' equity $199,410 168,775
Total loans $1,492,836 1,357,496
Interest earning assets $2,347,477 2,279,164
Interest-bearing liabilities $2,027,879 1,977,511
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