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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
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Date of Report (Date of earliest event reported): October 16, 2001
(October 16, 2001)
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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.)
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5 Sarnowski Drive, Glenville, New York 12305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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1
TrustCo Bank Corp NY
Item 5. Other Events
On October 16, 2001, TrustCo Bank Corp NY ("Trustco") issued
two press releases with year to date and third quarter results
for the period ending September 30, 2001. 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 16, 2001, for
the period ending September
30, 2001, regarding year to
date and third quarter
results.
99(b) Press Release dated
October 16, 2001, for the
period ending September 30,
2001,regarding year to date
and third quarter 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: October 16, 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) Highlights Press Release of 5
October 16, 2001 for the period
ending September 30, 2001,
regarding year to date and third
quarter results.
99(b) Press Release of October 16,2001, 6-13
for the period ending September 30,
2001,regarding year to date and
third quarter results
.
4
TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
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192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank, N.A.
Trustco Savings Bank
Contact: Robert Leonard
Vice President
(518) 381-3693
Glenville, New York - October 16, 2001
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
9/01 9/00
Three Months Ended September 30:
Net Income $ 11,591 10,761
Provision for Loan Losses 750 910
Average Equivalent Shares Outstanding:
Basic 61,882,000 61,526,000
Diluted 64,051,000 63,579,000
Net Income per Share:
Basic $ 0.187 0.175
Diluted 0.181 0.169
Nine Months Ended September 30:
Net Income $ 34,561 31,528
Provision for Loan Losses 3,365 2,560
Average Equivalent Shares Outstanding:
Basic 61,791,000 61,492,000
Diluted 63,961,000 63,488,000
Net Income per Share:
Basic $ 0.559 0.513
Diluted 0.540 0.497
Period End:
Total Assets 2,508,735 2,395,659
Total Nonperforming Loans 7,585 12,747
Total Nonperforming Assets 8,611 14,472
Allowance for Loan Losses 56,608 55,751
Allowance as a Percentage
of Total Loans 3.65% 3.88%
All share and per share information is calculated prior to the 15% stock split
declared August, 2001.
# # #
5
Exhibit 99(b)
TRUSTCO
Bank Corp NY News Release
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192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank, N.A.
Trustco Savings Bank
Contact: Robert M. Leonard
Vice President
518-381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record Third Quarter and Year to Date Results
Glenville, New York-October 16, 2001
TructCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced record earnings
results for the third quarter and year to date 2001. Net income for the third
quarter 2001 was $11.6 million or $0.181 diluted earnings per share, compared to
$10.8 million or $0.169 diluted earnings per share for the third quarter of
2000. The third quarter results represent increases of 8 % and 7 % in net income
and diluted earnings per share, respectively, for 2001 compared to 2000.
Net income for the nine months ended September 30, 2001 was $34.6 million, or
$0.540 diluted earnings per share, compared to $31.5 million, or $0.497 diluted
earnings per share, for the nine month period ended September 30, 2000.
All per share information in this press release is presented prior to the 15%
stock split declared in August 2001.
Making the announcement was Robert A. McCormick, Chairman, President and Chief
Executive Officer. Mr. McCormick noted "TrustCo's superior earnings for 2001 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 a
reasonable cost. I am confident that for 2001 we will achieve our stated goals
with respect to return on equity and we are positioned for increased future
growth in that area." Return on equity was 25.44% for the third quarter and
25.82% year to date for 2001, compared to 24.32 % and 24.31% for the comparable
periods of 2000.
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During the third quarter of 2001, the Board of Directors declared a 15% stock
split for shareholders of record on October 19, 2001. At the same time, the
Board indicated their intention to maintain the annual cash dividend at $0.60
per share on the post-split shares.
TrustCo was recognized in the 2001 Edition of Mergent's Dividend Achievers as
one of 289 companies out of 11,000 U.S.-based firms providing increased dividend
payments to shareholders over the past ten years. Mr. McCormick remarked "When
you consider the ongoing market volatility, being a dividend achiever in the top
10% of companies that rewards their shareholders is particularly gratifying."
TrustCo Bank Corp NY is a multi-bank holding company headquartered in Glenville,
New York. The Company's principals subsidiaries, Trustco Bank, National
Association and Trustco Savings Bank, operate 57 community banking offices
offering 36 drive-up windows and 50 Automatic Teller Machines throughout the
Bank's market area. The Company services 10 counties with a broad range of
community banking services.
Except for the 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) changes in the regulatory environment, and (5) changes in
general business and economic trends, could cause the actual results or
circumstances for future period 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
09/30/2001 06/30/2001 09/30/2000
Summary of operations
Net interest income (TE) $25,422 $25,257 $25,892
Provision for loan losses 750 1,120 910
Net securities transactions 696 2,067 (1,644)
Noninterest income 5,312 5,414 5,611
Noninterest expense 12,363 12,940 11,747
Net income 11,591 11,672 10,761
Per common share (1) Net income per share:
- Basic 0.187 0.189 0.175
- Diluted 0.181 0.182 0.169
Cash dividends 0.150 0.150 0.130
Tangible Book value at period end 3.30 3.25 3.00
Market price at period end 13.74 13.35 10.70
At period end
Full time equivalent employees 479 479 473
Full service banking offices 57 57 54
Performance ratios
Return on average assets 1.83 % 1.90 1.79
Return on average equity (2) 25.44 26.13 24.32
Efficiency (3) 39.03 39.95 36.97
Net interest spread (TE) 3.81 3.77 3.99
Net interest margin (TE) 4.27 4.28 4.50
Dividend payout ratio 80.16% 79.38% 74.53
Capital ratios at period end (4)
Total equity to assets 7.28 7.28 7.32
Tier 1 risk adjusted capital 13.45 13.43 13.76
Total risk adjusted capital 14.73 14.72 15.05
Asset quality analysis at period end
Nonperforming loans to total loans 0.49% 0.62% 0.89
Nonperforming assets to total assets 0.34 0.44 0.60
Allowance for loan losses to total loans 3.65 3.76 3.88
Coverage ratio (5) 7.5 X 6.1 X 4.4 X
(1) All share and per share information is calculated prior to the 15% stock split declared August, 2001.
(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 Page 2
Nine Months Ended
09/30/2001 09/30/2000
Summary of operations
Net interest income (TE) $75,839 $77,271
Provision for loan losses 3,365 2,560
Net securities transactions 3,905 (5,013)
Noninterest income 15,910 15,837
Noninterest expense 37,564 35,101
Net income 34,561 31,528
Per common share (1) Net income per share:
- Basic 0.559 0.513
- Diluted 0.540 0.497
Cash dividends 0.450 0.391
Tangible Book value at period end 3.30 3.00
Market price at period end 13.74 10.70
Performance ratios
Return on average assets 1.87 % 1.78
Return on average equity (2) 25.82 24.31
Efficiency (3) 39.51 37.54
Net interest spread (TE) 3.77 4.00
Net interest margin (TE) 4.27 4.50
Dividend payout ratio 80.41% 76.28
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CONSOLIDATED BALANCE SHEETS Page 3
(dollars in thousands)
09/30/2001 12/31/2000 09/30/2000
ASSETS
Loans, net $1,494,057 1,418,750 1,380,424
Securities available for sale 581,293 605,284 638,686
Federal funds sold and other short-term investments 300,792 299,490 244,420
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Total earning assets 2,376,142 2,323,524 2,263,530
Cash and due from banks 52,818 45,956 40,621
Bank premises and equipment 18,762 17,416 16,898
Other assets 61,013 69,302 74,610
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Total assets $2,508,735 2,456,198 2,395,659
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LIABILITIES
Deposits:
Demand $194,067 191,260 187,167
Interest-bearing checking 292,820 277,543 274,105
Savings 634,995 588,595 611,891
Money Market 67,512 56,917 57,416
Certificates of deposit > $100 thou 131,720 123,211 118,925
Other time deposits 749,948 773,465 743,809
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Total deposits 2,071,062 2,010,991 1,993,313
Short-term borrowings 174,798 192,898 165,223
Long-term debt 697 911 1,231
Other liabilities 57,235 55,555 51,572
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Total liabilities 2,303,792 2,260,355 2,211,339
SHAREHOLDERS' EQUITY 204,943 195,843 184,320
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Total liabilities and
shareholders' equity $2,508,735 2,456,198 2,395,659
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Number of common shares
outstanding, in thousands 61,909 61,371 61,476
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CONSOLIDATED STATEMENTS OF INCOME Page 4
(dollars in thousands, except per share data)
Three Months Ended
09/30/2001 06/30/2001 09/30/2000
Interest income
Loans 29,963 $29,747 28,953
Investments 9,181 9,459 11,299
Federal funds sold and other short-term investments 2,510 3,251 3,846
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Total interest income 41,654 42,457 44,098
Interest expense
Deposits 16,572 16,858 17,022
Borrowings 1,476 1,904 2,351
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Total interest expense 18,048 18,762 19,373
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Net interest income 23,606 23,695 24,725
Provision for loan losses 750 1,120 910
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Net interest income after
provision for loan losses 22,856 22,575 23,815
Net securities transactions 696 2,067 (1,644)
Noninterest income 5,312 5,414 5,611
Noninterest expense 12,363 12,940 11,747
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Income before income taxes 16,501 17,116 16,035
Income tax expense 4,910 5,444 5,274
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Net income $11,591 $11,672 10,761
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Net income per share:
- Basic $0.187 $0.189 $0.175
- Diluted $0.181 0.182 $0.169
Avg equivalent shares outstanding, in thousands:
- Basic 61,882 61,910 61,526
- Diluted 64,051 63,996 63,579
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CONSOLIDATED STATEMENTS OF INCOME Page 5
(dollars in thousands, except per share data)
Nine Months Ended
09/30/01 09/30/00
Interest income
Loans $89,752 84,164
Investments 28,654 33,897
Federal funds sold and other short-term investments 9,534 11,313
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Total interest income 127,940 129,374
Interest expense
Deposits 50,974 49,267
Borrowings 5,765 6,132
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Total interest expense 56,739 55,399
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Net interest income 71,201 73,975
Provision for loan losses 3,365 2,560
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Net interest income after
provision for loan losses 67,836 71,415
Net securities transactions 3,905 (5,013)
Noninterest income 15,910 15,837
Noninterest expense 37,564 35,101
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Income before income taxes 50,087 47,138
Income tax expense 15,526 15,610
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Net income $34,561 31,528
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Net income per share:
- Basic $0.559 $0.513
- Diluted $0.540 $0.497
Avg equivalent shares outstanding, in thousands:
- Basic 61,791 61,492
- Diluted 63,961 63,488
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CONSOLIDATED AVERAGE BALANCE SHEETS Page 6
(in thousands)
Three Months Ended
09/30/2001 06/30/2001 09/30/2000
Total assets $2,508,747 2,468,867 2,388,763
Shareholders' equity $205,455 200,537 181,428
Total loans $1,532,377 1,501,101 1,410,150
Interest earning assets $2,389,472 2,359,920 2,304,268
Interest-bearing liabilities $2,072,348 2,037,190 1,987,710
Nine Months Ended
09/30/2001 09/30/2000
Total assets $2,473,293 2,364,433
Shareholders' equity $201,447 173,024
Total loans $1,506,160 1,375,176
Interest earning assets $2,361,629 2,287,594
Interest-bearing liabilities $2,042,865 1,980,936
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