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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): July 20, 2004
(July 20, 2004)
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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
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(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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TrustCo Bank Corp NY
Item 7. Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release dated July 20,
2004, for the period ending June 30,
2004, regarding year to date and second
quarter results.
99(b) Press Release dated July 20, 2004, for
the period ending June 30, 2004, regarding
year to date and second quarter results.
Item 12. Results of Operations and Financial Condition
On July 20, 2004, TrustCo Bank Corp NY ("TrustCo")
issued two press releases with year to date and
second quarter results for the period ending June 30,
2004. Attached is a copy of each press release
labeled as Exhibits 99(a) and 99(b).
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: July 20, 2004
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
Executive Vice President and
Chief Financial Officer
3
Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) Highlights Press Release of 5
July 20, 2004, for the period
ending June 30, 2004, regarding
year to date and second quarter results.
99(b) Press Release of July 20, 2004, 6-7
for the period ending June 30, 2004,
regarding year to date and second quarter
results.
4
TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
NASDAQ - TRST
Contact: Robert Leonard
Vice President
518-381-3693
FOR IMMEDIATE RELEASE: Glenville, New York - July 20, 2004
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
2004 2003
------------------------------------
Three Months Ended June 30:
Net Income $ 14,371 13,411
Provision for Loan Losses 150 300
Average Equivalent Shares Outstanding:
Basic 74,354,000 74,369,000
Diluted 75,095,000 75,237,000
Net Income per Share:
Basic $ 0.193 0.180
Diluted 0.191 0.178
===== =====
Six Months Ended June 30:
Net Income $ 28,504 26,603
Provision for Loan Losses 300 600
Average Equivalent Shares Outstanding:
Basic 74,241,000 74,309,000
Diluted 75,085,000 75,210,000
Net Income per Share:
Basic $ 0.384 0.358
Diluted 0.380 0.354
===== =====
Period End:
Total Assets 2,849,227 2,683,165
Total Nonperforming Loans 2,879 3,936
Total Nonperforming Assets 2,879 3,936
Allowance for Loan Losses 48,347 49,528
Allowance as a Percentage
of Total Loans 4.14% 3.88%
5
TRUSTCO Exhibit 99(b)
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
Contact: Robert M. Leonard
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record Second Quarter Results
Glenville, New York - July 20, 2004 TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST)
today announced that it achieved record results for the second quarter of 2004
and for the first six months of the year. Net income for the second quarter of
2004 was $14.4 million, or $0.191 diluted earnings per share, compared to $13.4
million, or $0.178 diluted earnings per share, for the second quarter of 2003.
The second quarter results reflect an increase of 7.2% in net income and 7.3% in
diluted earnings per share over the comparable period in 2003.
Year to date results reflect significant increases in both net income and
diluted earnings per share between 2003 and 2004. For the six months ended June
30, 2004 net income was $28.5 million and diluted earnings per share were
$0.380, compared to net income of $26.6 million and diluted earnings per share
of $0.354 for the comparable six month period in 2003. The six-month results
reflect an increase of 7.1% in net income and 7.3% in diluted earnings per share
for 2004 compared to the same six-month period in 2003.
Commenting on the results for 2004, Robert J. McCormick, President and Chief
Executive Officer noted, "The current quarter and the year to date 2004 results
are very good, and set the stage for continued growth into the second half of
this year."
TrustCo Bank Corp NY is a $2.8 billion bank holding company and through its
subsidiary, Trustco Bank, operates 69 offices in New York, Vermont, and Florida.
In addition, the bank operates a full service Trust Department that has $945
million of assets under management. The common shares of TrustCo are traded on
the Nasdaq National Market tier of the Nasdaq Stock Market under the symbol
TRST.
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 periods to differ
materially from those anticipated or projected in the forward-looking
statements.
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TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
06/30/2004 03/31/2004 06/30/2003
Summary of operations
Net interest income (TE) $26,025 $26,388 26,140
Provision for loan losses 150 150 300
Net securities transactions 3,588 4,186 2,234
Noninterest income 4,787 4,535 5,274
Noninterest expense 11,699 12,508 12,579
Net income 14,371 14,133 13,411
Per common share
Net income per share:
- Basic $0.193 $0.191 0.180
- Diluted 0.191 0.188 0.178
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 2.89 3.15 3.16
Market price at period end 13.10 13.46 11.06
At period end
Full time equivalent employees 494 490 492
Full service banking offices 69 69 64
Performance ratios
Return on average assets 2.04 % 2.04 1.98
Return on average equity (1) 28.18 27.30 26.25
Efficiency (2) 37.67 38.87 37.57
Net interest spread (TE) 3.57 3.75 3.74
Net interest margin (TE) 3.78 3.95 4.00
Dividend payout ratio 77.54 78.65 83.01
Capital ratios at period end (3)
Total equity to assets 7.41 % 7.27 7.76
Tier 1 risk adjusted capital 16.61 16.44 16.33
Total risk adjusted capital 17.89 17.72 17.62
Asset quality analysis at period end
Nonperforming loans to total loans 0.25 % 0.27 0.31
Nonperforming assets to total assets 0.10 0.11 0.15
Allowance for loan losses to total loans 4.14 4.13 3.88
Coverage ratio (4) 16.8 X 15.4 12.6 X
(1) Average equity excludes the effect of the market value adjustment for securities
available for sale.
(2) Calculated as noninterest expense (excluding ORE income/expense, amortization of intangibles
and any unique charges) divided by taxable equivalent net interest income plus
noninterest income (excluding net securities transactions).
(3) Capital ratios exclude the effect of the market value adustment for securities
available for sale.
(4) Calculated as allowance for loan losses divided by total nonperforming loans.
TE = Taxable equivalent.
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FINANCIAL HIGHLIGHTS, Continued
Six Months Ended
06/30/2004 06/30/2003
Summary of operations
Net interest income (TE) $52,460 $51,770
Provision for loan losses 300 600
Net securities transactions 7,774 5,330
Noninterest income 9,322 10,028
Noninterest expense 24,207 25,248
Net income 28,504 26,603
Per common share (1)
Net income per share:
- Basic 0.384 0.358
- Diluted 0.380 0.354
Cash dividends 0.300 0.300
Tangible Book value at period end 2.89 3.16
Market price at period end 13.10 11.06
Performance ratios
Return on average assets 2.04 % 1.98
Return on average equity (2) 27.74 26.15
Efficiency (3) 38.28 38.05
Net interest spread (TE) 3.66 3.73
Net interest margin (TE) 3.87 3.98
Dividend payout ratio 78.09 83.57
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
06/30/2004 12/31/2003 06/30/2003
ASSETS
Loans, net $1,118,063 1,113,527 1,226,805
Securities available for sale 1,122,266 1,176,926 964,160
Federal funds sold and other short-term investments 484,433 355,257 378,175
------------------- ------------------ ---------------------
Total earning assets 2,724,762 2,645,710 2,569,140
Cash and due from banks 46,575 56,425 55,927
Bank premises and equipment 20,091 20,168 19,372
Other assets 57,799 55,816 38,726
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Total assets $2,849,227 2,778,119 2,683,165
=================== ================== =====================
LIABILITIES
Deposits:
Demand $209,271 197,116 194,642
Interest-bearing checking 332,269 334,038 312,851
Savings 827,145 780,862 769,476
Money market 160,944 159,645 145,010
Certificates of deposit (in denominations of $100,000 or more) 174,882 170,423 151,907
Other time deposits 789,485 777,726 761,696
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Total deposits 2,493,996 2,419,810 2,335,582
Short-term borrowings 106,656 90,608 71,283
Long-term debt 141 239 334
Other liabilities 33,815 40,700 41,538
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Total liabilities 2,634,608 2,551,357 2,448,737
SHAREHOLDERS' EQUITY 214,619 226,762 234,428
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Total liabilities and
shareholders' equity $2,849,227 2,778,119 2,683,165
=================== ================== =====================
Number of common shares
outstanding, in thousands 74,191 73,946 74,120
9
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
06/30/2004 03/31/2004 06/30/2003
Interest income
Loans $18,429 $18,781 22,722
Investments 14,470 14,434 10,541
Federal funds sold and other short term investments 1,206 1,194 1,482
------------------- ------------------ ---------------------
Total interest income 34,105 34,409 34,745
Interest expense
Deposits 9,236 9,165 10,082
Borrowings 203 181 264
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Total interest expense 9,439 9,346 10,346
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Net interest income 24,666 25,063 24,399
Provision for loan losses 150 150 300
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Net interest income after
provision for loan losses 24,516 24,913 24,099
Net securities transactions 3,588 4,186 2,234
Noninterest income 4,787 4,535 5,274
Noninterest expense 11,699 12,508 12,579
------------------- ------------------ ---------------------
Income before income taxes 21,192 21,126 19,028
Income tax expense 6,821 6,993 5,617
------------------- ------------------ ---------------------
Net income $14,371 $14,133 13,411
=================== ================== =====================
Net income per share:
- Basic $0.193 $0.191 0.180
- Diluted $0.191 $0.188 0.178
Avg equivalent shares outstanding, in thousands:
- Basic 74,354 74,129 74,369
- Diluted 75,095 75,075 75,237
=================== ================== =====================
10
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Six Months Ended
06/30/04 06/30/03
Interest income
Loans $37,210 $47,308
Investments 28,904 19,701
Federal funds sold and other short term investments 2,400 3,137
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Total interest income 68,514 70,146
Interest expense
Deposits 18,401 21,435
Borrowings 384 617
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Total interest expense 18,785 22,052
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Net interest income 49,729 48,094
Provision for loan losses 300 600
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Net interest income after
provision for loan losses 49,429 47,494
Net securities transactions 7,774 5,330
Noninterest income 9,322 10,028
Noninterest expense 24,207 25,248
-----------------------------------------
Income before income taxes 42,318 37,604
Income tax expense 13,814 11,001
-----------------------------------------
Net income $28,504 $26,603
=========================================
Net income per share:
- Basic $0.384 $0.358
- Diluted $0.380 $0.354
Avg equivalent shares outstanding, in thousands:
- Basic 74,241 74,309
- Diluted 75,085 75,210
=========================================
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
06/30/2004 03/31/2004 06/30/2003
Total assets $2,840,753 2,781,764 2,716,166
Shareholders' equity 213,533 230,402 231,770
Total loans 1,162,207 1,162,611 1,307,353
Securities available for sale 1,090,677 1,065,578 832,516
Interest-earning assets 2,749,118 2,666,318 2,615,344
Interest-bearing deposits 2,271,261 2,226,022 2,135,035
Interest-bearing liabilities 2,383,543 2,325,874 2,259,803
Demand deposits 208,612 195,052 187,977
Six Months Ended
06/30/2004 06/30/2003
Total assets $2,811,260 2,703,475
Shareholders' equity 221,968 232,341
Total loans 1,161,989 1,345,918
Securities available for sale 1,059,597 741,275
Interest-earning assets 2,707,721 2,595,029
Interest-bearing deposits 2,248,642 2,117,574
Interest-bearing liabilities 2,354,709 2,254,243
Demand deposits 201,832 180,728
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