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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): January 18, 2005
(January 18, 2005)
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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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TrustCo Bank Corp NY
Item 2.02 Results of Operations and Financial Condition
On January 18, 2005, TrustCo Bank Corp NY
("Trustco") issued two press releases with fourth
quarter and full year 2004 results for the period
ending December 31, 2004. Attached is a copy of
each press release labeled as Exhibits 99(a) and
99(b).
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release dated January 18,
2005, for the period ending December 31,
2004, regarding fourth quarter and full
year 2004 results.
99(b) Press Release dated January 18, 2005, for the
period ending December 31, 2004, regarding
fourth quarter and full year 2004 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: January 18, 2005
TrustCo Bank Corp NY
(Registrant)
By: /s/ Robert T. Cushing
----------------------------
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
- ------------------- -------------------------------- ----------
99(a) Highlights Press Release of 5
January 18, 2005, for the period
ending December 31, 2004,
regarding fourth quarter and
full year 2004 results.
99(b) Press Release of January 18, 6-13
2005, for the period ending
December 31, 2004, regarding
fourth quarter and full year
2004 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
Contact: Robert M. Leonard
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE: Glenville, New York - January 18, 2005
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
2004 2003
------------------------------------
Three Months Ended December 31:
Net Income $ 12,823 12,144
Provision for Loan Losses - 300
Net Securities Transactions 1,318 (259)
Weighted Average Equivalent Shares Outstanding:
Basic 74,385,000 74,329,000
Diluted 75,172,000 75,384,000
Net Income per Share:
Basic $ 0.172 0.163
Diluted 0.171 0.161
===== =====
Twelve Months Ended December 31:
Net Income $ 56,540 53,031
Provision for Loan Losses 450 1,200
Net Securities Transactions 13,712 9,807
Weighted Average Equivalent Shares Outstanding:
Basic 74,278,000 74,337,000
Diluted 75,081,000 75,306,000
Net Income per Share:
Basic $ 0.761 0.713
Diluted 0.753 0.704
===== =====
Period End:
Total Assets 2,863,834 2,778,119
Total Nonperforming Loans 3,167 3,260
Total Nonperforming Assets 3,167 3,260
Allowance for Loan Losses 49,384 48,739
Allowance as a Percentage
of Total Loans 3.98% 4.17%
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 NASDAQ -- TRST
Contact: Robert M. Leonard
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record High
4th Quarter and Full Year 2004 Results
Glenville, New York - January 18, 2005 - TrustCo Bank Corp NY (TrustCo,
Nasdaq: TRST) today announced record results for 2004. Net income for 2004
was $56.5 million, an increase of $3.5 million or 6.6% over net income of
$53.0 million for 2003. Diluted earnings per share were $0.753 for 2004, an
increase of 7.0% compared to $0.704 diluted earnings per share in 2003.
Return on average equity and return on average assets were 26.65% and 2.00%
respectively for 2004 and 26.21% and 1.96% respectively for 2003.
Net income for the fourth quarter of 2004 was $12.8 million, an increase of
5.6% from the $12.1 million reported in the fourth quarter of 2003. Diluted
earnings per share were $0.171 for the quarter, or 6.2% greater than the
$0.161 per share reported in the fourth quarter of 2003. Return on average
equity and return on average assets were 22.73% and 1.79% respectively for
the fourth quarter of 2004.
Robert J. McCormick, President and Chief Executive Officer, commented on the
strong results, "The results for the fourth quarter and for all of 2004 were
on target with our plans for the year, and establish a strong foundation to
move forward into 2005."
Continuing our previously announced growth initiative, TrustCo opened five
offices in 2004. Osprey and Sarasota, our first two branches on the west
coast of Florida, Wappingers Falls, our third office in Dutchess County, New
York, and Valatie and Slingerlands, both in the Capital Region. "These new
offices are doing well, and should provide TrustCo with growth into the
future," McCormick said.
TrustCo is a $2.9 billion bank holding company and through its subsidiary,
Trustco Bank, operates 74 offices in New York, Vermont, and Florida. In
addition, the bank operates a full service Trust Department that has $992
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.
6
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 containing future events or performance and assumptions
and other 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.
# # #
7
TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
12/31/04 09/30/04 12/31/03
Summary of operations
Net interest income (TE) $26,283 26,385 26,869
Provision for loan losses - 150 300
Net securities transactions 1,318 4,620 (259)
Noninterest income 4,561 4,370 4,349
Noninterest expense 12,475 11,483 11,639
Net income 12,823 15,213 12,144
Per common share
Net income per share:
- Basic $0.172 0.205 0.163
- Diluted 0.171 0.203 0.161
Cash dividends 0.150 0.150 0.150
Tangible book value at period end 3.02 3.02 3.06
Market price at period end 13.79 12.82 13.15
At period end
Full time equivalent employees 511 479 488
Full service banking offices 74 71 69
Performance ratios
Return on average assets 1.79% 2.12 1.78
Return on average equity <F1> 22.73 28.69 25.31
Efficiency <F2> 41.25 36.78 37.57
Net interest spread (TE) 3.59 3.61 3.86
Net interest margin (TE) 3.83 3.83 4.08
Dividend payout ratio 87.30 73.11 91.61
Capital ratios at period end <F3>
Total equity to assets 7.74% 7.58 7.45
Tier 1 risk adjusted capital 17.09 16.80 16.54
Total risk adjusted capital 18.37 18.08 17.82
Asset quality analysis at period end
Nonperforming loans to total loans 0.26% 0.26 0.28
Nonperforming assets to total assets 0.11 0.11 0.12
Allowance for loan losses to total loans 3.98 4.10 4.17
Coverage ratio <F4> 15.6X 15.7X 15.0X
<FN>
<F1> Average equity excludes the effect of the market value adjustment for
securities available for sale.
<F2> Calculated as noninterest expense (excluding ORE income/expense,
amortization of intangibles and nonrecurring charges) divided by taxable
equivalent net interest income plus noninterest income (excluding net
securities transactions).
<F3> Capital ratios exclude the effect of the market value adustment for
securities available for sale.
<F4> Calculated as allowance for loan losses divided by total nonperforming
loans.
TE = Taxable equivalent.
</FN>
8
FINANCIAL HIGHLIGHTS, Continued
Twelve Months Ended
12/31/04 12/31/03
Summary of operations
Net interest income (TE) $105,024 102,752
Provision for loan losses 450 1,200
Net securities transactions 13,712 9,807
Noninterest income 18,253 19,842
Noninterest expense 48,165 48,486
Net income 56,540 53,031
Per common share
Net income per share:
- Basic $0.761 0.713
- Diluted 0.753 0.704
Cash dividends 0.600 0.600
Tangible book value at period end 3.02 3.06
Market price at period end 13.79 13.15
Performance ratios
Return on average assets 2.00% 1.96
Return on average equity <F1> 26.65 26.21
Efficiency <F2> 38.78 38.33
Net interest spread (TE) 3.63 3.70
Net interest margin (TE) 3.85 3.94
Dividend payout ratio 78.83 83.98
<FN>
<F1> Average equity excludes the effect of the market value adjustment for
securities available for sale.
<F2> Calculated as noninterest expense (excluding ORE income/expense,
amortization of intangibles and nonrecurring charges) divided by taxable
equivalent net interest income plus noninterest income (excluding net
securities transactions).
TE = Taxable equivalent.
</FN>
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
12/31/04 12/31/03
ASSETS
Loans, net $1,190,681 1,113,527
Securities available for sale 895,989 1,176,926
Federal funds sold and other short-term investments 642,208 355,257
---------- ---------
Total earning assets 2,728,878 2,645,710
Cash and due from banks 54,222 56,425
Bank premises and equipment 22,479 20,168
Other assets 58,255 55,816
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Total assets $2,863,834 2,778,119
========== =========
LIABILITIES
Deposits:
Demand $237,423 197,116
Interest-bearing checking 336,538 334,038
Savings 820,593 780,862
Money market 155,299 159,645
Certificates of deposit
(in denominations of $100,000 or more) 178,021 170,423
Other time deposits 799,228 777,726
---------- ---------
Total deposits 2,527,102 2,419,810
Short-term borrowings 77,979 90,608
Long-term debt 114 239
Other liabilities 32,807 40,700
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Total liabilities 2,638,002 2,551,357
SHAREHOLDERS' EQUITY 225,832 226,762
---------- ---------
Total liabilities and
shareholders' equity $2,863,834 2,778,119
========== =========
Number of common shares
outstanding, in thousands 74,540 73,946
10
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
12/31/04 09/30/04 12/31/03
Interest income
Loans $19,340 18,644 19,414
Investments 13,504 14,509 14,456
Federal funds sold and other short term investments 2,476 1,798 1,074
------- ------ ------
Total interest income 35,320 34,951 34,944
Interest expense
Deposits 9,834 9,541 9,236
Borrowings 340 256 143
------- ------ ------
Total interest expense 10,174 9,797 9,379
------- ------ ------
Net interest income 25,146 25,154 25,565
Provision for loan losses - 150 300
------- ------ ------
Net interest income after
provision for loan losses 25,146 25,004 25,265
Net securities transactions 1,318 4,620 (259)
Noninterest income 4,561 4,370 4,349
Noninterest expense 12,475 11,483 11,639
------- ------ ------
Income before income taxes 18,550 22,511 17,716
Income tax expense 5,727 7,298 5,572
------- ------ ------
Net income $12,823 15,213 12,144
======= ====== ======
Net income per share:
- Basic $0.172 0.205 0.163
- Diluted 0.171 0.203 0.161
Avg equivalent shares outstanding, in thousands:
- Basic 74,385 74,244 74,329
- Diluted 75,172 74,980 75,384
======= ====== ======
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Twelve Months Ended
12/31/04 12/31/03
Interest income
Loans $75,194 87,614
Investments 56,917 43,862
Federal funds sold and other short term investments 6,674 5,654
------- -------
Total interest income 138,785 137,130
Interest expense
Deposits 37,776 39,843
Borrowings 980 896
------- -------
Total interest expense 38,756 40,739
------- -------
Net interest income 100,029 96,391
Provision for loan losses 450 1,200
------- -------
Net interest income after
provision for loan losses 99,579 95,191
Net securities transactions 13,712 9,807
Noninterest income 18,253 19,842
Noninterest expense 48,165 48,486
------- -------
Income before income taxes 83,379 76,354
Income tax expense 26,839 23,323
------- -------
Net income $56,540 53,031
======= =======
Net income per share:
- Basic $0.761 0.713
- Diluted 0.753 0.704
Avg equivalent shares outstanding, in thousands:
- Basic 74,278 74,337
- Diluted 75,081 75,306
======= =======
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
12/31/04 09/30/04 12/31/03
Total assets $2,842,123 2,848,267 2,713,458
Shareholders' equity 232,450 218,343 210,678
Total loans 1,208,423 1,174,943 1,175,893
Securities available for sale 1,030,282 1,093,721 1,039,021
Interest-earning assets 2,745,106 2,756,600 2,635,065
Interest-bearing deposits 2,274,565 2,275,082 2,200,441
Interest-bearing liabilities 2,359,011 2,382,699 2,277,191
Demand deposits 227,780 218,372 196,360
Twelve Months Ended
12/31/04 12/31/03
Total assets $2,828,195 2,710,175
Shareholders' equity 223,719 225,045
Total loans 1,176,856 1,275,023
Securities available for sale 1,057,845 833,905
Interest-earning assets 2,729,280 2,606,292
Interest-bearing deposits 2,261,716 2,151,565
Interest-bearing liabilities 2,362,722 2,259,690
Demand deposits 212,463 189,262
13