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
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record Third Quarter Results
Glenville, New York - October 18, 2005 TrustCo Bank Corp NY (TrustCo, Nasdaq:
TRST) today announced record third quarter results for 2005. Net income for the
third quarter was $15.7 million, compared to $15.2 million for the third
quarter of 2004, an increase of 3.3%. Diluted earnings per share were $0.208
for the third quarter of 2005 compared to $0.203 for the third quarter of 2004.
Year to date results reflect increases in both net income and diluted earnings
per share between 2004 and 2005. For the nine months ended September 30, 2005
net income was $45.6 million and diluted earnings per share were $0.605
compared to net income of $43.7 million and diluted earnings per share of
$0.582 for the comparable nine-month period in 2004. The nine-month results
reflect an increase of 4.3% in net income and 4.0% in diluted earnings per
share for 2005 compared to the same nine-month period in 2004.
Commenting on the results, Robert J. McCormick, President and Chief Executive
Officer noted, "The current quarter and the year to date 2005 results are
strong and set the stage for continued growth for the remainder of the year."
Our branch expansion plan continues. We recently opened our Ramsey, New Jersey
Office. This is our first branch in New Jersey and our 78th overall. Plans are
continuing to open an additional six offices in late 2005 or early 2006. Five
of these branches are in the Orlando Florida region. Robert J. McCormick
commented: "We are confident that our aggressive branch growth strategy will
provide us with continued increases in revenue into the future."
TrustCo Bank Corp NY is a $2.8 billion bank holding company and through its
subsidiary, Trustco Bank, operates 78 offices in New York, New Jersey, Vermont,
and Florida. In addition, the Bank operates a full service Trust Department.
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
09/30/05 06/30/05 09/30/04
Summary of operations
Net interest income (TE) $ 27,710 27,600 26,385
Provision (credit) for loan losses (1,680) (1,580) 150
Net securities transactions 776 1,255 4,620
Noninterest income 6,326 5,645 4,370
Noninterest expense 11,481 12,223 11,483
Net income 15,719 14,985 15,213
Per common share
Net income per share:
- Basic $ 0.210 0.200 0.205
- Diluted 0.208 0.199 0.203
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 3.07 3.12 3.02
Market price at period end 12.53 13.06 12.82
At period end
Full time equivalent employees 504 501 479
Full service banking offices 77 77 71
Performance ratios
Return on average assets 2.20% 2.11 2.12
Return on average equity (1) 27.38 26.52 28.69
Efficiency (2) 36.23 36.37 36.78
Net interest spread (TE) 3.73 3.72 3.61
Net interest margin (TE) 4.03 3.98 3.83
Dividend payout ratio 71.43 75.12 73.11
Capital ratios at period end (3)
Total equity to assets 8.17% 8.00 7.58
Tier 1 risk adjusted capital 16.92 17.03 16.80
Total risk adjusted capital 18.19 18.31 18.08
Asset quality analysis at period end
Nonperforming loans to total loans 0.21% 0.23 0.26
Nonperforming assets to total assets 0.10 0.11 0.11
Allowance for loan losses to total loans 3.34 3.60 4.10
Coverage ratio (4) 16.1X 15.9 15.7
(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,
specialized consulting and any one-time charges) divided by taxable
equivalent net interest income plus noninterest income (excluding net
securities transactions and one-time income items).
(3) Capital ratios exclude the effect of the market value adjustment 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
Nine Months Ended
09/30/05 09/30/04
Summary of operations
Net interest income (TE) $ 81,159 78,742
Provision (credit) for loan losses (4,760) 450
Net securities transactions 5,683 12,394
Noninterest income 16,457 13,692
Noninterest expense 35,434 35,690
Net income 45,611 43,717
Per common share
Net income per share:
- Basic $ 0.608 0.589
- Diluted 0.605 0.582
Cash dividends 0.450 0.450
Tangible Book value at period end 3.07 3.02
Market price at period end 12.53 12.82
Performance ratios
Return on average assets 2.15% 2.07
Return on average equity (1) 26.91 28.06
Efficiency (2) 37.48 37.84
Net interest spread (TE) 3.65 3.64
Net interest margin (TE) 3.92 3.85
Dividend payout ratio 73.96 76.35
(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,
specialized consulting and any one-time charges) divided by taxable
equivalent net interest income plus noninterest income (excluding net
securities transactions and one-time income items).
TE = Taxable equivalent.
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
09/30/05 12/31/04 09/30/04
ASSETS
Loans, net $ 1,351,690 1,190,681 1,140,018
Securities available for sale 1,099,268 895,989 1,056,848
Federal funds sold and other short-term investments 242,898 642,208 511,516
-------------- ------------- --------------
Total earning assets 2,693,856 2,728,878 2,708,382
Cash and due from banks 51,410 54,222 52,950
Bank premises and equipment 21,056 22,479 20,676
Other assets 62,493 58,255 55,317
-------------- ------------- --------------
Total assets $ 2,828,815 2,863,834 2,837,325
============== ============= ==============
LIABILITIES
Deposits:
Demand $ 247,664 237,423 220,017
Interest-bearing checking 308,136 336,538 320,578
Savings 743,233 820,593 815,946
Money market 160,097 155,299 156,399
Certificates of deposit (in denominations of
$100,000 or more) 203,645 178,021 180,556
Other time deposits 821,598 799,228 799,307
-------------- ------------- --------------
Total deposits 2,484,373 2,527,102 2,492,803
Short-term borrowings 81,266 77,979 87,033
Long-term debt 94 114 120
Other liabilities 33,421 32,807 33,206
-------------- ------------- --------------
Total liabilities 2,599,154 2,638,002 2,613,162
SHAREHOLDERS' EQUITY 229,661 225,832 224,163
-------------- ------------- --------------
Total liabilities and
shareholders' equity $ 2,828,815 2,863,834 2,837,325
============== ============= ==============
Number of common shares
outstanding, in thousands 74,739 74,540 74,143
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
09/30/05 06/30/05 09/30/04
Interest income
Loans $ 22,225 20,988 18,644
Investments 13,689 12,831 14,509
Federal funds sold and other short term investments 2,519 3,197 1,798
-------------- ------------- --------------
Total interest income 38,433 37,016 34,951
Interest expense
Deposits 10,963 9,887 9,541
Borrowings 538 421 256
-------------- ------------- --------------
Total interest expense 11,501 10,308 9,797
-------------- ------------- --------------
Net interest income 26,932 26,708 25,154
Provision (credit) for loan losses (1,680) (1,580) 150
-------------- ------------- --------------
Net interest income after
provision for loan losses 28,612 28,288 25,004
Net securities transactions 776 1,255 4,620
Noninterest income 6,326 5,645 4,370
Noninterest expense 11,481 12,223 11,483
-------------- ------------- --------------
Income before income taxes 24,233 22,965 22,511
Income tax expense 8,514 7,980 7,298
-------------- ------------- --------------
Net income $ 15,719 14,985 15,213
============== ============= ==============
Net income per share:
- Basic $ 0.210 0.200 0.205
- Diluted $ 0.208 0.199 0.203
Avg equivalent shares outstanding, in thousands:
- Basic 74,931 75,056 74,244
- Diluted 75,440 75,369 74,980
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Nine Months Ended
09/30/05 09/30/04
Interest income
Loans $ 63,195 55,854
Investments 37,620 43,413
Federal funds sold and other short
term investments 9,519 4,198
------------ ----------
Total interest income 110,334 103,465
Interest expense
Deposits 30,480 27,942
Borrowings 1,354 640
------------ ----------
Total interest expense 31,834 28,582
Net interest income 78,500 74,883
Provision (credit) for loan losses (4,760) 450
------------ ----------
Net interest income after
provision for loan losses 83,260 74,433
Net securities transactions 5,683 12,394
Noninterest income 16,457 13,692
Noninterest expense 35,434 35,690
------------ ----------
Income before income taxes 69,966 64,829
Income tax expense 24,355 21,112
------------ ----------
Net income $ 45,611 43,717
============ ==========
Net income per share:
- Basic $ 0.608 0.589
- Diluted $ 0.605 0.582
Avg equivalent shares outstanding, in thousands:
- Basic 74,958 74,242
- Diluted 75,433 75,059
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
09/30/05 06/30/05 09/30/04
Total assets $ 2,833,554 2,844,487 2,848,267
Shareholders' equity 229,758 228,129 218,343
Total loans 1,363,501 1,299,284 1,174,943
Securities available for sale 1,097,270 1,024,768 1,081,407
Interest-earning assets 2,756,992 2,770,552 2,756,600
Interest-bearing deposits 2,252,074 2,273,100 2,275,082
Interest-bearing liabilities 2,334,652 2,354,702 2,382,699
Demand deposits 240,253 233,138 218,372
Nine Months Ended
09/30/05 09/30/04
Total assets $ 2,840,069 2,823,679
Shareholders' equity 228,813 220,743
Total loans 1,305,189 1,166,339
Securities available for sale 999,517 1,066,920
Interest-earning assets 2,760,806 2,724,133
Interest-bearing deposits 2,268,038 2,257,520
Interest-bearing liabilities 2,350,288 2,364,108
Demand deposits 233,316 207,387
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