TrustCo Bank Corp. NY Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 22, 2013 at 04:00 pm
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TrustCo Bank Corp. NY announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $33,718,000 and net income of $9,806,000 or $0.104 per diluted share compared to net interest income of $34,220,000 and net income of $8,714,000 or $0.093 per diluted share a year ago period. Tangible book value at period end December 31, 2012 was $3.81 per share. Return on average assets was 0.91% and return on average equity was 10.88% compared to return on average assets of 0.83% and return on average equity of 10.15% a year ago period. Net interest income after provision for loan losses was $30,580,000 compared to $29,761,000 a year ago period. Income before taxes was $15,591,000 compared to $14,588,000 a year ago period. Total interest income was $37,612,000 compared to $40,038,000 a year ago period.
For the full year, the company reported net interest income of $134,988,000 and net income of $37,534,000 or $0.400 per diluted share compared to net interest income of $134,504,000 and net income of $33,087,000 or $0.389 per diluted share a year ago period. Return on average assets was 0.87% and return on average equity was 10.70% compared to return on average assets of 0.81% and return on average equity of 11.04% a year ago period. Net interest income after provision for loan losses was $122,988,000 compared to $115,754,000 a year ago period. Income before taxes was $59,975,000 compared to $52,385,000 a year ago period. Total interest income was $154,963,000 compared to $160,748,000 a year ago period. Book value per share as at December 31, 2012 was $3.82.
For the quarter, the company reported total net charge-offs of $2,438,000 compared to $3,265,000 a year ago period.
TrustCo Bank Corp NY is a savings and loan holding company. The Company operates, through its principal subsidiary, Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals and businesses. The Bank operates over 156 automatic teller machines and approximately 140 banking offices in New York, New Jersey, Vermont, Massachusetts, and Florida. The Bankâs business consists of accepting deposits and making loans and investments. The Bank also lends in Essex and Fulton counties, Passaic counties, and Sumter counties. The Bank provides a range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. In addition, the Companyâs Financial Services Department offers a range of retirement planning, and trust and estate administration services.
TrustCo Bank Corp. NY Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012