TrustCo Bank Corp. NY Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge Offs for the Quarter Ended December 31, 2014
January 21, 2015 at 04:35 pm
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TrustCo Bank Corp. NY reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $35,693,000 against $34,577,000 a year ago. Net income was $10,660,000 against $10,629,000 a year ago. Diluted net income per common share was $0.112 against $0.112 a year ago. Return on average assets was 0.92% against 0.94% a year ago. Return on average equity was 10.70% against 11.78% a year ago. Total interest income was $39,765,000 against $38,364,000 a year ago. Income before taxes was $17,181,000 against $16,973,000 a year ago. Net interest income after provision for loan losses was $34,669,000 compared to $33,016,000 a year ago. Book value per share at period ended December 31, 2014 was $4.15 against $3.83 per share a year ago. Tangible book value per share at period ended December 31, 2014 was $4.14 per share against $3.82 per share a year ago.
For the year, the company reported net interest income of $141,583,000 against $136,094,000 a year ago. Net income was $44,193,000 against $39,812,000 a year ago. Basic and diluted net income per common share was $0.466 against $0.422 a year ago. Return on average assets was 0.97% against 0.90% a year ago. Return on average equity was 11.54% against 11.15% a year ago. Total interest income was $156,941,000 against $151,047,000 a year ago. Income before taxes was $71,589,000 against $63,529,000 a year ago. Net interest income after provision for loan losses was $136,353,000 compared to $128,764,000 a year ago.
For the quarter, the company reported total net charge offs of $1,185,000 against $1,508,000 a year ago.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge Offs for the Quarter Ended December 31, 2014