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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 17, 2006
(January 17, 2006)
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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 12302
(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
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On January 17, 2006, TrustCo Bank Corp NY ("TrustCo")
issued a press release with fourth quarter and year to date
results for the period ending December 31, 2005. Attached
is a copy of the press release labeled as Exhibit 99(a).
Item 9.01 Financial Statements and Exhibits
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(c) Exhibits
Reg S-K Exhibit No. Description
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99(a) Press Release dated January 17, 2006,
for the period ending December 31, 2005,
regarding fourth quarter and year
to date results.
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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 17, 2006
TrustCo Bank Corp NY
(Registrant)
By: /s/ Robert T. Cushing
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Robert T. Cushing
Executive Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) Press Release dated January 17, 5-11
2006, for the period ending
December 31, 2005, regarding
fourth quarter and year to
date results.
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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 2005 RESULTS
Glenville, New York - January 17, 2006 - TrustCo Bank Corp NY (TrustCo,
Nasdaq: TRST) today announced record results for 2005. Net income for 2005
was $59.0 million, an increase of 4.3% over net income of $56.5 million for
2004. Diluted earnings per share were $0.782 for 2005 an increase of 3.9%
compared to $0.753 diluted earnings per share in 2004. Return on average
equity and return on average assets were 26.07% and 2.07% respectively for
2005 and 26.65% and 2.00% respectively for 2004. In 2005 TrustCo showed solid
growth in its loan portfolio. As of December 31, 2005 loans grew by $230.7
million or 18.6% compared to December 31, 2004.
Robert J. McCormick, President and Chief Executive Officer commented, "I am
extremely pleased by the significant growth we achieved in our loan portfolio
during 2005. The customers in our new markets are discovering that Trustco
Bank provides some of the most competitive products and rates in the
industry. Our easy to understand products combined with customer service,
which is second to none, sets the stage for continued growth into 2006."
The expansion of our branch network continues. We recently opened our
Tuskawilla and Maitland offices in Florida. This brings the total of our
Florida offices to eleven with a number of openings planned for the first
quarter of 2006. Our Highland, NY branch also opened in the fourth quarter of
2005, our first office in Ulster County.
- More -
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TrustCo Bank Corp NY is a $2.9 billion holding company and through its
subsidiary, Trustco Bank, operates 79 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
12/31/05 09/30/05 12/31/04
Summary of operations
Net interest income (TE) $ 26,791 27,710 26,283
Provision (credit) for loan losses (1,500) (1,680) -
Net securities transactions 316 776 1,318
Noninterest income 5,191 6,326 4,561
Noninterest expense 13,156 11,481 12,475
Net income 13,378 15,719 12,823
Per common share
Net income per share:
- Basic $ 0.179 0.210 0.172
- Diluted 0.178 0.208 0.171
Cash dividends 0.160 0.150 0.150
Tangible Book value at period end 3.05 3.07 3.02
Market price at period end 12.42 12.53 13.79
At period end
Full time equivalent employees 512 504 511
Full service banking offices 79 77 74
Performance ratios
Return on average assets 1.86% 2.20 1.79
Return on average equity (1) 23.57 27.38 22.73
Efficiency (2) 40.75 36.23 41.25
Net interest spread (TE) 3.50 3.73 3.59
Net interest margin (TE) 3.85 4.03 3.83
Dividend payout ratio 89.39 71.43 87.30
Capital ratios at period end (3)
Total equity to assets 8.04% 8.17 7.74
Tier 1 risk adjusted capital 16.58 16.92 17.09
Total risk adjusted capital 17.85 18.19 18.37
Asset quality analysis at period end
Nonperforming loans to total loans 0.22% 0.21 0.26
Nonperforming assets to total assets 0.11 0.10 0.11
Allowance for loan losses to total loans 3.09 3.34 3.98
Coverage ratio (4) 14.1X 16.1 15.6
(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
Twelve Months Ended
12/31/05 12/31/04
Summary of operations
Net interest income (TE) $ 107,948 105,024
Provision (credit) for loan losses (6,260) 450
Net securities transactions 5,999 13,712
Noninterest income 21,648 18,253
Noninterest expense 48,590 48,165
Net income 58,989 56,540
Per common share
Net income per share:
- Basic $ 0.787 0.761
- Diluted 0.782 0.753
Cash dividends 0.610 0.600
Tangible Book value at period end 3.05 3.02
Market price at period end 12.42 13.79
Performance ratios
Return on average assets 2.07% 2.00
Return on average equity (1) 26.07 26.65
Efficiency (2) 38.29 38.78
Net interest spread (TE) 3.61 3.63
Net interest margin (TE) 3.90 3.85
Dividend payout ratio 77.46 78.83
(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)
12/31/05 12/31/04
ASSETS
Loans, net $ 1,425,342 1,190,681
Securities available for sale 1,084,076 895,989
Federal funds sold and other short-term investments 257,196 642,208
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Total earning assets 2,766,614 2,728,878
Cash and due from banks 55,667 54,222
Bank premises and equipment 21,734 22,479
Other assets 68,744 58,255
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Total assets $ 2,912,759 2,863,834
=================== ==================
LIABILITIES
Deposits:
Demand $ 251,012 237,423
Interest-bearing checking 309,668 336,538
Savings 725,336 820,593
Money market 190,560 155,299
Certificates of deposit (in denominations of $100,000 or more) 225,611 178,021
Other time deposits 860,300 799,228
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Total deposits 2,562,487 2,527,102
Short-term borrowings 87,935 77,979
Long-term debt 87 114
Other liabilities 33,589 32,807
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Total liabilities 2,684,098 2,638,002
SHAREHOLDERS' EQUITY 228,661 225,832
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Total liabilities and
shareholders' equity $ 2,912,759 2,863,834
=================== ==================
Number of common shares
outstanding, in thousands 74,775 74,540
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
12/31/05 09/30/05 12/31/04
Interest income
Loans $ 23,441 22,225 19,340
Investments 13,909 13,689 13,504
Federal funds sold and other short term investments 2,490 2,519 2,476
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Total interest income 39,840 38,433 35,320
Interest expense
Deposits 13,146 10,963 9,834
Borrowings 677 538 340
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Total interest expense 13,823 11,501 10,174
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Net interest income 26,017 26,932 25,146
Provision (credit) for loan losses (1,500) (1,680) -
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Net interest income after
provision for loan losses 27,517 28,612 25,146
Net securities transactions 316 776 1,318
Noninterest income 5,191 6,326 4,561
Noninterest expense 13,156 11,481 12,475
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Income before income taxes 19,868 24,233 18,550
Income tax expense 6,490 8,514 5,727
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Net income $ 13,378 15,719 12,823
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Net income per share:
- Basic $ 0.179 0.210 0.172
- Diluted $ 0.178 0.208 0.171
Avg equivalent shares outstanding, in thousands:
- Basic 74,841 74,931 74,385
- Diluted 75,287 75,440 75,172
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Twelve Months Ended
12/31/05 12/31/04
Interest income
Loans $ 86,636 75,194
Investments 51,529 56,917
Federal funds sold and other short term investments 12,009 6,675
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Total interest income 150,174 138,786
Interest expense
Deposits 43,626 37,777
Borrowings 2,031 980
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Total interest expense 45,657 38,757
Net interest income 104,517 100,029
Provision (credit) for loan losses (6,260) 450
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Net interest income after
provision for loan losses 110,777 99,579
Net securities transactions 5,999 13,712
Noninterest income 21,648 18,253
Noninterest expense 48,590 48,165
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Income before income taxes 89,834 83,379
Income tax expense 30,845 26,839
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Net income $ 58,989 56,540
=================== ==================
Net income per share:
- Basic $ 0.787 0.761
- Diluted $ 0.782 0.753
Avg equivalent shares outstanding, in thousands:
- Basic 74,928 74,278
- Diluted 75,397 75,081
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