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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 20, 2004
(January 20, 2004)
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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 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 7. Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release dated January 20,
2004, for the period ending December 31,
2003, regarding fourth quarter and full
year 2003 results.
99(b) Press Release dated January 20, 2004, for
the period ending December 31, 2003,
regarding fourth quarter and full year
2003 results.
Item 12. Results of Operations and Financial Condition
On January 20, 2004, TrustCo Bank Corp NY ("Trustco")
issued two press releases with fourth quarter and
full year 2003 results for the period ending December
31, 2003. Attached is a copy of each press release
labeled as Exhibits 99(a) and 99(b).
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 20, 2004
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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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
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99(a) Highlights Press Release of 5
January 20, 2004, for the period
ending December 31, 2003, regarding
fourth quarter and full year 2003 results.
99(b) Press Release of January 20, 2004, 6-13
for the period ending December 31, 2003,
regarding fourth quarter and full year
2003 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
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE: Glenville, New York - January 20, 2004
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
2003 2002
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Three Months Ended December 31:
Net Income $ 12,144 11,014
Provision for Loan Losses 300 300
Average Equivalent Shares Outstanding:
Basic 74,329,000 74,256,000
Diluted 75,384,000 75,407,000
Net Income per Share:
Basic $ 0.163 0.148
Diluted 0.161 0.146
===== =====
Twelve Months Ended December 31:
Net Income $ 53,031 49,244
Provision for Loan Losses 1,200 1,420
Average Equivalent Shares Outstanding:
Basic 74,337,000 72,675,000
Diluted 75,306,000 74,618,000
Net Income per Share:
Basic $ 0.713 0.678
Diluted 0.704 0.660
===== =====
Period End:
Total Assets 2,783,382 2,696,088
Total Nonperforming Loans 3,260 4,918
Total Nonperforming Assets 3,260 5,004
Allowance for Loan Losses 48,739 52,558
Allowance as a Percentage
of Total Loans 4.17% 3.70%
5
Exhibit 99(b)
TRUSTCO
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
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record High
4th Quarter and Full Year 2003 Results
Glenville, New York - January 20, 2004
TrustCo Bank Corp NY (NASDAQ: TRST) today announced record results for 2003. Net
income for the full year 2003 was $53.0 million, an increase of $3.8 million or
7.7% over net income of $49.2 million for 2002. Diluted earnings per share were
$0.704 for 2003, an increase of 6.7% compared to the $0.660 diluted earnings per
share in 2002. Return on average equity and return on average assets were 26.21%
and 1.96% respectively for 2003 and 26.08 and 1.83% respectively for 2002.
Net income for the fourth quarter of 2003 was $12.1 million, an increase of
10.3% from the $11.0 million reported in the fourth quarter of 2002. Diluted
earnings per share were $0.161 for the quarter, or 10.3% greater than the $0.146
per share reported in the fourth quarter of 2002. Return on average equity and
return on average assets for the fourth quarter were 25.31% and 1.78%
respectively for the fourth quarter of 2003.
Robert J. McCormick, TrustCo's President and Chief Executive Officer, commented
on the strong results for the quarter and full year 2003. "The results are right
on target with our plans for the year and establish a strong foundation to move
forward into the year 2004."
Continuing our previously announced growth initiative, Trustco opened two new
offices in Westchester County during the fourth quarter of 2003. "These new
offices, regionally downstate and Florida, are going well, and should provide
Trustco with growth into the future", said McCormick.
6
TrustCo Bank Corp is a $2.8 billion bank holding company and through its
subsidiary, Trustco Bank, operates 69 offices in New York, Vermont, and Florida.
In addition, the Bank operates a full service Trust Department that has $970
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.
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.
TrustCo does not undertake, and specifically disclaims any obligation to
publicly release the results of any revisions that may be made to any
forward-looking statements to reflect the occurrence of unanticipated events or
circumstances after the date of such statement.
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.
TrustCo does not undertake, and specifically disclaims any obligation to
publicly release the results of any revisions that may be made to any
forward-looking statements to reflect the occurrence of unanticipated events or
circumstances after the date of such statement.
7
TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
12/31/2003 09/30/2003 12/31/2002
Summary of operations
Net interest income (TE) $26,869 24,119 26,090
Provision for loan losses 300 300 300
Net securities transactions (259) 4,737 1,328
Noninterest income 4,349 5,464 4,618
Noninterest expense 11,639 11,600 17,794
Net income 12,144 14,285 11,014
Per common share
Net income per share:
- Basic $0.163 0.192 0.148
- Diluted 0.161 0.189 0.146
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 3.06 3.14 3.16
Market price at period end 13.15 12.36 10.78
At period end
Full time equivalent employees 488 483 468
Full service banking offices 69 67 62
Performance ratios
Return on average assets 1.78 % 2.10 1.64
Return on average equity (1) 25.31 28.20 22.17
Efficiency (2) 37.57 39.50 35.30
Net interest spread (TE) 3.86 3.50 3.77
Net interest margin (TE) 4.08 3.72 4.09
Dividend payout ratio 91.61 78.24 101.08
Capital ratios at period end (3)
Total equity to assets 7.45 % 7.70 7.78
Tier 1 risk adjusted capital 16.54 16.60 15.48
Total risk adjusted capital 17.82 17.89 16.77
Asset quality analysis at period end
Nonperforming loans to total loans 0.28 % 0.30 0.35
Nonperforming assets to total assets 0.12 0.13 0.19
Allowance for loan losses to total loans 4.17 4.08 3.70
Coverage ratio (4) 15.0 X 13.8 X 10.7
(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,
amortization of intangibles and any unique charges) divided by taxable
equivalent net interest income plus noninterest income (excluding net securities
transactions).
(3) Capital ratios exclude the effect of the market value adustment for
securities available for sale.
(4) Calculated as allowance for loan losses divided by total nonperforming
loans.
TE = Taxable equivalent.
8
FINANCIAL HIGHLIGHTS, Continued
Twelve Months Ended
12/31/2003 12/31/2002
Summary of operations
Net interest income (TE) $102,732 103,289
Provision for loan losses 1,200 1,420
Net securities transactions 9,807 7,499
Noninterest income 19,842 19,799
Noninterest expense 48,486 55,326
Net income 53,031 49,244
Per common share
Net income per share:
- Basic 0.713 0.678
- Diluted 0.704 0.660
Cash dividends 0.600 0.600
Tangible Book value at period end 3.06 3.16
Market price at period end 13.15 10.78
Performance ratios
Return on average assets 1.96 % 1.83
Return on average equity (1) 26.21 26.08
Efficiency (2) 38.33 36.66
Net interest spread (TE) 3.70 3.65
Net interest margin (TE) 3.94 4.00
Dividend payout ratio 83.98 88.60
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
12/31/2003 12/31/2002
ASSETS
Loans, net $1,118,790 1,369,743
Securities available for sale 1,176,926 653,163
Federal funds sold and other short-term investments 355,257 542,125
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Total earning assets 2,650,973 2,565,031
Cash and due from banks 56,425 63,957
Bank premises and equipment 20,168 19,544
Other assets 55,816 47,556
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Total assets $2,783,382 2,696,088
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LIABILITIES
Deposits:
Demand $202,379 178,058
Interest-bearing checking 334,038 338,740
Savings 780,862 715,349
Money market 159,645 130,914
Certificates of deposit (in denominations of $100,000 or more) 170,423 137,513
Other time deposits 777,726 773,694
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Total deposits 2,425,073 2,274,268
Short-term borrowings 90,608 141,231
Long-term debt 239 427
Other liabilities 40,700 45,318
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Total liabilities 2,556,620 2,461,244
SHAREHOLDERS' EQUITY 226,762 234,844
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Total liabilities and
shareholders' equity $2,783,382 2,696,088
============ ============
Number of common shares
outstanding, in thousands 73,946 74,178
10
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
12/31/2003 09/30/2003 12/31/2002
Interest income
Loans $19,414 20,892 26,967
Investments 14,456 9,706 8,351
Federal funds sold and other short term investments 1,074 1,443 1,895
------------------- ------------------ ---------------------
Total interest income 34,944 32,041 37,213
Interest expense
Deposits 9,236 9,171 12,811
Borrowings 143 136 417
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Total interest expense 9,379 9,307 13,228
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Net interest income 25,565 22,734 23,985
Provision for loan losses 300 300 300
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Net interest income after
provision for loan losses 25,265 22,434 23,685
Net securities transactions (259) 4,737 1,328
Noninterest income 4,349 5,464 4,618
Noninterest expense 11,639 11,600 17,794
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Income before income taxes 17,716 21,035 11,837
Income tax expense 5,572 6,750 823
------------------- ------------------ ---------------------
Net income $12,144 14,285 11,014
=================== ================== =====================
Net income per share:
- Basic $0.163 0.192 0.148
- Diluted 0.161 0.189 0.146
Avg equivalent shares outstanding, in thousands:
- Basic 74,329 74,400 74,256
- Diluted 75,384 75,417 75,407
=================== ================== =====================
11
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Twelve Months Ended
12/31/03 12/31/02
Interest income
Loans $87,614 111,993
Investments 43,862 33,284
Federal funds sold and other short term investments 5,654 8,458
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Total interest income 137,130 153,735
Interest expense
Deposits 39,843 55,150
Borrowings 896 2,870
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Total interest expense 40,739 58,020
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Net interest income 96,391 95,715
Provision for loan losses 1,200 1,420
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Net interest income after
provision for loan losses 95,191 94,295
Net securities transactions 9,807 7,499
Noninterest income 19,842 19,799
Noninterest expense 48,486 55,326
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Income before income taxes 76,354 66,267
Income tax expense 23,323 17,023
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Net income $53,031 49,244
=================== ==================
Net income per share:
- Basic $0.713 0.678
- Diluted 0.704 0.660
Avg equivalent shares outstanding, in thousands:
- Basic 74,337 72,675
- Diluted 75,306 74,618
=================== ==================
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
12/31/2003 09/30/2003 12/31/2002
Total assets $2,713,458 2,703,794 2,672,676
Shareholders' equity 210,678 217,359 224,299
Total loans 1,175,893 1,234,676 1,468,160
Securities available for sale 1,039,021 811,299 593,083
Interest-earning assets 2,635,065 2,599,949 2,561,030
Interest-bearing deposits 2,200,441 2,170,945 1,305,566
Interest-bearing liabilities 2,277,191 2,246,854 2,203,967
Demand deposits 196,360 197,572 195,435
Twelve Months Ended
12/31/2003 12/31/2002
Total assets $2,710,175 2,693,505
Shareholders' equity 225,045 214,963
Total loans 1,275,023 1,512,448
Securities available for sale 833,905 568,056
Interest-earning assets 2,606,292 2,579,379
Interest-bearing deposits 2,151,565 2,019,351
Interest-bearing liabilities 2,259,690 2,230,224
Demand deposits 189,262 193,089
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