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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): October 21, 2003
(October 21, 2003)
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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 5. Other Events
On October 21, 2003, TrustCo Bank Corp NY ("Trustco") issued
two press releases with year to date and third quarter results
for the period ending September 30, 2003. Attached is a copy
of each press release labeled as Exhibits 99(a) and 99(b).
Item 7 (c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release
dated October 21, 2003, for
the period ending September
30, 2003, regarding year to
date and third quarter results.
99(b) Press Release dated October 21,
2003, for the period ending
September 30, 2003,regarding year
to date and third quarter results.
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: October 21, 2003
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
President and
Chief Executive 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) Highlights Press Release of 5
October 21, 2003, for the period
ending September 30,2003, regarding
year to date and third quarter results.
99(b) Press Release of October 21, 6-7
2003, for the period ending September
30, 2003, regarding year to date and third
quarter 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
Glenville, New York - October 21, 2003
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
9/03 9/02
Three Months Ended September 30:
Net Income $ 14,285 13,291
Provision for Loan Losses 300 300
Average Equivalent Shares Outstanding:
Basic 74,400,000 72,499,000
Diluted 75,417,000 74,325,000
Net Income per Share:
Basic $ 0.192 0.183
Diluted 0.189 0.179
Nine Months Ended September 30:
Net Income $ 40,888 38,230
Provision for Loan Losses 900 1,120
Average Equivalent Shares Outstanding:
Basic 74,339,000 72,146,000
Diluted 75,280,000 74,403,000
Net Income per Share:
Basic $ 0.550 0.530
Diluted 0.543 0.514
Period End:
Total Assets $ 2,739,556 2,675,427
Total Nonperforming Loans 3,563 6,304
Total Nonperforming Assets 3,563 6,602
Allowance for Loan Losses 49,054 54,280
Allowance as a Percentage
of Total Loans 4.08% 3.61%
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 THIRD QUARTER
AND YEAR TO DATE RESULTS
Glenville, New York - October 21, 2003
TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced record earnings
results for the third quarter and year to date 2003. Net income for the third
quarter 2003 was $14.3 million or $0.189 diluted earnings per share, compared to
$13.3 million or $0.179 diluted earnings per share for the third quarter of
2002. The third quarter results represent increases of 7.5% and 5.6% in net
income and diluted earnings per share, respectively, for 2003 compared to 2002.
Net income for the nine months ended September 30, 2003 was $40.9 million or
$0.543 diluted earnings per share, compared to $38.2 million or $0.514 diluted
earnings per share, for the nine month period ended September 30, 2002. The year
to date results reflect increases of 7.0% and 5.6% in net income and diluted
earnings per share, respectively, for the nine months of 2003 compared to the
similar period of 2002.
Making the announcement was Robert T. Cushing and Robert J. McCormick, President
and Chief Executive Officers of TrustCo Bank Corp NY and Trustco Bank,
respectively. They noted, "During 2003 and particularly in the third quarter, we
have taken aggressive actions to insure that TrustCo has sufficient liquidity
available to take advantage of future interest rate increases which we believe
are inevitable. Compared to this time last year, our deposits have increased by
approximately $115 million, which reflects the continued attractiveness of our
simple product line coupled with superior customer service and our expanded
branch network. Though there continues to be reductions in the loan portfolio,
this reflects our decision to retain loans in our portfolio rather than chase
new loan originations at historical lows in interest rates and sell them into
the secondary markets."
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"We are excited to report the opening of three additional Trustco offices,
Colonial Drive and Dean Road in Orlando, Florida, and Congress Street in
Saratoga Springs, New York. This brings our total branch network to 67 offices
with two openings planned in Westchester County, New York in the fourth quarter
of 2003. As we have previously indicated, we plan to open a series of additional
offices in downstate New York and the Orlando, Florida areas. This should
provide TrustCo with continued growth opportunities into the future," they said.
TrustCo Bank Corp NY is a $2.7 billion bank holding company and through its
subsidiary, Trustco Bank, operates 67 offices in New York, Vermont, and Florida.
In addition, the bank operates a full service Trust Department that has $938
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 containing future events or performance and assumptions and other
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
09/30/2003 06/30/2003 09/30/2002
Summary of operations
Net interest income (TE) $24,119 $26,140 $25,817
Provision for loan losses 300 300 300
Net securities transactions 4,737 2,234 2,399
Noninterest income 5,464 5,274 4,465
Noninterest expense 11,600 12,579 11,422
Net income 14,285 13,411 13,291
Per common share
Net income per share:
- Basic 0.192 0.180 0.183
- Diluted 0.189 0.178 0.179
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 3.14 3.16 3.08
Market price at period end 12.36 11.06 10.58
At period end
Full time equivalent employees 483 492 469
Full service banking offices 67 64 63
Performance ratios
Return on average assets 2.10 % 1.98 1.92
Return on average equity (1) 28.20 26.25 27.50
Efficiency (2) 39.50 37.57 36.26
Net interest spread (TE) 3.50 3.74 3.61
Net interest margin (TE) 3.72 4.00 3.93
Dividend payout ratio 78.24 83.01 81.64
Capital ratios at period end (3)
Total equity to assets 7.70 7.76 7.54
Tier 1 risk adjusted capital 16.60 16.33 14.43
Total risk adjusted capital 17.89 17.62 15.71
Asset quality analysis at period end
Nonperforming loans to total loans 0.30 % 0.31 0.42
Nonperforming assets to total assets 0.13 0.15 0.25
Allowance for loan losses to total loans 4.08 3.88 3.61
Coverage ratio (4) 13.8 X 12.6 X 8.6
(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, 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.
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FINANCIAL HIGHLIGHTS, Continued
Nine Months Ended
09/30/2003 09/30/2002
Summary of operations
Net interest income (TE) $75,889 $77,205
Provision for loan losses 900 1,120
Net securities transactions 10,067 6,171
Noninterest income 15,492 15,181
Noninterest expense 36,848 37,532
Net income 40,888 38,230
Per common share (1)
Net income per share:
- Basic 0.550 0.530
- Diluted 0.543 0.514
Cash dividends 0.450 0.450
Tangible Book value at period end 3.14 3.08
Market price at period end 12.36 10.58
Performance ratios
Return on average assets 2.02 % 1.89
Return on average equity (2) 26.83 27.05
Efficiency (3) 38.52 37.12
Net interest spread (TE) 3.64 3.61
Net interest margin (TE) 3.88 3.97
Dividend payout ratio 81.71 84.97
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
09/30/2003 12/31/2002 09/30/2002
ASSETS
Loans, net $1,152,165 1,369,743 $1,448,408
Securities available for sale 921,285 653,163 652,660
Federal funds sold and other short-term investments 541,765 542,125 441,446
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Total earning assets 2,615,215 2,565,031 2,542,514
Cash and due from banks 63,376 63,957 65,172
Bank premises and equipment 19,501 19,544 19,606
Other assets 41,464 47,556 48,135
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Total assets $2,739,556 2,696,088 $2,675,427
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LIABILITIES
Deposits:
Demand $198,930 178,058 $212,795
Interest-bearing checking 325,089 338,740 318,383
Savings 775,869 715,349 719,243
Money market 151,930 130,914 129,425
Certificates of deposit (in denominations of $100,000 or more) 162,609 137,513 118,980
Other time deposits 769,675 773,694 770,697
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Total deposits 2,384,102 2,274,268 2,269,523
Short-term borrowings 80,201 141,231 120,465
Long-term debt 287 427 472
Other liabilities 41,235 45,318 56,219
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Total liabilities 2,505,825 2,461,244 2,446,679
SHAREHOLDERS' EQUITY 233,731 234,844 228,748
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Total liabilities and
shareholders' equity $2,739,556 2,696,088 $2,675,427
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Number of common shares
outstanding, in thousands 74,364 74,178 74,032
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
09/30/2003 06/30/2003 09/30/2002
Interest income
Loans 20,892 22,722 28,031
Investments 9,706 10,541 8,068
Federal funds sold and other short term investments 1,443 1,482 2,408
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Total interest income 32,041 34,745 38,507
Interest expense
Deposits 9,171 10,082 13,793
Borrowings 136 264 740
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Total interest expense 9,307 10,346 14,533
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Net interest income 22,734 24,399 23,974
Provision for loan losses 300 300 300
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Net interest income after
provision for loan losses 22,434 24,099 23,674
Net securities transactions 4,737 2,234 2,399
Noninterest income 5,464 5,274 4,465
Noninterest expense 11,600 12,579 11,422
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Income before income taxes 21,035 19,028 19,116
Income tax expense 6,750 5,617 5,825
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Net income $14,285 $13,411 $13,291
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Net income per share:
- Basic $0.192 $0.180 $0.183
- Diluted $0.189 0.178 0.179
Avg equivalent shares outstanding, in thousands:
- Basic 74,400 74,369 72,499
- Diluted 75,417 75,237 74,325
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Nine Months Ended
09/30/03 09/30/02
Interest income
Loans $68,200 $85,026
Investments 29,407 24,933
Federal funds sold and other short term investments 4,580 6,563
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Total interest income 102,187 116,522
Interest expense
Deposits 30,606 42,339
Borrowings 753 2,453
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Total interest expense 31,359 44,792
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Net interest income 70,828 71,730
Provision for loan losses 900 1,120
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Net interest income after
provision for loan losses 69,928 70,610
Net securities transactions 10,067 6,171
Noninterest income 15,492 15,181
Noninterest expense 36,848 37,532
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Income before income taxes 58,639 54,430
Income tax expense 17,751 16,200
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Net income $40,888 $38,230
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Net income per share:
- Basic $0.550 $0.530
- Diluted $0.543 $0.514
Avg equivalent shares outstanding, in thousands:
- Basic 74,339 72,146
- Diluted 75,280 74,403
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CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
09/30/2003 06/30/2003 09/30/2002
Total assets $2,703,794 2,716,166 2,748,406
Shareholders' equity $217,359 231,770 220,687
Total loans $1,234,676 1,307,353 1,519,558
Securities available for sale $811,299 832,516 569,027
Interest-earning assets $2,599,949 2,615,344 2,636,263
Interest-bearing deposits $2,170,945 2,135,035 2,060,557
Interest-bearing liabilities $2,246,854 2,259,803 2,278,769
Demand deposits $197,572 187,977 196,291
Nine Months Ended
09/30/2003 09/30/2002
Total assets $2,703,580 2,700,526
Shareholders' equity $227,282 214,728
Total loans $1,308,430 1,527,560
Securities available for sale $764,872 559,622
Interest-earning assets $2,596,687 2,585,750
Interest-bearing deposits $2,135,558 2,004,836
Interest-bearing liabilities $2,251,751 2,239,073
Demand deposits $186,406 192,298
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