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
Date of Report (Date of earliest event reported): April 15, 2003
(April 15, 2003)
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
---------------------------- ----------------------------------
(Commission File Number) (IRS Employer Identification No.)
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 5. Other Events
Two press releases were issued on April 15, 2003, discussing
first quarter results for 2003. Attached are the press
releases labeled as exhibit 99(a) and 99(b).
Item 7 (c) Exhibits
Reg S-K Exhibit No. Description
99(a) One page press release dated
April 15, 2003, with first
quarter 2003 results.
99(b) Press release dated April 15,
2003, with first quarter 2003
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: April 15, 2003
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
----------------------------
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
------------------ ------------------------------ ------
99(a) One page press release dated April 15,
2003, highlighting first quarter 2003 results. 5
99(b) Press release dated April 15, 2003,
highlighting first quarter 2003 results. 6-7
4
Robert M. Leonard
Vice President
(518) 381-3693
Glenville, New York - April 15, 2003
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data) 3/03 3/02
-------------------------------
Three Months Ended
March 31:
Net Income $ 13,192 12,368
Provision for Loan Losses 300 520
Average Equivalent Shares Outstanding:
Basic 74,248,000 71,779,000
Diluted 75,185,000 74,288,000
Net Income per Share:
Basic $ 0.178 0.172
Diluted 0.175 0.166
Period End:
Total Assets $2,712,134 2,682,995
Total Nonperforming Loans 5,505 8,148
Total Nonperforming Assets 5,591 8,451
Allowance for Loan Losses 51,017 56,639
Allowance as a Percentage
of Total Loans 3.79% 3.71%
5
Robert M. Leonard
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE
TrustCo Announces Record First Quarter Results
Glenville, New York - April 15, 2003
TrustCo Bank Corp NY (TrustCo, NASDAQ:TRST) today announced record first quarter
results for 2003. The record results continue the outstanding results posted for
the full year 2002. Net income for the first quarter was $13.2 million, an
increase of 6.7% over the first quarter of 2002. Diluted earnings per share were
$0.175 for the first quarter, an increase of 5.4% compared to the $0.166 diluted
earnings per share for the first quarter of 2002. Return on average equity and
return of average assets were 26.2% and 1.99% respectively for the first
quarter, compared to 27.0% and 1.91% for the first quarter of 2002.
TrustCo's efficiency ratio for the quarter was 38.6%. The ratio, which allows
investors to compare financial institutions and benchmark the bank's
performance, measures the effective use of bank resources in delivering the
products and services that create our revenue stream. For customers it means
that TrustCo delivers superior products at the best possible prices.
Asset quality remains a top priority at TrustCo. The allowance for loan losses
is $51.0 million as of March 31, 2003 and represents 3.79% of loans outstanding.
Non-performing assets were $5.6 million at the end of the first quarter.
Robert T. Cushing and Robert J. McCormick, the Presidents and CEOs of Holding
Company and Bank respectively, commented on the strong results. "We are
delighted by the first quarter's results, and expect that 2003 will be another
record year for TrustCo."
In a purely preventive procedure, Robert A. McCormick, Chairman, TrustCo Bank
Corp NY, had cardiac bypass surgery performed on April 8, 2003, at St. Peter's
Hospital, one of America's leaders in the discipline. Bob came through fine, and
had four bypasses, which will ultimately not only protect his health, but give
him greater strength and stamina than ever. Bob said, "They told me the bad news
is, if this didn't work, they would have to remove my heart altogether. But, the
good news is, I could continue being a banker." Bob is recuperating rapidly, but
will be laying off the sweets and old jokes.
As previously announced, the addition of new branch offices continues. Trustco's
Longwood, Florida office opened on March 17, 2003 and in May Trustco plans to
open our second Orlando area office on Lake Mary Blvd. "New offices in strategic
locations within and outside the Capital Region will provide us with growth into
the future", they noted.
TrustCo is a $2.7 billion bank holding company and through its subsidiary
Trustco Bank, operates 63 offices in Albany. Columbia, Dutchess, Greene,
Montgomery, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Warren,
Washington, and Westchester Counties in New York, Bennington County in Vermont,
and Seminole County in Florida. In addition, the bank operates a full service
Trust Department that has $861 million of assets under management.
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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
(dollars in thousands, except per share data)
Three Months Ended
03/31/2003 12/31/2002 03/31/2002
Summary of operations
Net interest income (TE) $25,630 $26,090 $25,719
Provision for loan losses 300 300 520
Net securities transactions 3,096 1,328 1,868
Noninterest income 4,754 4,618 4,885
Noninterest expense 12,669 17,794 12,393
Net income 13,192 11,014 12,368
Per common share
Net income per share:
- Basic 0.178 0.148 0.172
- Diluted 0.175 0.146 0.166
Cash dividends 0.150 0.150 0.150
Book value at period end 3.12 3.16 2.89
Market price at period end 9.63 10.78 12.91
At period end
Full time equivalent employees 472 468 457
Full service banking offices 63 62 57
Performance ratios
Return on average assets 1.99 % 1.64 1.91
Return on average equity (1) 26.18 22.17 26.99
Efficiency (2) 38.55 35.30 37.95
Net interest spread (TE) 3.69 3.77 3.69
Net interest margin (TE) 3.96 4.09 4.07
Dividend payout ratio 84.14 % 101.08 87.36
Capital ratios at period end (3)
Total equity to assets 7.75 7.78 7.01
Tier 1 risk adjusted capital 15.63 15.48 13.36
Total risk adjusted capital 16.91 16.77 14.65
Asset quality analysis at period end
Nonperforming loans to total loans 0.41 % 0.35 0.53
Nonperforming assets to total assets 0.21 0.19 0.31
Allowance for loan losses to total loans 3.79 3.70 3.71
Coverage ratio (4) 9.3 X 10.7 X 7.0 X
(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,goodwill amortization
and any nonrecurring 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 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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CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
03/31/2003 12/31/2002 03/31/2002
ASSETS
Loans, net $1,295,058 1,369,743 1,470,192
Securities available for sale 763,932 653,163 592,595
Federal funds sold and other short-term investments 538,120 542,125 475,008
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Total earning assets 2,597,110 2,565,031 2,537,795
Cash and due from banks 51,200 63,957 44,679
Bank premises and equipment 19,199 19,544 18,564
Other assets 44,625 47,556 81,957
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Total assets $2,712,134 2,696,088 2,682,995
=================================================================
LIABILITIES
Deposits:
Demand $184,376 178,058 195,784
Interest-bearing checking 313,021 338,740 297,659
Savings 747,249 715,349 691,642
Money Market 149,422 130,914 97,574
Certificates of deposit > $100 thou 140,007 137,513 124,962
Other time deposits 766,341 773,694 761,762
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Total deposits 2,300,416 2,274,268 2,169,383
Short-term borrowings 144,479 141,231 243,641
Long-term debt 381 427 560
Other liabilities 34,668 45,318 60,563
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Total liabilities 2,479,944 2,461,244 2,474,147
SHAREHOLDERS' EQUITY 232,190 234,844 208,848
-----------------------------------------------------------------
Total liabilities and
shareholders' equity $2,712,134 2,696,088 2,682,995
=================================================================
Number of common shares
outstanding, in thousands 74,278 74,178 71,973
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
03/31/2003 12/31/2002 03/31/2002
Interest income
Loans $24,586 26,967 $28,720
Investments 9,160 8,351 8,466
Federal funds sold 1,655 1,895 1,877
-----------------------------------------------------------------
Total interest income 35,401 37,213 39,063
Interest expense
Deposits 11,353 12,811 14,287
Borrowings 353 417 865
-----------------------------------------------------------------
Total interest expense 11,706 13,228 15,152
-----------------------------------------------------------------
Net interest income 23,695 23,985 23,911
Provision for loan losses 300 300 520
-----------------------------------------------------------------
Net interest income after
provision for loan losses 23,395 23,685 23,391
Net securities transactions 3,096 1,328 1,868
Noninterest income 4,754 4,618 4,885
Noninterest expense 12,669 17,794 12,393
-----------------------------------------------------------------
Income before income taxes 18,576 11,837 17,751
Income tax expense 5,384 823 5,383
-----------------------------------------------------------------
Net income $13,192 $11,014 $12,368
=================================================================
Net income per share:
- Basic $0.178 0.148 0.172
- Diluted $0.175 0.146 0.166
Avg equivalent shares outstanding, in thousands:
- Basic 74,248 74,256 71,779
- Diluted 75,185 75,407 74,288
=================================================================
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CONSOLIDATED AVERAGE BALANCE SHEETS
(in thousands)
Three Months Ended
03/31/2003 12/31/2002 03/31/2002
Total assets $2,690,016 2,672,676 2,631,144
Shareholders' equity 231,836 224,299 209,475
Total loans 1,384,910 1,468,160 1,536,995
Securities available for sale 647,942 593,083 543,214
Interest earning assets 2,573,408 2,561,030 2,514,088
Interest-bearing deposits 2,099,877 2,062,423 1,938,474
Interest-bearing liabilities 2,248,579 2,203,967 2,178,121
Demand deposits 173,436 195,435 189,582
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