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 20, 2004
(April 20, 2004)
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
--------------
TrustCo Bank Corp NY
Item 5. Other Events
Two press releases were issued on April 20, 2004, discussing
first quarter results for 2004. 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
20, 2004, with first quarter 2004
results.
99(b) Press release dated April 20, 2004,
with first quarter 2004 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: April 20, 2004
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
----------------------------
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
------------------ ------------------------------ --------
99(a) One page press release dated April 20,
2004, highlighting first quarter 2004 results. 5
99(b) Press release dated April 20, 2004,
highlighting first quarter 2004 results. 6
4
TRUSTCO Exhibit 99 (a)
Bank Corp NY News Release
------------------------------------------------------------------------------
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact: Robert M. Leonard
Vice President
(518) 381-3693
Glenville, New York - April 20, 2004
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data) 2004 2003
------------------------
Three Months Ended
March 31:
Net Income $ 14,133 13,192
Provision for Loan Losses 150 300
Average Equivalent Shares Outstanding:
Basic 74,129,000 74,248,000
Diluted 75,075,000 75,185,000
Net Income per Share:
Basic $ 0.191 0.178
Diluted 0.188 0.175
Period End:
Total Assets $2,900,855 2,712,134
Total Nonperforming Loans 3,129 5,505
Total Nonperforming Assets 3,129 5,591
Allowance for Loan Losses 48,110 51,017
Allowance as a Percentage
of Total Loans 4.13% 3.79%
5
TRUSTCO Exhibit 99 (b)
Bank Corp NY News Release
-------------------------------------------------------------------------------
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank NASDAQ -- TRST
Contact: Robert M. Leonard
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE
TRUSTCO ANNOUNCES RECORD FIRST QUARTER RESULTS
Glenville, New York - April 20, 2004 - TrustCo Bank Corp NY (TrustCo, Nasdaq:
TRST) today announced record first quarter results for 2004. The record results
continue the outstanding results posted for the full year 2003. Net income for
the first quarter was $14.1 million, compared to $13.2 million for 2003, an
increase of 7.1%. Diluted earnings per share was $0.188 for the first quarter of
2004 compared to $0.175 for 2003, an increase of 7.4%. Return on average equity
and return of average assets were 27.30% and 2.04%, respectively, compared to
26.18% and 1.99% for the first quarter of 2003.
Our focus on expense controls produced a first quarter efficiency ratio of
38.87% compared to 38.55% in the first quarter of 2003. Robert J. McCormick,
President and Chief Executive Officer commented: "Our position as an industry
leader in this essential measurement continues. We emphasize this and other
fundamentals in a very disciplined manner. At the same time, we were able to
take advantage of market opportunities that produced strategic growth in the
balance sheet."
Commenting on the strong results, Mr. McCormick said: "We are delighted by the
first quarter's results, and expect that 2004 will be another record year for
TrustCo."
TrustCo 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 $961
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.
6
TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three Months Ended
03/31/2004 12/31/2003 03/31/2003
Summary of operations
Net interest income (TE) $26,388 26,869 25,630
Provision for loan losses 150 300 300
Net securities transactions 4,186 (259) 3,096
Noninterest income 4,535 4,349 4,754
Noninterest expense 12,508 11,639 12,669
Net income 14,133 12,144 13,192
Per common share
Net income per share:
- Basic $0.191 0.163 0.178
- Diluted 0.188 0.161 0.175
Cash dividends 0.150 0.150 0.150
Tangible Book value at period end 3.15 3.06 3.12
Market price at period end 13.46 13.15 9.63
At period end
Full time equivalent employees 490 488 472
Full service banking offices 69 69 63
Performance ratios
Return on average assets 2.04 % 1.78 1.99
Return on average equity (1) 27.30 25.31 26.18
Efficiency (2) 38.87 37.57 38.55
Net interest spread (TE) 3.75 3.86 3.69
Net interest margin (TE) 3.95 4.08 3.96
Dividend payout ratio 78.65 91.61 84.14
Capital ratios at period end (3)
Total equity to assets 7.27 % 7.45 7.75
Tier 1 risk adjusted capital 16.44 16.54 15.63
Total risk adjusted capital 17.72 17.82 16.91
Asset quality analysis at period end
Nonperforming loans to total loans 0.27 % 0.28 0.41
Nonperforming assets to total assets 0.11 0.12 0.21
Allowance for loan losses to total loans 4.13 4.17 3.79
Coverage ratio (4) 15.4 X 15.0 9.3
(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.
7
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
03/31/2004 12/31/2003 03/31/2003
ASSETS
Loans, net $1,115,076 1,113,527 1,295,058
Securities available for sale 1,291,674 1,176,926 763,932
Federal funds sold and other short-term investments 357,314 355,257 538,120
------------------- ------------------ ---------------------
Total earning assets 2,764,064 2,645,710 2,597,110
Cash and due from banks 69,970 56,425 51,200
Bank premises and equipment 20,212 20,168 19,199
Other assets 46,609 55,816 44,625
------------------- ------------------ ---------------------
Total assets $2,900,855 2,778,119 2,712,134
=================== ================== =====================
LIABILITIES
Deposits:
Demand $198,119 197,116 184,376
Interest-bearing checking 320,373 334,038 313,021
Savings 795,517 780,862 747,249
Money market 164,746 159,645 149,422
Certificates of deposit (in denominations of $100,000 or more) 173,746 170,423 140,007
Other time deposits 783,930 777,726 766,341
------------------- ------------------ ---------------------
Total deposits 2,436,431 2,419,810 2,300,416
Short-term borrowings 102,785 90,608 144,479
Long-term debt 191 239 381
Other liabilities 127,232 40,700 34,668
------------------- ------------------ ---------------------
Total liabilities 2,666,639 2,551,357 2,479,944
SHAREHOLDERS' EQUITY 234,216 226,762 232,190
------------------- ------------------ ---------------------
Total liabilities and
shareholders' equity $2,900,855 2,778,119 2,712,134
=================== ================== =====================
Number of common shares
outstanding, in thousands 74,322 73,946 74,278
8
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Three Months Ended
03/31/2004 12/31/2003 03/31/2003
Interest income
Loans $18,781 19,414 24,586
Investments 14,434 14,456 9,160
Federal funds sold and other short term investments 1,194 1,074 1,655
------------------- ------------------ ---------------------
Total interest income 34,409 34,944 35,401
Interest expense
Deposits 9,165 9,236 11,353
Borrowings 181 143 353
------------------- ------------------ ---------------------
Total interest expense 9,346 9,379 11,706
------------------- ------------------ ---------------------
Net interest income 25,063 25,565 23,695
Provision for loan losses 150 300 300
------------------- ------------------ ---------------------
Net interest income after
provision for loan losses 24,913 25,265 23,395
Net securities transactions 4,186 (259) 3,096
Noninterest income 4,535 4,349 4,754
Noninterest expense 12,508 11,639 12,669
------------------- ------------------ ---------------------
Income before income taxes 21,126 17,716 18,576
Income tax expense 6,993 5,572 5,384
------------------- ------------------ ---------------------
Net income $14,133 12,144 13,192
=================== ================== =====================
Net income per share:
- Basic $0.191 0.163 0.178
- Diluted 0.188 0.161 0.175
Avg equivalent shares outstanding, in thousands:
- Basic 74,129 74,329 74,248
- Diluted 75,075 75,384 75,185
=================== ================== =====================
9
CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION
(in thousands)
Three Months Ended
03/31/2004 12/31/2003 03/31/2003
Total assets $2,781,764 2,713,458 2,690,016
Shareholders' equity 230,402 210,678 231,836
Total loans 1,162,611 1,175,893 1,384,910
Securities available for sale 1,065,578 1,039,021 647,942
Interest-earning assets 2,666,318 2,635,065 2,573,408
Interest-bearing deposits 2,226,022 2,200,441 2,099,877
Interest-bearing liabilities 2,325,874 2,277,191 2,248,579
Demand deposits 195,052 196,360 173,436
10