TrustCo Announces Third Quarter Net Income Up 10%




TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) announced net income for the third quarter of 2011 of $9.2 million, up 10.4% over the prior-year period and equal to diluted earnings per share of $0.100, as compared to net income of $8.4 million and diluted earnings per share of $0.109 for the third quarter of 2010. Third quarter 2011 per share results include the effect of the common stock offering completed on July 6, 2011.

The Company also noted that third quarter 2010 results included one-time tax items that provided a net benefit of $836 thousand. On a pre-tax basis, earnings were up 25.0% from $11.5 million in the third quarter of 2010 to $14.4 million in the third quarter of 2011. The third quarter of 2011 also saw continued core balance sheet growth.

Robert J. McCormick, President and Chief Executive Officer noted, "We are pleased that the third quarter resulted in solid earnings gains, continued core loan and deposit growth and a decline of approximately $1.3 million in nonperforming assets versus the second quarter, and we look forward to the remainder of 2011 and 2012 with optimism as our internal trends remain positive. The banking industry still faces challenges, but the progress we have made this year has helped to position TrustCo for continued growth and profitability."

Mr. McCormick also noted "We continue to see some signs of economic improvement in the markets in which we operate, although some core problems remain, particularly high levels of unemployment. We believe our long-term focus on traditional lending criteria and conservative balance sheet management has helped us avoid most aspects of the problems that have afflicted many banks in recent years, which has enabled us to maintain a strong balance sheet and continued profitability. As a result, we have been able to focus on conducting business, which has put us in a position to take advantage of the significant upheaval that customers of other banks have seen. We are particularly encouraged by the continued growth of our core loan and deposit portfolios."

TrustCo continued to report solid growth in loans and deposits on a year-over-year basis. For the quarter ended September 30, 2011, average loans were up $112.8 million or 4.8% compared to the same period in 2010, while average deposits rose $228.8 million or 6.6% over the same period. The branch network remained at 135 during the third quarter of 2011. Mr. McCormick noted that, "We are pleased with the progress that we have made in growing loans and deposits through our recently completed branch expansion program but are mindful that fully achieving our goals will take time and continued hard work. We believe our success in growing customer relationships provides the basic building blocks that will help drive profit growth over the coming years."

In addition, the Bank operates a full service Trust Department. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

For more information about TRST please visit http://www.trustcobank.com

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