Executive Snapshot:
-- Continued strong financial results:
- Fourth quarter 2013:
- Net income up 8.4% from the fourth quarter of 2012
- Diluted EPS up 7.7%
- Return on average assets (ROA) rose 3 basis points to
0.94%
- Return on average equity (ROE) rose 90 basis points to
11.78%
- Efficiency ratio improved 96 basis points to 52.15%
- Net interest margin improved 3 basis points to 3.15% versus the
third quarter
- Full year 2013:
- Net income up 6.1% from 2012
- Diluted EPS up 5.5%
- ROA rose 3 basis points to 0.90%
- ROE rose 45 basis points to 11.15%
- Paid $24.8 million in cash dividends
-- Continued expansion of customer base:
- Focus on capitalizing on the opportunities
presented by expanded branch franchise
- Deposits per branch grew from $27.6 million
at year-end 2012 to $28.3 million at year-end 2013
- Average core deposits grew $192 million
from 2012 to 2013
-- Asset quality improvement:
- Non-performing assets (NPAs) fell $9.3
million to $52.1 million at year-end 2013
- NPAs to total assets improved from 1.41% to
1.15%
- Net charge-offs (NCOs) declined to $7.2
million for 2013 from $12.8 million in 2012
- NCOs to average loans improved from 0.50%
in 2012 to 0.26% in 2013
- The loan loss allowance coverage of annual
NCOs improved from 3.7x in 2012 to 6.6x in 2013
TrustCo Announces Fourth
Quarter Earnings Up 8.4% Over Prior Year
TrustCo Bank Corp NY
("TrustCo") (Nasdaq:TRST) today announced
that net income rose to $10.6 million in the quarter ended December
31, 2013, up 8.4% from $9.8 million for the quarter ended December
31, 2012. Full year net income rose 6.1% to $39.8 million for
2013 versus the prior year.
TrustCo saw continued strong loan growth in the fourth quarter
of 2013. The gains were funded by continued expansion of
retail deposits, along with a shift from lower yielding investment
securities, and helped boost the average yield on earning assets
and the net interest margin. Robert J. McCormick, President
and Chief Executive Officer noted, "Our results for the fourth
quarter of 2013 continued the progress we made in the first nine
months of the year in terms of bottom line growth and in
positioning our business for the future. In addition to the
gain in net income, we continue to add profitable customer
relationships on both the loan and deposit sides of the
Bank. Our highly liquid balance sheet continues to allow us to
fund our loan growth without having to overpay for
deposits. Our cost of interest-bearing deposits remained at
just 0.38% in the fourth quarter, flat with the third quarter and
down four basis points relative to the year-earlier
quarter. We look forward to 2014 with optimism, though we note
that our industry continues to face challenges including an
increasingly complex and burdensome regulatory environment, an
economy that remains fragile and an interest rate environment that
remains mixed. We will continue to take advantage of
opportunities as they are presented."
Mr. McCormick also noted "There are continued economic
improvements in the markets in which we operate, particularly
Florida, although unemployment and other persistent issues continue
to constrain any significant economic growth. Our long-term focus
on traditional lending criteria and conservative balance sheet
management 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 significantly enhanced our
reputation and put us in a position to take advantage of changes in
market and competitive conditions."
Return on average assets and return on average equity were 0.94%
and 11.78%, respectively for the fourth quarter of 2013, compared
to 0.91% and 10.88% for the fourth quarter of 2012. Diluted
earnings per share were $0.112 for the fourth quarter of 2013, up
7.7% from $0.104 for the fourth quarter of 2012. For the full
year, TrustCo earned $39.8 million or $0.422 per diluted share,
compared to $37.5 million or $0.400 per share for 2012.
On a year-over-year basis, average loans were up $227.1 million
or 8.6% in the fourth quarter of 2013, over the same period in
2012. Average deposits were up $138.5 million for the fourth
quarter of 2013 over the same period a year earlier. Customers
continued to move some funds into certificates with slightly longer
maturities, which may be helpful if rates rise, without having a
material impact on the current cost of funds. For the full
year, core deposits rose $192 million. Core deposits typically
represent longer term customer relationships and are generally
lower cost than time deposits. Mr. McCormick noted that, "The
year-over-year growth of our loans and the shift in our deposit
base reflects the long term strategic focus of the
Company.
While some banks have backed away from branches, a customer
friendly branch franchise continues to be the key to our long term
plans. During 2013 we celebrated the ten year anniversary of
our expansion into Florida, and have made significant progress
expanding loans and deposits through our branches. We expect
that trend to continue as the new branches continue to
grow. We also note we have always designed our branches to be
smaller and more cost effective than those built by many of our
competitors. We have utilized open floor plans that help
maximize the value of our branches. We remain mindful that
fully achieving our goals for our newer branches 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."
Asset quality, reserve coverage of nonperforming loans (NPLs)
and reserve coverage of net charge-offs all improved from December
31, 2012 to December 31, 2013. NPLs declined to $43.4 million
at December 31, 2013, compared to $52.7 million at December 31,
2012 and nonperforming assets (NPAs) declined to $52.1 million from
$61.4 million over the same period. NPLs were equal to
1.49% of total loans at year-end, compared to 1.96% a year
earlier. For the fourth quarter of 2013 the allowance for loan
losses covered annualized fourth quarter net charge-offs by 7.9
times, compared to an annualized 4.9 times for the fourth quarter
of 2012. The coverage ratio, or allowance for loan losses to
NPLs, was 110.0% at December 31, 2013, compared to 91.0% at
December 31, 2012. Overall, every asset quality indicator
improved during the fourth quarter of 2013 relative to the fourth
quarter of 2012. The ratio of reserves to total loans was
1.64% as of December 31, 2013, compared to 1.68% at September 30,
2013. This decline was the result of loan growth as the loan
loss reserve remained at $47.7 million. During the fourth
quarter of 2013 approximately $1.6 million of NPAs were sold to a
third party at a slight gain.
The net interest margin for the fourth quarter of 2013 was
3.15%, compared to 3.12% in the third quarter of 2013.
At December 31, 2013 the tangible equity ratio was 7.99%
compared to 7.94% at September 30, 2013 and 8.24% at December 31,
2012. Tangible book value per share ended the fourth quarter
at $3.82 compared to $3.81 in the year-ago period.
TrustCo Bank Corp NY is a $4.5 billion savings and loan holding
company and through its subsidiary, Trustco Bank, operated 139
offices in New York, New Jersey, Vermont, Massachusetts, and
Florida at December 31, 2013.
In addition, the Bank's Financial Services Department offers a
full range of investment services, retirement planning and trust
and estate administration services. The common shares of TrustCo
are traded on the NASDAQ Global Select Market under the symbol
TRST.
A conference call to discuss fourth quarter 2013 results will be
held at 9:00 a.m. Eastern Time on January 22, 2014. Those
wishing to participate in the call may dial toll-free
1-888-317-6016. International callers must dial +
1-412-317-6016. A replay of the call will be available
thirty days by dialing 1-877-344-7529 (1-412-317-0088 for
international callers), Conference Number 10039245. The call will
also be audio webcast at:
https://services.choruscall.com/links/trst140122.html, and will be
available for one year.
Safe Harbor Statement
All statements in this news release that are not historical are
forward-looking statements within the meaning of the Securities
Exchange Act of 1934, as amended. The "forward-looking statements"
may include statements regarding future events or performance. Such
forward-looking statements are subject to factors that could cause
actual results to differ materially for TrustCo from those
discussed. TrustCo wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The following important factors, among others,
in some cases have affected and in the future could affect
TrustCo's actual results and could cause TrustCo's actual financial
performance to differ materially from that expressed in any
forward-looking statement: credit risk, the effects of and changes
in, trade, monetary and fiscal policies and laws, including
interest rate policies of the Board of Governors of the Federal
Reserve System, inflation, interest rates, market and monetary
fluctuations, competition, the effect of changes in financial
services laws and regulations (including laws concerning taxation,
banking and securities), real estate and collateral values, changes
in accounting policies and practices, as may be adopted by the bank
regulatory agencies, the Financial Accounting Standards Board
("FASB") or the Public Company Accounting Oversight Board; changes
in local market areas and general business and economic trends and
the matters described under the heading "Risk Factors" in our
annual report on Form 10-K for the year ended December 31, 2012, as
amended, and in our subsequent securities filings.
TRUSTCO BANK CORP
NY |
GLENVILLE,
NY |
|
FINANCIAL
HIGHLIGHTS |
|
(dollars in thousands,
except per share data) |
(Unaudited) |
|
Three Months
Ended |
|
12/31/13 |
09/30/13 |
12/31/12 |
Summary of operations |
|
|
|
Net interest income (TE) |
$ 34,577 |
34,180 |
33,718 |
Provision for loan losses |
1,500 |
1,500 |
3,000 |
Net securities transactions |
188 |
-- |
763 |
Noninterest income |
4,660 |
4,414 |
5,398 |
Noninterest expense |
20,891 |
20,688 |
21,150 |
Net income |
10,629 |
10,252 |
9,806 |
|
|
|
|
Per common share |
|
|
|
Net income per share: |
|
|
|
- Basic |
$ 0.113 |
0.109 |
0.104 |
- Diluted |
0.112 |
0.109 |
0.104 |
Cash dividends |
0.066 |
0.066 |
0.066 |
Tangible Book value at period end |
3.82 |
3.75 |
3.81 |
Market price at period end |
7.18 |
5.95 |
5.28 |
|
|
|
|
At period end |
|
|
|
Full time equivalent employees |
708 |
708 |
759 |
Full service banking offices |
139 |
139 |
138 |
|
|
|
|
Performance ratios |
|
|
|
Return on average assets |
0.94% |
0.91 |
0.91 |
Return on average equity |
11.78 |
11.64 |
10.88 |
Efficiency (1) |
52.15 |
51.15 |
53.11 |
Net interest spread (TE) |
3.10 |
3.06 |
3.15 |
Net interest margin (TE) |
3.15 |
3.12 |
3.21 |
Dividend payout ratio |
58.44 |
60.38 |
63.00 |
|
|
|
|
Capital ratio at period end |
|
|
|
Consolidated tangible equity to tangible
assets (2) |
7.99 |
7.94 |
8.24 |
|
|
|
|
Asset quality analysis at period end |
|
|
|
Nonperforming loans to total loans |
1.49 |
1.47 |
1.96 |
Nonperforming assets to total assets |
1.15 |
1.16 |
1.41 |
Allowance for loan losses to total
loans |
1.64 |
1.68 |
1.79 |
Coverage ratio (3) |
1.1x |
1.1x |
0.9x |
|
|
|
|
|
|
|
|
(1) Calculated as
noninterest expense (excluding ORE income/expense) divided by
taxable equivalent net interest income plus noninterest income
(excluding net securities transactions). |
(2) The tangible equity
ratio excludes $553,000 of intangibles from both equity and
assets. |
(3) Calculated as allowance
for loan losses divided by total nonperforming loans. |
|
|
|
|
|
|
|
|
TE = Taxable equivalent. |
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS,
Continued |
|
|
|
|
|
|
|
(dollars in thousands, except per
share data) |
|
|
|
(Unaudited) |
|
|
|
|
Years
Ended |
|
|
12/31/13 |
12/31/12 |
|
Summary of operations |
|
|
|
Net interest income (TE) |
$ 136,094 |
135,669 |
|
Provision for loan losses |
7,000 |
12,000 |
|
Net securities transactions |
1,622 |
2,161 |
|
Noninterest income |
18,148 |
18,803 |
|
Noninterest expense |
85,005 |
83,977 |
|
Net income |
39,812 |
37,534 |
|
|
|
|
|
Per common share |
|
|
|
Net income per share: |
|
|
|
- Basic |
$ 0.422 |
0.400 |
|
- Diluted |
0.422 |
0.400 |
|
Cash dividends |
0.263 |
0.263 |
|
Tangible Book value at period end |
3.82 |
3.81 |
|
Market price at period end |
7.18 |
5.28 |
|
|
|
|
|
Performance ratios |
|
|
|
Return on average assets |
0.90% |
0.87 |
|
Return on average equity |
11.15 |
10.70 |
|
Efficiency (1) |
52.78 |
52.28 |
|
Net interest spread (TE) |
3.08 |
3.13 |
|
Net interest margin (TE) |
3.14 |
3.20 |
|
Dividend payout ratio |
62.19 |
65.60 |
|
|
|
|
|
|
|
|
|
(1) Calculated as
noninterest expense (excluding ORE income/expense) divided by
taxable equivalent net interest income plus noninterest income
(excluding net securities transactions). |
TE = Taxable equivalent. |
|
|
|
|
|
(dollars in thousands,
except per share data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
|
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
12/31/2012 |
Interest and dividend income: |
|
|
|
|
|
Interest and fees on loans |
$ 32,658 |
$ 32,166 |
$ 31,639 |
$ 31,481 |
$ 31,776 |
Interest and dividends on securities
available for sale: |
|
|
|
|
|
U. S. government sponsored enterprises |
586 |
571 |
627 |
816 |
1,191 |
State and political subdivisions |
96 |
127 |
148 |
191 |
295 |
Mortgage-backed securities and collateralized
mortgage obligations-residential |
3,027 |
2,888 |
2,701 |
2,769 |
2,237 |
Corporate bonds |
138 |
223 |
233 |
218 |
232 |
Small Business Administration-guaranteed
participation securities |
562 |
558 |
564 |
496 |
276 |
Mortgage-backed securities and collateralized
mortgage obligations-commercial |
38 |
39 |
38 |
29 |
-- |
Other securities |
4 |
5 |
3 |
5 |
5 |
Total interest and dividends on
securities available for sale |
4,451 |
4,411 |
4,314 |
4,524 |
4,236 |
|
|
|
|
|
|
Interest on held to maturity securities: |
|
|
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-residential |
649 |
686 |
716 |
789 |
823 |
Corporate bonds |
153 |
154 |
214 |
312 |
385 |
Total interest on held to maturity
securities |
802 |
840 |
930 |
1,101 |
1,208 |
|
|
|
|
|
|
Federal Reserve Bank and Federal Home
Loan Bank stock |
129 |
121 |
121 |
119 |
127 |
|
|
|
|
|
|
Interest on federal funds sold and other
short-term investments |
324 |
344 |
327 |
245 |
265 |
Total interest income |
38,364 |
37,882 |
37,331 |
37,470 |
37,612 |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
Interest-bearing checking |
83 |
84 |
82 |
80 |
80 |
Savings |
790 |
798 |
829 |
916 |
921 |
Money market deposit accounts |
611 |
590 |
630 |
685 |
703 |
Time deposits |
1,982 |
1,937 |
1,883 |
1,820 |
1,967 |
Interest on short-term borrowings |
382 |
370 |
367 |
364 |
361 |
Total interest expense |
3,848 |
3,779 |
3,791 |
3,865 |
4,032 |
|
|
|
|
|
|
Net interest income |
34,516 |
34,103 |
33,540 |
33,605 |
33,580 |
|
|
|
|
|
|
Provision for loan losses |
1,500 |
1,500 |
2,000 |
2,000 |
3,000 |
Net interest income after provision for loan
losses |
33,016 |
32,603 |
31,540 |
31,605 |
30,580 |
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
Trustco Financial Services income |
1,276 |
1,317 |
1,287 |
1,421 |
1,815 |
Fees for services to customers |
2,917 |
2,903 |
2,968 |
2,887 |
3,386 |
Net gain on securities transactions |
188 |
-- |
1,432 |
2 |
763 |
Other |
467 |
194 |
229 |
282 |
197 |
Total noninterest income |
4,848 |
4,414 |
5,916 |
4,592 |
6,161 |
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
Salaries and employee benefits |
8,664 |
7,935 |
7,647 |
8,178 |
8,427 |
Net occupancy expense |
4,226 |
3,911 |
3,910 |
4,053 |
3,889 |
Equipment expense |
1,514 |
1,567 |
1,582 |
1,718 |
1,637 |
Professional services |
1,409 |
1,255 |
1,565 |
1,420 |
1,458 |
Outsourced services |
1,075 |
1,350 |
1,350 |
1,350 |
1,175 |
Advertising expense |
835 |
548 |
714 |
730 |
1,037 |
FDIC and other insurance |
952 |
1,009 |
1,004 |
1,010 |
1,007 |
Other real estate expense, net |
430 |
946 |
1,473 |
749 |
375 |
Other |
1,786 |
2,167 |
2,624 |
2,349 |
2,145 |
Total noninterest expenses |
20,891 |
20,688 |
21,869 |
21,557 |
21,150 |
|
|
|
|
|
|
Income before taxes |
16,973 |
16,329 |
15,587 |
14,640 |
15,591 |
Income taxes |
6,344 |
6,077 |
5,824 |
5,472 |
5,785 |
|
|
|
|
|
|
Net income |
$ 10,629 |
$ 10,252 |
$ 9,763 |
$ 9,168 |
$ 9,806 |
Net income per Common Share: |
|
|
|
|
|
- Basic |
$ 0.113 |
$ 0.109 |
$ 0.104 |
$ 0.097 |
$ 0.104 |
|
|
|
|
|
|
- Diluted |
0.112 |
0.109 |
0.104 |
0.097 |
0.104 |
|
|
|
|
|
|
Average basic shares (thousands) |
94,347 |
94,228 |
94,204 |
94,068 |
93,824 |
Average diluted shares (thousands) |
94,472 |
94,275 |
94,211 |
94,073 |
93,828 |
|
|
|
|
|
|
Note: Taxable equivalent net interest
income |
$ 34,577 |
$ 34,180 |
$ 33,630 |
$ 33,707 |
$ 33,718 |
|
|
CONSOLIDATED STATEMENTS
OF INCOME |
|
|
|
(dollars in thousands,
except per share data) |
(Unaudited) |
|
|
|
Years
Ended |
|
12/31/2013 |
12/31/2012 |
|
|
|
Interest and dividend income: |
|
|
Interest and fees on loans |
$ 127,944 |
$ 128,581 |
Interest and dividends on securities
available for sale: |
|
|
U. S. government sponsored
enterprises |
2,600 |
8,097 |
State and political subdivisions |
562 |
1,413 |
Mortgage-backed securities and
collateralized mortgage obligations-residential |
11,385 |
6,697 |
Corporate bonds |
812 |
2,231 |
Small Business Administration-guaranteed
participation securities |
2,180 |
319 |
Mortgage-backed securities and
collateralized mortgage obligations-commercial |
144 |
-- |
Other securities |
17 |
19 |
Total interest and dividends on
securities available for sale |
17,700 |
18,776 |
|
|
|
Interest on held to maturity securities: |
|
|
U. S. government sponsored
enterprises |
-- |
25 |
Mortgage-backed securities and
collateralized mortgage obligations-residential |
2,840 |
4,287 |
Corporate bonds |
833 |
1,666 |
Total interest on held to maturity
securities |
3,673 |
5,978 |
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
490 |
486 |
|
|
|
Interest on federal funds sold and other
short-term investments |
1,240 |
1,142 |
Total interest income |
151,047 |
154,963 |
|
|
|
Interest expense: |
|
|
Interest on deposits: |
|
|
Interest-bearing checking |
329 |
315 |
Savings |
3,333 |
3,872 |
Money market deposit accounts |
2,516 |
3,069 |
Time deposits |
7,622 |
11,244 |
Interest on short-term borrowings |
1,483 |
1,475 |
Total interest expense |
15,283 |
19,975 |
|
|
|
Net interest income |
135,764 |
134,988 |
|
|
|
Provision for loan losses |
7,000 |
12,000 |
Net interest income after provision for loan
losses |
128,764 |
122,988 |
|
|
|
Noninterest income: |
|
|
Trust department income |
5,301 |
5,761 |
Fees for services to customers |
11,675 |
12,290 |
Net gain on securities transactions |
1,622 |
2,161 |
Other |
1,172 |
752 |
Total noninterest income |
19,770 |
20,964 |
|
|
|
Noninterest expenses: |
|
|
Salaries and employee benefits |
32,424 |
31,276 |
Net occupancy expense |
16,100 |
15,257 |
Equipment expense |
6,381 |
6,073 |
Professional services |
5,649 |
6,040 |
Outsourced services |
5,125 |
5,122 |
Advertising expense |
2,827 |
3,841 |
FDIC and other insurance |
3,975 |
3,823 |
Other real estate expense, net |
3,598 |
3,216 |
Other |
8,926 |
9,329 |
Total noninterest expenses |
85,005 |
83,977 |
|
|
|
Income before taxes |
63,529 |
59,975 |
Income taxes |
23,717 |
22,441 |
|
|
|
Net income |
$ 39,812 |
$ 37,534 |
|
|
|
Net income per Common Share: |
|
|
- Basic |
$ 0.422 |
$ 0.400 |
|
|
|
- Diluted |
0.422 |
0.400 |
|
|
|
Average basic shares (thousands) |
94,160 |
93,633 |
Average diluted shares (thousands) |
94,206 |
93,637 |
|
|
|
Note: Taxable equivalent net interest
income |
$ 136,094 |
$ 135,669 |
|
|
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
12/31/2012 |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 46,453 |
$ 45,088 |
$ 40,580 |
$ 39,512 |
$ 55,789 |
Federal funds sold and other short term
investments |
536,591 |
510,561 |
588,252 |
405,262 |
488,227 |
Total cash and cash equivalents |
583,044 |
555,649 |
628,832 |
444,774 |
544,016 |
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
U. S. government sponsored
enterprises |
198,829 |
193,614 |
188,133 |
263,165 |
263,108 |
States and political subdivisions |
7,758 |
11,199 |
12,159 |
15,265 |
26,457 |
Mortgage-backed securities and
collateralized mortgage obligations-residential |
532,449 |
534,301 |
504,793 |
612,555 |
518,776 |
Corporate bonds |
10,471 |
53,094 |
53,053 |
59,239 |
26,529 |
Small Business Administration-guaranteed
participation securities |
103,029 |
104,863 |
108,665 |
115,464 |
76,562 |
Mortgage-backed securities and
collateralized mortgage obligations-commercial |
10,558 |
10,715 |
10,725 |
11,136 |
-- |
Other securities |
660 |
660 |
660 |
660 |
660 |
Total securities available for sale |
863,754 |
908,446 |
878,188 |
1,077,484 |
912,092 |
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-residential |
76,270 |
81,337 |
88,852 |
98,038 |
108,471 |
Corporate bonds |
9,945 |
9,941 |
9,937 |
19,935 |
34,955 |
Total held to maturity securities |
86,215 |
91,278 |
98,789 |
117,973 |
143,426 |
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,500 |
10,500 |
10,500 |
9,632 |
9,632 |
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Commercial |
223,481 |
212,833 |
216,977 |
212,637 |
219,577 |
Residential mortgage loans |
2,338,944 |
2,279,064 |
2,205,334 |
2,154,188 |
2,126,668 |
Home equity line of credit |
340,489 |
337,178 |
334,571 |
332,111 |
333,909 |
Installment loans |
5,895 |
5,894 |
5,544 |
4,831 |
4,579 |
Loans, net of deferred fees and costs |
2,908,809 |
2,834,969 |
2,762,426 |
2,703,767 |
2,684,733 |
Less: |
|
|
|
|
|
Allowance for loan losses |
47,714 |
47,722 |
47,589 |
47,658 |
47,927 |
Net loans |
2,861,095 |
2,787,247 |
2,714,837 |
2,656,109 |
2,636,806 |
|
|
|
|
|
|
Bank premises and equipment, net |
34,414 |
34,559 |
38,301 |
35,787 |
36,239 |
Other assets |
82,430 |
71,728 |
73,757 |
69,998 |
64,402 |
|
|
|
|
|
|
Total assets |
$ 4,521,452 |
$ 4,459,407 |
$ 4,443,204 |
$ 4,411,757 |
$ 4,346,613 |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand |
$ 318,456 |
$ 314,660 |
$ 314,985 |
$ 298,243 |
$ 300,544 |
Interest-bearing checking |
611,127 |
591,590 |
591,844 |
579,077 |
560,064 |
Savings accounts |
1,218,038 |
1,221,791 |
1,228,281 |
1,213,226 |
1,198,517 |
Money market deposit accounts |
648,402 |
650,688 |
634,804 |
656,577 |
667,589 |
Certificates of deposit (in denominations
of $100,000 or more) |
431,008 |
405,575 |
397,707 |
384,559 |
352,734 |
Other time accounts |
700,040 |
710,064 |
725,255 |
725,998 |
724,745 |
Total deposits |
3,927,071 |
3,894,368 |
3,892,876 |
3,857,680 |
3,804,193 |
|
|
|
|
|
|
Short-term borrowings |
204,162 |
185,226 |
176,325 |
171,019 |
159,846 |
Accrued expenses and other liabilities |
28,406 |
25,425 |
25,380 |
22,169 |
23,776 |
|
|
|
|
|
|
Total liabilities |
4,159,639 |
4,105,019 |
4,094,581 |
4,050,868 |
3,987,815 |
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
Capital stock |
98,927 |
98,912 |
98,912 |
98,912 |
98,912 |
Surplus |
173,144 |
173,408 |
173,897 |
174,386 |
174,899 |
Undivided profits |
147,432 |
143,015 |
138,953 |
135,373 |
132,378 |
Accumulated other comprehensive income
(loss), net of tax |
(13,803) |
(15,923) |
(16,831) |
(169) |
1,558 |
Treasury stock at cost |
(43,887) |
(45,024) |
(46,308) |
(47,613) |
(48,949) |
|
|
|
|
|
|
Total shareholders' equity |
361,813 |
354,388 |
348,623 |
360,889 |
358,798 |
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,521,452 |
$ 4,459,407 |
$ 4,443,204 |
$ 4,411,757 |
$ 4,346,613 |
|
|
|
|
|
|
Outstanding shares (thousands) |
94,463 |
94,334 |
94,204 |
94,071 |
93,935 |
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
|
|
|
|
|
|
12/31/13 |
09/30/13 |
06/30/13 |
03/31/13 |
12/31/12 |
New York and other
states* |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ 6,952 |
5,436 |
5,891 |
5,978 |
6,635 |
Real estate mortgage - 1 to 4 family |
31,045 |
30,643 |
30,736 |
34,027 |
35,286 |
Installment |
93 |
71 |
36 |
35 |
6 |
Total non-accrual loans |
38,090 |
36,150 |
36,663 |
40,040 |
41,927 |
Other nonperforming real estate mortgages - 1
to 4 family |
166 |
170 |
174 |
225 |
231 |
Total nonperforming loans |
38,256 |
36,320 |
36,837 |
40,265 |
42,158 |
Other real estate owned |
3,348 |
3,011 |
3,918 |
4,461 |
2,979 |
Total nonperforming assets |
$ 41,604 |
39,331 |
40,755 |
44,726 |
45,137 |
|
|
|
|
|
|
Florida |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ -- |
-- |
583 |
2,595 |
2,698 |
Real estate mortgage - 1 to 4 family |
5,137 |
5,406 |
6,022 |
7,013 |
7,820 |
Installment |
-- |
-- |
-- |
1 |
1 |
Total non-accrual loans |
5,137 |
5,406 |
6,605 |
9,609 |
10,519 |
Other nonperforming real estate mortgages - 1
to 4 family |
-- |
-- |
-- |
-- |
-- |
Total nonperforming loans |
5,137 |
5,406 |
6,605 |
9,609 |
10,519 |
Other real estate owned |
5,381 |
6,816 |
6,427 |
5,406 |
5,726 |
Total nonperforming assets |
$ 10,518 |
12,222 |
13,032 |
15,015 |
16,245 |
|
|
|
|
|
|
Total |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ 6,952 |
5,436 |
6,474 |
8,573 |
9,333 |
Real estate mortgage - 1 to 4 family |
36,182 |
36,049 |
36,758 |
41,040 |
43,106 |
Installment |
93 |
71 |
36 |
36 |
7 |
Total non-accrual loans |
43,227 |
41,556 |
43,268 |
49,649 |
52,446 |
Other nonperforming real estate mortgages - 1
to 4 family |
166 |
170 |
174 |
225 |
231 |
Total nonperforming loans |
43,393 |
41,726 |
43,442 |
49,874 |
52,677 |
Other real estate owned |
8,729 |
9,827 |
10,345 |
9,867 |
8,705 |
Total nonperforming assets |
$ 52,122 |
51,553 |
53,787 |
59,741 |
61,382 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Net
Chargeoffs |
|
|
|
|
|
|
12/31/13 |
09/30/13 |
06/30/13 |
03/31/13 |
12/31/12 |
New York and other
states* |
|
|
|
|
|
Commercial |
$ 176 |
585 |
49 |
248 |
152 |
Real estate mortgage - 1 to 4 family |
1,194 |
1,215 |
1,885 |
1,563 |
1,410 |
Installment |
(2) |
25 |
13 |
15 |
72 |
Total net chargeoffs |
$ 1,368 |
1,825 |
1,947 |
1,826 |
1,634 |
|
|
|
|
|
|
Florida |
|
|
|
|
|
Commercial |
$ (1) |
(502) |
(1) |
99 |
(18) |
Real estate mortgage - 1 to 4 family |
138 |
41 |
123 |
344 |
810 |
Installment |
3 |
3 |
-- |
-- |
12 |
Total net chargeoffs |
$ 140 |
(458) |
122 |
443 |
804 |
|
|
|
|
|
|
Total |
|
|
|
|
|
Commercial |
$ 175 |
83 |
48 |
347 |
134 |
Real estate mortgage - 1 to 4 family |
1,332 |
1,256 |
2,008 |
1,907 |
2,220 |
Installment |
1 |
28 |
13 |
15 |
84 |
Total net chargeoffs |
$ 1,508 |
1,367 |
2,069 |
2,269 |
2,438 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
12/31/13 |
09/30/13 |
06/30/13 |
03/31/13 |
12/31/12 |
Total nonperforming loans(1) |
$ 43,393 |
$ 41,726 |
43,442 |
49,874 |
52,677 |
Total nonperforming assets(1) |
52,122 |
51,553 |
53,787 |
59,741 |
61,382 |
Total net chargeoffs(2) |
1,508 |
1,367 |
2,069 |
2,269 |
2,438 |
|
|
|
|
|
|
Allowance for loan losses(1) |
47,714 |
47,722 |
47,589 |
47,658 |
47,927 |
|
|
|
|
|
|
Nonperforming loans to total loans |
1.49% |
1.47% |
1.57% |
1.84% |
1.96% |
Nonperforming assets to total assets |
1.15% |
1.16% |
1.21% |
1.35% |
1.41% |
Allowance for loan losses to total loans |
1.64% |
1.68% |
1.72% |
1.76% |
1.79% |
Coverage ratio(1) |
110.0% |
114.4% |
109.5% |
95.6% |
91.0% |
Annualized net chargeoffs to average
loans(2) |
0.21% |
0.20% |
0.29% |
0.34% |
0.37% |
Allowance for loan losses to annualized net
chargeoffs(2) |
7.9x |
8.7x |
6.0x |
5.3x |
4.9x |
|
|
|
|
|
|
* Includes New York, New Jersey,
Vermont and Massachusetts. |
(1) At period-end |
|
|
|
|
|
(2) For the period ended |
|
|
|
|
|
|
|
DISTRIBUTION OF ASSETS,
LIABILITIES AND SHAREHOLDERS' EQUITY-- |
INTEREST RATES AND
INTEREST DIFFERENTIAL |
|
|
|
|
|
|
|
(dollars in thousands) |
Three months ended |
Three months ended |
(Unaudited) |
December 31, 2013 |
December 31, 2012 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
|
Rate |
Balance |
|
Rate |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
U. S. government sponsored enterprises |
$ 197,755 |
586 |
1.18% |
$ 370,086 |
1,191 |
1.29% |
Mortgage backed securities and collateralized
mortgage obligations-residential |
543,856 |
3,027 |
2.23 |
480,382 |
2,237 |
1.86 |
State and political subdivisions |
8,577 |
149 |
6.96 |
30,619 |
425 |
5.55 |
Corporate bonds |
28,689 |
138 |
1.92 |
35,640 |
232 |
2.59 |
Small Business Administration-guaranteed
participation securities |
111,859 |
562 |
2.01 |
54,678 |
276 |
2.02 |
Mortgage backed securities and collateralized
mortgage obligations-commercial |
11,004 |
38 |
1.39 |
-- |
-- |
0.00 |
Other |
523 |
4 |
3.06 |
660 |
5 |
3.03 |
|
|
|
|
|
|
|
Total securities available for sale |
902,263 |
4,504 |
2.00 |
972,065 |
4,366 |
1.80 |
|
|
|
|
|
|
|
Federal funds sold and other short-term
Investments |
522,461 |
324 |
0.25 |
427,298 |
265 |
0.25 |
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
Corporate bonds |
9,943 |
153 |
6.19 |
35,013 |
385 |
4.40 |
Mortgage backed securities and collateralized
mortgage obligations-residential |
78,821 |
649 |
3.29 |
114,647 |
823 |
2.87 |
|
|
|
|
|
|
|
Total held to maturity securities |
88,764 |
802 |
3.62 |
149,660 |
1,208 |
3.23 |
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,500 |
129 |
4.91 |
9,632 |
127 |
5.27 |
|
|
|
|
|
|
|
Commercial loans |
215,124 |
2,766 |
5.14 |
216,787 |
2,917 |
5.38 |
Residential mortgage loans |
2,306,591 |
26,771 |
4.64 |
2,087,003 |
25,804 |
4.95 |
Home equity lines of credit |
339,281 |
2,954 |
3.45 |
331,441 |
2,905 |
3.49 |
Installment loans |
5,653 |
175 |
12.26 |
4,274 |
158 |
14.68 |
|
|
|
|
|
|
|
Loans, net of unearned income |
2,866,649 |
32,666 |
4.55 |
2,639,505 |
31,784 |
4.81 |
|
|
|
|
|
|
|
Total interest earning assets |
4,390,637 |
38,425 |
3.50 |
4,198,160 |
37,750 |
3.59 |
|
|
|
|
|
|
|
Allowance for loan losses |
(48,393) |
|
|
(48,312) |
|
|
Cash & non-interest earning assets |
122,386 |
|
|
146,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ 4,464,630 |
|
|
$ 4,296,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Interest bearing checking accounts |
$ 587,854 |
83 |
0.06% |
$ 532,579 |
80 |
0.06% |
Money market accounts |
649,574 |
611 |
0.37 |
669,201 |
703 |
0.42 |
Savings |
1,219,178 |
790 |
0.26 |
1,184,601 |
921 |
0.31 |
Time deposits |
1,123,671 |
1,982 |
0.70 |
1,085,054 |
1,967 |
0.72 |
|
|
|
|
|
|
|
Total interest bearing deposits |
3,580,277 |
3,466 |
0.38 |
3,471,435 |
3,671 |
0.42 |
Short-term borrowings |
189,754 |
382 |
0.80 |
161,816 |
361 |
0.89 |
|
|
|
|
|
|
|
Total interest bearing liabilities |
3,770,031 |
3,848 |
0.40 |
3,633,251 |
4,032 |
0.44 |
|
|
|
|
|
|
|
Demand deposits |
313,174 |
|
|
283,528 |
|
|
Other liabilities |
23,469 |
|
|
21,006 |
|
|
Shareholders' equity |
357,956 |
|
|
358,545 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,464,630 |
|
|
$ 4,296,330 |
|
|
|
|
|
|
|
|
|
Net interest income , tax equivalent |
|
34,577 |
|
|
33,718 |
|
|
|
|
|
|
|
|
Net interest spread |
|
|
3.10% |
|
|
3.15% |
|
|
|
|
|
|
|
Net interest margin (net interest income to
total interest earning assets) |
|
|
3.15% |
|
|
3.21% |
|
|
|
|
|
|
|
Tax equivalent adjustment |
|
(61) |
|
|
(138) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
34,516 |
|
|
33,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Year ended |
Year ended |
(Unaudited) |
December 31, 2013 |
December 31, 2012 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
|
Rate |
Balance |
|
Rate |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
U. S. government sponsored enterprises |
$ 221,028 |
2,600 |
1.18% |
$ 568,425 |
8,097 |
1.42% |
Mortgage backed securities and collateralized
mortgage obligations-residential |
545,487 |
11,385 |
2.09 |
334,616 |
6,697 |
2.00 |
State and political subdivisions |
12,845 |
862 |
6.71 |
35,435 |
2,012 |
5.68 |
Corporate bonds |
46,049 |
812 |
1.76 |
68,182 |
2,231 |
3.27 |
Small Business Administration-guaranteed
participation securities |
109,913 |
2,180 |
1.98 |
15,707 |
319 |
2.03 |
Mortgage backed securities and collateralized
mortgage obligations-commercial |
10,420 |
144 |
1.38 |
-- |
-- |
0.00 |
Other |
625 |
17 |
2.72 |
660 |
19 |
2.88 |
|
|
|
|
|
|
|
Total securities available for sale |
946,367 |
18,000 |
1.90 |
1,023,025 |
19,375 |
1.89 |
|
|
|
|
|
|
|
Federal funds sold and other short-term
Investments |
502,136 |
1,240 |
0.25 |
461,495 |
1,142 |
0.25 |
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
U. S. government sponsored enterprises |
-- |
-- |
0.00 |
1,048 |
25 |
2.43 |
Corporate bonds |
14,011 |
833 |
5.95 |
39,570 |
1,666 |
4.21 |
Mortgage backed securities and collateralized
mortgage obligations-residential |
90,360 |
2,840 |
3.14 |
131,092 |
4,287 |
3.27 |
|
|
|
|
|
|
|
Total held to maturity securities |
104,371 |
3,673 |
3.52 |
171,710 |
5,978 |
3.48 |
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,266 |
490 |
4.77 |
9,425 |
486 |
5.16 |
|
|
|
|
|
|
|
Commercial loans |
214,756 |
11,210 |
5.22 |
230,539 |
12,486 |
5.42 |
Residential mortgage loans |
2,216,346 |
104,646 |
4.72 |
2,017,230 |
104,028 |
5.16 |
Home equity lines of credit |
335,409 |
11,452 |
3.41 |
321,299 |
11,551 |
3.60 |
Installment loans |
5,152 |
666 |
12.93 |
3,915 |
598 |
15.28 |
|
|
|
|
|
|
|
Loans, net of unearned income |
2,771,663 |
127,974 |
4.62 |
2,572,983 |
128,663 |
5.00 |
|
|
|
|
|
|
|
Total interest earning assets |
4,334,803 |
151,377 |
3.49 |
4,238,638 |
155,644 |
3.67 |
|
|
|
|
|
|
|
Allowance for loan losses |
(48,452) |
|
|
(49,148) |
|
|
Cash & non-interest earning assets |
136,042 |
|
|
143,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ 4,422,393 |
|
|
$ 4,332,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Interest bearing checking accounts |
$ 578,531 |
329 |
0.06% |
$ 515,062 |
315 |
0.06% |
Money market accounts |
650,324 |
2,516 |
0.39 |
649,452 |
3,069 |
0.47 |
Savings |
1,218,655 |
3,333 |
0.27 |
1,115,151 |
3,872 |
0.35 |
Time deposits |
1,113,473 |
7,622 |
0.68 |
1,251,846 |
11,244 |
0.90 |
|
|
|
|
|
|
|
Total interest bearing deposits |
3,560,983 |
13,800 |
0.39 |
3,531,511 |
18,500 |
0.52 |
Short-term borrowings |
180,275 |
1,483 |
0.82 |
152,982 |
1,475 |
0.96 |
|
|
|
|
|
|
|
Total interest bearing liabilities |
3,741,258 |
15,283 |
0.41 |
3,684,493 |
19,975 |
0.54 |
|
|
|
|
|
|
|
Demand deposits |
302,437 |
|
|
278,179 |
|
|
Other liabilities |
21,719 |
|
|
19,441 |
|
|
Shareholders' equity |
356,979 |
|
|
350,680 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,422,393 |
|
|
$ 4,332,793 |
|
|
|
|
|
|
|
|
|
Net interest income , tax equivalent |
|
136,094 |
|
|
135,669 |
|
|
|
|
|
|
|
|
Net interest spread |
|
|
3.08% |
|
|
3.13% |
|
|
|
|
|
|
|
Net interest margin (net interest income to
total interest earning assets) |
|
|
3.14% |
|
|
3.20% |
|
|
|
|
|
|
|
Tax equivalent adjustment |
|
(330) |
|
|
(681) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
135,764 |
|
|
134,988 |
|
Non-GAAP Financial Measures Reconciliation
Tangible book value per share and tangible equity as a
percentage of tangible assets at period end are non-GAAP financial
measures derived from GAAP-based amounts. We calculate tangible
equity and tangible assets by excluding the balance of intangible
assets from shareholders' equity and total assets, respectively. We
calculate tangible book value per share by dividing tangible equity
by common shares outstanding, as compared to book value per common
share, which we calculate by dividing shareholders' equity by
common shares outstanding. We calculate tangible equity as a
percentage of tangible assets at period end by dividing tangible
equity by tangible assets at period end. We believe that this is
consistent with the treatment by bank regulatory agencies, which
exclude intangible assets from the calculation of risk-based
capital ratios.
The efficiency ratio is a non-GAAP measure of expense control
relative to recurring revenue. We calculate the efficiency
ratio by dividing total noninterest expenses as determined under
GAAP, but excluding other real estate expense, net, which we refer
to below as recurring expense, by net interest income (fully
taxable equivalent) and total noninterest income as determined
under GAAP, but excluding net gains on securities from this
calculation, which we refer to below as recurring revenue. We
believe that this provides one reasonable measure of core expenses
relative to core revenue.
We believe that these non-GAAP financial measures provide
information that is important to investors and that is useful in
understanding our financial position, results and ratios. Our
management internally assesses our performance based, in part, on
these measures. However, these non-GAAP financial measures are
supplemental and are not a substitute for an analysis based on GAAP
measures. As other companies may use different calculations for
these measures, this presentation may not be comparable to other
similarly titled measures reported by other companies. A
reconciliation of the non-GAAP measures of tangible common equity,
tangible book value per share and efficiency ratio to the
underlying GAAP numbers is set forth below.
Non-GAAP Financial
Measures Reconciliation |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands,
except per share amounts) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
12/31/13 |
09/30/13 |
06/30/13 |
03/31/13 |
12/31/12 |
|
|
Tangible Book Value Per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
$ 361,813 |
354,388 |
348,623 |
360,889 |
358,798 |
|
|
Less: Intangible assets |
553 |
553 |
553 |
553 |
553 |
|
|
Tangible equity |
361,260 |
353,835 |
348,070 |
360,336 |
358,245 |
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
94,463 |
94,334 |
94,204 |
94,071 |
93,935 |
|
|
Tangible book value per share |
3.82 |
3.75 |
3.69 |
3.83 |
3.81 |
|
|
Book value per share |
3.83 |
3.76 |
3.70 |
3.84 |
3.82 |
|
|
|
|
|
|
|
|
|
|
Tangible Equity to Tangible
Assets |
|
|
|
|
|
|
|
Total Assets |
4,521,452 |
4,459,407 |
4,443,204 |
4,411,757 |
4,346,613 |
|
|
Less: Intangible assets |
553 |
553 |
553 |
553 |
553 |
|
|
Tangible assets |
4,520,899 |
4,458,854 |
4,442,651 |
4,411,204 |
4,346,060 |
|
|
|
|
|
|
|
|
|
|
Tangible Equity to Tangible Assets |
7.99% |
7.94% |
7.83% |
8.17% |
8.24% |
|
|
Equity to Assets |
8.00% |
7.95% |
7.85% |
8.18% |
8.25% |
|
|
|
|
|
|
|
|
|
|
|
3 Months
Ended |
Years
Ended |
Efficiency Ratio |
12/31/13 |
09/30/13 |
06/30/13 |
03/31/13 |
12/31/12 |
12/31/13 |
12/31/12 |
|
|
|
|
|
|
|
|
Net interest income (fully taxable
equivalent) |
$ 34,577 |
34,180 |
33,630 |
33,707 |
33,718 |
136,094 |
135,669 |
Non-interest income |
4,848 |
4,413 |
5,916 |
4,592 |
6,161 |
19,770 |
20,964 |
Less: Net gain on securities |
188 |
-- |
1,432 |
2 |
763 |
1,622 |
2,161 |
Recurring revenue |
39,237 |
38,593 |
38,114 |
38,297 |
39,116 |
154,242 |
154,472 |
|
|
|
|
|
|
|
|
Total Noninterest expense |
20,891 |
20,688 |
21,869 |
21,557 |
21,150 |
85,005 |
83,977 |
Less: Other real estate expense,
net |
430 |
946 |
1,473 |
749 |
375 |
3,598 |
3,216 |
Recurring expense |
20,461 |
19,742 |
20,396 |
20,808 |
20,775 |
81,407 |
80,761 |
|
|
|
|
|
|
|
|
Efficiency Ratio |
52.15% |
51.15% |
53.51% |
54.33% |
53.11% |
52.78% |
52.28% |
CONTACT: Kevin T. Timmons
Vice President/Treasurer
(518) 381-3607
TrustCo Bank Corporation... (NASDAQ:TRST)
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