Executive Snapshot:
- Continued strong financial results:
- Second quarter 2014 compared to 2013:
- Net income up 20.9%
- Diluted EPS up 20.2%
- Return on average assets (ROA) rose 15 basis points to
1.03%
- Return on average equity (ROE) rose 167 basis points to
12.50%
- Improvement in the efficiency ratio from 53.51% in Q2 2013 to
53.00% in Q2 2014
- Continued expansion of customer base:
- Focus on capitalizing on opportunities presented by expanded
branch network
- Deposits per branch grew to $28.3 million at June 30, 2014 from
$28.2 million a year earlier despite three new branches being
opened during that period
- Average core deposits grew $91.7 million from Q2 2013 to Q2
2014
- Loan portfolio reaches all-time high:
- Average loans were up $238.8 million or 8.7% from Q2 2013 to Q2
2014
- Residential mortgage loans comprised $223.8 million of the
increase
- At $3.01 billion at June 30, 2014, loans reached an all-time
high, exceeding $3 billion for the first time in Company
history
- Asset quality improvement:
- Nonperforming assets (NPAs) fell $4.7 million to $49.2 million
at June 30, 2014 compared to $53.9 million at March 31, 2014
- NPAs to total assets improved from 1.21% to 1.07% over the last
year
- Net chargeoffs (NCOs) to average loans improved from 0.29% in
Q2 2013 to 0.22% in Q2 2014
TrustCo Announces Strong Second Quarter
Earnings; Up 20.9% Over Prior Year
TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) today
announced that net income rose to $11.8 million in the quarter
ended June 30, 2014, up 20.9% from $9.8 million for the quarter
ended June 30, 2013.
Robert J. McCormick, President and Chief Executive Officer
noted, "Our results for the second quarter of 2014 continued our
solid bottom line growth and positioning our business for the
future. In addition to the significant increase in net income, we
continued 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. The Company had a strong first half of 2014
and we look forward to the remainder of the year with optimism. We
will continue taking advantage of opportunities as they are
presented."
TrustCo saw continued strong loan growth in the second quarter
of 2014. The gains were primarily funded by continued expansion of
retail deposits as well as proceeds from cash flow from the lower
yielding investment securities portfolio. The shift toward loans
helped offset part of the impact from continued low yields on cash
and securities and contributed to an improvement in net interest
margin to 3.16% in the second quarter from 3.13% in the first
quarter of 2014 and 3.10% in the second quarter of 2013. Our strong
liquidity position continues to be available to allow us to take
advantage of opportunities when interest rate conditions change.
The increase in margin, along with control of operating expenses
and gains on the sale of ORE enabled the Company to achieve bottom
line objectives without having to deploy liquidity into the current
low rate investment environment.
Mr. McCormick also noted, "We are encouraged by the continued
economic improvements where we operate, particularly Florida, and
believe we are well positioned to capitalize on these changes. Our
long-term focus on traditional lending criteria and conservative
balance sheet management has enabled us to maintain strong
liquidity and capital and report continued profit improvements. 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 1.03%
and 12.50%, respectively for the second quarter of 2014, compared
to 0.88% and 10.83% for the second quarter of 2013. Diluted
earnings per share were $0.125 for the second quarter of 2014, up
20.2% from $0.104 for the second quarter of 2013.
For the first half of 2014, return on average assets and return
on average equity were 1.01% and 12.30%, respectively, compared to
0.87% and 10.60% for the first half of 2013. Diluted earnings per
share were $0.241 for the first half of 2014, up 19.9% from $0.201
over the same period a year earlier.
On a year-over-year basis, average loans were up $238.8 million
or 8.7% in the second quarter of 2014, over the same period in
2013. Average deposits were up $116.1 million for the second
quarter of 2014 over the same period a year earlier. Most of the
gain in deposits came from core deposit accounts, customers also
continued to move some funds into certificates with slightly longer
maturities, which may help TrustCo if rates rise, without having a
material impact on the current cost of funds. Average core deposits
rose $91.7 million from Q2 2013 to Q2 2014. 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 core deposit base reflect
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. We opened our 140th and 141st offices, in Stuart,
Florida and Warrensburg, New York, during the second
quarter. During 2013 we celebrated the ten year anniversary of
our expansion into Florida, while at the same time making
significant progress expanding loans and deposits throughout our
branch network. We expect that trend to continue as the new
branches continue to mature. At June 30, 2014, our average
branch had $28.3 million of deposits, up $125 thousand compared to
the prior year, despite having opened up three branches during that
time frame. We have always designed our branches to be
smaller, more cost effective than those built by many of our
competitors. We use open floor plans that help maximize the
value of our branches. We remain mindful that fully achieving
our goals for newer branches will take time and continued
work. We believe success in growing customer relationships
provides the basic building blocks that help drive profit growth
for the coming years."
Asset quality, the allowance for loan losses coverage of
nonperforming loans (NPLs) and net charge-offs all improved from
June 30, 2013 to June 30, 2014. NPLs declined to $40.9 million at
June 30, 2014, compared to $43.4 million at June 30, 2013 and
nonperforming assets (NPAs) declined to $49.2 million from $53.8
million over the same period. NPLs were equal to 1.36%
of total loans at June 30, 2014, compared to 1.57% a year
earlier. The coverage ratio, or allowance for loan losses to
NPLs, was 114.7% at June 30, 2014, compared to 109.5% at June 30,
2013. Overall, virtually every asset quality indicator
improved during the second quarter of 2014 relative to the second
quarter of 2013. The ratio of loan loss allowance to total
loans was 1.56% as of June 30, 2014, compared to 1.72% at June 30,
2013. This decline was due primarily to new loan growth and
improved economic conditions over the last year. The allowance
for loan losses ended the second quarter at $46.9 million compared
to $47.0 million at the end of the first quarter.
The net interest margin for the second quarter of 2014 was
3.16%, compared to 3.10% in the second quarter of 2013, as
noted. Included in second quarter of 2014 results was a gain
of $2.4 million on the previously disclosed sale of owned real
estate. This gain is included in the "Other real estate
(income) expense, net" line on the Consolidated Statement of
Income. Second quarter results also reflect the sale of
approximately $1.8 million of NPAs to a third party at a gain of
$164 thousand, included in "Other" noninterest
income. Property tax expense of $151 thousand associated with
the sold assets was recorded during the quarter and is included in
"Other" noninterest expense.
At June 30, 2014 the tangible equity ratio was 8.38% compared to
8.11% at March 31, 2014 and 7.83% at June 30, 2013. Tangible
book value per share ended the second quarter at $4.06 compared to
$3.69 in the year-ago period.
"American Banker Magazine's" July 2014 issue recently ranked
TRST shares as having the 25th highest dividend yield for all U.S.
banks and thrifts.
TrustCo Bank Corp NY is a $4.6 billion savings and loan holding
company and through its subsidiary, Trustco Bank, operated 141
offices in New York, New Jersey, Vermont, Massachusetts, and
Florida at June 30, 2014.
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 second quarter 2014 results will be
held at 9:00 a.m. Eastern Time on July 22, 2014. Those wishing
to participate in the call may dial toll-free
1-888-339-0764. International callers must dial
1-412-902-4195. Please ask to be joined into the TrustCo
Bank Corp NY / TRST call. A replay of the call will be
available for thirty days by dialing 1-877-344-7529 (1-412-317-0088
for international callers), Conference Number 10049252. The call
will also be audio webcast at:
https://services.choruscall.com/links/trst140722.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. Forward-looking statements
can be identified by words such as "anticipate," "intend," "plan,"
"goal," "seek," "believe," "project," "estimate," "expect,"
"strategy," "future," "likely," "may," "should," "will" and similar
references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations for our performance during the remainder of 2014 and
for the growth of loans and deposits throughout our branch network
and our ability to capitalize on economic changes in the areas in
which we operate. 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: our ability
to continue to originate a significant volume of one-to-four family
mortgage loans in our market areas; our ability to continue to
maintain noninterest expense and other overhead costs at reasonable
levels relative to income; the future earnings and capital levels
of Trustco Bank and the continued ability of Trustco Bank under
regulatory rules to distribute capital to TrustCo, which could
affect our ability to pay dividends; our ability to make accurate
assumptions and judgments regarding the credit risks associated
with lending and investing activities; the effect of changes in
financial services laws and regulations and the impact of other
governmental initiatives affecting the financial services industry;
results of examinations of Trustco Bank and TrustCo by our
respective regulators; the effects of, and changes in, trade,
monetary and fiscal policies and laws, including interest rate
policies of the Federal Reserve Board, inflation, interest rates,
market and monetary fluctuations; the perceived overall value of
our products and services by users, including in comparison to
competitors' products and services and the willingness of current
and prospective customers to substitute competitors' products and
services for our products and services; real estate and collateral
values; changes in accounting policies and practices, as may be
adopted by the bank regulatory agencies, the FASB or PCAOB; changes
in local market areas and general business and economic trends, as
well as changes in consumer spending and saving habits; our success
at managing the risks involved in the foregoing and managing our
business; and other risks and uncertainties under the heading "Risk
Factors" in our annual report on Form 10-K for the year ended
December 31, 2013, as amended, and, if any, in our subsequent
quarterly reports on Form 10-Q or other securities filings.
TRUSTCO BANK CORP NY |
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GLENVILLE, NY |
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FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
(dollars in thousands, except per share
data) |
|
|
|
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
06/30/14 |
03/31/14 |
06/30/13 |
Summary of operations |
|
|
|
Net interest income (TE) |
$ 35,513 |
34,701 |
33,630 |
Provision for loan losses |
1,500 |
1,500 |
2,000 |
Net securities transactions |
-- |
6 |
1,432 |
Noninterest income, excluding net
securities transactions |
4,505 |
5,753 |
4,484 |
Noninterest expense |
19,437 |
20,801 |
21,869 |
Net income |
11,808 |
11,011 |
9,763 |
|
|
|
|
Per common share |
|
|
|
Net income per share: |
|
|
|
- Basic |
$ 0.125 |
0.116 |
0.104 |
- Diluted |
0.125 |
0.116 |
0.104 |
Cash dividends |
0.066 |
0.066 |
0.066 |
Tangible Book value at period end |
4.06 |
3.93 |
3.69 |
Market price at period end |
6.68 |
7.04 |
5.44 |
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|
|
|
At period end |
|
|
|
Full time equivalent employees |
747 |
709 |
710 |
Full service banking offices |
141 |
139 |
138 |
|
|
|
|
Performance ratios |
|
|
|
Return on average assets |
1.03% |
0.99 |
0.88 |
Return on average equity |
12.50 |
12.09 |
10.83 |
Efficiency (1) |
53.00 |
51.28 |
53.51 |
Net interest spread (TE) |
3.11 |
3.08 |
3.04 |
Net interest margin (TE) |
3.16 |
3.13 |
3.10 |
Dividend payout ratio |
52.62 |
56.36 |
63.33 |
|
|
|
|
Capital ratio at period end |
|
|
|
Consolidated tangible equity to tangible
assets (2) |
8.38 |
8.11 |
7.83 |
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|
|
|
Asset quality analysis at period end |
|
|
|
Nonperforming loans to total loans |
1.36 |
1.53 |
1.57 |
Nonperforming assets to total assets |
1.07 |
1.18 |
1.21 |
Allowance for loan losses to total
loans |
1.56 |
1.60 |
1.72 |
Coverage ratio (3) |
1.1x |
1.0 |
1.1 |
|
|
|
|
(1) Calculated
as noninterest expense (excluding ORE income/expense) divided by
taxable equivalent net interest income plus noninterest income
(excluding net securities transactions and the net gain on sale of
building). |
(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. |
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|
TE = Taxable equivalent. |
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FINANCIAL HIGHLIGHTS,
Continued |
|
|
|
|
|
(dollars in thousands, except per
share data) |
|
|
(Unaudited) |
|
|
|
Six Months
Ended |
|
06/30/14 |
06/30/13 |
Summary of operations |
|
|
Net interest income (TE) |
$ 70,214 |
67,337 |
Provision for loan losses |
3,000 |
4,000 |
Net securities transactions |
6 |
1,434 |
Noninterest income |
10,258 |
9,074 |
Noninterest expense |
40,238 |
43,426 |
Net income |
22,819 |
18,931 |
|
|
|
Per common share |
|
|
Net income per share: |
|
|
- Basic |
$ 0.241 |
0.201 |
- Diluted |
0.241 |
0.201 |
Cash dividends |
0.131 |
0.131 |
Tangible Book value at period end |
4.06 |
3.69 |
Market price at period end |
6.68 |
5.44 |
|
|
|
Performance ratios |
|
|
Return on average assets |
1.01% |
0.87 |
Return on average equity |
12.30 |
10.60 |
Efficiency (1) |
52.15 |
53.92 |
Net interest spread (TE) |
3.09 |
3.09 |
Net interest margin (TE) |
3.15 |
3.15 |
Dividend payout ratio |
54.42 |
65.27 |
|
|
|
(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. |
|
|
|
|
|
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|
CONSOLIDATED STATEMENTS OF
INCOME |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per
share data) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
|
|
6/30/2014 |
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
Interest and dividend income: |
|
|
|
|
|
Interest and fees on loans |
$ 33,614 |
32,874 |
32,658 |
32,166 |
31,639 |
Interest and dividends on securities
available for sale: |
|
|
|
|
|
U. S. government sponsored
enterprises |
381 |
506 |
586 |
571 |
627 |
State and political
subdivisions |
44 |
68 |
96 |
127 |
148 |
Mortgage-backed securities and
collateralized mortgage obligations-residential |
3,299 |
3,078 |
3,027 |
2,888 |
2,701 |
Corporate bonds |
2 |
59 |
138 |
223 |
233 |
Small Business Administration-guaranteed
participation securities |
539 |
556 |
562 |
558 |
564 |
Mortgage-backed securities and
collateralized mortgage obligations-commercial |
38 |
38 |
38 |
39 |
38 |
Other securities |
4 |
4 |
4 |
5 |
3 |
Total interest and dividends on
securities available for sale |
4,307 |
4,309 |
4,451 |
4,411 |
4,314 |
|
|
|
|
|
|
Interest on held to maturity
securities: |
|
|
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-residential |
577 |
625 |
649 |
686 |
716 |
Corporate bonds |
154 |
154 |
153 |
154 |
214 |
Total interest on held to maturity
securities |
731 |
779 |
802 |
840 |
930 |
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
128 |
133 |
129 |
121 |
121 |
|
|
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|
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|
Interest on federal funds sold and other
short-term investments |
376 |
351 |
324 |
344 |
327 |
Total interest income |
39,156 |
38,446 |
38,364 |
37,882 |
37,331 |
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|
|
|
|
|
Interest expense: |
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
Interest-bearing checking |
89 |
84 |
83 |
84 |
82 |
Savings |
592 |
763 |
790 |
798 |
829 |
Money market deposit accounts |
618 |
599 |
611 |
590 |
630 |
Time deposits |
2,035 |
1,951 |
1,982 |
1,937 |
1,883 |
Interest on short-term borrowings |
342 |
393 |
382 |
370 |
367 |
Total interest expense |
3,676 |
3,790 |
3,848 |
3,779 |
3,791 |
|
|
|
|
|
|
Net interest income |
35,480 |
34,656 |
34,516 |
34,103 |
33,540 |
|
|
|
|
|
|
Provision for loan losses |
1,500 |
1,500 |
1,500 |
1,500 |
2,000 |
Net interest income after provision for loan
losses |
33,980 |
33,156 |
33,016 |
32,603 |
31,540 |
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
Trustco Financial Services income |
1,405 |
1,510 |
1,276 |
1,317 |
1,287 |
Fees for services to customers |
2,732 |
2,521 |
2,917 |
2,903 |
2,968 |
Net gain on securities transactions |
-- |
6 |
188 |
-- |
1,432 |
Other |
368 |
1,722 |
467 |
194 |
229 |
Total noninterest income |
4,505 |
5,759 |
4,848 |
4,414 |
5,916 |
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
Salaries and employee benefits |
8,012 |
7,592 |
8,664 |
7,935 |
7,647 |
Net occupancy expense |
4,110 |
4,259 |
4,226 |
3,911 |
3,910 |
Equipment expense |
1,823 |
1,752 |
1,514 |
1,567 |
1,582 |
Professional services |
1,438 |
1,286 |
1,409 |
1,255 |
1,565 |
Outsourced services |
1,425 |
1,325 |
1,075 |
1,350 |
1,350 |
Advertising expense |
657 |
599 |
835 |
548 |
714 |
FDIC and other insurance |
1,000 |
904 |
952 |
1,009 |
1,004 |
Other real estate (income) expense,
net |
(1,688) |
855 |
430 |
946 |
1,473 |
Other |
2,660 |
2,229 |
1,786 |
2,167 |
2,624 |
Total noninterest expenses |
19,437 |
20,801 |
20,891 |
20,688 |
21,869 |
|
|
|
|
|
|
Income before taxes |
19,048 |
18,114 |
16,973 |
16,329 |
15,587 |
Income taxes |
7,240 |
7,103 |
6,344 |
6,077 |
5,824 |
|
|
|
|
|
|
Net income |
$ 11,808 |
11,011 |
10,629 |
10,252 |
9,763 |
Net income per Common Share: |
|
|
|
|
|
- Basic |
$ 0.125 |
0.116 |
0.113 |
0.109 |
0.104 |
|
|
|
|
|
|
- Diluted |
0.125 |
0.116 |
0.112 |
0.109 |
0.104 |
|
|
|
|
|
|
Average basic shares (thousands) |
94,559 |
94,452 |
94,347 |
94,228 |
94,204 |
Average diluted shares (thousands) |
94,675 |
94,581 |
94,472 |
94,275 |
94,211 |
|
|
|
|
|
|
Note: Taxable equivalent net interest
income |
$ 35,513 |
34,701 |
34,577 |
34,180 |
33,630 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per
share data) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
Six Months
Ended |
|
|
|
|
6/30/2014 |
6/30/2013 |
|
|
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
Interest and fees on loans |
$ 66,488 |
63,120 |
|
|
|
Interest and dividends on securities
available for sale: |
|
|
|
|
|
U. S. government sponsored
enterprises |
887 |
1,443 |
|
|
|
State and political
subdivisions |
112 |
339 |
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-residential |
6,377 |
5,470 |
|
|
|
Corporate bonds |
61 |
451 |
|
|
|
Small Business Administration-guaranteed
participation securities |
1,095 |
1,060 |
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-commercial |
76 |
67 |
|
|
|
Other securities |
8 |
8 |
|
|
|
Total interest and dividends on
securities available for sale |
8,616 |
8,838 |
|
|
|
|
|
|
|
|
|
Interest on held to maturity
securities: |
|
|
|
|
|
Mortgage-backed
securities-residential |
1,202 |
1,505 |
|
|
|
Corporate bonds |
308 |
526 |
|
|
|
Total interest on held to maturity
securities |
1,510 |
2,031 |
|
|
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
261 |
240 |
|
|
|
|
|
|
|
|
|
Interest on federal funds sold and other
short-term investments |
727 |
572 |
|
|
|
Total interest income |
77,602 |
74,801 |
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
Interest-bearing checking |
173 |
162 |
|
|
|
Savings |
1,355 |
1,745 |
|
|
|
Money market deposit accounts |
1,217 |
1,315 |
|
|
|
Time deposits |
3,986 |
3,703 |
|
|
|
Interest on short-term borrowings |
735 |
731 |
|
|
|
Total interest expense |
7,466 |
7,656 |
|
|
|
|
|
|
|
|
|
Net interest income |
70,136 |
67,145 |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
3,000 |
4,000 |
|
|
|
Net interest income after provision for loan
losses |
67,136 |
63,145 |
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
Trust department income |
2,915 |
2,708 |
|
|
|
Fees for services to customers |
5,253 |
5,855 |
|
|
|
Net gain on securities transactions |
6 |
1,434 |
|
|
|
Other |
2,090 |
511 |
|
|
|
Total noninterest income |
10,264 |
10,508 |
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
Salaries and employee benefits |
15,604 |
15,825 |
|
|
|
Net occupancy expense |
8,369 |
7,963 |
|
|
|
Equipment expense |
3,575 |
3,300 |
|
|
|
Professional services |
2,724 |
2,985 |
|
|
|
Outsourced services |
2,750 |
2,700 |
|
|
|
Advertising expense |
1,256 |
1,444 |
|
|
|
FDIC and other insurance |
1,904 |
2,014 |
|
|
|
Other real estate (income) expense,
net |
(833) |
2,222 |
|
|
|
Other |
4,889 |
4,973 |
|
|
|
Total noninterest expenses |
40,238 |
43,426 |
|
|
|
|
|
|
|
|
|
Income before taxes |
37,162 |
30,227 |
|
|
|
Income taxes |
14,343 |
11,296 |
|
|
|
|
|
|
|
|
|
Net income |
$ 22,819 |
18,931 |
|
|
|
|
|
|
|
|
|
Net income per Common Share: |
|
|
|
|
|
- Basic |
$ 0.241 |
0.201 |
|
|
|
|
|
|
|
|
|
- Diluted |
0.241 |
0.201 |
|
|
|
|
|
|
|
|
|
Average basic shares (thousands) |
94,536 |
94,134 |
|
|
|
Average diluted shares (thousands) |
94,658 |
94,141 |
|
|
|
|
|
|
|
|
|
Note: Taxable equivalent net interest
income |
$ 70,214 |
67,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2014 |
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 48,034 |
46,127 |
46,453 |
45,088 |
40,580 |
Federal funds sold and other short term
investments |
573,514 |
687,003 |
536,591 |
510,561 |
588,252 |
Total cash and cash equivalents |
621,548 |
733,130 |
583,044 |
555,649 |
628,832 |
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
U. S. government sponsored
enterprises |
103,340 |
92,708 |
198,829 |
193,614 |
188,133 |
States and political subdivisions |
3,921 |
4,968 |
7,758 |
11,199 |
12,159 |
Mortgage-backed securities and
collateralized mortgage obligations-residential |
589,517 |
524,197 |
532,449 |
534,301 |
504,793 |
Corporate bonds |
1,402 |
6,402 |
10,471 |
53,094 |
53,053 |
Small Business Administration-guaranteed
participation securities |
102,367 |
101,821 |
103,029 |
104,863 |
108,665 |
Mortgage-backed securities and
collateralized mortgage obligations-commercial |
10,544 |
10,543 |
10,558 |
10,715 |
10,725 |
Other securities |
679 |
653 |
660 |
660 |
660 |
Total securities available for sale |
811,770 |
741,292 |
863,754 |
908,446 |
878,188 |
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
Mortgage-backed securities and
collateralized mortgage obligations-residential |
67,974 |
72,188 |
76,270 |
81,337 |
88,852 |
Corporate bonds |
9,952 |
9,948 |
9,945 |
9,941 |
9,937 |
Total held to maturity securities |
77,926 |
82,136 |
86,215 |
91,278 |
98,789 |
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,951 |
10,500 |
10,500 |
10,500 |
10,500 |
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Commercial |
222,655 |
220,443 |
223,481 |
212,833 |
216,977 |
Residential mortgage loans |
2,437,500 |
2,374,874 |
2,338,944 |
2,279,064 |
2,205,334 |
Home equity line of credit |
339,897 |
339,971 |
340,489 |
337,178 |
334,571 |
Installment loans |
6,098 |
5,714 |
5,895 |
5,894 |
5,544 |
Loans, net of deferred fees and costs |
3,006,150 |
2,941,002 |
2,908,809 |
2,834,969 |
2,762,426 |
Less: |
|
|
|
|
|
Allowance for loan losses |
46,935 |
47,035 |
47,714 |
47,722 |
47,589 |
Net loans |
2,959,215 |
2,893,967 |
2,861,095 |
2,787,247 |
2,714,837 |
|
|
|
|
|
|
Bank premises and equipment, net |
36,658 |
35,267 |
34,414 |
34,559 |
38,301 |
Other assets |
71,061 |
82,445 |
82,430 |
71,728 |
73,757 |
|
|
|
|
|
|
Total assets |
$ 4,589,129 |
4,578,737 |
4,521,452 |
4,459,407 |
4,443,204 |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand |
$ 324,277 |
327,779 |
318,456 |
314,660 |
314,985 |
Interest-bearing checking |
643,473 |
628,752 |
611,127 |
591,590 |
591,844 |
Savings accounts |
1,233,347 |
1,236,331 |
1,218,038 |
1,221,791 |
1,228,281 |
Money market deposit accounts |
651,367 |
648,244 |
648,402 |
650,688 |
634,804 |
Certificates of deposit (in denominations
of $100,000 or more) |
436,785 |
432,168 |
419,301 |
405,575 |
397,707 |
Other time accounts |
705,938 |
713,944 |
711,747 |
710,064 |
725,255 |
Total deposits |
3,995,187 |
3,987,218 |
3,927,071 |
3,894,368 |
3,892,876 |
|
|
|
|
|
|
Short-term borrowings |
181,516 |
195,411 |
204,162 |
185,226 |
176,325 |
Accrued expenses and other liabilities |
27,409 |
24,329 |
28,406 |
25,425 |
25,380 |
|
|
|
|
|
|
Total liabilities |
4,204,112 |
4,206,958 |
4,159,639 |
4,105,019 |
4,094,581 |
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
Capital stock |
98,927 |
98,927 |
98,927 |
98,912 |
98,912 |
Surplus |
172,769 |
172,964 |
173,144 |
173,408 |
173,897 |
Undivided profits |
157,832 |
152,237 |
147,432 |
143,015 |
138,953 |
Accumulated other comprehensive income
(loss), net of tax |
(2,611) |
(9,452) |
(13,803) |
(15,923) |
(16,831) |
Treasury stock at cost |
(41,900) |
(42,897) |
(43,887) |
(45,024) |
(46,308) |
|
|
|
|
|
|
Total shareholders' equity |
385,017 |
371,779 |
361,813 |
354,388 |
348,623 |
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,589,129 |
4,578,737 |
4,521,452 |
4,459,407 |
4,443,204 |
|
|
|
|
|
|
Outstanding shares (thousands) |
94,665 |
94,564 |
94,463 |
94,334 |
94,204 |
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
|
|
|
|
|
|
06/30/14 |
03/31/14 |
12/31/13 |
09/30/13 |
06/30/13 |
New York and other
states* |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ 5,132 |
4,853 |
6,952 |
5,436 |
5,891 |
Real estate mortgage - 1 to 4 family |
31,433 |
34,597 |
31,045 |
30,643 |
30,736 |
Installment |
87 |
103 |
93 |
71 |
36 |
Total non-accrual loans |
36,652 |
39,553 |
38,090 |
36,150 |
36,663 |
Other nonperforming real estate mortgages - 1
to 4 family |
159 |
162 |
166 |
170 |
174 |
Total nonperforming loans |
36,811 |
39,715 |
38,256 |
36,320 |
36,837 |
Other real estate owned |
3,930 |
4,707 |
3,348 |
3,011 |
3,918 |
Total nonperforming assets |
$ 40,741 |
44,422 |
41,604 |
39,331 |
40,755 |
|
|
|
|
|
|
Florida |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ 517 |
517 |
-- |
-- |
583 |
Real estate mortgage - 1 to 4 family |
3,578 |
4,668 |
5,137 |
5,406 |
6,022 |
Installment |
1 |
7 |
-- |
-- |
-- |
Total non-accrual loans |
4,096 |
5,192 |
5,137 |
5,406 |
6,605 |
Other nonperforming real estate mortgages - 1
to 4 family |
-- |
-- |
-- |
-- |
-- |
Total nonperforming loans |
4,096 |
5,192 |
5,137 |
5,406 |
6,605 |
Other real estate owned |
4,365 |
4,300 |
5,381 |
6,816 |
6,427 |
Total nonperforming assets |
$ 8,461 |
9,492 |
10,518 |
12,222 |
13,032 |
|
|
|
|
|
|
Total |
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
Commercial |
$ 5,649 |
5,370 |
6,952 |
5,436 |
6,474 |
Real estate mortgage - 1 to 4 family |
35,011 |
39,265 |
36,182 |
36,049 |
36,758 |
Installment |
88 |
110 |
93 |
71 |
36 |
Total non-accrual loans |
40,748 |
44,745 |
43,227 |
41,556 |
43,268 |
Other nonperforming real estate mortgages - 1
to 4 family |
159 |
162 |
166 |
170 |
174 |
Total nonperforming loans |
40,907 |
44,907 |
43,393 |
41,726 |
43,442 |
Other real estate owned |
8,295 |
9,007 |
8,729 |
9,827 |
10,345 |
Total nonperforming assets |
$ 49,202 |
53,914 |
52,122 |
51,553 |
53,787 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Net
Chargeoffs |
|
|
|
|
|
|
06/30/14 |
03/31/14 |
12/31/13 |
09/30/13 |
06/30/13 |
New York and other
states* |
|
|
|
|
|
Commercial |
$ 13 |
242 |
176 |
585 |
49 |
Real estate mortgage - 1 to 4 family |
1,496 |
851 |
1,194 |
1,215 |
1,885 |
Installment |
24 |
44 |
(2) |
25 |
13 |
Total net chargeoffs |
$ 1,533 |
1,137 |
1,368 |
1,825 |
1,947 |
|
|
|
|
|
|
Florida |
|
|
|
|
|
Commercial |
$ (2) |
612 |
(1) |
(502) |
(1) |
Real estate mortgage - 1 to 4 family |
59 |
428 |
138 |
41 |
123 |
Installment |
10 |
2 |
3 |
3 |
-- |
Total net chargeoffs |
$ 67 |
1,042 |
140 |
(458) |
122 |
|
|
|
|
|
|
Total |
|
|
|
|
|
Commercial |
$ 11 |
854 |
175 |
83 |
48 |
Real estate mortgage - 1 to 4 family |
1,555 |
1,279 |
1,332 |
1,256 |
2,008 |
Installment |
34 |
46 |
1 |
28 |
13 |
Total net chargeoffs |
$ 1,600 |
2,179 |
1,508 |
1,367 |
2,069 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
06/30/14 |
03/31/14 |
12/31/13 |
09/30/13 |
06/30/13 |
|
|
|
|
|
|
Total nonperforming loans(1) |
$ 40,907 |
44,907 |
43,393 |
41,726 |
43,442 |
Total nonperforming assets(1) |
49,202 |
53,914 |
52,122 |
51,553 |
53,787 |
Total net chargeoffs(2) |
1,600 |
2,179 |
1,508 |
1,367 |
2,069 |
|
|
|
|
|
|
Allowance for loan losses(1) |
46,935 |
47,035 |
47,714 |
47,722 |
47,589 |
|
|
|
|
|
|
Nonperforming loans to total loans |
1.36% |
1.53% |
1.49% |
1.47% |
1.57% |
Nonperforming assets to total assets |
1.07% |
1.18% |
1.15% |
1.16% |
1.21% |
Allowance for loan losses to total loans |
1.56% |
1.60% |
1.64% |
1.68% |
1.72% |
Coverage ratio(1) |
114.7% |
104.7% |
110.0% |
114.4% |
109.5% |
Annualized net chargeoffs to average
loans(2) |
0.22% |
0.30% |
0.21% |
0.20% |
0.29% |
Allowance for loan losses to annualized net
chargeoffs(2) |
7.3x |
5.4x |
7.9x |
8.7x |
6.0x |
|
|
|
|
|
|
* 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) |
June 30, 2014 |
June 30, 2013 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
|
Rate |
Balance |
|
Rate |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
U. S. government sponsored enterprises |
$ 110,783 |
381 |
1.38% |
$ 218,199 |
627 |
1.15% |
Mortgage backed securities
and collateralized mortgage obligations-residential |
589,334 |
3,299 |
2.24 |
545,989 |
2,701 |
1.98 |
State and political subdivisions |
3,823 |
70 |
7.32 |
13,098 |
231 |
7.05 |
Corporate bonds |
1,403 |
2 |
0.48 |
54,724 |
233 |
1.70 |
Small Business Administration-guaranteed
participation securities |
108,072 |
539 |
1.99 |
114,760 |
564 |
1.97 |
Mortgage backed securities and collateralized
mortgage obligations-commercial |
10,871 |
38 |
1.40 |
11,136 |
38 |
1.36 |
Other |
665 |
4 |
2.41 |
660 |
3 |
1.82 |
|
|
|
|
|
|
|
Total securities available for sale |
824,951 |
4,333 |
2.10 |
958,566 |
4,397 |
1.83 |
|
|
|
|
|
|
|
Federal funds sold and other short-term
Investments |
606,809 |
376 |
0.25 |
529,672 |
327 |
0.25 |
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
Corporate bonds |
9,950 |
154 |
6.18 |
13,947 |
214 |
6.14 |
Mortgage backed securities and collateralized
mortgage obligations-residential |
70,377 |
577 |
3.28 |
93,644 |
716 |
3.06 |
|
|
|
|
|
|
|
Total held to maturity securities |
80,327 |
731 |
3.64 |
107,591 |
930 |
3.46 |
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,937 |
128 |
4.68 |
10,434 |
121 |
4.64 |
|
|
|
|
|
|
|
Commercial loans |
221,819 |
2,842 |
5.12 |
214,158 |
2,812 |
5.25 |
Residential mortgage loans |
2,401,020 |
27,548 |
4.59 |
2,177,171 |
25,866 |
4.75 |
Home equity lines of credit |
339,884 |
3,064 |
3.62 |
333,510 |
2,806 |
3.37 |
Installment loans |
5,827 |
167 |
11.47 |
4,930 |
162 |
13.16 |
|
|
|
|
|
|
|
Loans, net of unearned income |
2,968,550 |
33,621 |
4.53 |
2,729,769 |
31,646 |
4.64 |
|
|
|
|
|
|
|
Total interest earning assets |
4,491,574 |
39,189 |
3.49 |
4,336,032 |
37,421 |
3.45 |
|
|
|
|
|
|
|
Allowance for loan losses |
(47,389) |
|
|
(48,298) |
|
|
Cash & non-interest earning assets |
135,326 |
|
|
146,387 |
|
|
|
|
|
|
|
|
|
Total assets |
$ 4,579,511 |
|
|
$ 4,434,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Interest bearing checking accounts |
$ 632,266 |
89 |
0.06% |
$ 581,785 |
82 |
0.06% |
Money market accounts |
655,009 |
618 |
0.38 |
650,927 |
630 |
0.39 |
Savings |
1,240,158 |
592 |
0.19 |
1,218,683 |
829 |
0.27 |
Time deposits |
1,144,165 |
2,035 |
0.71 |
1,119,710 |
1,883 |
0.67 |
|
|
|
|
|
|
|
Total interest bearing deposits |
3,671,598 |
3,334 |
0.36 |
3,571,105 |
3,424 |
0.38 |
Short-term borrowings |
189,802 |
342 |
0.72 |
179,878 |
367 |
0.82 |
|
|
|
|
|
|
|
Total interest bearing liabilities |
3,861,400 |
3,676 |
0.38 |
3,750,983 |
3,791 |
0.41 |
|
|
|
|
|
|
|
Demand deposits |
316,759 |
|
|
301,123 |
|
|
Other liabilities |
22,325 |
|
|
20,590 |
|
|
Shareholders' equity |
379,027 |
|
|
361,425 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,579,511 |
|
|
$ 4,434,121 |
|
|
|
|
|
|
|
|
|
Net interest income , tax equivalent |
|
35,513 |
|
|
33,630 |
|
|
|
|
|
|
|
|
Net interest spread |
|
|
3.11% |
|
|
3.04% |
|
|
|
|
|
|
|
Net interest margin (net interest income to
total interest earning assets) |
|
|
3.16% |
|
|
3.10% |
|
|
|
|
|
|
|
Tax equivalent adjustment |
|
(33) |
|
|
(90) |
|
|
|
|
|
|
|
|
Net interest income |
|
35,480 |
|
|
33,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Six months ended |
Six months ended |
(Unaudited) |
June 30, 2014 |
June 30, 2013 |
|
Average |
Interest |
Average |
Average |
Interest |
Average |
|
Balance |
|
Rate |
Balance |
|
Rate |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
U. S. government sponsored enterprises |
$ 139,907 |
887 |
1.27% |
$ 244,430 |
1,443 |
1.18% |
Mortgage backed securities
and collateralized mortgage obligations-residential |
567,700 |
6,377 |
2.25 |
551,667 |
5,470 |
1.98 |
State and political subdivisions |
4,971 |
175 |
7.04 |
15,812 |
516 |
6.53 |
Corporate bonds |
4,956 |
61 |
2.47 |
51,061 |
451 |
1.76 |
Small Business Administration-guaranteed
participation securities |
109,079 |
1,095 |
2.01 |
107,263 |
1,060 |
1.98 |
Mortgage backed securities
and collateralized mortgage obligations-commercial |
10,904 |
76 |
1.39 |
9,764 |
67 |
1.37 |
Other |
662 |
8 |
2.42 |
660 |
8 |
2.42 |
|
|
|
|
|
|
|
Total securities available for sale |
838,179 |
8,679 |
2.07 |
980,657 |
9,015 |
1.84 |
|
|
|
|
|
|
|
Federal funds sold and other short-term
Investments |
591,167 |
727 |
0.25 |
468,154 |
572 |
0.25 |
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
Corporate bonds |
9,948 |
308 |
6.18 |
18,086 |
526 |
5.81 |
Mortgage backed securities and collateralized
mortgage obligations-residential |
72,340 |
1,202 |
3.32 |
98,598 |
1,505 |
3.05 |
|
|
|
|
|
|
|
Total held to maturity securities |
82,288 |
1,510 |
3.67 |
116,684 |
2,031 |
3.48 |
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan
Bank stock |
10,720 |
261 |
4.87 |
10,035 |
240 |
4.78 |
|
|
|
|
|
|
|
Commercial loans |
222,074 |
5,639 |
5.08 |
215,178 |
5,659 |
5.26 |
Residential mortgage loans |
2,378,199 |
54,530 |
4.59 |
2,156,733 |
51,550 |
4.79 |
Home equity lines of credit |
340,281 |
6,000 |
3.56 |
333,472 |
5,606 |
3.39 |
Installment loans |
5,712 |
334 |
11.78 |
4,730 |
320 |
13.65 |
|
|
|
|
|
|
|
Loans, net of unearned income |
2,946,266 |
66,503 |
4.52 |
2,710,113 |
63,135 |
4.67 |
|
|
|
|
|
|
|
Total interest earning assets |
4,468,620 |
77,680 |
3.48 |
4,285,643 |
74,993 |
3.51 |
|
|
|
|
|
|
|
Allowance for loan losses |
(47,802) |
|
|
(48,377) |
|
|
Cash & non-interest earning assets |
132,906 |
|
|
149,670 |
|
|
|
|
|
|
|
|
|
Total assets |
$ 4,553,724 |
|
|
$ 4,386,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Interest bearing checking accounts |
$ 619,076 |
173 |
0.06% |
$ 567,261 |
162 |
0.06% |
Money market accounts |
650,828 |
1,217 |
0.38 |
655,027 |
1,315 |
0.40 |
Savings |
1,232,803 |
1,355 |
0.22 |
1,211,173 |
1,745 |
0.29 |
Time deposits |
1,142,001 |
3,986 |
0.70 |
1,104,379 |
3,703 |
0.68 |
|
|
|
|
|
|
|
Total interest bearing deposits |
3,644,708 |
6,731 |
0.37 |
3,537,840 |
6,925 |
0.39 |
Short-term borrowings |
195,954 |
735 |
0.76 |
174,001 |
731 |
0.85 |
|
|
|
|
|
|
|
Total interest bearing liabilities |
3,840,662 |
7,466 |
0.39 |
3,711,841 |
7,656 |
0.42 |
|
|
|
|
|
|
|
Demand deposits |
316,386 |
|
|
294,449 |
|
|
Other liabilities |
22,499 |
|
|
20,339 |
|
|
Shareholders' equity |
374,177 |
|
|
360,307 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 4,553,724 |
|
|
$ 4,386,936 |
|
|
|
|
|
|
|
|
|
Net interest income , tax equivalent |
|
70,214 |
|
|
67,337 |
|
|
|
|
|
|
|
|
Net interest spread |
|
|
3.09% |
|
|
3.09% |
|
|
|
|
|
|
|
Net interest margin (net interest income to
total interest earning assets) |
|
|
3.15% |
|
|
3.15% |
|
|
|
|
|
|
|
Tax equivalent adjustment |
|
(78) |
|
|
(192) |
|
|
|
|
|
|
|
|
Net interest income |
|
70,136 |
|
|
67,145 |
|
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) |
|
|
|
|
|
|
06/30/14 |
03/31/14 |
06/30/13 |
|
|
Tangible Book Value Per
Share |
|
|
|
|
|
|
|
|
|
|
|
Equity |
$ 385,017 |
371,779 |
348,623 |
|
|
Less: Intangible assets |
553 |
553 |
553 |
|
|
Tangible equity |
384,464 |
371,226 |
348,070 |
|
|
|
|
|
|
|
|
Shares outstanding |
94,665 |
94,564 |
94,204 |
|
|
Tangible book value per share |
4.06 |
3.93 |
3.69 |
|
|
Book value per share |
4.07 |
3.93 |
3.70 |
|
|
|
|
|
|
|
|
Tangible Equity to Tangible
Assets |
|
|
|
|
|
Total Assets |
4,589,129 |
4,578,737 |
4,443,204 |
|
|
Less: Intangible assets |
553 |
553 |
553 |
|
|
Tangible assets |
4,588,576 |
4,578,184 |
4,442,651 |
|
|
|
|
|
|
|
|
Tangible Equity to Tangible Assets |
8.38% |
8.11% |
7.83% |
|
|
Equity to Assets |
8.39% |
8.12% |
7.85% |
|
|
|
|
|
|
|
|
|
3 Months
Ended |
6 Months
Ended |
Efficiency Ratio |
06/30/14 |
03/31/14 |
06/30/13 |
06/30/14 |
06/30/13 |
|
|
|
|
|
|
Net interest income (fully taxable
equivalent) |
$ 35,513 |
34,701 |
33,630 |
70,214 |
67,337 |
Non-interest income |
4,505 |
5,759 |
5,916 |
10,264 |
10,508 |
Less: Net gain on sale of building and
net gain on sale of nonperforming loans |
163 |
1,556 |
-- |
1,719 |
-- |
Less: Net gain on securities |
-- |
6 |
1,432 |
6 |
1,434 |
Recurring revenue |
39,855 |
38,898 |
38,114 |
78,753 |
76,411 |
|
|
|
|
|
|
Total Noninterest expense |
19,437 |
20,801 |
21,869 |
40,238 |
43,426 |
Less: Other real estate (income)
expense, net |
(1,688) |
855 |
1,473 |
(833) |
2,222 |
Recurring expense |
21,125 |
19,946 |
20,396 |
41,071 |
41,204 |
|
|
|
|
|
|
Efficiency Ratio |
53.00% |
51.28% |
53.51% |
52.15% |
53.92% |
CONTACT: Kevin T. Timmons
Vice President/Treasurer
(518) 381-3607
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