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 18, 2000
(April 18, 2000)
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.)
192 Erie Boulevard, Schenectady, New York 12305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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TrustCo Bank Corp NY
Item 5. Other Events
Two press releases were issued on April 18, 2000, discussing first
quarter results for 2000. 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 18, 2000, with first quarter
2000 results.
99(b) Press release dated April 18, 2000,
with first quarter 2000 results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 18, 2000
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
Robert T. Cushing
Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
__________________ ______________________________ ________
99(a) One page press release dated April 18,
2000, highlighting first quarter 2000
results. 5
99(b) Press release dated April 18, 2000,
highlighting first quarter 2000 results. 6
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TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
_______________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
William F. Terry
Senior Vice President and Secretary
(518) 381-3611
Schenectady, New York - April 18, 2000
FOR IMMEDIATE RELEASE:
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
<TABLE>
3/00 3/99
Three Months Ended March 31:
<S> <C> <C>
Net Income $ 10,270 9,323
Provision for Loan Losses 850 1,513
Average Equivalent Shares Outstanding:
Basic 53,444,000 53,747,000
Diluted 55,189,000 55,985,000
Net Income per Share:
Basic $ 0.192 0.173
Diluted 0.186 0.167
Period End:
Total Assets 2,353,653 2,434,163
Total Nonperforming Loans 10,129 12,107
Total Nonperforming Assets 11,729 15,057
Allowance for Loan Losses 55,666 54,772
Allowance as a Percentage
of Total Loans 4.11% 4.16%
Note: All share and per share information is calculated prior to the 2 for 1 stock split declared August 1999.
# # #
</TABLE>
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TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
_______________________________________________________________________________
192 Erie Boulevard, Schenectady, New York, 12305
(518) 377-3311 Fax: (518) 381-3668
William F. Terry
Senior Vice President and Secretary
518-381-3611
FOR IMMEDIATE RELEASE:
TRUSTCO ANNOUNCES RECORD FIRST QUARTER 2000 RESULTS;
NET INCOME INCREASE OF 10%
Schenectady, New York - April 18, 2000
TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced record first
quarter earnings results. Net income for the three months ended March 31, 2000
was $10.3 million compared to $9.3 million for 1999, an increase of 10%. Diluted
earnings per share were $0.186 for the first quarter 2000 compared to $0.167 for
1999, an increase of 11%. Return on average assets and return on average
stockholders' equity were 1.76% and 24.24% for 2000, and 1.55% and 22.45% for
1999, respectively.
Robert A. McCormick, TrustCo's President and Chief Executive Officer noted " I
am delighted by the first quarter's results, and expect that 2000 will be
another record year for TrustCo. We have achieved strong operating performance
so far, and I am especially pleased with the growth in the income from Trust
services which is up 11.5% over last year."
The first quarter 2000 results highlight the significant growth in taxable
equivalent net interest income from $23.4 million in 1999 to $25.5 million in
2000, an increase of 9%. The growth in taxable equivalent net interest income is
a result of reductions in deposit costs complemented by growth in income from
earning assets. Commenting on this significant development, Mr. McCormick stated
" we have positioned TrustCo to take advantage of market opportunities as they
become available. During 1999, we successfully executed a deleveraging program
to reduce the absolute level of high cost deposits in our bank, resulting in a
reduction in deposit yields from 3.75% in the first quarter of 1999 to 3.53% for
the comparable period in 2000. During the first quarter of this year we have
taken advantage of higher interest rates in the marketplace and redeployed funds
from overnight investments into our loan and securities portfolios. These
actions have resulted in an increase in the average yield on earning assets
rising from 7.26% in 1999 to 7.62% in 2000. These strategic moves provide a
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strong foundation for future profit growth and will continue to benefit TrustCo
for the remainder of this year." TrustCo's goal for 2000 is a return on average
stockholders' equity of 23% for the year.
Continued focus on expense controls has resulted in a first quarter efficiency
ratio of 38.3% for 2000 compared to 41.3% for 1999. TrustCo has consistently
been recognized as a leader in expense control, and the first quarter results
continue that tradition. Mr. McCormick noted " The consistently strong financial
results that TrustCo has posted over the last 15 years are the result of a focus
on the fundamentals. We are proud of our expense control policies and the
additional shareholder value that they have created ". During the first quarter,
TrustCo received the SalomonSmithBarney 1999 Mid-Cap Bank Monitor Award for a
first place ranking in operating efficiency.
Also during the first quarter TrustCo announced the signing of a definitive
agreement to acquire Landmark Financial Corp. Landmark is the holding company
for Landmark Community Bank located in Canajoharie. TrustCo anticipates
retaining the savings bank charter from Landmark in order to launch a second
banking subsidiary under the banner of Trustco Savings Bank. Commenting on these
developments, Mr. McCormick noted " With the addition of Landmark, we will have
a full range of banking delivery vehicles; Trustco Bank, N.A., our commercial
bank, TrustcoBankUSA, our internet delivery network, and now Trustco Savings
Bank as our savings bank affiliate. These entities give TrustCo all the
flexibility needed to successfully compete in the 21st century."
TrustCo Bank Corp NY is a $2.4 billion bank holding company which serves the
financial needs of customers through its banking subsidiary, Trustco Bank,
National Association. Trustco Bank operates 53 bank offices, in Albany,
Columbia, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and
Washington Counties. In addition, Trustco Bank operates a full service Trust
Department with $1.4 billion of assets under management.
Except for historical information contained herein, the matters discussed in
this news release and other information contained in TrustCo's Securities and
Exchange Commission filings may express "forward looking statements". Those
"forward looking statements" may involve risk and uncertainties, including
statements concerning future events or performance and assumptions and other
statements that are other than statements of historical facts. TrustCo wishes to
caution readers not to place undue reliance on any forward looking statements,
which speak only as of the date made. Readers are advised that various risk
factors, including but not limited to: (1) credit risk, (2) interest rate risk,
(3) competition, (4) certain vendors critical systems or services failing to
comply with Year 2000 programming issues, (5) changes in the regulatory
environment, and (6) changes in general business and economic trends, could
cause the actual results or circumstances for future periods to differ
materially from those anticipated or projected.
TrustCo does not undertake, and specifically disclaims any obligation, to
publicly release the results of any revisions that may be made to any forward
looking statements to reflect the occurrence of unanticipated events or
circumstances after the date of such statement.
# # #
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TRUSTCO BANK CORP NY
SCHENECTADY, NY
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
03/31/2000 12/31/99 03/31/99
Summary of operations
<S> <C> <C> <C>
Net interest income (TE) $25,480 25,036 23,387
Provision for loan losses 850 1,050 1,513
Net securities transactions (1,049) (3,216) (420)
Noninterest income 4,851 5,064 5,840
Noninterest expense 11,922 10,581 12,202
Net income 10,270 9,398 9,323
Per common share (1)
Net income per share:
- Basic 0.192 0.176 0.173
- Diluted 0.186 0.168 0.167
Cash dividends 0.150 0.150 0.138
Book value at period end 3.19 3.11 3.44
Market price at period end 11.69 13.25 12.50
At period end
Full time equivalent employees 458 455 477
Full service banking offices 53 53 53
Performance ratios
Return on average assets 1.76 % 1.58 1.55 %
Return on average equity (2) 24.24 21.92 22.45
Efficiency (3) 38.31 37.58 41.31
Net interest spread (TE) 4.00 3.92 3.49
Net interest margin (TE) 4.47 4.39 3.94
Dividend payout ratio 78.07 85.54 79.42
Capital ratios at period end (4)
Total equity to assets 7.24 7.13 6.98
Tier 1 risk adjusted capital 13.66 13.55 13.14
Total risk adjusted capital 14.95 14.84 14.43
Asset quality analysis at period end
Nonperforming loans to total loans 0.75 0.73 0.92
Nonperforming assets to total assets 0.50 0.49 0.62
Allowance for loan losses to total loans 4.11 4.14 4.16
Coverage ratio (5) 5.5 X 5.6 X 4.5 X
(1) All share and per share information is adjusted for the 2 for 1 stock split declared August, 1999.
(2) Average equity excludes the effect of the market value adjustment for securities
available for sale.
(3) Calculated as noninterest expense (excluding ORE expense and any nonrecurring
charges) divided by taxable equivalent net interest income plus noninterest
income (excluding ORE income and net securities transactions).
(4) Capital ratios exclude the effect of the market value adustment for securities
available for sale.
(5) Calculated as allowance for loan losses divided by total nonperforming loans.
TE = Taxable equivalent.
</TABLE>
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CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<TABLE>
<CAPTION>
03/31/2000 12/31/99 03/31/99
ASSETS
<S> <C> <C> <C>
Loans, net $1,298,824 1,293,989 1,263,416
Securities available for sale 653,593 640,830 681,160
Other short-term investments 7,783 9,970 0
Federal funds sold 258,000 266,000 364,000
Total earning assets 2,218,200 2,210,789 2,308,576
Cash and due from banks 35,308 54,542 38,233
Bank premises and equipment 16,223 16,209 15,824
Other assets 83,922 82,482 71,530
Total assets $2,353,653 2,364,022 2,434,163
LIABILITIES
Deposits:
Demand $163,730 155,313 146,107
Interest-bearing checking 273,283 272,384 261,458
Savings 641,036 641,650 665,592
Money Market 56,437 58,557 58,941
Certificates of deposit > $100 thou 121,028 115,636 122,053
Other time deposits 735,544 751,369 806,407
Total deposits 1,991,058 1,994,909 2,060,558
Short-term borrowings 145,034 152,782 144,350
Other liabilities 47,017 49,975 44,038
Total liabilities 2,183,109 2,197,666 2,248,946
SHAREHOLDERS' EQUITY 170,544 166,356 185,217
Total liabilities and
shareholders' equity $2,353,653 2,364,022 2,434,163
Number of common shares
outstanding, in thousands 53,417 53,408 53,822
</TABLE>
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CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
03/31/2000 12/31/99 03/31/99
Interest income
<S> <C> <C> <C>
Loans $27,432 27,002 26,560
Investments 11,225 11,147 10,890
Federal funds sold 3,587 3,701 4,216
Total interest income 42,244 41,850 41,666
Interest expense
Deposits 16,055 16,319 17,791
Borrowings 1,746 1,571 1,448
Total interest expense 17,801 17,890 19,239
Net interest income 24,443 23,960 22,427
Provision for loan losses 850 1,050 1,513
Net interest income after
provision for loan losses 23,593 22,910 20,914
Net securities transactions (1,049) (3,216) (420)
Noninterest income 4,851 5,064 5,840
Noninterest expense 11,922 10,581 12,202
Income before income taxes 15,473 14,177 14,132
Income tax expense 5,203 4,779 4,809
Net income $10,270 9,398 9,323
Net income per share:
- Basic $0.192 0.176 0.173
- Diluted 0.186 0.168 0.167
Avg equivalent shares outstanding, in thousands:
- Basic 53,444 53,541 53,747
- Diluted 55,189 55,778 55,985
</TABLE>
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CONSOLIDATED AVERAGE BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
03/31/2000 12/31/99 03/31/99
<S> <C> <C> <C>
Total assets $2,347,207 2,362,258 2,442,857
Shareholders' equity 165,477 172,636 186,563
Total loans 1,353,172 1,342,352 1,319,010
Interest earning assets 2,274,660 2,289,312 2,356,900
Interest-bearing liabilities 1,978,639 1,986,938 2,069,330
</TABLE>
