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): January 16, 2001
(January 16, 2001)
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
<PAGE>
TRUSTCO BANK CORP NY
ITEM 5. OTHER EVENTS
_______ _____________
On January 16, 2001, TrustCo Bank Corp NY ("TrustCo") issued two
press releases with year to date and fourth quarter results for
the period ending December 31, 2000. Attached is a copy of each
press release labeled as Exhibits 99(a) and 99(b).
ITEM 7 (c) Exhibits
_______
REG S-K EXHIBIT NO. DESCRIPTION
______________________________________________________
99(a) Highlights Press Release of January 16, 2001,
for the period ending December 31, 2000,
regarding year to date and fourth quarter results.
99(b) Press Release of January 16, 2001, for the
period ending December 31, 2000, regarding
year to date and fourth quarter results.
<PAGE>
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: January 16, 2001
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
_______________________
Robert T. Cushing
Vice President and
Chief Financial Officer
<PAGE>
EXHIBITS INDEX
The following exhibits are filed herewith:
REG S-K EXHIBIT NO. DESCRIPTION Page
___________________ ____________________________________ ______
99(a) Highlights Press Release of January 16, 5
2001, for the period ending December 31,
2000, regarding year to date and fourth
quarter results.
99(b) Press Release of January 16, 2001, for 6
the period ending December 31, 2000,
regarding year to date and fourth
quarter results.
<PAGE>
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: Schenectady, New York - January 16, 2001
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
12/00 12/99
_____________________________________
Three Months Ended December 31:
Net Income $ 10,174 9,398
Provision for Loan Losses 1,554 1,050
Average Equivalent Shares Outstanding:
Basic 61,413,000 61,573,000
Diluted 63,600,000 64,145,000
Net Income per Share:
Basic $ 0.166 0.153
Diluted 0.160 0.147
===== =====
Twelve Months Ended December 31:
Net Income 41,702 38,185
Provision for Loan Losses 4,114 5,063
Average Equivalent Shares Outstanding:
Basic 61,472,000 61,750,000
Diluted 63,516,000 64,296,000
Net Income per Share:
Basic $ 0.678 0.618
Diluted 0.657 0.594
===== =====
Period End:
Total Assets 2,456,198 2,364,022
Total Nonperforming Loans 11,661 9,921
Total Nonperforming Assets 13,572 11,692
Allowance for Loan Losses 56,298 55,820
Allowance as a Percentage
of Total Loans 3.82% 4.14%
Note: All share and per share information is adjusted for the 15% stock split
declared August, 2000.
<PAGE>
TRUSTCO Exhibit 99(b)
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 FULL YEAR AND FOURTH QUARTER 2000 RESULTS
Schenectady, New York - January 16, 2001
TRUSTCO BANK CORP NY (TRUSTCO, NASDAQ:TRST) today announced record results for
2000. Net income for the full year 2000 was $41.7 million, an increase of $3.5
million or 9.2% over net income of $38.2 million for 1999. Diluted earnings per
share were $0.657 for 2000; an increase of 10.6% compared to the $0.594 earnings
per share in 1999. Return on average equity and return on average assets were
24.07% and 1.76% respectively for 2000 and 22.52% and 1.58% respectively for
1999.
Net income for the fourth quarter of 2000 was $10.2 million, an increase of 8.3%
from the $9.4 million reported in the fourth quarter of 1999. Diluted earnings
per share were $0.160 for the quarter, or 8.8% greater than the $0.147 per share
reported in 1999's fourth quarter. Return on average equity and return on
average assets for the fourth quarter were 23.38% and 1.69% respectively for
2000, compared to 21.92% and 1.58% respectively for the fourth quarter of 1999.
All per share results for 2000 and 1999 have been adjusted for the 15% stock
split declared in 2000.
Highlights
Robert A. McCormick, TrustCo's President and Chief Executive Officer, commented
on the strong results for the quarter and full year 2000 "the results for 2000
are right on our targets for all performance measurements. We achieved a return
on average equity of 24.07%, an increase in our net income of 9.2% and an
efficiency ratio of 38.06%. These results are tremendous and validate our
commitment to serving the Upstate New York communities."
During the fourth quarter Trustco Bank, NA opened its 54th branch with its
newest location in Milton. Plans are underway for new branch facilities in
Glenville and Latham for early 2001. Trustco Savings Bank will also be expanding
its operations into new banking territory during 2001.
<PAGE>
Full Year 2000 Results
Net income for 2000 was $41.7 million, an increase of 9.2% over the net income
of $38.2 million in 1999. The increase in net income combined with TrustCo's
capital management process resulted in a return on average equity of 24.07% for
2000.
TrustCo's efficiency ratio for 2000 was 38.06% compared to 38.62% in 1999.
Commenting on these results Mr. McCormick noted "The delivery of high quality
banking services at the lowest possible cost is one of the guiding principles of
the Company. Year after year we are ranked among the most efficient banks in the
country." To illustrate this point Mr. McCormick noted " According to the latest
quarterly report published by SNL Securities the national average efficiency
ratio was 59.64%. Since TrustCo operates at a significantly lower efficiency
ratio, that results in $26.7 million of additional pre-tax savings which we pass
along to our shareholders."
During 2000, TrustCo paid 79.8% of its net income to shareholders in the form of
cash dividends. As Mr. McCormick noted, TrustCo's operating philosophy "is to
return to our owners any excess capital that cannot be effectively utilized by
the Company, while at the same time maintaining adequate capital levels for
regulatory purposes."
Also during 2000, the average total assets balance at TrustCo decreased by $38.3
million to $2.37 billion. The decrease was anticipated during 2000 as part of
the plan to reduce TrustCo's dependency on high cost non-core sources of
funding. Offsetting the lower asset balances was a significant increase in net
interest margin from 4.16% in 1999 to 4.47% in 2000. The increased margin was
the result of lowering the overall cost of deposits in relation to yields earned
on earning assets.
Asset quality remains strong at TrustCo. The allowance for loan losses is $56.3
million and represents 3.82% of loans outstanding. Nonperforming assets were
$13.6 million at year end 2000.
During 2000, TrustCo also recognized $5.0 million of net securities losses.
These losses were recognized so as to position the Company to reinvest the
proceeds in higher yielding loans and securities. This strategy has been
executed successfully at TrustCo for a number of years, and helps to insure that
the securities portfolio continues to outperform the industry.
Fourth Quarter Results
Net income of $10.2 million for the fourth quarter of 2000 was 8.3% greater than
the $9.4 million for the same period in 1999. Return on average equity for the
fourth quarter was 23.38% for 2000 compared to 21.92% for 1999. The efficiency
ratio for the quarter was 39.63 in 2000 compared to 37.58% in 1999. During the
quarter, the provision for loan losses was $1.6 million in 2000 compared to $1.1
million in 1999.
<PAGE>
TrustCo is a $2.5 billion bank holding company and through its subsidiaries,
Trustco Bank, National Association, and Trustco Savings Bank, operates 55 bank
offices in Albany, Columbia, Greene, Montgomery, Rensselaer, Saratoga,
Schenectady, Schoharie, Warren, and Washington counties. In addition, the bank
operates a full service Trust Department with $1.30 billion of assets under
management. The common shares of TrustCo are traded on the Nasdaq National
Market tier of the Nasdaq Stock Market under the symbol TRST.
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.
# # #
<PAGE>
TRUSTCO BANK CORP NY
SCHENECTADY, NY
<TABLE>
<CAPTION>
(dollars in thousands, except per share data)
Three Months Ended
12/31/2000 09/30/2000 12/31/99
Summary of operations
<S> <C> <C> <C>
Net interest income (TE) $25,255 25,892 25,036
Provision for loan losses 1,554 910 1,050
Net securities transactions 28 (1,644) (3,216)
Noninterest income 5,514 5,611 5,064
Noninterest expense 12,666 11,747 10,581
Net income 10,174 10,761 9,398
Per common share (1)
Net income per share:
- Basic 0.166 0.175 0.153
- Diluted 0.160 0.169 0.147
Cash dividends 0.150 0.130 0.130
Book value at period end 3.19 3.00 2.71
Market price at period end 12.19 10.70 11.52
At period end
Full time equivalent employees 474 473 455
Full service banking offices 55 54 53
Performance ratios
Return on average assets 1.69 % 1.79 1.58
Return on average equity (2) 23.38 24.32 21.92
Efficiency (3) 39.63 36.97 37.58
Net interest spread (TE) 3.83 3.99 3.92
Net interest margin (TE) 4.39 4.50 4.39
Dividend payout ratio 90.63 74.53 85.54
Capital ratios at period end (4)
Total equity to assets 7.20 7.32 7.13
Tier 1 risk adjusted capital 14.03 13.76 13.55
Total risk adjusted capital 15.32 15.05 14.84
Asset quality analysis at period end
Nonperforming loans to total loans 0.79 0.89 0.73
Nonperforming assets to total assets 0.55 0.60 0.49
Allowance for loan losses to total loans 3.82 3.88 4.14
Coverage ratio (5) 4.8 X 4.4 X 5.6 X
(1) All share and per share information is adjusted for the 15% stock split declared August, 2000.
(2) Average equity excludes the effect of the market value adjustment for securities
available for sale.
(3) Calculated as noninterest expense (excluding ORE income/expense and any nonrecurring
charges) divided by taxable equivalent net interest income plus noninterest
income (excluding 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>
<PAGE>
FINANCIAL HIGHLIGHTS, Continued
<TABLE>
<CAPTION>
Twelve Months Ended
12/31/2000 12/31/99
Summary of operations
<S> <C> <C>
Net interest income (TE) $102,526 97,195
Provision for loan losses 4,114 5,063
Net securities transactions (4,985) (5,446)
Noninterest income 21,351 20,862
Noninterest expense 47,767 45,636
Net income 41,702 38,185
Per common share (1)
Net income per share:
- Basic 0.678 0.618
- Diluted 0.657 0.594
Cash dividends 0.541 0.489
Book value at period end 3.19 2.71
Market price at period end 12.19 11.52
Performance ratios
Return on average assets 1.76 % 1.58 %
Return on average equity (2) 24.07 22.52
Efficiency (3) 38.06 38.62
Net interest spread (TE) 3.95 3.70
Net interest margin (TE) 4.47 4.16
Dividend payout ratio 79.78 79.16
</TABLE>
<PAGE>
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<TABLE>
<CAPTION>
12/31/2000 12/31/99
ASSETS
<S> <C> <C>
Loans, net $1,418,750 1,293,989
Securities available for sale 605,284 640,830
Other short-term investments 0 9,970
Federal funds sold 299,490 266,000
----------------------------------------------------
Total earning assets 2,323,524 2,210,789
Cash and due from banks 45,956 54,542
Bank premises and equipment 17,416 16,209
Other assets 69,302 82,482
----------------------------------------------------
Total assets $2,456,198 2,364,022
====================================================
LIABILITIES
Deposits:
Demand $191,260 155,313
Interest-bearing checking 277,543 272,384
Savings 588,595 641,650
Money Market 56,917 58,557
Certificates of deposit > $100 thou 123,211 115,636
Other time deposits 773,465 751,369
----------------------------------------------------
Total deposits 2,010,991 1,994,909
Short-term borrowings 192,898 152,782
Long-term debt 911 0
Other liabilities 55,555 49,975
----------------------------------------------------
Total liabilities 2,260,355 2,197,666
SHAREHOLDERS' EQUITY 195,843 166,356
----------------------------------------------------
Total liabilities and
shareholders' equity $2,456,198 2,364,022
====================================================
Number of common shares
outstanding, in thousands 61,371 61,420
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
12/31/2000 09/30/2000 12/31/99
Interest income
<S> <C> <C> <C>
Loans $29,904 28,953 27,002
Investments 10,734 11,299 11,147
Federal funds sold 3,690 3,846 3,701
-----------------------------------------------------------------------
Total interest income 44,328 44,098 41,850
Interest expense
Deposits 17,679 17,022 16,319
Borrowings 2,570 2,351 1,571
----------------------------------------------------------------------
Total interest expense 20,249 19,373 17,890
----------------------------------------------------------------------
Net interest income 24,079 24,725 23,960
Provision for loan losses 1,554 910 1,050
----------------------------------------------------------------------
Net interest income after
provision for loan losses 22,525 23,815 22,910
Net securities transactions 28 (1,644) (3,216)
Noninterest income 5,514 5,611 5,064
Noninterest expense 12,666 11,747 10,581
----------------------------------------------------------------------
Income before income taxes 15,401 16,035 14,177
Income tax expense 5,227 5,274 4,779
----------------------------------------------------------------------
Net income $10,174 10,761 9,398
======================================================================
Net income per share:
- Basic $0.166 0.175 0.153
- Diluted 0.160 0.169 0.147
Avg equivalent shares outstanding, in thousands
- Basic 61,413 61,526 61,573
- Diluted 63,600 63,579 64,145
======================================================================
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Twelve Months Ended
12/31/2000 12/31/99
Interest income
<S> <C> <C>
Loans $114,068 106,734
Investments 44,631 44,440
Federal funds sold 15,003 16,031
-----------------------------------------
Total interest income 173,702 167,205
Interest expense
Deposits 66,946 68,041
Borrowings 8,702 5,972
-----------------------------------------
Total interest expense 75,648 74,013
------------------------------------------
Net interest income 98,054 93,192
Provision for loan losses 4,114 5,063
------------------------------------------
Net interest income after
provision for loan losses 93,940 88,129
Net securities transactions (4,985) (5,446)
Noninterest income 21,351 20,862
Noninterest expense 47,767 45,636
------------------------------------------
Income before income taxes 62,539 57,909
Income tax expense 20,837 19,724
------------------------------------------
Net income $41,702 38,185
==========================================
Net income per share:
- Basic $0.678 0.618
- Diluted 0.657 0.594
Avg equivalent shares outstanding, in thousands
- Basic 61,472 61,750
- Diluted 63,516 64,296
==========================================
</TABLE>
<PAGE>
CONSOLIDATED AVERAGE BALANCE SHEETS
<TABLE>
<CAPTION>
Three Months Ended
12/31/2000 09/30/2000 12/31/99
<S> <C> <C> <C>
Total assets $2,398,221 2,388,763 2,362,258
Shareholders' equity 184,754 181,428 172,636
Total loans 1,455,688 1,410,150 1,342,352
Interest earning assets 2,305,494 2,304,268 2,289,312
Interest-bearing liabilities 1,982,662 1,987,710 1,986,938
Twelve Months Ended
12/31/2000 12/31/99
Total assets $2,372,926 2,411,195
Shareholders' equity 175,973 179,484
Total loans 1,395,414 1,329,458
Interest earning assets 2,292,094 2,335,682
Interest-bearing liabilities 1,981,369 2,036,442
</TABLE>
