TrustCo Bank Corp. NY announced unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter, the company reported net interest income of $39,259,000 against $36,921,000 a year ago. Net income was $7,362,000 or $0.076 per basic and diluted share against $10,798,000 or $0.113 per basic and diluted share a year ago. Return on average assets was 0.60% against 0.89% a year ago. Return on average equity was 6.38% against 9.87% a year ago. Income before taxes was $19,700,000 against $17,454,000 a year ago. Total interest income was $43,012,000 against $40,622,000 a year ago. The company reported net interest income (taxable equivalent) of $39,248,000 against $36,907,000 a year ago.

For the full year, the company reported net interest income of $154,413,000 against $146,109,000 a year ago. Net income was $43,145,000 or $0.448 per basic share and $0.372 per diluted share against $42,601,000 or $0.445 per basic and diluted share a year ago. The year-over-year increase in net income came despite the impact of the revaluation of the company's deferred tax assets resulting from the recently enacted tax legislation. Return on average assets was 0.88% against 0.89% a year ago. Return on average equity was 9.64% against 9.94% a year ago. Income before taxes was $76,747,000 against $68,290,000 a year ago. Total interest income was $168,960,000 against $161,359,000 a year ago. The company reported net interest income of $154,368,000 against $146,055,000 a year ago. Tangible Book value at period end was $4.75 against $4.51 a year ago. Book value per share was $4.76 against $4.52 a year ago.

Net charge offs for the fourth quarter of 2017 decreased versus the fourth quarter of 2016, falling to $212,000 from $660,000 in the year earlier period.

For 2018, the company is expecting its combined effective tax rate to be approximately 23.5% based on currently known information. This effective rate could be impacted once the tax law changes are fully implemented during 2018. In addition, the company expects the cash flows from the loan portfolio to generate between $400 million and $500 million or the next twelve months, along with approximately $130 million to $140 million of investment securities cash flow during the same time period, all of which will be able to be invested at higher rates. This continued to give it a significant opportunity and flexibility as it move into 2018.