TrustCo Bank Corp. NY Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
January 21, 2016 at 09:00 pm
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TrustCo Bank Corp. NY reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $40,151,000 against $39,765,000 a year ago. Net interest income was $36,262,000 against $35,669,000 a year ago. Net interest income after provision for loan losses was $34,962,000 against $34,669,000 a year ago. Income before taxes was $16,284,000 against $17,181,000 a year ago. Net income was $10,180,000 against $10,660,000 a year ago. Diluted earnings per share were $0.107 against $0.112 a year ago. Return on average assets was 0.86% compared to 0.92% a year ago. Return on average equity was 9.75% compared to 10.70% a year ago. Core Net Income was $10,180,000 or $0.107 per diluted share against $10,616,000 or $0.112 per diluted share a year ago.
For the year, the company reported total interest income of $159,345,000 against $156,941,000 a year ago. Net interest income was $143,222,000 against $141,583,000 a year ago. Net interest income after provision for loan losses was $139,448,000 against $136,353,000 a year ago. Income before taxes was $66,760,000 against $71,589,000 a year ago. Net income was $42,238,000 against $44,193,000 a year ago. Diluted earnings per share were $0.444 against $0.466 a year ago. Return on average assets was 0.89% compared to 0.97% a year ago. Return on average equity was 10.41% compared to 11.54% a year ago. Book value per share was $4.34 compared to $4.15 a year ago. Core Net Income was $42,201,000 or $0.443 per diluted share against $41,509,000 or $0.438 per diluted share a year ago.
For the quarter, total net chargeoffs were 1,687,000 compared to $1,185,000 a year ago. Quarterly net chargeoffs increased to 0.21% of average loans on an annualized basis, compared to 0.15% for the fourth quarter of 2014.
TrustCo Bank Corp NY is a savings and loan holding company. The Company operates, through its principal subsidiary, Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals and businesses. The Bank operates over 156 automatic teller machines and approximately 140 banking offices in New York, New Jersey, Vermont, Massachusetts, and Florida. The Bankâs business consists of accepting deposits and making loans and investments. The Bank also lends in Essex and Fulton counties, Passaic counties, and Sumter counties. The Bank provides a range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. In addition, the Companyâs Financial Services Department offers a range of retirement planning, and trust and estate administration services.
TrustCo Bank Corp. NY Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015