TrustCo Bank Corp NY (Nasdaq:TRST) operates as the holding company for Trustco Bank that provides various banking products and services to individuals, partnerships, and corporations. The company accepts deposits and originates loans and investments. TrustCo Bank also provides asset and wealth management services, estate planning and related advice, and custodial services, as well as serves as executor of estates and trustee of personal trusts; and acts as trustee for various types of employee benefit plans, and corporate pension and profit sharing trusts.
TrustCo Bank Corp NY yesterday announced net income for the fourth quarter of 2011 of $8.7 million, up 26.2% over the prior-year period and equal to diluted earnings per share of $0.093, compared to net income of $6.9 million and diluted earnings per share of $0.090 for the fourth quarter of 2010. Fourth quarter 2011 per share results include the full quarter effect of the common stock offering completed on July 6, 2011.
On a pre-tax basis, earnings were up 40.6% from $10.4 million in the fourth quarter of 2010 to $14.6 million in the fourth quarter of 2011. The fourth quarter of 2011 also saw continued core balance sheet growth. Return on average equity and return on average assets were 10.15% and 0.83%, respectively, for the fourth quarter of 2011, compared to 10.49% and 0.71% for the fourth quarter of 2010. Increased capital from the common stock offering led to a lower return on average equity for the fourth quarter of 2011. The efficiency ratio improved to 46.68% for the fourth quarter of 2011, compared to 53.25% for the fourth quarter of 2010, due to a combination of revenue growth and tight control of core operating expenses.
For more information about TrustCo Bank, please visit http://www.trustcobank.com
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