Income up 13.4 percent at Trustco
Trustco Bank announced that it ended the year with $37.5 million in net income, up 13.4 percent from $33.1 million in 2011. The Glenville-based commercial bank saw income rise 12.5 percent in the fourth quarter, as well, to $9.8 million compared to the previous year's fourth quarter income of $8.7 million.
"We are pleased that 2012 resulted in continued solid earnings growth," said president and CEO Robert McCormick in a statement. "We continue to add profitable customer relationships on both the deposit and loan side, which helped our bottom line grow in 2012 and we believe we will continue to do so into 2013."
Because of a "highly liquid" balance sheet, Trustco Bank was able to restructure its deposit mix last year and fund loan growth without overpaying for deposits.
Average loans were up $149.6 million last year, or 6.2 percent from 2011. Average deposits increased $172.1 million, or 4.7 percent, over the same period.
McCormick acknowledged the banking industry faces challenges in a still-fragile economy, but said he looks optimistically into the new year.
"We continue to see some signs of economic improvements in the markets in which we operate, although high levels of unemployment and other persistent issues continue to constrain any significant economic growth," he said. "We believe our long-term focus on traditional lending criteria and conservative balance sheet management has enabled us to maintain a strong balance sheet and continued profitability. As a result, we have been able to focus on conducting business, which has put us in a position to take advantage of changes in market and competitive conditions."
Reach Gazette reporter Bethany Bump at 395-3107 or email@example.com.