Trustco: Deposits up
TrustCo Bank Corp NY ended 2013 on a strong note, with net income, deposits per branch and core deposits all up from the year before.
Net income rose to $39.8 million in 2013, up 6.1 percent from the previous year, according to year-end financial results reported Tuesday by the holding company for the Glenville-based Trustco Bank. In the fourth quarter alone, net income rose 8.4 percent to $10.6 million.
The company also reported strong loan growth stemming from continued expansion of retail deposits and a shift from lower-yielding investment securities. Core deposits rose $192 million in 2013. These typically represent longer-term customer relationships and are lower cost than time deposits.
"Our results for the fourth quarter of 2013 continued the progress we made in the first nine months of the year in terms of bottom line growth and in positioning our business for the future," said company president and CEO Robert J. McCormick in a news release. "In addition to the gain in net income, we continue to add profitable customer relationships on both the loan and deposit sides of the bank."
TrustCo reported other strong financial news Tuesday. Deposits per branch grew from $27.6 million at the end of 2012 to $28.3 million at the end of 2013. In addition, the company earned $39.8 million, or about 42 cents per diluted share, in 2013 — up from $37.5 million, or 40 cents per share, earned in 2012.
"We look forward to 2014 with optimism, though we note that our industry continues to face challenges including an increasingly complex and burdensome regulatory environment, an economy that remains fragile and an interest rate environment that remains mixed," said McCormick. "We will continue to take advantage of opportunities as they are presented."
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