Trustco reports strong first half
TrustCo Bank Corp NY saw net income, loans and deposits rise in the second quarter of the year.
The holding company for Glenville-based Trustco Bank had $11.8 million in net income in the quarter ending June 30, up nearly 21 percent from $9.8 million in the second quarter of 2013.
“Our results for the second quarter of 2014 continued our solid bottom line growth and positioning our business for the future," said president and CEO Robert J. McCormick in a news release issued this week.
Average loans were up $238.8 million, or 8.7 percent, in the second quarter of the year compared to last year. Average deposits were up $116.1 million over this period. Most of the gain in deposits came from core deposit accounts, which typically represent longer term customer relationships and are usually lower cost than time deposits. Average core deposits rose $91.7 million in the second quarter.
Return on average assets rose from 0.88 percent to 1.03 percent. Return on average equity rose from 10.83 percent to 12.5 percent.
Diluted earnings per share rose 20.2 percent from 1.04 cents to 1.25 cents.
"The company had a strong first half of 2014 and we look forward to the remainder of the year with optimism," McCormick said. "We will continue taking advantage of opportunities as they are presented.”
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