Trustco Bank Corp reports net income up 5.7 percent in third quarter

TrustCo Bank Corp on Tuesday announced net income of $8.4 million for the third quarter of 2010, up
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TrustCo Bank Corp on Tuesday announced net income of $8.4 million for the third quarter of 2010, up 5.7 percent over the same quarter of 2009.

The amount is equal to diluted earnings of per share of $0.109, compared with net income of $7.9 million and diluted earnings per share of $0.103 for the third quarter of 2009.

For the first nine months of this year, TrustCo’s net income was $22.4 million and resulted in diluted earnings per share of $0.292. In the first nine months of 2009, net income was of $19.6 million and diluted earnings per share were $0.257.

TrustCo continued to report strong growth in loans and deposits on a year-over-year basis. For the quarter ended Sept. 30, average loans were up $134.6 million or 6.1 percent, compared with the same period in 2009, while average deposits were up $200.3 million or 6.2 percent over the same period.

Nonperforming loans were $50.6 million as of Sept. 30, compared with $49.9 million as of June 30, and $46.0 million as of Dec. 31.

As of Sept. 30, the company reported nonperforming loans were equal to 2.15 percent of total loans, compared with 2.14 percent at the end of the second quarter and 1.97 percent in September 2009.

TrustCo Bank Corp is a $3.8 billion bank holding company and through its subsidiary, Trustco Bank, operates 133 offices in New York, New Jersey, Vermont, Massachusetts, and Florida.

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