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TrustCo reports third-quarter income drop

TrustCo reports third-quarter income drop

TrustCo Bank Corp’s earnings slid during the third quarter as it braced for an uptick in bad loans a

TrustCo Bank Corp’s earnings slid during the third quarter as it braced for an uptick in bad loans and its trading gains narrowed.

The Glenville bank holding company Tuesday posted a quarterly net income of $9.03 million, down 15.1 percent from $10.64 million a year earlier. Earnings for the first nine months were down 13.3 percent at $26.93 million.

By the end of the quarter, the TrustCo Bank parent saw deposits over the year rise 2.3 percent to $3.05 billion. Loans were up 9.2 percent to $2.05 billion. Fueling that growth were six branches that opened during the period, bringing its total to 118 in New York, New Jersey, Vermont, Massachusetts and Florida.

The company during the quarter also increased its provision for loan losses to $1 million, up from $700,000 for the previous period and from zero a year earlier. Over the year, its ratio of nonperforming loans to total loans rose to 1.11 percent from 0.46 percent.

TrustCo’s trading gains, primarily from bonds, for the quarter fell to $14,000, down from $305,000 a year earlier. TrustCo officials said the company held no securities from Lehman Brothers Holdings or other financial institutions hammered by the financial crisis.

News of TrustCo’s quarterly results sent its stock down 3.14 percent to $11.10 per share by the close of trading Tuesday.

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