Over the past three years, the holding company for Glenville-based Trustco Bank saw its stock performance dip 11 percent. Many other banks experienced similar performances, but Trustco officials assured shareholders Thursday that flattened expenses should help drive returns.
TrustCo Bank Corp NY shareholders learned about the health of their investments at the company’s annual meeting Thursday afternoon at Mallozzi’s Restaurant in Rotterdam. A copy of a presentation given at the meeting was filed Thursday with the U.S. Securities and Exchange Commission.
In the first three months of the year, Trustco’s return on average equity was 10.4 percent, compared to 8.6 percent from its peers. That was still a drop, however, from years past. In 2012, the return was 10.7 percent; in 2011 it was 11 percent; and in 2010 it was 11.5 percent.
The bank’s return on average assets was 0.86 percent in the first quarter of 2013, compared with an average return of 0.93 percent from its peers.
Its net interest margin was 3.19 percent in the first quarter, compared to 3.75 percent from its peers.
Nonperforming loans increased 2.13 percent, compared to 2.43 percent from its peers.
Deposits have seen a steady growth over the past 13 years, from $2 million in 2000 to $4 million at the end of the first quarter this year. Loans have also seen a steady increase over that time period, from nearly $1.5 million in 2000 to $2.7 million in the first quarter of this year.
Shareholders also elected a board of directors and approved an advisory resolution on compensation for the bank’s executive officers, but those results were not available in the SEC filing.