Trustco Bank’s holding company had a good start to the year with net income, deposits per branch and average loans all up from last year.
TrustCo Bank Corp NY, of Glenville, had net income of $11 million in the first quarter of the year, up more than 20 percent from $9.2 million one year earlier, according to financial results reported Monday.
It also turned out to be a great quarter for loans, which reached an all-time high of $2.94 billion — up 8.7 percent from the first quarter of 2013. Much of the increase came from residential mortgage loans, which rose more than $219 million.
By the end of the first quarter, the average Trustco branch had $28.7 million in deposits, up $731,000 from last year. Average deposits were up $141.6 million. Core deposits, which typically represent longer term customer relationships, were up $90.7 million.
“Our results for the first quarter of 2014 continued our progress in terms of solid bottom line growth and in positioning our business for the future,” said TrustCo President and CEO Robert J. McCormick. “In addition to the significant increase in net income, we continued to add profitable customer relationships on both the loan and deposit sides of the bank. Our highly liquid balance sheet continues to allow us to fund our loan growth without having to overpay for deposits.”
Trustco Bank has 139 offices across New York, New Jersey, Vermont, Massachusetts and Florida. McCormick credited continued economic improvements, especially in Florida, for allowing the company to take advantage of changes in the market and competitive conditions.