Trustco has good second quarter
TrustCo Bank Corp NY saw its net income rise and experienced strong loan growth in the second quarter of the year.
The holding company for Glenville-based Trustco Bank announced yesterday that its net income rose 7.7 percent from $9.1 million in the second quarter of 2012 to $9.8 million in the second quarter of 2013.
“Our results for the first half of 2013 were solid both in terms of bottom line growth and in positioning our business for the balance of the year and beyond," said company President and CEO Robert J. McCormick in a news release. "In addition to the gain in net income, we continue to add profitable customer relationships on both the loan and deposit sides of the bank."
Average loans were up $186.1 million in the second quarter compared to the same period last year. Average deposits fell $3.4 million, but the type of deposits made shifted away from more costly time deposits and toward the more favorable core deposits, which typically represent longer term customer relationships.
The return on average assets was 0.88 percent in the second quarter, up from 0.83 percent last year. The return on average equity was 10.83 percent, down from 10.49 percent last year.
Earnings per share were a little more than 10.4 cents in the second quarter, up 7.1 percent from 9.7 cents last year. Meanwhile, in the first half of the year TrustCo earned $18.9 million, or 20.1 cents per share, up from $18 million, or 19.2 cents per share in the first half of 2012.
"We look forward to the second half of 2013 with optimism, though we note that our industry continues to face challenges as the economy remains fragile and interest rate environment remains mixed. We will continue to take advantage of opportunities as they are presented."
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