TrustCo Bank Corp NY (TRST) has reported a 5.17 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.95 million, or $0.11 a share in the quarter, compared with $10.41 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 3.94 percent to $41.53 million from $39.95 million in the previous year period. Net interest income for the quarter rose 3.37 percent over the prior year period to $37.40 million. Non-interest income for the quarter rose 3.39 percent over the last year period to $4.73 million.
TrustCo Bank Corp NY has made provision of $0.60 million for loan losses during the quarter, down 25 percent from $0.80 million in the same period last year.
Net interest margin improved 1 basis points to 3.14 percent in the quarter from 3.13 percent in the last year period. Efficiency ratio for the quarter improved to 55.81 percent from 56.22 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Robert J. McCormick, president and chief executive officer noted, "We are pleased to be able to report an increase in earnings in the first quarter of 2017 as compared to the first quarter of 2016. Improved revenue growth provided an encouraging start to 2017. Our focus on traditional lending criteria and conservative balance sheet management has enabled us to produce consistent earnings, maintain strong liquidity and capital and allowed us to continue to grow our business and take advantage of changes in market and competitive conditions. In terms of our core business, we continue to add customer relationships, which ultimately drive future growth. We will continue to take advantage of opportunities as they are presented during the balance of 2017 and beyond."
Assets outpace liabilities growth
Total assets stood at $4,886.74 million as on Mar. 31, 2017, up 2.59 percent compared with $4,763.26 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,448.04 million as on Mar. 31, 2017, up 2.48 percent from $4,340.24 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,404.89 million as on Mar. 31, 2017, up 4.54 percent compared with $3,256.98 million on Mar. 31, 2016. Deposits stood at $4,198.47 million as on Mar. 31, 2017, up 1.35 percent compared with $4,142.49 million on Mar. 31, 2016.
Investments stood at $690.83 million as on Mar. 31, 2017, up 7.32 percent or $47.13 million from year-ago. Shareholders equity stood at $438.70 million as on Mar. 31, 2017, up 3.71 percent or $15.68 million from year-ago.
Return on average assets moved up 2 basis points to 0.91 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity increased 19 basis points to 10.17 percent in the quarter from 9.98 percent in the last year period.
Nonperforming assets moved down 17.82 percent or $6.42 million to $29.62 million on Mar. 31, 2017 from $36.04 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.61 percent in the quarter, down from 0.76 percent in the last year period.
Equity to assets ratio was 8.98 percent for the quarter, up from 8.88 percent for the previous year quarter. Book value per share was $4.57 for the quarter, up 2.93 percent or $0.13 compared to $4.44 for the same period last year.
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