TrustCo Bank Corp NY (TRST) has reported a 6.07 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $10.80 million, or $0.11 a share in the quarter, compared with $10.18 million, or $0.11 a share for the same period last year. Revenue during the quarter grew 3.62 percent to $40.82 million from $39.39 million in the previous year period. Net interest income for the quarter rose 1.78 percent over the prior year period to $36.91 million. Non-interest income for the quarter rose 1.85 percent over the last year period to $4.51 million.
TrustCo Bank Corp NY has made provision of $0.60 million for loan losses during the quarter, down 53.85 percent from $1.30 million in the same period last year.
Net interest margin contracted 1 basis points to 3.13 percent in the quarter from 3.14 percent in the last year period. Efficiency ratio for the quarter improved to 54.65 percent from 55.37 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 fourth quarter of 2016 as compared to the fourth quarter of 2015. Continued revenue growth coupled with moderating expense increases provided an encouraging end to the year. 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 2017 and beyond. Recent merger activity between our competitors, primarily the Key ��" First Niagara merger, provided us additional opportunities to add customers.”
Assets outpace liabilities growth
Total assets stood at $4,868.81 million as on Dec. 31, 2016, up 2.83 percent compared with $4,734.99 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,436.12 million as on Dec. 31, 2016, up 2.65 percent from $4,321.68 million on Dec. 31, 2015. L
oans outpace deposit growth
Net loans stood at $3,386.70 million as on Dec. 31, 2016, up 4.25 percent compared with $3,248.54 million on Dec. 31, 2015. Deposits stood at $4,196.16 million as on Dec. 31, 2016, up 2.34 percent compared with $4,100.38 million on Dec. 31, 2015. Investments stood at $665.85 million as on Dec. 31, 2016, up 1.27 percent or $8.35 million from year-ago. Shareholders equity stood at $432.69 million as on Dec. 31, 2016, up 4.69 percent or $19.38 million from year-ago.
Return on average assets moved up 3 basis points to 0.89 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity increased 12 basis points to 9.87 percent in the quarter from 9.75 percent in the last year period.
Nonperforming assets moved down 15.52 percent or $5.39 million to $29.33 million on Dec. 31, 2016 from $34.72 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.60 percent in the quarter, down from 0.73 percent in the last year period.
Equity to assets ratio was 8.89 percent for the quarter, up from 8.72 percent for the previous year quarter. Book value per share was $4.52 for the quarter, up 4.15 percent or $0.18 compared to $4.34 for the same period last year.
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