TrustCo Bank Corp NY (TRST, Financial) filed Quarterly Report for the period ended 2010-06-30.
Trustco Bank Corp Ny has a market cap of $429.72 million; its shares were traded at around $5.59 with a P/E ratio of 14.33 and P/S ratio of 2.4. The dividend yield of Trustco Bank Corp Ny stocks is 4.47%.
At June 30, 2010, nonperforming loans include a mix of commercial and residential loans. Of total nonperforming loans of $49.9 million, $34.7 million were residential real estate loans and $15.1 million were commercial mortgages, compared to $35.3 million and $11.5 million, respectively at March 31, 2010 and to $34.3 million and $11.7 million, respectively at December 31, 2009.
TrustCo has identified nonaccrual commercial and commercial real estate loans, as well as all loans restructured under a troubled debt restructuring, as impaired loans. There were $15.1 million of nonaccrual commercial mortgages and loans classified as impaired as of June 30, 2010, compared to $11.5 million at March 31, 2010 and to $11.7 million at December 31, 2009. There were $386 thousand of impaired retail loans at June 30, 2010, compared to $393 thousand at March 31, 2010 and to $400 thousand at December 31, 2009. The average balances of all impaired loans were $12.4 million during the second quarter of 2010 and $13.6 million in the second quarter of 2009. The Company recognized approximately $12 thousand of interest income on these loans in the second quarter of 2010 compared to $12 thousand for the second quarter of 2009 and approximately $55 thousand for all of 2009.
During the second quarter of 2010, there were $4.4 million of gross commercial loan charge offs and $3.2 million of gross residential mortgage and consumer loan charge-offs as compared with $308 thousand of gross commercial loan charge-offs and $2.7 million of residential mortgage and consumer loan charge-offs in the first quarter of 2010 and to $850 thousand and $2.4 million, respectively, in the second quarter of 2009. Gross recoveries during the second quarter of 2010 were $34 thousand for commercial loans and $283 thousand for residential mortgage and consumer loans, compared to $199 thousand for commercial loans and $252 thousand for residential and consumer in the second quarter of 2009.
Salaries and employee benefits increased $145 thousand to $6.6 million for second quarter of 2010 versus the prior year. The relatively flat compensation costs significantly reflect the conclusion of the Company s major branch expansion program and the hiring related to that. Full time equivalent headcount was 737 as of June 30, 2010, compared to 726 as of June 30, 2009 and 730 as of March 31, 2010. For the first half of 2010, salaries and employee benefits were $13.3 million, up $81 thousand over the prior year. Net occupancy expense increased $81 thousand to $3.5 million during the second quarter of 2010 compared to the year-ago and were down $62 thousand to $7.0 million for the first half. Equipment expense increased by $224 thousand to $1.5 million in the second quarter of 2010, reflecting new offices, computer equipment upgrades and general growth. For the first half of 2010, equipment expenses were up $500 thousand to $2.9 million.
Professional services were up $285 thousand to $1.6 million for the quarter, and were up $308 thousand for the first half of 2010. ORE expenses increased by $155 thousand to $794 thousand for the second quarter of 2010 as compared to the prior year period, and were up $2.0 million for the first half of 2010. Advertising expenses decreased by $35 thousand to $796 thousand in the second quarter of 2010 compared to the prior year, and were down $284 thousand versus the prior year. Insurance costs declined by $1.8 million, to $1.5 million in the second quarter of 2010. In the second quarter of 2009, a one-time special FDIC assessment of $1.7 million was included in insurance costs. For the first half of 2010, insurance costs were down $1.7 million.
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Trustco Bank Corp Ny has a market cap of $429.72 million; its shares were traded at around $5.59 with a P/E ratio of 14.33 and P/S ratio of 2.4. The dividend yield of Trustco Bank Corp Ny stocks is 4.47%.
Highlight of Business Operations:
Nonperforming loans: Total NPLs were $49.9 million at June 30, 2010, compared to $46.9 million at March 31, 2010 and to $46.0 million at December 31, 2009. There were $49.5 million of nonaccrual loans at June 30, 2010 compared to $46.5 million at March 31, 2010 and $45.6 million at December 31, 2009. Restructured loans were $386 thousand at June 30, 2010 compared to $393 thousand at March 31, 2010 and $400 thousand at December 31, 2009. There were no loans at June 30, 2010, March 31, 2010 or December 31, 2009 that were past due 90 days or more and still accruing interest.At June 30, 2010, nonperforming loans include a mix of commercial and residential loans. Of total nonperforming loans of $49.9 million, $34.7 million were residential real estate loans and $15.1 million were commercial mortgages, compared to $35.3 million and $11.5 million, respectively at March 31, 2010 and to $34.3 million and $11.7 million, respectively at December 31, 2009.
TrustCo has identified nonaccrual commercial and commercial real estate loans, as well as all loans restructured under a troubled debt restructuring, as impaired loans. There were $15.1 million of nonaccrual commercial mortgages and loans classified as impaired as of June 30, 2010, compared to $11.5 million at March 31, 2010 and to $11.7 million at December 31, 2009. There were $386 thousand of impaired retail loans at June 30, 2010, compared to $393 thousand at March 31, 2010 and to $400 thousand at December 31, 2009. The average balances of all impaired loans were $12.4 million during the second quarter of 2010 and $13.6 million in the second quarter of 2009. The Company recognized approximately $12 thousand of interest income on these loans in the second quarter of 2010 compared to $12 thousand for the second quarter of 2009 and approximately $55 thousand for all of 2009.
During the second quarter of 2010, there were $4.4 million of gross commercial loan charge offs and $3.2 million of gross residential mortgage and consumer loan charge-offs as compared with $308 thousand of gross commercial loan charge-offs and $2.7 million of residential mortgage and consumer loan charge-offs in the first quarter of 2010 and to $850 thousand and $2.4 million, respectively, in the second quarter of 2009. Gross recoveries during the second quarter of 2010 were $34 thousand for commercial loans and $283 thousand for residential mortgage and consumer loans, compared to $199 thousand for commercial loans and $252 thousand for residential and consumer in the second quarter of 2009.
Salaries and employee benefits increased $145 thousand to $6.6 million for second quarter of 2010 versus the prior year. The relatively flat compensation costs significantly reflect the conclusion of the Company s major branch expansion program and the hiring related to that. Full time equivalent headcount was 737 as of June 30, 2010, compared to 726 as of June 30, 2009 and 730 as of March 31, 2010. For the first half of 2010, salaries and employee benefits were $13.3 million, up $81 thousand over the prior year. Net occupancy expense increased $81 thousand to $3.5 million during the second quarter of 2010 compared to the year-ago and were down $62 thousand to $7.0 million for the first half. Equipment expense increased by $224 thousand to $1.5 million in the second quarter of 2010, reflecting new offices, computer equipment upgrades and general growth. For the first half of 2010, equipment expenses were up $500 thousand to $2.9 million.
Professional services were up $285 thousand to $1.6 million for the quarter, and were up $308 thousand for the first half of 2010. ORE expenses increased by $155 thousand to $794 thousand for the second quarter of 2010 as compared to the prior year period, and were up $2.0 million for the first half of 2010. Advertising expenses decreased by $35 thousand to $796 thousand in the second quarter of 2010 compared to the prior year, and were down $284 thousand versus the prior year. Insurance costs declined by $1.8 million, to $1.5 million in the second quarter of 2010. In the second quarter of 2009, a one-time special FDIC assessment of $1.7 million was included in insurance costs. For the first half of 2010, insurance costs were down $1.7 million.
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