TrustCo Bank Corp NY (TRST, Financial) filed Quarterly Report for the period ended 2010-09-30.
Trustco Bank Corp Ny has a market cap of $441.3 million; its shares were traded at around $5.73 with a P/E ratio of 14.6 and P/S ratio of 2.5. The dividend yield of Trustco Bank Corp Ny stocks is 4.6%.
The 2010 third quarter average balance of federal funds sold and other short-term investments was $403.9 million, a $254.5 million increase from the $149.4 million average for the same period in 2009. The yield decreased from 1.50% in 2009 to 0.25% in 2010. Changes in the yield resulted from changes in the target rate set by the Federal Reserve Board for federal funds sold a year ago and the gradual decline in rates on alternative short-term investments. Interest income from this portfolio decreased by approximately $307 thousand from $565 thousand in 2009 to $258 thousand in 2010, as the decline in yield more than offset the balance increase.
Nonperforming loans: Total NPLs were $50.6 million at September 30, 2010, compared to $49.9 million at June 30, 2010 and to $46.0 million at December 31, 2009. There were $50.2 million of nonaccrual loans at September 30, 2010 compared to $49.5 million at June 30, 2010 and $45.6 million at December 31, 2009. Restructured loans were $341 thousand at September 30, 2010 compared to $386 thousand at June 30, 2010 and $400 thousand at December 31, 2009. There were no loans at September 30, 2010, June 30, 2010 or December 31, 2009 that were past due 90 days or more and still accruing interest.
At September 30, 2010, nonperforming loans include a mix of commercial and residential loans. Of total nonperforming loans of $50.6 million, $36.0 million were residential real estate loans and $14.5 million were commercial mortgages and commercial loans, compared to $34.7 million and $15.1 million, respectively at June 30, 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 $14.5 million of nonaccrual commercial mortgages and loans classified as impaired as of September 30, 2010, compared to $15.1 million at June 30, 2010 and to $11.7 million at December 31, 2009. There were $341 thousand of impaired retail loans at September 30, 2010, compared to $386 thousand at June 30, 2010 and to $400 thousand at December 31, 2009. The average balances of all impaired loans were $15.0 million during the third quarter of 2010 and $12.9 million in the third quarter of 2009. The Company recognized approximately $14 thousand of interest income on these loans in the third quarter of 2010 and 2009 compared to approximately $55 thousand for all of 2009.
During the third quarter of 2010, there were $300 thousand of gross commercial loan charge offs and $4.2 million of gross residential mortgage and consumer loan charge-offs as compared with $4.4 million of gross commercial loan charge-offs and $3.2 million of residential mortgage and consumer loan charge-offs in the second quarter of 2010 and to $500 thousand and $2.4 million, respectively, in the third quarter of 2009. Gross recoveries during the third quarter of 2010 were $2 thousand for commercial loans and $199 thousand for residential mortgage and consumer loans, compared to $6 thousand for commercial loans and $368 thousand for residential and consumer in the third quarter of 2009.
Read the The complete Report
Trustco Bank Corp Ny has a market cap of $441.3 million; its shares were traded at around $5.73 with a P/E ratio of 14.6 and P/S ratio of 2.5. The dividend yield of Trustco Bank Corp Ny stocks is 4.6%.
Highlight of Business Operations:
For the first nine months of 2010, TrustCo recorded net income of $22.4 million, or $0.292 of diluted earnings per share, as compared to net income of $19.6 million or $0.257 of diluted earnings per share in the same period in 2009.The 2010 third quarter average balance of federal funds sold and other short-term investments was $403.9 million, a $254.5 million increase from the $149.4 million average for the same period in 2009. The yield decreased from 1.50% in 2009 to 0.25% in 2010. Changes in the yield resulted from changes in the target rate set by the Federal Reserve Board for federal funds sold a year ago and the gradual decline in rates on alternative short-term investments. Interest income from this portfolio decreased by approximately $307 thousand from $565 thousand in 2009 to $258 thousand in 2010, as the decline in yield more than offset the balance increase.
Nonperforming loans: Total NPLs were $50.6 million at September 30, 2010, compared to $49.9 million at June 30, 2010 and to $46.0 million at December 31, 2009. There were $50.2 million of nonaccrual loans at September 30, 2010 compared to $49.5 million at June 30, 2010 and $45.6 million at December 31, 2009. Restructured loans were $341 thousand at September 30, 2010 compared to $386 thousand at June 30, 2010 and $400 thousand at December 31, 2009. There were no loans at September 30, 2010, June 30, 2010 or December 31, 2009 that were past due 90 days or more and still accruing interest.
At September 30, 2010, nonperforming loans include a mix of commercial and residential loans. Of total nonperforming loans of $50.6 million, $36.0 million were residential real estate loans and $14.5 million were commercial mortgages and commercial loans, compared to $34.7 million and $15.1 million, respectively at June 30, 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 $14.5 million of nonaccrual commercial mortgages and loans classified as impaired as of September 30, 2010, compared to $15.1 million at June 30, 2010 and to $11.7 million at December 31, 2009. There were $341 thousand of impaired retail loans at September 30, 2010, compared to $386 thousand at June 30, 2010 and to $400 thousand at December 31, 2009. The average balances of all impaired loans were $15.0 million during the third quarter of 2010 and $12.9 million in the third quarter of 2009. The Company recognized approximately $14 thousand of interest income on these loans in the third quarter of 2010 and 2009 compared to approximately $55 thousand for all of 2009.
During the third quarter of 2010, there were $300 thousand of gross commercial loan charge offs and $4.2 million of gross residential mortgage and consumer loan charge-offs as compared with $4.4 million of gross commercial loan charge-offs and $3.2 million of residential mortgage and consumer loan charge-offs in the second quarter of 2010 and to $500 thousand and $2.4 million, respectively, in the third quarter of 2009. Gross recoveries during the third quarter of 2010 were $2 thousand for commercial loans and $199 thousand for residential mortgage and consumer loans, compared to $6 thousand for commercial loans and $368 thousand for residential and consumer in the third quarter of 2009.
Read the The complete Report
