TrustCo Bank Corp NY Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Net Charge Offs for the First Quarter 2018; Provides Tax Rate Guidance for 2018
April 22, 2018
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TrustCo Bank Corp. NY announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest income of $43,497,000 compared to $41,052,000 a year ago. Net interest income was $39,315,000 compared to $37,400,000 a year ago. Income before taxes was $19,539,000 compared to $17,508,000 a year ago. Net income was $14,808,000 compared to $10,947,000 a year ago. Diluted earnings per share were $0.153 compared to $0.114 a year ago. For the first quarter 2018, return on average assets and return on average equity were 1.23% and 13.07%, respectively, compared to 0.91% and 10.17% for the first quarter 2017. Book value per share at March 31, 2018 was $4.80 compared to $4.57 a year earlier.
Net charge offs for the first quarter 2018 decreased versus the first quarter 2017, falling to $90,000 from $442,000 in the year earlier period.
For 2018, the company is expecting combined effective tax rate to be approximately 24%, based on currently known information.
TrustCo Bank Corp NY is a savings and loan holding company. The Company operates, through its principal subsidiary, Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals and businesses. The Bank operates over 156 automatic teller machines and approximately 140 banking offices in New York, New Jersey, Vermont, Massachusetts, and Florida. The Bankâs business consists of accepting deposits and making loans and investments. The Bank also lends in Essex and Fulton counties, Passaic counties, and Sumter counties. The Bank provides a range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. In addition, the Companyâs Financial Services Department offers a range of retirement planning, and trust and estate administration services.
TrustCo Bank Corp NY Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Net Charge Offs for the First Quarter 2018; Provides Tax Rate Guidance for 2018