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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 19, 2004
(October 19, 2004)
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TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-10592 14-1630287
(Commission File Number) (IRS Employer Identification No.)
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5 Sarnowski Drive, Glenville, New York 12305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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TrustCo Bank Corp NY
Item 7. Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release datedOctober 19,
2004, for the period ending September 30,
2004, regarding year to date and third quarter
results.
99(b) Press Release dated October 19, 2004, for the
period ending September 30, 2004, regarding
year to date and third quarter results.
Item 12. Results of Operations and Financial Condition
On October 19, 2004, TrustCo Bank Corp NY ("Trustco") issued two press
releases with year to date and third quarter results for the period
ending September 30,2004. Attached is a copy of each press release
labeled as Exhibits 99(a) and 99(b).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: October 19, 2004
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
Executive Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) Highlights Press Release of 5
October 19, 2004, for the period
ending September 30, 2004,
regarding year to date and third
quarter results.
99(b) Press Release of October 19, 6-7
2004, for the period ending
September 30, 2004, regarding
year to date and third quarter
results.
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TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
NASDAQ - TRST
Contact: Robert Leonard
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE: Glenville, New York - October 19, 2004
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
2004 2003
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Three Months Ended September 30:
Net Income $ 15,213 14,285
Provision for Loan Losses 150 300
Average Equivalent Shares Outstanding:
Basic 74,244,000 74,400,000
Diluted 74,980,000 75,417,000
Net Income per Share:
Basic $ 0.205 0.192
Diluted 0.203 0.189
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Twelve Months Ended September 30:
Net Income $ 43,717 40,888
Provision for Loan Losses 450 900
Average Equivalent Shares Outstanding:
Basic 74,242,000 74,339,000
Diluted 75,059,000 75,280,000
Net Income per Share:
Basic $ 0.589 0.550
Diluted 0.582 0.543
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Period End:
Total Assets 2,837,325 2,739,556
Total Nonperforming Loans 3,107 3,563
Total Nonperforming Assets 3,107 3,563
Allowance for Loan Losses 48,685 49,054
Allowance as a Percentage
of Total Loans 4.10% 4.08
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Exhibit 99(b)
TRUSTCO
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
Contact: Robert M. Leonard
Administrative Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TRUSTCO ANNOUNCES RECORD THIRD QUARTER
AND YEAR TO DATE RESULTS
Glenville, New York - October 19, 2004 - TrustCo Bank Corp NY (TrustCo,
NASDAQ:TRST) today announced record third quarter results for 2004. Net
income for the third quarter was $15.2 million, compared to $14.3 million
for 2003, an increase of 6.5%. Diluted earnings per share were $0.203 for
the third quarter 2004 compared to 0.189 for 2003.
Year to date results reflect increases in both net income and diluted earnings
per share between 2003 and 2004. For the nine months ended September 30, 2004
net income was $43.7 million and diluted earnings per share were $0.582,
compared to net income of $40.9 million and diluted earnings per share of
$0.543 for the comparable nine-month period in 2003. The nine month results
reflect an increase of 6.9% in net income and 7.2% in diluted earnings per
share for 2004 compared to the same nine-month period in 2003.
Commenting on the results, Robert J. McCormick, President and Chief Executive
Officer noted, "The current quarter and the year to date 2004 results are
tremendous and set the stage for continued growth for the remainder of the
year."
Our branch expansion program continues. During the third quarter, we opened
offices in Valatie and Slingerlands, New York. We also relocated our Rotterdam
Square office to a more visible location within the mall. Robert J. McCormick
commented, "We are excited at the opportunities available to expand, and we
are delighted by the reception we have received in all the communities that
we are serving."
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TrustCo Bank Corp NY is a $2.8 billion bank holding company and through its
subsidiary, Trustco Bank, operates 71 offices in New York, Vermont, and
Florida. In addition, the bank operates a full service Trust Department that
has $948 million of assets under management. The common shares of TrustCo are
traded on the Nasdaq National Market tier of the Nasdaq Stock Market under the
symbol TRST.
Except for the historical information contained herein, the matters discussed
in this news release and other information contained in TrustCo's Securities
and Exchange Commission filings may express "forward-looking statements."
Those"forward-looking statements" may involve risk and uncertainties,
including statements containing future events or performance and assumptions
and other statements of historical facts.
TrustCo wishes to caution readers not to place undue reliance on any
forward-looking statements, which speak only as of the date made. Readers are
advised that various risk factors, including, but not limited to: (1) credit
risk, (2) interest rate risk, (3) competition, (4) changes in the regulatory
environment, and (5) changes in general business and economic trends, could
cause the actual results or circumstances for future periods to differ
materially from those anticipated or projected in the forward-looking
statements.
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