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GLENVILLE, N.Y., Oct. 22, 2012 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY
(TrustCo) (Nasdaq:TRST) today announced that pre-tax earnings were up 10.1% from $14.4 million in the third quarter of 2011 to $15.8 million in the third quarter of 2012. Net income for the third quarter of 2012 was $9.8 million, up 5.7% over the prior-year period and equal to diluted earnings per share of $0.104, compared to net income of $9.2 million and diluted earnings per share of $0.100 for the third quarter of 2011.
The third quarter of 2012 saw continued balance sheet growth compared to the third quarter of 2011, but a modest decline compared to the second quarter of 2012. Robert J. McCormick, President and Chief Executive Officer noted, "We are pleased that the third quarter resulted in continued solid earnings growth. As noted in our second quarter release, the current interest rate environment has created a unique opportunity for our Company to realign the deposit mix which should support future objectives. As we had discussed we allowed an average of $124.0 million of higher cost time deposits to run off during the third quarter while at the same time growing our core deposits by an average of $96.9 million. Previous strong quarterly growth in deposits allowed us the flexibility to take advantage of this opportunity to shift our deposit mix, which helped improve our margin. Balance sheet expansion remains an important part of our future plans, but we will also continue to take advantage of future opportunities like those in the third quarter that strengthen our deposit mix and have a positive impact on our margin. We continue to add solid and profitable customers on both the deposit and loan side, and will remain conservative as to how we price our products. Our highly liquid balance sheet allows us to fund loan growth without having to overpay for deposits. We look forward to the balance of 2012 and 2013 with optimism, though we note that our industry continues to face challenges as the economy remains fragile and interest rates remain at unprecedented levels. We will continue to take advantage of opportunities that are presented." Return on average equity and return on average assets were 10.97% and 0.89%, respectively, for the third quarter of 2012, compared to 10.91% and 0.88% for the third quarter of 2011. The efficiency ratio was 49.18% for the third quarter of 2012, compared to 46.51% for the third quarter of 2011. Both years ratios rank among industry leaders.