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TrustCo Announces Third Quarter Pretax Earnings Up 10%

The efficiency ratio is a non-GAAP measure of expense control relative to recurring revenue. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, but excluding other real estate expense, net, which we refer to below as recurring expense, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, but excluding net gains on securities from this calculation, which we refer to below as recurring revenue. We believe that this provides one reasonable measure of core expenses relative to core revenue. 

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share and efficiency ratio to the underlying GAAP numbers is set forth below.

[Table on following page]

 

 
 
Non-GAAP Financial Measures Reconciliation
               
(dollars in thousands, except per share amounts)            
(Unaudited)              
  09/30/12 06/30/12 03/31/12 12/31/11 09/30/11    
Tangible Book Value Per Share              
               
Equity  $ 357,617  349,907  344,646  338,516 337,810    
Less: Intangible assets  553  553  553  553  553    
 Tangible equity  357,064  349,354  344,093  337,963  337,257    
               
Shares outstanding  93,807  93,674  93,549  93,315  93,154    
Tangible book value per share  3.81  3.73  3.68  3.62  3.62    
Book value per share  3.81  3.74  3.68  3.63  3.63    
               
Tangible Equity to Tangible Assets            
Total Assets 4,318,173 4,421,399 4,374,443 4,243,644 4,192,959    
Less: Intangible assets  553  553  553  553  553    
 Tangible assets  4,317,620  4,420,846  4,373,890  4,243,091  4,192,406    
               
Tangible Equity to Tangible Assets 8.27% 7.90% 7.87% 7.97% 8.04%    
Equity to Assets 8.28% 7.91% 7.88% 7.98% 8.06%    
               
  3 Months Ended 9 Months Ended
Efficiency Ratio 09/30/12 06/30/12 03/31/12 12/31/11 09/30/11 09/30/12 09/30/11
               
Net interest income (fully taxable equivalent)  $ 34,321  33,993  33,637  34,220 34,390  101,951  101,497
Non-interest income  4,593  4,026  4,518  3,736  3,803  13,137  12,645
Less: Net gain on securities  666  55  677  132  158  1,398  1,296
 Recurring revenue  38,248  37,964  37,478  37,824  38,035  113,690  112,846
               
Total Noninterest expense  20,019  20,498  20,644  18,909  18,443  61,161  60,841
Less: Other real estate expense, net  1,210  665  966  1,254  754  2,841  4,439
 Recurring expense  18,809  19,833  19,678  17,655  17,689  58,320  56,402
               
Efficiency Ratio 49.18% 52.24% 52.51% 46.68% 46.51% 51.30% 49.98%
               
               
  09/30/12            
Asset Quality Ratios              
               
Total nonperforming loans before OCC guidance  $ 45,910            
Add: Chapter 7 bankruptcies net of chargeoffs  4,015            
Total nonperforming loans after OCC guidance  49,925            
               
Total nonperforming assets before OCC guidance  $ 54,601            
Add: Chapter 7 bankruptcies net of chargeoffs  4,015            
Total nonperforming assets after OCC guidance  58,616            
               
Total loans before OCC guidance  $ 2,606,745            
Less: Chapter 7 bankruptcies chargeoffs  804            
Total loans after OCC guidance  2,605,941            
               
Total allowance for loan losses before OCC guidance  $ 48,168            
Less: Chapter 7 bankruptcies chargeoffs  804            
Total allowance for loan losses after OCC guidance  47,364            
               
Net chargeoffs before OCC guidance  $ 2,750            
Add: Chapter 7 bankruptcies chargeoffs  804            
Net chargeoffs after OCC guidance  3,554            
               
Nonperforming loans to total loans before OCC guidance 1.76%            
Nonperforming loans to total loans after OCC guidance 1.92%            
Nonperforming assets to total assets before OCC guidance 1.26%            
Nonperforming assets to total assets after OCC guidance 1.36%            
Allowance for loan losses to total loans before OCC guidance 1.85%            
Allowance for loan losses to total loans after OCC guidance 1.82%            
Coverage ratio before OCC guidance 104.9%            
Coverage ratio after OCC guidance 94.9%            
Annualized net chargeoffs to average loans before OCC guidance 0.43%            
Annualized net chargeoffs to average loans after OCC guidance 0.55%            
Allowance for loan losses to annualized net chargeoffs before OCC guidance 4.4x            
Allowance for loan losses to annualized net chargeoffs after OCC guidance 3.3x            
CONTACT: Kevin T. Timmons
         Vice President/Treasurer
         (518) 381-3607

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