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GLENVILLE, N.Y., Jan. 22, 2013 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY
(TrustCo) (Nasdaq:TRST) today announced that net income was up 13.4% from $33.1 million in the year ended December 31, 2011 to $37.5 million for the year ended December 31, 2012. Net income for the fourth quarter of 2012 was $9.8 million, up 12.5% over the prior-year period and equal to diluted earnings per share of $0.104, compared to net income of $8.7 million and diluted earnings per share of $0.093 for the fourth quarter of 2011.
TrustCo saw continued balance sheet growth in 2012 in both loans and deposits. Robert J. McCormick, President and Chief Executive Officer noted, "We are pleased that 2012 resulted in continued solid earnings growth. We continue to add profitable customer relationships on both the deposit and loan side, which helped our bottom line grow in 2012 and we believe will continue to do so into 2013. Our highly liquid balance sheet allows us to fund loan growth without having to overpay for deposits, which enabled us to significantly restructure our deposit mix during 2012, and should be of additional benefit when interest rates eventually begin to rise. We look forward to 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 10.70% and 0.87%, respectively, for 2012, compared to 11.04% and 0.81% for 2011. The efficiency ratio was 52.28% for 2012, compared to 49.95% for 2011. The ratios for both years rank TrustCo among industry leaders, a continuation of longer term trends. TrustCo's efficiency ratio and return on average equity, for example, have ranked in the top ten in its peer group in 10 of the last 15 years for the former and in 12 of the last 15 years for the latter. Results for 2012 include the full year effect of the common stock offering completed on July 6, 2011.