GLENVILLE, N.Y., April 22, 2013 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) today announced that net income rose to $9.2 million in the quarter ended March 31, 2013, up 2.9% from $8.9 million for the quarter ended March 31, 2012. First quarter net income is up 24.2% over the same period two years ago and 44.4% over the same period four years ago. Return on average assets and return on average equity were 0.86% and 10.35%, respectively for the first quarter of 2013, compared to 0.84% and 10.45% for the first quarter of 2012.
TrustCo saw continued balance sheet growth in the first quarter of 2013 in both loans and deposits. Robert J. McCormick, President and Chief Executive Officer noted, "We began 2013 with solid first quarter results. In addition to bottom line growth, we continue to add profitable customer relationships on both the deposit and loan side. This contributed to the bottom line growth in the first quarter and will continue to do so for the balance of the year and beyond. As we have noted, our highly liquid balance sheet allows us to fund loan growth without having to overpay for deposits. In turn, this 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 the balance of 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."
Mr. McCormick also noted: "We continue to see some signs of economic improvement in the markets in which we operate, particularly in Florida, although high levels of unemployment and other persistent issues continue to constrain any significant economic growth. We believe our long-term focus on traditional lending criteria and conservative balance sheet management has enabled us to maintain a strong balance sheet and continued profitability. As a result, we have been able to focus on conducting business, which has significantly enhanced our reputation and put us in a position to take advantage of changes in market and competitive conditions."