TrustCo had $3.8 billion in total assets as of June 30 and reported second-quarter net income of $7.1 million or 9.3 cents a share, up from $5.4 million or 7 cents a share a year earlier. The company's return on average assets for the second quarter was 0.75% -- still a far cry from the pre-crisis returns of 1.52% in 2006 and 1.20% in 2007, and even 1% in 2008. While the company's net interest margin improved to 3.51% for the second quarter from 3.24% a year earlier, elevated quarterly provisions for loan losses have continued to drag on earnings. Sterne Agee analyst Mike Shafir has a neutral rating on the shares, saying on July 20 that the shares were fairly valued at 11 times his 2011 earnings estimate. Trustco has remained profitable through the credit crisis a long-term investor willing to patiently accept the attractive dividend while waiting, could be in for quite a strong return over the long haul. At the end of 2006, 2007 and 2008, shares were trading for more than three times tangible book value and more than 20 times earnings, according to SNL. -- Written by Philip van Doorn in Jupiter, Fla.