5. TrustCo Bank Corp. Shares of TrustCo Bank Corp. ( TRST) of Glenville, N.Y., closed at $5.53 Friday, down 5% from a year earlier. Based on a quarterly payout of 7 cents, the shares have a dividend yield of 4.75%. There are no sell-side analysts currently covering TrustCo. The shares trade for 1.7 times tangible book value and 14 times trailing earnings, according to SNL Financial. The company had $4 billion in total assets as of March 31, with 134 branches in Upstate New York and Florida, with a presence in Vermont, Massachusetts and New Jersey. First-quarter net income was $7.4 million, or 10 cents a share, increasing from $6.9 million, or nine cents a share, in the first quarter of 2010. Credit costs continue to place a drag on earnings, with a $4.6 million provision for loan losses during the first quarter, declining slightly from $4.7 million a year earlier. The first-quarter ROA was 0.74% and the dividend payout ratio was 66%. The payout ratio has ranged between 60% and 73% over the past year. TrustCo on May 19 filed a shelf registration, for the sale of up to $125 million in securities, planning to use any capital raised for general corporate purposes. TrustCo has achieved consistent, decent earnings performance and asset quality over the past year, although the shares would appear not to have a catalyst for strong returns over the short term. Based on the shelf registration and the company's presentation at its annual meeting in May, the company's management can be expected to seek an acquisition or continue with its plans for organic growth. The dividend seems reasonably safe. One long-term investor in TrustCo told TheStreet that there seems to be "nothing going on with the company, which is emblematic of the weak Upstate New York economy."