TrustCo reports higher earnings, although it misses estimate
Written on January 19, 2012 by Maragaret Harrison
TrustCo Bank Corp NY on Monday said fourth quarter net income grew 26.2 percent to $8.7 million, up from $6.9 million a year earlier. The diluted earnings per share equaled 9.3 cents. An analyst estimate had put earnings per share at 10 cents.
Earnings for the year climbed to $33.1 million, or 38.9 cents per share, from $29.3 million, or 38.1 cents, for 2010.
Nonperforming loans were $48.8 million as of Dec. 31, 2011, about the same as a year earlier, but below their peak of $50.4 million as of March 31, 2011.
TrustCo Bank Corp NY, with assets of $4.2 billion, operates 136 offices in New York, New Jersey, Vermont, Massachusetts and Florida as of Dec. 31, 2011. Shares (Nasdaq: TRST) closed 3 cents higher at $5.78, but were down 3 cents in after-hours trading.
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