Trustco announces third quarter 2016 earnings – yahoo finance bank savings account interest rates
• Net income of $10.9 million in the third quarter of 2016 compared to $10.5 million in the second quarter of 2016 and $10.6 million in the third quarter of 2015 • Quarterly net chargeoffs decreased to 0.10% of average loans on an annualized basis, compared to 0.15% for the third quarter of 2015, the lowest level since 2008 GLENVILLE, N.Y., Oct. Best savings account interest rates 21, 2016 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo) ( TRST) today announced third quarter of 2016 net income of $10.9 million compared to $10.5 million for the second quarter of 2016 and $10.6 million for the third quarter of 2015. Best fixed deposit rates in singapore Robert J. Best savings account rates McCormick, President and Chief Executive Officer noted, “We are pleased to be able to report an increase in earnings in the third quarter of 2016 as compared
to the third quarter of 2015. Top saving rates We are encouraged by the combination of revenue growth and expense decline in the quarter, despite a difficult operating environment and continued higher costs related to regulatory issues. Best online saving rates Our continued focus on traditional lending criteria and conservative balance sheet management has enabled us to produce consistent earnings, maintain strong liquidity and capital and allowed us to continue to grow our business and take advantage of changes in market and competitive conditions. Best savings account interest rates today In terms of our core business, we continue to add customer relationships which ultimately drive future growth. Eaglemark savings bank interest rates We will continue to take advantage of opportunities as they are presented during the balance of 2016. Chase bank savings interest rates today Recent merger activity between our competitors, including the Key – First Niagara merger, may provide us with additional opportunities to add customers.” TrustCo saw continued solid loan growth in the third quarter of 2016 compared to the prior year. Savings bank interest rates india Loan portfolio expansion was funded primarily by our strong liquidity reserves. Best savings account rates online The continued shift toward loans helped offset the margin impact from continued comparatively low yields on cash and investments. Compare saving account rates The growth in average deposits in the third quarter of 2016 versus the prior year was led by lower cost core deposits. Saving bank interest rates sbi TrustCo’s strong liquidity position continues to allow the Company to take advantage of opportunities when interest rate conditions change. Gibraltar savings bank interest rates For the third quarter of 2016, return on average assets and return on average equity were 0.90% and 10.05%, respectively, compared to 0.88% and 10.35% for the third quarter of 2015. Taranaki savings bank interest rates The decline in return on average equity was due to continued growth of TrustCo’s capital position. Best saving account rates canada Diluted earnings per share were $0.114 for the third quarter of 2016, compared to $0.111 for the third quarter of 2015. Best saving account rates uk As discussed in recent quarters, increased operating costs in response to regulatory concerns have hampered earnings. Best savings account rates credit unions Higher expenses were anticipated in order to fulfill operating and regulatory requirements. Best savings account rates easy access We took aggressive action to meet these requirements during 2015 and costs related to those actions have continued into 2016. American savings bank interest rates While some of these costs will be recurring, others will diminish over time. Northwest savings bank interest rates During the third quarter of 2016 we experienced a reduction in FDIC deposit insurance premiums and were also able to reduce expenses in a number of other categories. Trustee savings bank interest rates For the first nine months of 2016, diluted net income per share was $0.333, compared to $0.337 for the first nine months of 2015. Best saving account rates ireland Return on average assets and equity were 0.89% and 9.97% for the first nine months of 2016, compared to 0.91% and 10.64% for the first nine months of 2015. Best saving account rates australia Average loans were up $108.7 million or 3.3% in the third quarter of 2016, over the same period in 2015. Best saving account rates us Loan growth was constrained by a $13.4 million decline in commercial loans, which have become less attractive on a risk adjusted basis. Best euro savings account rates Average residential loans, our primary lending focus, were up $130.3 million or 4.8% in the third quarter of 2016, over the same period in 2015. Best savings account rates on the high street Average deposits were up $37.5 million or 0.9% for the third quarter of 2016 over the same period a year earlier. Best saving account rates in canada The increase in deposits came from core deposit accounts, which consist of checking, savings and money market deposits. Best joint savings account rates Average core deposits increased $51.2 million from the third quarter of 2015 to the third quarter of 2016, while average time deposit balances declined $13.6 million. Best jumbo savings account rates Core deposits typically represent longer term customer relationships and are generally lower cost than time deposits. Best savings account rates martin lewis Mr. Best savings account rates monthly interest McCormick noted that, “The year-over-year growth of our loans and core deposit base reflect the long term strategic focus of the Company.” “While some banks have backed away from branches, a customer friendly branch franchise continues to be the key to our long term plans. Best savings account rates natwest We continue to make good progress expanding loans and deposits throughout our entire branch network. Best savings account rates in pa We expect that trend to continue as the newer branches continue to mature.” “At September 30, 2016, our average branch size was $28.9 million. Best regular saving account rates We have always designed our branches to be smaller and more cost effective than those built by many of our competitors. Best savings account rates santander We use open floor plans that help maximize the value of our branches. Best savings account rates today We remain mindful that fully achieving our goals for newer branches will take time and continued work. Best savings account rates with monthly interest We believe success in growing customer relationships provides basic building blocks that will help drive profit growth for the coming years.” Asset quality and loan loss reserve measures mostly improved versus both September 30, 2015 and as compared to December 31, 2015. Banks with best saving account interest rates Nonperforming loans (NPLs) were $26.0 million at September 30, 2016, compared to $31.9 million at September 30, 2015 and $28.3 million at December 31, 2015. Best 2 year savings account rates NPLs were equal to 0.77% of total loans at September 30, 2016, compared to 0.97% a year earlier and 0.86% at December 31, 2015. Best savings account rates for over 60 The coverage ratio, or allowance for loan losses to NPLs, was 169.0% at September 30, 2016, compared to 141.4% at September 30, 2015 and 158.4% at December 31, 2015. Best savings account rates for lump sum Nonperforming assets (NPAs) were at $30.8 million at September 30, 2016 compared to $37.8 million at September 30, 2015 and $34.7 million at December 31, 2015. Best 5 year savings account rates The ratio of loan loss allowance to total loans was 1.30% as of September 30, 2016, compared to 1.38% at September 30, 2015 and to 1.36% at December 31, 2015 and reflects both the improvement in asset quality and economic conditions in our lending areas. Airdrie savings bank interest rates The allowance for loan losses was $44.0 million at September 30, 2016 compared to $45.2 million at September 30, 2015 and $44.8 million at December 31, 2015. Best saving bank interest rates Net chargeoffs for the third quarter of 2016 dec
reased versus both the third quarter of 2015 and the second quarter of 2016, to $0.9 million. Best savings bank interest rates in australia The net chargeoff ratio was 0.10% for the third quarter of 2016, compared to 0.15% in the third quarter of 2015 and was at the lowest level since the first quarter of 2008. Dime savings bank interest rates The provision for loan losses was $750 thousand, compared to $800 thousand in the third quarter of 2015. Guardian savings bank interest rates The net interest margin for the third quarter of 2016 was 3.09%, the same as in the second quarter and a basis point higher than in the third quarter of 2015. Bank saving interest rates in pakistan At September 30, 2016 the equity to asset ratio was 9.05%, compared to 8.91% at June 30, 2016 and 8.72% at September 30, 2015. National savings bank interest rates sri lanka The tangible equity ratio was 9.04% compared to 8.90% at June 30, 2016 and 8.71% at September 30, 2015. Bank saving interest rate malaysia GAAP book value per share at September 30, 2016 was $4.56 compared to $4.33 a year earlier and tangible book value per share was $4.55 and $4.33, respectively. Middlesex savings bank interest rates Tangible equity and book value are non-GAAP measures and are discussed on page 13. Norway savings bank interest rates TrustCo Bank Corp NY is a $4.8 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 145 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2016. Roslyn savings bank interest rates In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services. Ridgewood savings bank interest rates The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST. Usaa savings bank interest rates A conference call to discuss Third Quarter 2016 results will be held at 9:00 a.m. M&t bank savings interest rates Eastern Time on October 24, 2016. Best online savings rates 2016 Those wishing to participate in the call may dial toll-free 1-888-339 -0764. Best savings account rates in usa International callers must dial 1-412- 902-4195. Best savings account rates in canada Please ask to be joined into the TrustCo Bank Corp NY / TRST call. Best savings account rates usa A replay of the call will be available for thirty days by dialing 1-877-344-7529 (1-412-317-0088 for international callers), Conference Number 10094705. Best savings account rates in texas The call will also be audio webcast at: http://services.choruscall.com/links/trst161024.html, and will be available for one year. Top savings rates uk All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. Top savings rates online Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. American savings bank mortgage interest rates Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance during 2016 and for the growth of loans and deposits throughout our branch network, our ability to capitalize on economic changes in the areas in which we operate and the extent to which higher expenses to fulfill operating and regulatory requirements recur or diminish over time. Best online savings account rates 2016 Such forward-looking statements are subject to factors that could cause actual results to differ materially for TrustCo from those discussed. Online savings account best rates TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Highest savings account interest rates 2014 The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: our ability to continue to originate a significant volume of one-to-four family mortgage loans in our market areas; our ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income; our ability to comply with the supervisory agreement entered into with Trustco Bank’s regulator and potential regulatory actions if we fail to comply; restrictions or conditions imposed by our regulators on our operations that may make it more difficult for us to achieve our goals; the future earnings and capital levels of Trustco Bank and the continued ability of Trustco Bank under regulatory rules and the supervisory agreement to distribute capital to TrustCo, which could affect our ability to pay dividends; results of examinations of Trustco Bank and TrustCo by our respective regulators; our ability to make accurate assumptions and judgments regarding the credit risks associated with lending and investing activities; the effect of changes in financial services laws and regulations and the impact of other governmental initiatives affecting the financial services industry; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board, inflation, interest rates, market and monetary fluctuations; the perceived overall value of our products and services by users, including in comparison to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for our products and services; real estate and collateral values; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or PCAOB; changes in local market areas and general business and economic trends, as well as changes in consumer spending and saving habits; our success at managing the risks involved in the foregoing and managing our business; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and in our subsequent quarterly reports on Form 10-Q or other securities filings. Highest savings account interest rates 2015 Tangible book value per share and tangible equity as a percentage of tangible assets at period end are non-GAAP financial measures derived from GAAP-based amounts. Highest savings account interest rates 2016 We calculate tangible equity and tangible assets by excluding the balance of intangible assets from shareholders’ equity and total assets, respectively. Savings bank interest rate calculator We calculate tangible book value per share by dividing tangible equity by common shares outstanding, as compared to book value per common share, which we calculate by dividing shareholders’ equity by common shares outstanding. Bank savings account interest rates compare We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. Best savings account rates canada We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Compare interest rates on savings accounts uk The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and fee income. Compare interest rates savings accounts We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, but excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, but excluding net gains on the sale of nonperforming loans and securities from this calculation. Best online savings accounts rates We believe that this provides a reasonable measure of primary banking expens
es relative to primary banking revenue. Best savings account interest rates in usa We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial position, results and ratios. Top ten savings interest rates Our management internally assesses our performance based, in part, on these measures. Top bank savings rates However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. Top bank savings interest rates As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. Bank savings interest rates comparison A reconciliation of the non-GAAP measures of tangible common equity, tangible book value per share, efficiency ratio, net income and net income per share to the underlying GAAP numbers is set forth below. Best savings account rates nj Copyright © 2016 GlobeNewswire. Best online savings accounts interest rates All rights reserved. Best online savings account interest rates Redistribution of this content is expressly prohibited without prior written consent. Best online bank savings account rates GlobeNewswire makes no claims concerning the accuracy or validity of the information, and shall not be held liable for any errors, delays, omissions or use thereof.