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TRUSTCO Bank Corp NY ANNUAL 2009REPORT Trustco Continues to Expand

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TRUSTCO Bank Corp NY ANNUAL 2009REPORT Trustco Continues to Expand TRUSTCO Bank Corp NY ANNUAL 2009REPORT Trustco Continues to Expand... Recent Openings NEW YORK VERMONT NEW JERSEY MASSACHUSETTS BRUNSWICK Rensselaer County HARTSDALE Westchester County NYACK Rockland County FLORIDA BRADENTON Manatee County CEDAR CREEK Seminole County DOWNTOWN ORLANDO Orange County WINDERMERE Orange County TrustCo Bank Corp NY (the “Company,” “TrustCo” or the “Bank”) is a savings and loan holding company headquartered in Glenville, New York. The Company is the largest financial services company headquartered in the Capital Region of New York State and its principal subsidiary, Trustco Bank, operates 132 community banking offices and 134 Automatic Teller Machines throughout the Bank’s market areas. The Company serves 5 states and 28 counties with a broad range of community banking services. Financial Highlights (dollars in thousands, except per share data) Years ended December 31, Percent 2009 2008 Change Income: Net interest income (Taxable Equivalent) ........................... $ 114,029 99,540 14.56% Net Income ................................................... 28,120 34,077 (17.48) Per Share: Basic earnings ................................................ 0.368 0.450 (18.22) Diluted earnings ............................................... 0.368 0.450 (18.22) Tangible book value ............................................ 3.20 3.10 3.23 Average Balances: Assets ....................................................... 3,555,981 3,421,914 3.92 Loans, net .................................................... 2,203,683 2,023,548 8.90 Deposits ...................................................... 3,193,115 3,064,585 4.19 Shareholders’ equity ............................................ 239,842 238,700 0.48 Financial Ratios: Return on average assets ....................................... 0.79% 1.00 (21.00) Return on average equity ........................................ 11.72 14.28 (17.93) Consolidated tier 1 capital to: Total average assets (leverage) ................................ 6.71 6.77 (0.89) Risk-adjusted assets .......................................... 12.04 12.40 (2.90) Total capital to risk-adjusted assets ............................... 13.30 13.66 (2.64) Net loans charged off to average loans ............................ 0.45 0.13 246.15 Allowance for loan losses to nonperforming loans .................... 0.82x 1.07 (23.36) Efficiency ratio ................................................. 55.18% 51.37 7.42 Dividend Payout ratio ........................................... 80.90 97.85 (17.32) Per Share information of common stock Tangible Range of Stock Basic Diluted Cash Book Price Earnings Earnings Dividend Value High Low 2009 First quarter ........................ $0.083 0.083 0.1100 3.11 9.71 4.85 Second quarter ..................... 0.070 0.070 0.0625 3.11 7.06 5.42 Third quarter ....................... 0.103 0.103 0.0625 3.19 6.66 5.54 Fourth quarter ...................... 0.111 0.111 0.0625 3.20 6.51 5.63 2008 First quarter ........................ 0.125 0.125 0.1100 3.21 10.31 8.03 Second quarter ..................... 0.112 0.112 0.1100 3.16 9.39 7.42 Third quarter ....................... 0.119 0.119 0.1100 3.17 13.25 7.03 Fourth quarter ...................... 0.094 0.094 0.1100 3.10 12.22 8.92 1 Table of Contents Financial Highlights ........................................................ 1 President’s Message ....................................................... 3 Management’s Discussion and Analysis of Financial Condition and Results of Operations .............................. 5 Average Balances, Yields and Net Interest Margins .................................................. 15 Glossary of Terms ......................................................... 29-30 Management’s Report on Internal Control Over Financial Reporting ................ 31 Report of Independent Registered Public Accounting Firm ........................ 32 Consolidated Financial Statements and Notes .................................. 33 Branch Locations .......................................................... 61-64 Officers and Board of Directors ............................................... 65-66 General Information ........................................................ 67 Share Price Information ..................................................... 68-69 TrustCo Mission Statement: TrustCo will be the low cost provider of high quality services to our customers in the communities we serve and return to our owners an above average return on their investment. 2 President’s Message Dear Fellow Shareholders: As we told you last year what is old is suddenly new again. That statement continued to hold true through 2009. TrustCo’s history of conservative lending and investing is becoming the blue print for the banking industry. Our conservative philosophies have set us apart from our peers. During 2009 TrustCo received many national recognitions from various news and rating organizations: • Top 25 Banks Nationally — Bank Director Magazine, February 2009 • Top 10 Best Banks in the Country — ABA Journal, May 2009 • Top 15 Banks Nationally (5th year in a row) — SNL Thrift Investor, May 2009 • Top 100 in Audit Integrity (out of 8,000 publicly traded companies covered) — June 2009 •4th Best Bank in the Country — US Banker, August 2009 • Robert T. Cushing, Executive Vice President and Chief Financial Officer awarded CFO of the Year — Capital Region Business Review, October 2009 Most recently, Bank Director Magazine again ranked us as one of the Top Banks in the Country in the February, 2010 issue. We are proud of this third-party recognition, however, we are ever mindful of the greater importance of continued profitability, financial strength and growth. We told you that our earnings would improve in the second half of the year. This in fact did happen and in the fourth quarter of 2009 we reported net income was up about 19% compared to the 4th quarter of 2008. Our interest margin continued to show improvement, increasing to 3.51% during the 4th quarter of 2009 versus 2.96% for the fourth quarter of 2008. This 19% increase in margin should contribute to fueling continued profitability into 2010. The entire year was impacted by expenses, especially our FDIC insurance premium increasing from $454 thousand to $6.5 million. We saw substantial growth in our loan portfolio over the past year. Average loans grew 8.90% or $180 million in 2009. We are proud to report that our residential mortgage portfolio reached $2 billion in January of 2010. Just over five short years ago mortgage loans reached the $1 billion milestone. This growth was not achieved in a vacuum but rather with the hard work and dedication of our most important asset, our employees. We are not immune to the industry delinquency issues, but ours are manageable and well below national averages. We are pleased to report growth in our average deposits of 4.19% or $129 million for 2009. The growth in deposits and loans is spread throughout all the markets we currently serve. We have often discussed our philosophy of returning excess capital to our shareholders while maintaining sufficient levels to meet the regulatory definition of “well capitalized.” In 2009 TrustCo paid 80.90% of our net income to shareholders in the form of cash dividends. During 2010 it is the Board of Directors intent to continue payouts to our shareholders of excess capital that our Company generates. We believe our dividend appears stable and sound. Share prices seem to have recovered from the recent lows. Hopefully this trend will continue. Although financial company stocks are still not considered to be broadly favored at this time, we have kept our Company balance sheet clean, continued to pay a healthy dividend, and positioned it for the future. 3 President’s Message (continued) Our branch expansion program has been successfully completed with only two offices still to open. This will bring our total to 134 branches spread out over five states. When we started this expansion we had fifty-five locations all in the Capital Region of New York. We are pleased with the results thus far but are mindful the real work continues. Growing these offices and making them all profitable is our biggest priority. We will probably never have a year without opening a branch but the pace will slow dramatically. There was one senior staff change during 2009. Eric Schreck was promoted from Administrative Vice President to Senior Vice President/Florida Regional President. Eric has been with Trustco for over 20 years and brings a vast amount of experience to our Florida operation. We currently have 42 offices in Florida which gives us an exceptional growth platform for years to come. While the Florida economy certainly has experienced some trouble, we urge you to keep in mind that Florida was a long term strategy, with expected ups and downs. The branches in Florida are still relatively new representing a small percentage of our total business. We believe this will be a good long term investment and a valuable piece of our future growth and profitability. Our Trust Department staff currently manages assets in excess of $762 million. Their experience and expertise has been a real benefit, especially over the last several years, for the many customers they serve. They welcome a meeting with any TrustCo shareholder regarding your financial or estate planning needs. We note with sorrow the passing of William H. Milton III and Daniel J. Rourke, M.D. both Honorary Directors of TrustCo Bank Corp NY and
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