TrustCo Announces Third Quarter Net Income Up 10%
TrustCo Bank Corp NY (TrustCo) (Nasdaq:TRST) announced net income for the third quarter of 2011 of $9.2 million, up 10.4% over the prior-year period and equal to diluted earnings per share of $0.100, as compared to net income of $8.4 million and diluted earnings per share of $0.109 for the third quarter of 2010. Third quarter 2011 per share results include the effect of the common stock offering completed on July 6, 2011.
The Company also noted that third quarter 2010 results included one-time tax items that provided a net benefit of $836 thousand. On a pre-tax basis, earnings were up 25.0% from $11.5 million in the third quarter of 2010 to $14.4 million in the third quarter of 2011. The third quarter of 2011 also saw continued core balance sheet growth.
Robert J. McCormick, President and Chief Executive Officer noted, “We are pleased that the third quarter resulted in solid earnings gains, continued core loan and deposit growth and a decline of approximately $1.3 million in nonperforming assets versus the second quarter, and we look forward to the remainder of 2011 and 2012 with optimism as our internal trends remain positive. The banking industry still faces challenges, but the progress we have made this year has helped to position TrustCo for continued growth and profitability.”
For the first nine months of 2011 net income was $24.4 million and resulted in diluted earnings per share of $0.296, as compared to the first nine months of 2010 net income of $22.4 million and diluted earnings per share of $0.292. Net income was up 8.7% from the first nine months of 2010 to the first nine months of 2011, and income before taxes was up 12.7%. Return on average equity and return on average assets were 11.38% and 0.80%, respectively, for the first nine months of 2011 and 11.83% and 0.80% for the comparable period in 2010.
On July 6, 2011 the Company completed an offering of 15.6 million common shares, raising net proceeds of $67.6 million. The additional capital significantly improved the Company’s capital position, with the tangible equity ratio rising from 6.59% at June 30, 2011 to 8.04% at September 30, 2011. Tangible book value per share also increased, from $3.47 per share to $3.62 per share over that period. Mr. McCormick noted that “Our strengthened capital position prepares us for continued balance sheet growth in the future.”
TrustCo Bank Corp NY is a $4.2 billion bank holding company and through its subsidiary, Trustco Bank, operates 135 offices in New York, New Jersey, Vermont, Massachusetts, and Florida.
In addition, the Bank operates a full service Trust Department. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.
For more information about TRST please visit http://www.trustcobank.com
Cleantech Transit, Inc. (CLNO.OB) is pleased to announce it has met its funding requirement to secure the Company�s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. Cleantech Transit Inc has expanded its focus to invest directly in specific green projects that could maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech Transit Inc. has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company�s manufacturing clients worldwide.
Using biomass power replaces the need to burn use coal to generate electricity. Additionally, the use of biomass power also reduces the need for oil to mine and deliver coal to far off power stations, thereby significantly reducing greenhouse gas emissions. Most surprisingly, using wood waste as fuel is actually more beneficial to the environment than allowing it to decompose naturally, because of the elimination of methane during combustion.
Some biofuel benefits are:
� Using biofuels can reduce the amount of greenhouse gases emitted. They are a much cleaner source of energy than conventional sources.
� As more and more biofuel is created there will be increased energy security for the country producing it, as they will not have to rely on imports or foreign volatile markets.
� Biofuels will create a brand new job infrastructure and will help support local economies.
� Biofuel operations help rural development.
To discover more about CLNO, Please visit: http://www.cleantechtransitinc.com/
SonoSite, Inc. (Nasdaq:SONO) introduced the new BioZ� Cardio Profile system with impedance cardiography (ICG) technology for non-invasively monitoring a patient�s hemodynamic profile in the hospital. Pioneered by NASA in the 1960�s, ICG hemodynamic monitoring has traditionally been used to treat patients with heart failure and hypertension, and it is now ready to play a significant role in the anesthesia suite.
SonoSite, Inc. develops, manufactures, and distributes hand-carried ultrasound systems for use across medical specialties and in a range of treatment settings.
KBR (NYSE:KBR) announced it was awarded a License and Process Design Package contract for a new olefins production unit using the Advanced Catalytic Olefins (ACOTM) technology. This award represents the first license using this innovative technology which catalytically cracks naphtha and other straight run feeds to produce olefins yields which surpass those available from traditional steam cracking technology.
KBR, Inc., together with its subsidiaries, operates as an engineering, construction, and services company worldwide.
WellCare Health Plans, Inc. (NYSE:WCG) announced that the National Committee for Quality Assurance (NCQA), a private, non-profit organization dedicated to improving health care quality, has awarded WellCare of Georgia, Inc. an accreditation status of Commendable. This new status follows the NCQA New Health Plan Accreditation that was awarded to WellCare of Georgia in 2008.
WellCare Health Plans, Inc. provides managed care services for government-sponsored healthcare programs in the United States.