TrustCo Bank Corp. NY (NASDAQ:TRST) Q1 2018 Earnings Conference Call - Final Transcript

Apr 24, 2018 • 09:00 am ET


TrustCo Bank Corp. NY (NASDAQ:TRST) Q1 2018 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good morning, and welcome to the TrustCo Bank Corp First Quarter 2018 Earnings Call and Webcast. All participants will be in listen-only mode.

(Operator Instructions)

After today's presentation, there will be an opportunity to ask questions.

(Operator Instructions)

Before proceeding, we would like to mention that this presentation may contain forward-looking information about TrustCo Bank Corp NY that is intended to be covered by the Safe Harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors.

More detailed information about these and other risk factors can be found in our press release -- that is preceded -- that preceded this call and in the risk factors and forward-looking statements sections of our annual report on Form 10-K and as updated by our quarterly reports on Form 10-Q. The statements are valid only as of the date hereof, and the Company disclaims any obligation to update this information, except as may be required by applicable law.

Today's presentation contains non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures are included in our earnings press release, which is available under the Investors Relations tab of our website at Please also note this event is being recorded.

I would now like to turn the conference over to Mr. Robert J. McCormick, President and CEO. Please go ahead.

Robert J. McCormick

Good morning, everyone. Thank you for joining us this morning to hear more about our first quarter results. As always, Mike Ozimek, our CFO and Scot Salvador, our Chief Banking Officer joining me -- joining on the call with me. They will cover the details after a brief summary. Kevin Timmons is also with us in the room. As the release shows, we had a pretty good first quarter this year. Total assets were up and continued to range just under the $5 billion mark.

Our mortgage portfolio grew to almost $3.2 billion, up about $40 million from year-end and then about $240 million over the same quarter last year. The resi loan categories were flat to down a little for the quarter. We continued to maintain a decent-sized investment portfolio and a healthy cash position. Investments are mostly agencies and mortgage backs with relatively short maturities.

We're a little more active in the depositary with growth in all areas, except money market. We continue to be pleased with the growth in core deposits. Total deposits totaled $4.2 billion for the quarter, up over last quarter and last year. Our shareholders' equity topped $462 million and our tangible capital ratio was at 9.36%, greater than year-end and the same quarter last year. These are after paying our dividends. The non-performing loans, total loans and non-performing assets to total assets were essentially flat quarter-over-quarter, but down over the same quarter last year. Net charge-offs were down. The loan loss reserve was 1.21% of loans with a