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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): July 20, 2004
(July 20, 2004)
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TrustCo Bank Corp NY
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
0-10592 14-1630287
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(Commission File Number) (IRS Employer Identification No.)
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5 Sarnowski Drive, Glenville, New York 12305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 377-3311
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TrustCo Bank Corp NY
Item 7. Financial Statements and Exhibits
(c) Exhibits
Reg S-K Exhibit No. Description
99(a) Highlights Press Release dated July 20,
2004, for the period ending June 30,
2004, regarding year to date and second
quarter results.
99(b) Press Release dated July 20, 2004, for
the period ending June 30, 2004, regarding
year to date and second quarter results.
Item 12. Results of Operations and Financial Condition
On July 20, 2004, TrustCo Bank Corp NY ("TrustCo")
issued two press releases with year to date and
second quarter results for the period ending June 30,
2004. Attached is a copy of each press release
labeled as Exhibits 99(a) and 99(b).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: July 20, 2004
TrustCo Bank Corp NY
(Registrant)
By:/s/ Robert T. Cushing
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Robert T. Cushing
Executive Vice President and
Chief Financial Officer
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Exhibits Index
The following exhibits are filed herewith:
Reg S-K Exhibit No. Description Page
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99(a) Highlights Press Release of 5
July 20, 2004, for the period
ending June 30, 2004, regarding
year to date and second quarter results.
99(b) Press Release of July 20, 2004, 6-7
for the period ending June 30, 2004,
regarding year to date and second quarter
results.
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TRUSTCO Exhibit 99(a)
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
NASDAQ - TRST
Contact: Robert Leonard
Vice President
518-381-3693
FOR IMMEDIATE RELEASE: Glenville, New York - July 20, 2004
TrustCo Bank Corp NY
(dollars in thousands, except per share data)
2004 2003
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Three Months Ended June 30:
Net Income $ 14,371 13,411
Provision for Loan Losses 150 300
Average Equivalent Shares Outstanding:
Basic 74,354,000 74,369,000
Diluted 75,095,000 75,237,000
Net Income per Share:
Basic $ 0.193 0.180
Diluted 0.191 0.178
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Six Months Ended June 30:
Net Income $ 28,504 26,603
Provision for Loan Losses 300 600
Average Equivalent Shares Outstanding:
Basic 74,241,000 74,309,000
Diluted 75,085,000 75,210,000
Net Income per Share:
Basic $ 0.384 0.358
Diluted 0.380 0.354
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Period End:
Total Assets 2,849,227 2,683,165
Total Nonperforming Loans 2,879 3,936
Total Nonperforming Assets 2,879 3,936
Allowance for Loan Losses 48,347 49,528
Allowance as a Percentage
of Total Loans 4.14% 3.88%
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TRUSTCO Exhibit 99(b)
Bank Corp NY News Release
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5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
Subsidiary: Trustco Bank
Contact: Robert M. Leonard
Vice President
(518) 381-3693
FOR IMMEDIATE RELEASE:
TrustCo Announces Record Second Quarter Results
Glenville, New York - July 20, 2004 TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST)
today announced that it achieved record results for the second quarter of 2004
and for the first six months of the year. Net income for the second quarter of
2004 was $14.4 million, or $0.191 diluted earnings per share, compared to $13.4
million, or $0.178 diluted earnings per share, for the second quarter of 2003.
The second quarter results reflect an increase of 7.2% in net income and 7.3% in
diluted earnings per share over the comparable period in 2003.
Year to date results reflect significant increases in both net income and
diluted earnings per share between 2003 and 2004. For the six months ended June
30, 2004 net income was $28.5 million and diluted earnings per share were
$0.380, compared to net income of $26.6 million and diluted earnings per share
of $0.354 for the comparable six month period in 2003. The six-month results
reflect an increase of 7.1% in net income and 7.3% in diluted earnings per share
for 2004 compared to the same six-month period in 2003.
Commenting on the results for 2004, Robert J. McCormick, President and Chief
Executive Officer noted, "The current quarter and the year to date 2004 results
are very good, and set the stage for continued growth into the second half of
this year."
TrustCo Bank Corp NY is a $2.8 billion bank holding company and through its
subsidiary, Trustco Bank, operates 69 offices in New York, Vermont, and Florida.
In addition, the bank operates a full service Trust Department that has $945
million of assets under management. The common shares of TrustCo are traded on
the Nasdaq National Market tier of the Nasdaq Stock Market under the symbol
TRST.
Except for the historical information contained herein, the matters discussed in
this news release and other information contained in TrustCo's Securities and
Exchange Commission filings may express "forward-looking statements." Those
"forward-looking statements" may involve risk and uncertainties, including
statements concerning future events or performance and assumptions and other
statements that are other than statements of historical facts.
TrustCo wishes to caution readers not to place undue reliance on any
forward-looking statements, which speak only as of the date made. Readers are
advised that various risk factors, including, but not limited to: (1) credit
risk, (2) interest rate risk, (3) competition, (4) changes in the regulatory
environment, and (5) changes in general business and economic trends, could
cause the actual results or circumstances for future periods to differ
materially from those anticipated or projected in the forward-looking
statements.
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