Glenville, New York: TrustCo Bank Corp NY announced that its net income for the last year advanced 11 percent to $44.2 million.
This is compared to $39.8 million for 2013. For the fourth quarter of 2014 net income was $10.7 million compared to $10.6 million for the fourth quarter of 2013.
President and Chief Executive Officer Robert J. McCormick noted, “Our results for 2014 represented another solid year of profit growth coupled with continued growth of core customer relationships which ultimately position our business well for the future. We continued to add profitable customer relationships on both the loan and deposit sides of the Bank despite the difficult interest rate environment. Our highly liquid balance sheet continues to allow us to fund our loan growth without having to overpay for deposits. We look forward to 2015 with optimism. We will continue taking advantage of opportunities as they are presented.”
TrustCo’s strong liquidity position continues to allow the Company to take advantage of opportunities when interest rate conditions change. The increase in margin enabled the Company to achieve bottom line objectives without having to deploy liquidity into the current low interest rate investment environment.
