Below is transcript of the TrustCo Bank Corp NY (NASDAQ:TRST)’s Fourth Quarter 2014 Earnings Call, held on Thursday, January 22, 2015, at 9:00 a.m. ET. Mckinley Capital Management, Royce & Associates and D E Shaw was among TrustCo Bank Corp NY (NASDAQ:TRST) shareholders at the end of the third quarter.
TrustCo Bank Corp NY (NASDAQ:TRST) is a savings and loan holding company. The Company’s principal subsidiary is Trustco Bank (the Bank). The Bank is a federal savings bank engaged in providing general banking services to individuals, partnerships, and corporations.
Robert J.McCormick, President and Chief Executive Officer, TrustCo Bank Corp NY
Michael Ozimek, Chief Financial Officer, TrustCo Bank Corp NY
Scott Salvador, Chief Bank Officer, TrustCo Bank Corp NY.
Alex Twerdahl, Sandler O’Neill
Travis Lan, KBW.
Good day and welcome to the TrustCo Bank Corp fourth Quarter 2014 earnings call and webcast. All participants will be in listen-only mode. 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 this safe harbor for forward-looking statements provided by Private Securities Litigation Reform Act of 1995. After results, could differ materially from those facts forcing such a statement due to various risks, uncertainties and other factors. Please review risk factors in our most recent annual report on Form 10-K and our other securities filings. For detailed information, the statements are valid only above the date hereof and the company disclaims any obligation to update the information except as may be required by applicable law. Please also note today’s call 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, President and Chief Executive Officer
Good morning everyone. I’m Rob McCormick, President and CEO of TrustCo Bank. Joining me on the call today, Michael Ozimek, our new CFO and Scott Salvador, Chief Banking Officer. As always in the room is Kevin Timmons, who most of you deal with on a regular basis, and Bob Cushing ready to pounce if Mike messes up. As most of you know Bob Cushing, our long term CFO has announced his retirement effective 5-30-2015. Bob has been great for our company for about 20 years. We will certainly miss him and wish him well on his retirement. We are lucky to have Michael Ozimek to fill his shoes. Mike has been with us for about 12 years. He is a CPA, a graduate of Siena College and with KPMG prior to joining our company. We have every confidence Mike would be successful and we look forward to him taking a bigger role in our company. In the meantime, Bob and Michael working all this week together until the end of May. Mike has been trained by Bob for the last 12 years. Bob will be around to the end of the year on a consulting basis to help with the transition. If you follow our company, we try to cover things with contingency plans and it’s nice when they work out.
Let’s get to 2014. 2014 was certainly a solid year for TrustCo Bank. Our net income was up over 11% in comparison to 2013, almost $44.2 million. We are very pleased with our results. Our net interest income was up over 4% to about $141.4 million. Our total assets were $4.644 billion at year end, up about $123 million. Our loans are up about $250 million to $3.159 billion . That’s a growth occurred in almost all in our residential loan portfolio. As you know we’re not the biggest commercial lender. We maintain a pretty solid portfolio of customers that we’ve worked with for many many years.