TrustCo Bank Beats Sterne Agee's Per Share Estimates

TrustCo Bank Corp NY (NASDAQ: TRST) reported 3Q10 GAAP EPS of $0.11, Sterne Agee reports. Excluding $0.9 million in securities gains, operating earnings equaled $0.10 per share and beat Sterne Agee's estimate by $0.02 per share.

“Lower expenses and a lower tax rate accounted for the earnings beat,” Sterne Agee writes. “Importantly, during the quarter the net interest margin (NIM) decreased 9 bp (vs. our 7 bp estimate) to 3.42% as asset yield compression continued to offset funding cost reductions.”

Sterne Agee expects to have a greater level of clarity from the average balance sheet in the company's 10-Q.

TrustCo Bank currently trades for $5.49.