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TrustCo Bank Corp NY
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.
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