THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD EARNINGS
THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD EARNINGS JERSEY CITY, N.J., Jan. 30 /PRNewswire/ -- Siggi B. Wilzig, chairman
and president of the Trustcompany Bancorporation (NASDAQ: TCBC), parent company of the Trust Company of New Jersey, proudly announced today a 10 percent increase in earnings over last year's record earnings. The bank's earnings increased from $20,051,000 to $22,079,000. Fourth quarter earnings increased from $4,553,000 to $4,971,000.
Wilzig stated, "We are unique - the only major bank in New Jersey with nine straight years of record earnings, and unlike most New Jersey banks, the Trust Company's capital ratios are excellent, far exceeding the required levels." Dec. 31, 1991 The Trust Company Required Tier 1 11.97 percent 3.63 percent Total Capital 13.49 percent 7.25 percent Year end deposits reached a milestone by exceeding the $2 billion mark and assets reached a record high of $2.2 billion. The 1991 net earnings were still achieved even after an increase of $5.5 million to the provision for loan losses which increased from $14.5 million in 1990 to $20 million in 1991. In addition, the increase of $12.5 million in non-performing loans was more than offset by the $15.5 million increase to the loan loss reserve. The overall loan loss reserve was increased from $22 million to $37.5 million, which represents a very comfortable 3.8 percent of total loans. The bank recognized $11.5 million, net of related taxes, from a change in pension plan accounting methods as compared with $8.5 million for 1990. The bank also had substantial gains from U.S. Treasury Securities transactions during 1991. Wilzig further stated, "In today's banking environment, a 10 percent increase in earnings is rather impressive, especially after increasing the loan loss reserve significantly. The bank's prudent lending and investment policies have led to nine consecutive years of record earnings. Unlike other banks, we don't need to return to the basics of sound, conservative lending practices - we never left them." THE TRUSTCOMPANY BANCORPORATION Periods ended Year Three months Dec. 31 1991 1990 1991 1990 Net income $22,079,000 $20,051,000 $4,971,000 $4,553,000 Per common share $2.28 $2.06 $.51 $.47 -0- 1/30/92 /CONTACT: Public relations department of Trustcompany Bancorporation, 201-420-2800/ (TCBC) CO: The Trustcompany Bancorporation ST: New Jersey IN: FIN SU: ERN SM-TM -- NY058 -- 5236 01/30/92 12:22 EST
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|Date:||Jan 30, 1992|
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