This looks pretty decent. I think they raised more capital back in the spring because a: they could b: they can make acquisitions if they have a comfortable cushion, and c: some kind of estate planning going on the McCormicks. The worst of the recession is over and the Albany area has been in a recession since Nixon. They know how to manage hard times.
" Nonperforming assets declined to $53.1 million at the end of the third quarter, compared to $54.4 million at the end of the second quarter and from $56.2 million at the end of 2010. At September 30, 2011, nonperforming loans were equal to 1.89% of total loans, compared to 2.04% at the end of the second quarter. Nonperforming assets to total assets fell to 1.27% at September 30, 2011, compared to 1.34% at June 30, 2011. The allowance for loan losses as a percentage of gross loans and as a multiple of net charge-offs remains strong. Reserves to total loans continued to improve, increasing from 1.78% at December 31, 2010 to 1.88% at June 30, 2011 and to 1.93% at September 30, 2011, and covered annualized third quarter net charge-offs by 4.1 times, compared to 3.8 times for the second quarter of 2011. The coverage ratio, or allowance for loan losses to nonperforming loans improved to 101.7% at September 30, 2011, compared to 92.0% at June 30, 2011."
"I think they raised more capital back in the spring because a: they could b: they can make acquisitions if they have a comfortable cushion, and c: some kind of estate planning going on the McCormicks. The worst of the recession is over and the Albany area has been in a recession since Nixon"
A) they didnt want to raise capital at 4.60 a share. Raise it whens the stock price is higher. They had to. 4.60 a share is very low. 6 bucks would have provided more capital, and they diluted existing shareholders.
B) Florida and NJ expansion are not up to expectations (understatement). Sometimes you have to realize, stay within your comfort zone, and dont venture forth. Dont even mention acquistion to these guys.
C) Most Tricity residents are not financially savy, dont know how to get a better deal.
In conclusion, blue hair ladies are dying off and so is the middle class, TRST customer base is eroding.
TRST has always had the opportunity to move into the NYC area and has bypassed the market, which is a question why
Too competitive and too many banks selling off conforming loans. Smart to stay out of that market. You are right about Florida and NJ: not impressive and why? Best Geography they could think off?? Or to enjoy a snowbird house.