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Article: THE TRUST COMPANY OF NEW JERSEY REPORTS NINE MONTHS EARNINGS; CORE EARNINGS UP - NET INTEREST MARGIN UP 18%
- Article from:
- PR Newswire
- Article date:
- November 15, 1994
CopyrightCOPYRIGHT 1994 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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JERSEY CITY, N.J., Nov. 15 /PRNewswire/ -- Siggi B. Wilzig, Chairman and Chief Executive Officer of The Trust Company of New Jersey (Nasdaq: TCNJ), announced that the Bank's net income for the first nine months of 1994 was $3.8 million, or $.17 per share, compared with $14.9 million, or $.73 per share, for 1993. Net income for the current quarter was $2.7 million, or $.13 per share, compared with $5.7 million, or $.28 per share, for 1993. After providing $15.7 million in additional reserves, the Bank's net income for all of 1993 was $1.6 million.
This year's earnings were adversely affected by a $3 million adjustment in pension accounting. In addition, last year's ...