Welcome to our dedicated page for Trustco Bank NY news (Ticker: TRST), a resource for investors and traders seeking the latest updates and insights on Trustco Bank NY stock.
Trustco Bank Corp NY, established in 1902 in Schenectady, New York, has grown into a cornerstone of community banking. The bank has thrived by staying true to core banking principles, offering high-quality products and services without succumbing to fleeting industry trends. With a significant expansion beginning in 2002, Trustco now operates 147 branches across New York, Florida, Massachusetts, New Jersey, and Vermont, with 53 branches in Florida alone.
Trustco Bank is renowned for its old-school, personal service, greeting customers by name and providing a variety of deposit and loan products. The bank specializes in residential mortgage lending and has consistently paid dividends to its shareholders for over 100 years. As of December 31, 2021, the bank's assets totaled $6.2 billion.
The bank's core business revolves around accepting deposits and making loans and investments. It offers a comprehensive range of personal and business banking services, including savings accounts, retirement accounts, money market accounts, mortgages, building loans, and auto loans. Trustco operates as a community bank within its geographical footprint.
Trustco Bank's executive leadership, led by Chairman, President, and CEO Robert J. McCormick, emphasizes solid underwriting and responsible lending. The bank boasts seven consecutive quarters of net loan recoveries and continues to focus on liquidity management and capital preservation. Trustco's debt-free and well-capitalized status positions it to capitalize on future opportunities, regardless of market conditions.
Recent achievements include a 3% increase in residential loan production and a 13% growth in commercial loans compared to the first quarter of 2023. Non-interest income and capital ratios have improved, and the bank has maintained steady non-performing loans with consistent net recoveries, showcasing its commitment to excellent credit quality.
For the latest updates, visit the company's Investor Relations website.
TrustCo Bank Corp NY (TRST) released a comparative analysis of its performance metrics for the first three quarters of 2024. The company demonstrated strong performance across key indicators:
- Efficiency Ratio of 60.80% (YTD), outperforming 79% of peers
- Common Equity Tier 1 Capital Ratio of 19.27%, ranking in the 100th percentile
- Cost of Funds at 1.70% (YTD), better than 95% of peers
- Diluted EPS of $1.97 (YTD), outranking 74% of peers
TrustCo operates 138 offices across five states with $6.1 billion in assets, maintaining its position as one of the best-performing savings banks in the country.
TrustCo Bank Corp NY (Nasdaq: TRST) has announced a quarterly cash dividend of $0.36 per share, equivalent to $1.44 per share annually. The dividend will be paid on January 2, 2025, to shareholders of record as of December 6, 2024. The company highlights its consistent dividend payment history spanning over a century, strong financial performance, and robust capital position in the banking sector. CEO Robert J. McCormick emphasized the company's reliable returns and excellent income generation.
TrustCo Bank Corp NY (NASDAQ: TRST) reported third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to $14.7 million or $0.77 per share in Q3 2023. Average loans increased by $127.0 million or 2.6% year-over-year. Key highlights include:
- Net interest income of $38.7 million, up 2.3% from Q2 2024
- Net interest margin improved to 2.61%, up 8 basis points from Q2 2024
- Average deposits increased by $15.3 million or 0.3% year-over-year
- Book value per share rose to $35.19, up 7.3% from a year earlier
- Equity to asset ratio improved to 10.95% from 10.31% in Q3 2023
The bank's focus on home equity lines of credit and competitive CD rates helped maintain strong customer relationships and manage interest expenses. Asset quality remained strong, with a provision for credit losses of $500,000 in Q3 2024.
TrustCo Bank Corp NY (Nasdaq: TRST) has declared a quarterly cash dividend of $0.36 per share, equivalent to $1.44 per share annually. The dividend will be paid on October 1, 2024, to shareholders of record as of September 6, 2024. CEO Robert J. McCormick emphasized the bank's consistency in delivering meaningful dividends, a tradition maintained for over a century. He highlighted TrustCo's strength and liquidity as key factors enabling this continued practice, especially notable amid market speculation about interest rate changes.
TrustCo Bank Corp NY (NASDAQ: TRST) reported second quarter 2024 net income of $12.6 million or $0.66 diluted earnings per share, compared to $16.4 million or $0.86 per share in Q2 2023. Key highlights include:
- Average loan growth of 3.8% year-over-year
- Net interest income increased to $37.8 million, up 3.3% from Q1 2024
- Net interest margin improved to 2.53%, up 9 basis points from Q1 2024
- Strong asset quality with NPLs at 0.38% of total loans
- Book value per share increased to $34.46, up 5.5% year-over-year
The company also reported a $1.4 million gain from exchanging Visa Class B-1 shares for Class B-2 and Class C shares.
TrustCo Bank Corp NY (Nasdaq: TRST) has announced significant management changes, elevating several long-serving executives to new roles. Robert M. Leonard has been appointed Chief Operating Officer, while Kevin M. Curley becomes Chief Banking Officer. Other key promotions include Carly Batista as Chief Operations Officer, Michael Ewell as Chief Risk Officer, J.R. George as Chief Retail Banking Officer, and Michelle Simmonds as Chief Lending Officer.
Michael Hall, the company's General Counsel, will now oversee Investor Relations. These changes aim to leverage the bank's experienced leadership team to drive growth and enhance customer service. The restructuring comes as two long-serving executives, Scot R. Salvador and Eric W. Schreck, prepare to retire at the end of the year.
TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) will release its second quarter 2024 results on July 22, 2024, after market close. The conference call to discuss these results will occur at 9:00 a.m. Eastern Time on July 23, 2024. Participants can dial in toll-free from the US at 1-833-470-1428 or from Canada at 1-833-950-0062, using Access code 332275. A replay will be available for 30 days via 1-866-813-9403, Access code 270896, and the call will be webcast at https://events.q4inc.com/attendee/723112639 for one year. The earnings press release will be posted on TrustCo’s Investor Relations website. TrustCo operates 138 offices across five states and offers a comprehensive range of financial services. Its common shares trade on NASDAQ under the symbol TRST.
The Board of Directors of TrustCo Bank Corp NY (Nasdaq: TRST) declared a quarterly cash dividend of $0.36 per share, translating to an annualized dividend of $1.44 per share. This dividend will be payable on July 1, 2024, to shareholders recorded by June 7, 2024. TrustCo has maintained a consistent dividend payout every quarter since 1904. Chairman, President, and CEO Robert J. McCormick emphasized the company's commitment to reliability and consistent shareholder returns, highlighting the operational stability and careful management supporting these payouts.
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