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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) reported a net income of $17.7 million for the first quarter of 2023, reflecting a 3.8% increase from $17.1 million in Q1 2022. The company achieved a net interest income of $47.0 million, up 17.1% year-over-year, alongside a return on average assets of 1.20% and return on average equity of 11.84%. Average loans grew by $312.0 million, reaching an all-time high of $4.8 billion. TrustCo's consolidated equity to assets ratio improved to 10.17% from 9.44% a year prior. Nonperforming loans decreased to 0.40% of total loans. The company emphasized strong liquidity and effective management, benefiting from rising interest rates. A conference call to discuss results is scheduled for April 25, 2023.
TrustCo Bank Corp NY (TRST) has announced its upcoming first quarter 2023 financial results, set to be released on April 24, 2023, after market close. A conference call is scheduled for April 25, 2023, at 9:00 a.m. ET to discuss these results. Participants can join via a toll-free number or through an audio webcast. TrustCo Bank, with 143 offices across New York, New Jersey, Vermont, Massachusetts, and Florida, operates as a $6.0 billion savings and loan holding company. The company emphasizes that forward-looking statements included in this release are subject to various uncertainties and risks, including economic factors and geopolitical events.
TrustCo Bank Corp NY (TRST) announced a new stock repurchase program allowing the buyback of up to 200,000 shares, approximately 1% of its outstanding shares. This initiative aims to enhance shareholder value and will be executed at management's discretion over the next twelve months. The program permits repurchases through various methods, including open market transactions. TrustCo will assess factors such as market conditions and financial performance before proceeding with buybacks. The company emphasizes that the program may be suspended or modified based on prevailing circumstances.
The Board of Directors of TrustCo Bank Corp NY (TRST) announced a quarterly cash dividend of $0.36 per share on February 21, 2023, translating to $1.44 annually. The dividend will be paid on April 3, 2023, to shareholders recorded by March 3, 2023. CEO Robert J. McCormick emphasized that this distribution reflects the bank's record success in 2022, asserting TrustCo's tradition of consistent dividends amidst market volatility. TrustCo operates 143 offices across several states and is recognized as one of the top-performing savings banks in the country.
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