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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) announced it will release its Q4 2022 results on January 23, 2023, after market closure. The earnings will be discussed in a conference call on January 24, 2023, at 9:00 a.m. ET. Interested participants can join via dial-in or audio webcast. The company operates as a $6.1 billion savings and loan holding entity, with 143 offices across several states. TrustCo emphasizes that the information shared in this press release includes forward-looking statements that are subject to various risks and uncertainties.
The Board of Directors of TrustCo Bank Corp NY (TRST) announced a 2.9% increase in its quarterly cash dividend to $0.36 per share, effective January 3, 2023, for shareholders of record by December 2, 2022. This annualizes to $1.44 per share. Chairman Robert J. McCormick highlighted the company's historic earnings and strategic liquidity management as key factors enabling this dividend increase, reinforcing TrustCo's long-standing commitment to providing substantial returns to its shareholders amidst evolving market conditions.
TrustCo Bank Corp NY (NASDAQ: TRST) reported a third quarter 2022 net income of $19.4 million, equating to $1.013 diluted EPS, up from $16.8 million or $0.871 EPS in Q3 2021. Year-to-date earnings stand at $54.3 million or $2.835 EPS, a 20% increase compared to last year. Loan growth was driven by residential mortgages, with average loans rising 4.9%. Deposits increased by $105.1 million or 2%. The net interest margin improved to 3.16%, a 51 basis points increase. TrustCo's strong liquidity position remains conducive for future opportunities.
On October 18, 2022, TrustCo Bank Corp NY (Nasdaq: TRST) announced the election of Alejandro “Alex” M. Sanchez to its Board of Directors. Sanchez, a veteran with a juris doctor degree and extensive background in the banking sector, currently serves as the President and CEO of the Florida Bankers Association. He will also be part of the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees. Chairman Robert J. McCormick emphasized that Sanchez's expertise will significantly benefit shareholders, enriching board discussions.
TrustCo Bank Corp NY (TRST) announced plans to release its third quarter 2022 results after market close on October 24, 2022. The earnings report will follow the company's schedule of releasing results on the 21st of the reporting months or the next open market day. A conference call is scheduled for 9:00 a.m. ET on October 25, 2022, with various dial-in options available for participants. The earnings release will be accessible on the company's Investor Relations website, along with additional financial reports and SEC filings.
The Board of Directors of TrustCo Bank Corp NY (TRST) declared a quarterly cash dividend of $0.35 per share, amounting to $1.40 annually. This dividend is payable on October 3, 2022, to shareholders recorded by September 2, 2022. TrustCo has consistently paid dividends since 1904. CEO Robert J. McCormick noted robust earnings and significant loan growth as supporting factors for this distribution, reflecting the company's longstanding commitment to its shareholders.
TrustCo Bank Corp NY (NASDAQ: TRST) announced a net income of $17.9 million or $0.933 diluted earnings per share for Q2 2022, up from $14.4 million or $0.748 per share in Q2 2021. For the first half of 2022, net income reached $35.0 million or $1.822 per share, compared to $28.5 million or $1.478 per share in 2021. Average loans rose by 4.6%, and deposits increased by 2.9%. The net interest margin improved to 2.83%. The bank also reported an increase in return on average assets to 1.15% and return on average equity to 12.08%.
TrustCo Bank Corp NY (TRST) will release its second quarter 2022 results after market close on July 21, 2022. A conference call to discuss these results is scheduled for 9:00 a.m. ET on July 22, 2022. Participants can join via various phone numbers based on their location. The earnings press release and other relevant financial information will be available on the company's Investor Relations website. TrustCo operates 147 offices across multiple states and is a $6.3 billion holding company in the financial sector.
TrustCo Bank Corp NY (TRST) announced a quarterly cash dividend of $0.35 per share, totaling $1.40 annually. This dividend will be payable on July 1, 2022, to shareholders on record by June 3, 2022. Since 1904, TrustCo has consistently paid dividends, reflecting a strong corporate performance attributed to years of planning and customer service enhancements. Operating 145 offices across several states, TrustCo holds $6.3 billion in assets, demonstrating stability and ongoing commitment to shareholder returns.
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