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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 (NASDAQ: TRST) reported strong first-quarter earnings for 2022, with a net income of $17.1 million or $0.890 diluted EPS, up from $14.1 million or $0.730 diluted EPS a year prior. Average residential loans increased by $218.6 million (5.8%), while average deposits rose by $223.4 million (4.4%). The bank's emphasis on long-term growth is evident as credit quality remains solid, and expenses have decreased by $3.2 million. The return on average assets improved to 1.12%, and the equity to asset ratio stood at 9.44% as of March 31, 2022, reflecting a strong financial position.
TrustCo Bank Corp NY (TRST) will release its first-quarter 2022 results post-market on April 21, 2022, with a conference call scheduled for April 22 at 9:00 a.m. ET. Participants can dial in from various locations. The press release will be available on the company’s Investor Relations website. TrustCo Bank operates 147 offices across several states and offers a range of financial services. The company emphasizes that its forward-looking statements may be affected by various factors, including economic conditions and regulatory compliance.
TrustCo Bank Corp NY (TRST) announced a stock repurchase program allowing the buyback of up to 200,000 shares, approximately 1% of its outstanding shares. The program will enable TrustCo to repurchase shares at management's discretion over the next twelve months, considering market conditions, stock prices, and the company's financial performance. The initiative aims to enhance shareholder value, although it does not obligate the company to repurchase a specific number of shares.
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. Shareholders of record by March 4, 2022, will receive the dividend on April 1, 2022. TrustCo has consistently paid dividends since 1904, showcasing its strong performance and management commitment. The company operates 144 offices across several states and is recognized as one of the best performing savings banks in the U.S.
TrustCo Bank Corp NY (TRST) reported a strong performance for 2021, achieving a net income of $61.5 million or $3.194 diluted EPS, up from $52.5 million or $2.717 diluted EPS in 2020. In Q4 2021, net income rose to $16.2 million or $0.845 diluted EPS, compared to $13.8 million or $0.716 in Q4 2020. Average loans increased by $185.3 million or 4.4%, and average deposits were up $297.5 million or 6.0%. The bank's asset quality improved, with nonperforming loans dropping to $18.8 million (0.42%). TrustCo's capital position remains robust, fueling continued growth and investor interest.
TrustCo Bank Corp NY (TRST) announced it will release its fourth quarter 2021 results on January 24, 2022, after market close. The earnings call is scheduled for January 25, 2022, at 9:00 a.m. ET, accessible via toll-free numbers for the U.S. and Canada. The call will also be webcasted. TrustCo operates 147 branches across five states and reported total assets of $6.1 billion. The company cautioned that forward-looking statements may be affected by various factors, including economic changes and regulatory compliance.
TrustCo Bank Corp NY (TRST) has announced a 2.8% increase in its quarterly cash dividend, raising it to $0.35 per share, equivalent to $1.40 annually. This increase will be paid on January 3, 2022, to shareholders of record by December 3, 2021. Chairman Robert J. McCormick attributed this achievement to the company’s strong performance and long-standing commitment to dividend payments since 1904. TrustCo operates 147 offices across several states and is recognized as a leading savings bank.
TrustCo Bank Corp NY (TRST) announced a strong third quarter for 2021, reporting a net income of $16.8 million or $0.871 diluted earnings per share, up from $14.1 million or $0.730 per share in the same quarter of 2020. For the nine months ending September 30, 2021, net income reached $45.3 million or $2.349 per share, compared to $38.6 million or $2.001 per share last year. Average loans and deposits increased by 4.2% and 7.1%, respectively, showcasing growth in mortgage products and core deposits.
TrustCo Bank Corp NY (Nasdaq: TRST) announced it will release its third quarter 2021 results on October 21, 2021, after market close. The earnings conference call is scheduled for October 22, 2021, at 9:00 a.m. Eastern Time. Interested participants can join via phone or listen to the live audio webcast. The company operates 147 offices across New York, New Jersey, Vermont, Massachusetts, and Florida, with total assets of $6.1 billion. TrustCo cautioned that certain forward-looking statements may vary due to various operational risks, including regulatory compliance and market fluctuations.
TrustCo Bank Corp NY (Nasdaq: TRST) has elected Curtis N. Powell to its Board of Directors as of September 21, 2021. Mr. Powell, who has over 20 years of experience in Human Resources and Risk Management at Rensselaer Polytechnic Institute, will also serve on several board committees including Audit, Compensation, and Risk. His appointment aims to enhance the bank's strategic approach to human capital and risk management. TrustCo operates 147 offices across five states and has a total asset base of $6.1 billion.
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