Welcome to our dedicated page for Trustco Bk N Y news (Ticker: TRST), a resource for investors and traders seeking the latest updates and insights on Trustco Bk N Y 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.
On August 17, 2021, TrustCo Bank Corp NY (TRST) declared a quarterly cash dividend of $0.340625 per share, totaling $1.3625 annually. This dividend will be paid on October 1, 2021, to shareholders on record as of September 3, 2021. TrustCo has a strong tradition of dividend payments, having paid a cash dividend every year since 1904. CEO Robert J. McCormick emphasized the bank's commitment to growth and customer service as key factors enabling this dividend in uncertain times.
TrustCo Bank Corp NY reported a second quarter 2021 net income of $14.4 million ($0.748 per share), up from $11.3 million ($0.584 per share) in Q2 2020. For the six months ending June 30, 2021, net income was $28.5 million ($1.478 per share), compared to $24.6 million ($1.272 per share) in 2020. The earnings figures have been adjusted for a 1-for-5 reverse stock split on May 28, 2021. The leadership emphasized community support and ongoing dividends while assisting borrowers impacted by COVID-19.
TrustCo Bank Corp NY (TRST) will announce its second quarter 2021 results on July 21, 2021, after market close. A conference call to discuss these results is scheduled for July 22, 2021, at 9:00 a.m. ET, accessible via toll-free number or international dial-in. The results will be available on the company's Investor Relations website, along with other financial information. TrustCo operates 147 offices across several states and is a $6 billion savings and loan holding company.
TrustCo Bank Corp NY (NASDAQ: TRST) held its 2021 Annual Meeting of Shareholders on May 20, 2021, where board members were elected, and a reverse stock split was approved at a ratio of 1 for 5. Shareholders showed strong support for executive compensation and appointed Crowe, LLP as independent auditors for 2021. The reverse stock split is set to be implemented on May 28, 2021, with adjusted quarterly dividends of $0.340625 per share. CEO Robert J. McCormick expressed optimism about the split enhancing share attractiveness in the stock market.
The Board of Directors of TrustCo Bank Corp NY (TRST) declared a quarterly cash dividend of $0.068125 per share, translating to $0.2725 annually. This dividend is payable on July 1, 2021, to shareholders on record by June 4, 2021. TrustCo has consistently paid dividends since 1904, highlighting the company’s stable performance amid uncertainties. CEO Robert J. McCormick emphasized the bank's commitment to growth and ongoing customer acquisition, supporting this dividend declaration.
TrustCo Bank Corp NY (NASDAQ: TRST) reported a net income of $14.1 million for Q1 2021, translating to $0.146 diluted earnings per share. Residential loan growth rose 5.2%, amounting to $187.5 million, compared to Q1 2020. The bank's assets exceeded $6 billion, with key milestones in Florida, achieving over $1 billion in both deposits and loans. Average deposits increased 14.2% year-over-year. The net interest margin decreased to 2.78%. A conference call to discuss results will occur on April 22, 2021.
TrustCo Bank Corp NY (TRST) will release its first quarter 2021 results after market close on April 21, 2021. A conference call to discuss these results is scheduled for April 22, 2021, at 9:00 a.m. ET. Participation can be done through a toll-free number or via a webcast. TrustCo operates 148 offices across New York, New Jersey, Vermont, Massachusetts, and Florida, with total assets of $5.9 billion. The earnings press release will be available on the company’s investor relations website.
TrustCo Bank Corp NY (TRST) announced a new stock repurchase program allowing the buyback of up to 2,000,000 shares, approximately 2% of outstanding shares. This initiative aims to enhance shareholder value and will be conducted over the next year at management's discretion.
The buyback could be adjusted if a proposed reverse stock split is completed, and purchases will depend on market conditions and TrustCo's financial performance.
TrustCo Bank Corp NY (Nasdaq: TRST) announced plans for a 1-for-5 reverse stock split and the reduction of authorized shares from 150 million to 30 million. This proposal will be presented at the next annual shareholders' meeting. The Board reserves the right to cancel the split if it is deemed not beneficial. Shareholders are encouraged to review the upcoming proxy statement for detailed information. TrustCo operates 148 branches across five states and reported assets of $5.7 billion.
The Board of Directors of TrustCo Bank Corp NY (TRST) has declared a quarterly cash dividend of $0.068125 per share, amounting to $0.2725 annually. This dividend will be paid on April 1, 2021 to shareholders recorded by March 5, 2021. TrustCo has consistently paid cash dividends since 1904.
CEO Robert J. McCormick highlighted the bank's strong performance and commitment to shareholder value even amid challenging circumstances, reaffirming the company's dedication to meeting shareholder expectations.
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