TrustCo Bank Corp NY: A Standout No Matter the Economic Environment
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 (TRST) ha pubblicato un'analisi comparativa delle sue metriche di performance per i primi tre trimestri del 2024. L'azienda ha mostrato una forte performance in diversi indicatori chiave:
- Rapporto di Efficienza del 60,80% (YTD), superando il 79% dei concorrenti
- Rapporto di Capitale Primario di Classe 1 del 19,27%, classificandosi nel 100° percentile
- Costo dei Fondi all'1,70% (YTD), migliore del 95% dei concorrenti
- EPS Diluito di $1,97 (YTD), superando il 74% dei concorrenti
TrustCo gestisce 138 filiali in cinque stati con 6,1 miliardi di dollari in attivi, mantenendo la sua posizione come una delle migliori banche di risparmio del paese.
TrustCo Bank Corp NY (TRST) publicó un análisis comparativo de sus métricas de rendimiento para los primeros tres trimestres de 2024. La compañía demostró un sólido rendimiento en varios indicadores clave:
- Ratio de Eficiencia del 60.80% (YTD), superando al 79% de sus pares
- Ratio de Capital Común de Nivel 1 del 19.27%, ocupando el percentil 100
- Costo de Fondos del 1.70% (YTD), mejor que el 95% de sus pares
- EPS Diluido de $1.97 (YTD), superando al 74% de sus pares
TrustCo opera 138 oficinas en cinco estados con $6.1 mil millones en activos, manteniendo su posición como una de las mejores cajas de ahorros del país.
TrustCo Bank Corp NY (TRST)는 2024년 첫 세 분기의 성과 지표에 대한 비교 분석을 발표했습니다. 이 회사는 주요 지표에서 강력한 성과를 보여주었습니다:
- 효율성 비율 60.80% (YTD), 동종 업계 79%를 초과 달성
- 일반주식 1등급 자본 비율 19.27%, 100번째 백분위수에 해당
- 자금 조달 비용 1.70% (YTD), 동종 업계 95%보다 우수
- 희석 EPS $1.97 (YTD), 동종 업계 74%를 초과
TrustCo는 다섯 개 주에서 138개의 사무소를 운영하며 61억 달러의 자산을 보유하고 있어, 국가에서 최고의 저축 은행 중 하나로 자리 잡고 있습니다.
TrustCo Bank Corp NY (TRST) a publié une analyse comparative de ses indicateurs de performance pour les trois premiers trimestres de 2024. L'entreprise a démontré une performance solide sur plusieurs indicateurs clés :
- Taux d'Efficience de 60,80% (YTD), surpassant 79% de ses concurrents
- Taux de Capital de Niveau 1 Commun de 19,27%, se classant dans le 100ème percentile
- Coût des Fonds de 1,70% (YTD), meilleur que 95% de ses concurrents
- EPS Dilué de 1,97 $ (YTD), dépassant 74% de ses concurrents
TrustCo gère 138 agences dans cinq États avec 6,1 milliards de dollars d'actifs, maintenant sa position en tant que l'une des meilleures caisses d'épargne du pays.
TrustCo Bank Corp NY (TRST) hat eine vergleichende Analyse seiner Leistungskennzahlen für die ersten drei Quartale des Jahres 2024 veröffentlicht. Das Unternehmen zeigte eine starke Leistung in mehreren wichtigen Indikatoren:
- Effizienzquote von 60,80% (YTD), besser als 79% der Wettbewerber
- Common Equity Tier 1 Capital Ratio von 19,27%, im 100. Perzentil
- Kapitalkosten von 1,70% (YTD), besser als 95% der Wettbewerber
- Verwässertes EPS von 1,97 $ (YTD), besser als 74% der Wettbewerber
TrustCo betreibt 138 Niederlassungen in fünf Bundesstaaten mit 6,1 Milliarden Dollar an Vermögenswerten und behauptet seine Position als eine der leistungsstärksten Sparkassen im Land.
- Outperforms 79% of peers with better efficiency ratio of 60.80% YTD
- Leads peer group with highest CET1 ratio of 19.27%
- Superior cost of funds at 1.70%, better than 95% of peers
- Strong EPS performance at $1.97 YTD, exceeding 74% of peer companies
- None.
Insights
TrustCo Bank's performance metrics demonstrate exceptional operational efficiency and financial strength. The 60.80% efficiency ratio, significantly better than the peer average of 69.06%, indicates superior cost management and operational effectiveness. The standout 19.27% CET1 ratio is remarkable, far exceeding the peer average of 12.46%, showcasing robust capital adequacy and financial stability.
The bank's low 1.70% cost of funds versus peer average of 2.56% reflects strong deposit franchise and effective liability management. This translates into better profitability potential, evidenced by the superior diluted EPS of $1.97 compared to peer average of $1.36. These metrics collectively paint a picture of a well-managed institution with strong fundamentals and competitive advantages in key performance areas.
The comparative analysis reveals TrustCo's competitive positioning in the regional banking landscape. Outranking 79% of peers in efficiency ratio, 100% in capital strength and 95% in cost of funds demonstrates clear operational advantages. The bank's ability to maintain these metrics while growing its $6.1 billion asset base and operating 138 branches across five states suggests scalable operational excellence.
Most notably, the combination of low funding costs and high capital levels positions TrustCo favorably in the current high-rate environment. The superior EPS performance, ranking in the 74th percentile, indicates the bank's success in translating operational efficiency into shareholder value, making it an attractive consideration in the regional banking sector.
GLENVILLE, N.Y., Dec. 10, 2024 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on December 9, 2024, issued an analysis comparing its performance for the first three quarters of 2024 to that of the Company’s peers on the following metrics: Efficiency Ratio, Cost of Funds, Tier 1 Capital, and Diluted EPS. The referenced charts are attached.
Efficiency Ratio2
Efficiency ratio is a numerical representation of what it costs us to make a dollar. As the chart below shows, TrustCo ranks in the bottom 21st percentile (lower being better) year-to-date, and over the latest quarter ending September 30, 2024.
| Efficiency Ratio TRST Outranks | |||
| Year to Date | Latest Quarter | ||
| TrustCo Bank Corp NY | |||
| Peer Average | |||
Common Equity Tier 1 Capital Ratio
Tier 1 common capital ratio (“CET 1”) is a measurement of a bank’s core equity capital, compared with its total risk-weighted assets, and signifies a bank’s financial strength. It shows how well a bank can withstand financial stress and remain solvent. Maintaining an extremely healthy CET 1 capital ratio is a bedrock strategic principle of TrustCo, and illustrates the strength and soundness of Trustco Bank for over a century. TrustCo continues to lead its peers in this metric, and is at the top, or 100th percentile of its peer group, for the nine months ending September 30, 2024 and September 30, 2023, respectively.
| CET Tier 1 Capital Ratio TRST Outranks | ||||
| Year to Date 9/30/2024 | Year to Date 9/30/2023 | |||
| TrustCo Bank Corp NY | ||||
| Peer Average | ||||
Cost of Funds
Cost of funds is a profitability metric, measured by the interest rate banks pay on deposit accounts in order to obtain the funds they use to lend to customers. The spread, or difference between the interest paid on deposits and the interest earned on loans, is net interest margin. The lower the cost of funds, the more profitable the bank can be. TrustCo ranks in the bottom 5th percentile (lower being better) of its peers for deposit costs year-to-date, and over the latest quarter ending September 30, 2024. Trustco has retained and grown its deposit portfolio without sacrificing returns to shareholders.
| Cost of Funds TRST Outranks | |||
| Year to Date | Latest Quarter | ||
| TrustCo Bank Corp NY | |||
| Peer Average | |||
Earnings per Share
Earnings per share (EPS) is a measure of a company's profitability that indicates how much profit each outstanding share of common stock has earned. It's calculated by dividing the company's net income by the total number of outstanding shares. The higher a company's EPS, the more profitable it is considered to be. A higher EPS indicates a greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price. From an investor standpoint, EPS is often measured against companies of the same industry or across a period of time. As the chart below shows, TrustCo ranks in the top 74th percentile of peer companies for EPS year-to-date, and over the latest quarter, ending September 30, 2024.
| Diluted EPS TRST Outranks | |||||
| Year to Date | Latest Quarter | ||||
| TrustCo Bank Corp NY | |||||
| Peer Average | |||||
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a
Contact Robert M. Leonard, EVP and COO (518)-381-3693
1Data provided in charts above is derived from S&P Capital IQ
2Non-GAAP Financial Measure Reconciliation
The Securities and Exchange Commission (“SEC”) has adopted certain rules with respect to the use of “non-GAAP financial measures” by companies with a class of securities registered under the Securities Exchange Act of 1934, as amended, such as TrustCo Bank Corp NY (the “Company”). Under the SEC’s rules, companies making disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the company’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The Company’s presentation of efficiency ratio in this slide is determined by a method other than in accordance with GAAP.
Adjusted Efficiency Ratio: Financial institutions often use an “efficiency ratio” as a measure of expense control relative to revenue from net interest income and non-interest fee income. The efficiency ratio typically is defined as noninterest expense divided by the sum of taxable equivalent net interest income and noninterest income. As in the case of net interest income, generally, net interest income as utilized in calculating the efficiency ratio is typically expressed on a taxable equivalent basis. Moreover, many financial institutions, in calculating the efficiency ratio, also adjust both noninterest expense and noninterest income to exclude from these items (as calculated under GAAP) certain component elements, such as other real estate expense (deducted from noninterest expense) and securities transactions (excluded from noninterest income). We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding unrealized gains recognized on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.
We believe that the Company’s adjusted efficiency ratio provides information that is important to investors and that is useful in understanding the Company’s financial position and results. Management internally assesses our performance based, in part, on this measure. However, this non-GAAP financial measure is supplemental and is not a substitute for an analysis based on the GAAP equivalent measure. As other companies may use different calculations for efficiency ratio, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measure of adjusted efficiency ratio to GAAP efficiency ratio is set forth below.
| Adjusted Efficiency Ratio | Three Months Ended | Nine Months Ended | ||||
| 9/30/2024 | 9/30/2024 | |||||
| Net interest income (GAAP) | ||||||
| Taxable equivalent adjustment | - | - | ||||
| Net interest income (fully taxable equivalent) (Non-GAAP0 | 38,671 | 113,037 | ||||
| Noninterest income (GAAP) | 4,931 | 15,425 | ||||
| Less: Net gains on equity securities | 23 | 1,383 | ||||
| Revenue used for adjusted efficiency ratio (Non-GAAP) | ||||||
| Total noninterest expense (GAAP) | ||||||
| Less: Other real estate expense, net | 204 | 294 | ||||
| Expense used for adjusted efficiency ratio (Non-GAAP) | ||||||
| Efficiency Ratio (GAAP) | 60.08 | % | 60.85 | % | ||
| Efficiency Ratio (Non-GAAP) | 59.65 | % | 60.80 | % | ||
Peer Group
| Arrow Financial Corp. | AROW | Glens Falls | NY |
| BCB Bancorp Inc. | BCBP | Bayonne | NJ |
| Capital City Bank Group Inc. | CCBG | Tallahassee | FL |
| CNB Financial | CCNE | Clearfield | PA |
| Columbia Financial | CLBK | Fair Lawn | NJ |
| ConnectOne Bancorp Inc. | CNOB | Englewood Cliffs | NJ |
| Financial Institutions Inc. | FISI | Warsaw | NY |
| FineMark Holdings, Inc. | FNBT | Fort Myers | FL |
| First Commonwealth Financial | FCF | Indiana | PA |
| Flushing Financial Corp. | FFIC | Uniondale | NY |
| HarborOne Bancorp Inc | HONE | Brockton | MA |
| Kearny Financial Corp. | KRNY | Fairfield | NJ |
| Mid Penn Bancorp | MPB | Millersburg | PA |
| NBT Bancorp Inc. | NBTB | Norwich | NY |
| Northfield Bancorp | NFBK | Woodbridge | NJ |
| S&T Bancorp | STBA | Indiana | PA |
| The First Long Island Corp. | FLIC | Glen Head | NY |
| Tompkins Financial Corporation | TMP | Ithaca | NY |
| Univest Financial Corp. | UVSP | Souderton | PA |
Subsidiary: Trustco Bank
| Contact: | Robert M. Leonard |
| Executive Vice President | |
| (518) 381-3693 |
FAQ
What is TrustCo Bank's (TRST) efficiency ratio for Q3 2024?
What is TrustCo Bank's (TRST) Common Equity Tier 1 Capital Ratio as of September 30, 2024?
How much was TrustCo Bank's (TRST) diluted EPS for YTD 2024?
What was TrustCo Bank's (TRST) cost of funds for Q3 2024?
