TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds
TrustCo Bank Corp NY (NASDAQ: TRST) reported strong Q1 2025 financial results with net income of $14.3 million, up 17.7% from Q1 2024. Key highlights include:
- Net interest income increased 10.4% to $40.4 million
- Average loans grew by $104.7 million (2.1%)
- Average deposits rose by $103.3 million (1.9%)
- Book value per share reached $36.16, up from $34.12
The bank announced a stock repurchase program for up to 1 million shares (approximately 5% of outstanding stock). Asset quality remained strong with non-performing loans at 0.37%. Wealth Management income showed significant growth, with fees increasing 16.7% to $2.1 million and assets under management rising 17.4% to $1.2 billion.
TrustCo Bank Corp NY (NASDAQ: TRST) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 14,3 milioni di dollari, in aumento del 17,7% rispetto al primo trimestre 2024. I punti chiave includono:
- Il reddito netto da interessi è cresciuto del 10,4%, raggiungendo 40,4 milioni di dollari
- I prestiti medi sono aumentati di 104,7 milioni di dollari (2,1%)
- Le depositi medi sono saliti di 103,3 milioni di dollari (1,9%)
- Il valore contabile per azione ha raggiunto 36,16 dollari, in crescita rispetto a 34,12 dollari
La banca ha annunciato un programma di riacquisto di azioni fino a 1 milione di titoli (circa il 5% delle azioni in circolazione). La qualità degli attivi è rimasta solida con i prestiti non performanti allo 0,37%. I ricavi della gestione patrimoniale hanno mostrato una crescita significativa, con commissioni in aumento del 16,7% a 2,1 milioni di dollari e gli asset under management cresciuti del 17,4% a 1,2 miliardi di dollari.
TrustCo Bank Corp NY (NASDAQ: TRST) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 14,3 millones de dólares, un aumento del 17,7% respecto al primer trimestre de 2024. Los aspectos destacados incluyen:
- Los ingresos netos por intereses aumentaron un 10,4%, alcanzando los 40,4 millones de dólares
- Los préstamos promedio crecieron 104,7 millones de dólares (2,1%)
- Los depósitos promedio subieron 103,3 millones de dólares (1,9%)
- El valor contable por acción llegó a 36,16 dólares, frente a 34,12 dólares
El banco anunció un programa de recompra de acciones de hasta 1 millón de títulos (aproximadamente el 5% de las acciones en circulación). La calidad de los activos se mantuvo sólida con préstamos en mora en 0,37%. Los ingresos de Gestión de Patrimonios mostraron un crecimiento significativo, con comisiones que aumentaron un 16,7% hasta 2,1 millones de dólares y activos bajo gestión que crecieron un 17,4% hasta 1,2 mil millones de dólares.
TrustCo Bank Corp NY (NASDAQ: TRST)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익 1,430만 달러로 2024년 1분기 대비 17.7% 증가했습니다. 주요 내용은 다음과 같습니다:
- 순이자수익이 10.4% 증가하여 4,040만 달러 달성
- 평균 대출금이 1억 470만 달러(2.1%) 증가
- 평균 예금이 1억 330만 달러(1.9%) 증가
- 주당 장부가치가 34.12달러에서 36.16달러로 상승
은행은 최대 100만 주(발행 주식의 약 5%)에 대한 자사주 매입 프로그램을 발표했습니다. 자산 건전성은 양호하게 유지되어 부실 대출 비율은 0.37%였습니다. 자산 관리 수익은 크게 성장하여 수수료가 16.7% 증가한 210만 달러, 운용 자산은 17.4% 증가한 12억 달러를 기록했습니다.
TrustCo Bank Corp NY (NASDAQ : TRST) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un revenu net de 14,3 millions de dollars, en hausse de 17,7 % par rapport au premier trimestre 2024. Les points clés sont :
- Le produit net d’intérêts a augmenté de 10,4 % pour atteindre 40,4 millions de dollars
- Les prêts moyens ont augmenté de 104,7 millions de dollars (2,1 %)
- Les dépôts moyens ont progressé de 103,3 millions de dollars (1,9 %)
- La valeur comptable par action a atteint 36,16 dollars, contre 34,12 dollars
La banque a annoncé un programme de rachat d’actions portant sur jusqu’à 1 million d’actions (environ 5 % des actions en circulation). La qualité des actifs est restée solide avec un taux de prêts non performants de 0,37 %. Les revenus de la gestion de patrimoine ont connu une croissance significative, les commissions augmentant de 16,7 % pour atteindre 2,1 millions de dollars et les actifs sous gestion progressant de 17,4 % pour atteindre 1,2 milliard de dollars.
TrustCo Bank Corp NY (NASDAQ: TRST) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 14,3 Millionen US-Dollar, ein Anstieg von 17,7 % gegenüber dem ersten Quartal 2024. Die wichtigsten Highlights sind:
- Der Nettozinsertrag stieg um 10,4 % auf 40,4 Millionen US-Dollar
- Die durchschnittlichen Kredite wuchsen um 104,7 Millionen US-Dollar (2,1 %)
- Die durchschnittlichen Einlagen stiegen um 103,3 Millionen US-Dollar (1,9 %)
- Der Buchwert je Aktie erreichte 36,16 US-Dollar, gegenüber 34,12 US-Dollar
Die Bank kündigte ein Aktienrückkaufprogramm für bis zu 1 Million Aktien an (ca. 5 % der ausstehenden Aktien). Die Vermögensqualität blieb solide, mit notleidenden Krediten bei 0,37 %. Die Einnahmen aus dem Wealth Management zeigten ein deutliches Wachstum, wobei die Gebühren um 16,7 % auf 2,1 Millionen US-Dollar stiegen und das verwaltete Vermögen um 17,4 % auf 1,2 Milliarden US-Dollar zunahm.
- Net income increased 17.7% year-over-year to $14.3 million
- Net interest income grew 10.4% to $40.4 million
- Net interest margin improved by 20 basis points to 2.64%
- Wealth management fees increased 16.7% to $2.1 million
- Strong asset quality with NPLs steady at 0.37%
- Announced 5% stock repurchase program
- Non-interest expense increased by $1.4 million compared to Q1 2024
- Recorded provision for credit losses of $300,000
- Lower investment interest income and decreased interest on federal funds
Insights
TrustCo delivered strong Q1 results with 17.7% net income growth, expanded margins, and announced a 5% share repurchase program.
TrustCo Bank's Q1 2025 results showcase impressive financial performance with net income rising 17.7% to
The bank's net interest margin expanded 20 basis points to
Loan growth appears balanced across products, with average loans increasing
Asset quality remains exceptional with non-performing loans at just
The announced stock repurchase program for up to 1 million shares (approximately
Their wealth management division shows promising development with fees increasing
The book value per share increased
TrustCo outperforms banking peers with dual growth in loans/deposits, strong wealth management expansion, and effective interest rate management.
TrustCo's Q1 results highlight a rare achievement in today's banking environment: simultaneous growth in both loans and deposits. Their
The bank's strategy of balancing traditional community banking with digital engagement appears effective, enabling them to reprice deposits favorably despite aggressive market competition. This combination of strong brand loyalty and digital capabilities creates a competitive advantage in customer retention.
TrustCo's diversified growth across residential mortgages, HECLs, and commercial loans indicates a well-balanced approach to market opportunities. The
The wealth management division has emerged as a significant growth driver, with assets under management increasing to
Management's comments about preparing for potential Federal Reserve rate cuts in 2025 indicate forward-thinking balance sheet positioning. Their statement that a "lower interest rate environment will provide opportunities to manage deposit costs more effectively" suggests their asset-liability structure is well-positioned to benefit from declining rates.
The bank's ability to improve net interest income by
Executive Snapshot:
- Bank-wide financial results:
- Key metrics for the first quarter 2025:
- Net income of
$14.3 million increased17.7% compared to$12.1 million for the first quarter 2024 - Net interest income of
$40.4 million , up10.4% from$36.6 million compared to the first quarter 2024 - Average loans were up
$104.7 million for the first quarter 2025 compared to the first quarter 2024 - Average deposits were up
$103.3 million for the first quarter 2025 compared to the first quarter 2024
- Net income of
- Key metrics for the first quarter 2025:
- Capital position and key ratios:
- Consolidated equity to assets increased to
10.85% as of March 31, 2025 from10.51% as of March 31, 2024 - Book value per share as of March 31, 2025 was
$36.16 , up from$34.12 as of March 31, 2024 - Stock repurchase program announced authorizing for up to one million shares or approximately
5% of TrustCo’s current outstanding common stock
- Consolidated equity to assets increased to
- Trustco Financial Services and Wealth Management income:
- Fees increased to
$2.1 million or16.7% compared to first quarter 2024 - Assets under management increased to
$1.2 billion or17.4% compared first quarter 2024
- Fees increased to
GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) --
TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of
Overview
Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of
Details
Average loans were up
During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately
Net interest income was
Non-interest income increased to
Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of
A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a
In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.
Forward-Looking Statements
All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.
| TRUSTCO BANK CORP NY | |||||||||
| GLENVILLE, NY | |||||||||
| FINANCIAL HIGHLIGHTS | |||||||||
| (dollars in thousands, except per share data) | |||||||||
| (Unaudited) | |||||||||
| Three months ended | |||||||||
| 3/31/2025 | 12/31/2024 | 3/31/2024 | |||||||
| Summary of operations | |||||||||
| Net interest income | $ | 40,373 | $ | 38,902 | $ | 36,578 | |||
| Provision for credit losses | 300 | 400 | 600 | ||||||
| Noninterest income | 4,974 | 4,409 | 4,843 | ||||||
| Noninterest expense | 26,329 | 28,165 | 24,903 | ||||||
| Net income | 14,275 | 11,281 | 12,126 | ||||||
| Per share | |||||||||
| Net income per share: | |||||||||
| - Basic | $ | 0.75 | $ | 0.59 | $ | 0.64 | |||
| - Diluted | 0.75 | 0.59 | 0.64 | ||||||
| Cash dividends | 0.36 | 0.36 | 0.36 | ||||||
| Book value at period end | 36.16 | 35.56 | 34.12 | ||||||
| Market price at period end | 30.48 | 33.31 | 28.16 | ||||||
| At period end | |||||||||
| Full time equivalent employees | 740 | 737 | 761 | ||||||
| Full service banking offices | 136 | 136 | 140 | ||||||
| Performance ratios | |||||||||
| Return on average assets | 0.93 | % | 0.73 | % | 0.80 | % | |||
| Return on average equity | 8.49 | 6.70 | 7.54 | ||||||
| Efficiency ratio (GAAP) | 58.06 | 65.03 | 59.94 | ||||||
| Adjusted Efficiency ratio (1) | 58.00 | 63.93 | 59.94 | ||||||
| Net interest spread | 2.21 | 2.15 | 2.00 | ||||||
| Net interest margin | 2.64 | 2.60 | 2.44 | ||||||
| Dividend payout ratio | 47.97 | 60.70 | 56.48 | ||||||
| Capital ratios at period end | |||||||||
| Consolidated equity to assets | 10.85 | % | 10.84 | % | 10.51 | % | |||
| Consolidated tangible equity to tangible assets (1) | 10.84 | % | 10.83 | % | 10.50 | % | |||
| Asset quality analysis at period end | |||||||||
| Nonperforming loans to total loans | 0.37 | % | 0.37 | % | 0.37 | % | |||
| Nonperforming assets to total assets | 0.33 | 0.34 | 0.33 | ||||||
| Allowance for credit losses on loans to total loans | 0.99 | 0.99 | 0.98 | ||||||
| Coverage ratio (2) | 2.7x | 2.7x | 2.7x | ||||||
| (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation. | |||||||||
| (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans. | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ended | ||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| Interest and dividend income: | ||||||||||||||
| Interest and fees on loans | $ | 53,450 | $ | 53,024 | $ | 52,112 | $ | 50,660 | $ | 49,804 | ||||
| Interest and dividends on securities available for sale: | ||||||||||||||
| U. S. government sponsored enterprises | 596 | 680 | 718 | 909 | 906 | |||||||||
| State and political subdivisions | - | - | - | 1 | - | |||||||||
| Mortgage-backed securities and collateralized mortgage | ||||||||||||||
| obligations - residential | 1,483 | 1,418 | 1,397 | 1,451 | 1,494 | |||||||||
| Corporate bonds | 260 | 358 | 361 | 362 | 476 | |||||||||
| Small Business Administration - guaranteed | ||||||||||||||
| participation securities | 81 | 84 | 90 | 94 | 100 | |||||||||
| Other securities | 7 | 6 | 2 | 2 | 3 | |||||||||
| Total interest and dividends on securities available for sale | 2,427 | 2,546 | 2,568 | 2,819 | 2,979 | |||||||||
| Interest on held to maturity securities: | ||||||||||||||
| obligations - residential | 57 | 59 | 62 | 65 | 68 | |||||||||
| Total interest on held to maturity securities | 57 | 59 | 62 | 65 | 68 | |||||||||
| Federal Home Loan Bank stock | 151 | 152 | 153 | 147 | 152 | |||||||||
| Interest on federal funds sold and other short-term investments | 6,732 | 6,128 | 6,174 | 6,894 | 6,750 | |||||||||
| Total interest income | 62,817 | 61,909 | 61,069 | 60,585 | 59,753 | |||||||||
| Interest expense: | ||||||||||||||
| Interest on deposits: | ||||||||||||||
| Interest-bearing checking | 558 | 397 | 311 | 288 | 240 | |||||||||
| Savings | 734 | 719 | 770 | 675 | 712 | |||||||||
| Money market deposit accounts | 1,989 | 2,024 | 2,154 | 2,228 | 2,342 | |||||||||
| Time deposits | 18,983 | 19,680 | 18,969 | 19,400 | 19,677 | |||||||||
| Interest on short-term borrowings | 180 | 187 | 194 | 206 | 204 | |||||||||
| Total interest expense | 22,444 | 23,007 | 22,398 | 22,797 | 23,175 | |||||||||
| Net interest income | 40,373 | 38,902 | 38,671 | 37,788 | 36,578 | |||||||||
| Less: Provision for credit losses | 300 | 400 | 500 | 500 | 600 | |||||||||
| Net interest income after provision for credit losses | 40,073 | 38,502 | 38,171 | 37,288 | 35,978 | |||||||||
| Noninterest income: | ||||||||||||||
| Trustco Financial Services income | 2,120 | 1,778 | 2,044 | 1,609 | 1,816 | |||||||||
| Fees for services to customers | 2,645 | 2,226 | 2,482 | 2,399 | 2,745 | |||||||||
| Net gains on equity securities | - | - | 23 | 1,360 | - | |||||||||
| Other | 209 | 405 | 382 | 283 | 282 | |||||||||
| Total noninterest income | 4,974 | 4,409 | 4,931 | 5,651 | 4,843 | |||||||||
| Noninterest expenses: | ||||||||||||||
| Salaries and employee benefits | 11,894 | 12,068 | 12,134 | 12,520 | 11,427 | |||||||||
| Net occupancy expense | 4,554 | 4,563 | 4,271 | 4,375 | 4,611 | |||||||||
| Equipment expense | 1,944 | 2,404 | 1,757 | 1,990 | 1,738 | |||||||||
| Professional services | 1,726 | 1,782 | 1,863 | 1,570 | 1,460 | |||||||||
| Outsourced services | 2,700 | 3,051 | 2,551 | 2,755 | 2,501 | |||||||||
| Advertising expense | 361 | 590 | 339 | 466 | 408 | |||||||||
| FDIC and other insurance | 1,188 | 1,113 | 1,112 | 797 | 1,094 | |||||||||
| Other real estate expense, net | 28 | 476 | 204 | 16 | 74 | |||||||||
| Other | 1,934 | 2,118 | 1,969 | 1,970 | 1,590 | |||||||||
| Total noninterest expenses | 26,329 | 28,165 | 26,200 | 26,459 | 24,903 | |||||||||
| Income before taxes | 18,718 | 14,746 | 16,902 | 16,480 | 15,918 | |||||||||
| Income taxes | 4,443 | 3,465 | 4,027 | 3,929 | 3,792 | |||||||||
| Net income | $ | 14,275 | $ | 11,281 | $ | 12,875 | $ | 12,551 | $ | 12,126 | ||||
| Net income per common share: | ||||||||||||||
| - Basic | $ | 0.75 | $ | 0.59 | $ | 0.68 | $ | 0.66 | $ | 0.64 | ||||
| - Diluted | 0.75 | 0.59 | 0.68 | 0.66 | 0.64 | |||||||||
| Average basic shares (in thousands) | 19,020 | 19,015 | 19,010 | 19,022 | 19,024 | |||||||||
| Average diluted shares (in thousands) | 19,044 | 19,045 | 19,036 | 19,033 | 19,032 | |||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/3024 | 3/31/2024 | |||||||||||
| ASSETS: | |||||||||||||||
| Cash and due from banks | $ | 48,782 | $ | 47,364 | $ | 49,659 | $ | 42,193 | $ | 44,868 | |||||
| Federal funds sold and other short term investments | 707,355 | 594,448 | 473,306 | 493,920 | 564,815 | ||||||||||
| Total cash and cash equivalents | 756,137 | 641,812 | 522,965 | 536,113 | 609,683 | ||||||||||
| Securities available for sale: | |||||||||||||||
| U. S. government sponsored enterprises | 65,942 | 85,617 | 90,588 | 106,796 | 128,854 | ||||||||||
| States and political subdivisions | 18 | 18 | 26 | 26 | 26 | ||||||||||
| Mortgage-backed securities and collateralized mortgage | |||||||||||||||
| obligations - residential | 219,333 | 213,128 | 222,841 | 218,311 | 227,078 | ||||||||||
| Small Business Administration - guaranteed | |||||||||||||||
| participation securities | 13,683 | 14,141 | 15,171 | 15,592 | 16,260 | ||||||||||
| Corporate bonds | 24,779 | 44,581 | 54,327 | 53,764 | 53,341 | ||||||||||
| Other securities | 698 | 700 | 701 | 688 | 682 | ||||||||||
| Total securities available for sale | 324,453 | 358,185 | 383,654 | 395,177 | 426,241 | ||||||||||
| Held to maturity securities: | |||||||||||||||
| Mortgage-backed securities and collateralized mortgage | |||||||||||||||
| obligations-residential | 5,090 | 5,365 | 5,636 | 5,921 | 6,206 | ||||||||||
| Total held to maturity securities | 5,090 | 5,365 | 5,636 | 5,921 | 6,206 | ||||||||||
| Federal Reserve Bank and Federal Home Loan Bank stock | 6,507 | 6,507 | 6,507 | 6,507 | 6,203 | ||||||||||
| Loans: | |||||||||||||||
| Commercial | 302,753 | 286,857 | 280,261 | 282,441 | 279,092 | ||||||||||
| Residential mortgage loans | 4,380,561 | 4,388,302 | 4,382,674 | 4,370,640 | 4,354,369 | ||||||||||
| Home equity line of credit | 419,806 | 409,261 | 393,418 | 370,063 | 355,879 | ||||||||||
| Installment loans | 13,017 | 13,638 | 14,503 | 15,168 | 16,166 | ||||||||||
| Loans, net of deferred net costs | 5,116,137 | 5,098,058 | 5,070,856 | 5,038,312 | 5,005,506 | ||||||||||
| Less: Allowance for credit losses on loans | 50,606 | 50,248 | 49,950 | 49,772 | 49,220 | ||||||||||
| Net loans | 5,065,531 | 5,047,810 | 5,020,906 | 4,988,540 | 4,956,286 | ||||||||||
| Bank premises and equipment, net | 37,178 | 33,782 | 33,324 | 33,466 | 33,423 | ||||||||||
| Operating lease right-of-use assets | 34,968 | 36,627 | 37,958 | 38,376 | 39,647 | ||||||||||
| Other assets | 108,681 | 108,656 | 98,730 | 102,544 | 101,881 | ||||||||||
| Total assets | $ | 6,338,545 | $ | 6,238,744 | $ | 6,109,680 | $ | 6,106,644 | $ | 6,179,570 | |||||
| LIABILITIES: | |||||||||||||||
| Deposits: | |||||||||||||||
| Demand | $ | 793,306 | $ | 762,101 | $ | 753,878 | $ | 745,227 | $ | 742,997 | |||||
| Interest-bearing checking | 1,067,948 | 1,027,540 | 988,527 | 1,029,606 | 1,020,136 | ||||||||||
| Savings accounts | 1,094,968 | 1,086,534 | 1,092,038 | 1,144,427 | 1,155,517 | ||||||||||
| Money market deposit accounts | 478,872 | 465,049 | 477,113 | 517,445 | 532,611 | ||||||||||
| Time deposits | 2,061,576 | 2,049,759 | 1,952,635 | 1,840,262 | 1,903,908 | ||||||||||
| Total deposits | 5,496,670 | 5,390,983 | 5,264,191 | 5,276,967 | 5,355,169 | ||||||||||
| Short-term borrowings | 82,275 | 84,781 | 91,450 | 89,720 | 94,374 | ||||||||||
| Operating lease liabilities | 38,324 | 40,159 | 41,469 | 42,026 | 43,438 | ||||||||||
| Accrued expenses and other liabilities | 33,468 | 46,478 | 43,549 | 42,763 | 37,399 | ||||||||||
| Total liabilities | 5,650,737 | 5,562,401 | 5,440,659 | 5,451,476 | 5,530,380 | ||||||||||
| SHAREHOLDERS' EQUITY: | |||||||||||||||
| Capital stock | 20,097 | 20,097 | 20,058 | 20,058 | 20,058 | ||||||||||
| Surplus | 259,182 | 258,874 | 257,644 | 257,490 | 257,335 | ||||||||||
| Undivided profits | 453,931 | 446,503 | 442,079 | 436,048 | 430,346 | ||||||||||
| Accumulated other comprehensive loss, net of tax | (132 | ) | (3,861 | ) | (6,600 | ) | (14,268 | ) | (14,763 | ) | |||||
| Treasury stock at cost | (45,270 | ) | (45,270 | ) | (44,160 | ) | (44,160 | ) | (43,786 | ) | |||||
| Total shareholders' equity | 687,808 | 676,343 | 669,021 | 655,168 | 649,190 | ||||||||||
| Total liabilities and shareholders' equity | $ | 6,338,545 | $ | 6,238,744 | $ | 6,109,680 | $ | 6,106,644 | $ | 6,179,570 | |||||
| Outstanding shares (in thousands) | 19,020 | 19,020 | 19,010 | 19,010 | 19,024 | ||||||||||
| NONPERFORMING ASSETS | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||
| Nonperforming Assets | ||||||||||||||||
| New York and other states* | ||||||||||||||||
| Loans in nonaccrual status: | ||||||||||||||||
| Commercial | $ | 688 | $ | 343 | $ | 466 | $ | 741 | $ | 532 | ||||||
| Real estate mortgage - 1 to 4 family | 14,795 | 14,671 | 15,320 | 14,992 | 14,359 | |||||||||||
| Installment | 139 | 108 | 163 | 131 | 149 | |||||||||||
| Total non-accrual loans | 15,622 | 15,122 | 15,949 | 15,864 | 15,040 | |||||||||||
| Other nonperforming real estate mortgages - 1 to 4 family | - | - | - | - | - | |||||||||||
| Total nonperforming loans | 15,622 | 15,122 | 15,949 | 15,864 | 15,040 | |||||||||||
| Other real estate owned | 2,107 | 2,175 | 2,503 | 2,334 | 2,334 | |||||||||||
| Total nonperforming assets | $ | 17,729 | $ | 17,297 | $ | 18,452 | $ | 18,198 | $ | 17,374 | ||||||
| Florida | ||||||||||||||||
| Loans in nonaccrual status: | ||||||||||||||||
| Commercial | $ | - | $ | - | $ | 314 | $ | 314 | $ | 314 | ||||||
| Real estate mortgage - 1 to 4 family | 3,135 | 3,656 | 3,176 | 2,985 | 2,921 | |||||||||||
| Installment | 3 | 22 | 5 | 22 | - | |||||||||||
| Total non-accrual loans | 3,138 | 3,678 | 3,495 | 3,321 | 3,235 | |||||||||||
| Other nonperforming real estate mortgages - 1 to 4 family | - | - | - | - | - | |||||||||||
| Total nonperforming loans | 3,138 | 3,678 | 3,495 | 3,321 | 3,235 | |||||||||||
| Other real estate owned | - | - | - | - | - | |||||||||||
| Total nonperforming assets | $ | 3,138 | $ | 3,678 | $ | 3,495 | $ | 3,321 | $ | 3,235 | ||||||
| Total | ||||||||||||||||
| Loans in nonaccrual status: | ||||||||||||||||
| Commercial | $ | 688 | $ | 343 | $ | 780 | $ | 1,055 | $ | 846 | ||||||
| Real estate mortgage - 1 to 4 family | 17,930 | 18,327 | 18,496 | 17,977 | 17,280 | |||||||||||
| Installment | 142 | 130 | 168 | 153 | 149 | |||||||||||
| Total non-accrual loans | 18,760 | 18,800 | 19,444 | 19,185 | 18,275 | |||||||||||
| Other nonperforming real estate mortgages - 1 to 4 family | - | - | - | - | - | |||||||||||
| Total nonperforming loans | 18,760 | 18,800 | 19,444 | 19,185 | 18,275 | |||||||||||
| Other real estate owned | 2,107 | 2,175 | 2,503 | 2,334 | 2,334 | |||||||||||
| Total nonperforming assets | $ | 20,867 | $ | 20,975 | $ | 21,947 | $ | 21,519 | $ | 20,609 | ||||||
| Quarterly Net (Recoveries) Chargeoffs | ||||||||||||||||
| New York and other states* | ||||||||||||||||
| Commercial | $ | (3 | ) | $ | 62 | $ | 65 | $ | - | $ | - | |||||
| Real estate mortgage - 1 to 4 family | 41 | (316 | ) | 104 | (74 | ) | (78 | ) | ||||||||
| Installment | 4 | 41 | 11 | (2 | ) | 36 | ||||||||||
| Total net chargeoffs (recoveries) | $ | 42 | $ | (213 | ) | $ | 180 | $ | (76 | ) | $ | (42 | ) | |||
| Florida | ||||||||||||||||
| Commercial | $ | (315 | ) | $ | 314 | $ | - | $ | - | $ | - | |||||
| Real estate mortgage - 1 to 4 family | - | - | - | 17 | - | |||||||||||
| Installment | 15 | 1 | 42 | 7 | - | |||||||||||
| Total net (recoveries) chargeoffs | $ | (300 | ) | $ | 315 | $ | 42 | $ | 24 | $ | - | |||||
| Total | ||||||||||||||||
| Commercial | $ | (318 | ) | $ | 376 | $ | 65 | $ | - | $ | - | |||||
| Real estate mortgage - 1 to 4 family | 41 | (316 | ) | 104 | (57 | ) | (78 | ) | ||||||||
| Installment | 19 | 42 | 53 | 5 | 36 | |||||||||||
| Total net (recoveries) chargeoffs | $ | (258 | ) | $ | 102 | $ | 222 | $ | (52 | ) | $ | (42 | ) | |||
| Asset Quality Ratios | ||||||||||||||||
| Total nonperforming loans (1) | $ | 18,760 | $ | 18,800 | $ | 19,444 | $ | 19,185 | $ | 18,275 | ||||||
| Total nonperforming assets (1) | 20,867 | 20,975 | 21,947 | 21,519 | 20,609 | |||||||||||
| Total net (recoveries) chargeoffs (2) | (258 | ) | 102 | 222 | (52 | ) | (42 | ) | ||||||||
| Allowance for credit losses on loans (1) | 50,606 | 50,248 | 49,950 | 49,772 | 49,220 | |||||||||||
| Nonperforming loans to total loans | 0.37 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.37 | % | ||||||
| Nonperforming assets to total assets | 0.33 | % | 0.34 | % | 0.36 | % | 0.35 | % | 0.33 | % | ||||||
| Allowance for credit losses on loans to total loans | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.98 | % | ||||||
| Coverage ratio (1) | 269.8 | % | 267.3 | % | 256.9 | % | 259.4 | % | 269.3 | % | ||||||
| Annualized net (recoveries) chargeoffs to average loans (2) | -0.02 | % | 0.01 | % | 0.02 | % | 0.00 | % | 0.00 | % | ||||||
| Allowance for credit losses on loans to annualized net chargeoffs (2) | N/A | 123.2x | 56.3x | N/A | N/A | |||||||||||
| * Includes New York, New Jersey, Vermont and Massachusetts. | ||||||||||||||||
| (1) At period-end | ||||||||||||||||
| (2) For the three-month period ended | ||||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY - | |||||||||||||||||
| INTEREST RATES AND INTEREST DIFFERENTIAL | |||||||||||||||||
| (dollars in thousands) | |||||||||||||||||
| (Unaudited) | Three months ended | Three months ended | |||||||||||||||
| March 31, 2025 | March 31, 2024 | ||||||||||||||||
| Average | Interest | Average | Average | Interest | Average | ||||||||||||
| Balance | Rate | Balance | Rate | ||||||||||||||
| Assets | |||||||||||||||||
| Securities available for sale: | |||||||||||||||||
| U. S. government sponsored enterprises | $ | 74,680 | $ | 596 | 3.19 | % | $ | 125,973 | $ | 906 | 2.88 | % | |||||
| Mortgage backed securities and collateralized mortgage | |||||||||||||||||
| obligations - residential | 239,509 | 1,483 | 2.46 | 258,814 | 1,494 | 2.30 | |||||||||||
| State and political subdivisions | 18 | - | 6.77 | 26 | 0 | 6.90 | |||||||||||
| Corporate bonds | 40,019 | 260 | 2.60 | 73,625 | 476 | 2.59 | |||||||||||
| Small Business Administration - guaranteed | |||||||||||||||||
| participation securities | 15,003 | 81 | 2.15 | 18,224 | 100 | 2.20 | |||||||||||
| Other | 699 | 7 | 4.01 | 696 | 3 | 1.72 | |||||||||||
| Total securities available for sale | 369,928 | 2,427 | 2.62 | 477,358 | 2,979 | 2.50 | |||||||||||
| Federal funds sold and other short-term Investments | 613,646 | 6,732 | 4.45 | 497,652 | 6,750 | 5.45 | |||||||||||
| Held to maturity securities: | |||||||||||||||||
| Mortgage backed securities and collateralized mortgage | |||||||||||||||||
| obligations - residential | 5,233 | 57 | 4.34 | 6,329 | 68 | 4.30 | |||||||||||
| Total held to maturity securities | 5,233 | 57 | 4.34 | 6,329 | 68 | 4.30 | |||||||||||
| Federal Home Loan Bank stock | 6,507 | 151 | 9.28 | 6,203 | 152 | 9.80 | |||||||||||
| Commercial loans | 297,926 | 4,165 | 5.59 | 277,183 | 3,661 | 5.28 | |||||||||||
| Residential mortgage loans | 4,385,646 | 42,614 | 3.89 | 4,359,476 | 40,415 | 3.71 | |||||||||||
| Home equity lines of credit | 413,981 | 6,435 | 6.30 | 353,004 | 5,464 | 6.22 | |||||||||||
| Installment loans | 12,967 | 236 | 7.37 | 16,128 | 264 | 6.58 | |||||||||||
| Loans, net of unearned income | 5,110,520 | 53,450 | 4.19 | 5,005,791 | 49,804 | 3.98 | |||||||||||
| Total interest earning assets | 6,105,834 | $ | 62,817 | 4.13 | 5,993,333 | $ | 59,753 | 3.99 | |||||||||
| Allowance for credit losses on loans | (50,475 | ) | (48,824 | ) | |||||||||||||
| Cash & non-interest earning assets | 201,154 | 185,230 | |||||||||||||||
| Total assets | $ | 6,256,513 | $ | 6,129,739 | |||||||||||||
| Liabilities and shareholders' equity | |||||||||||||||||
| Deposits: | |||||||||||||||||
| Interest bearing checking accounts | $ | 1,038,218 | $ | 558 | 0.22 | % | $ | 990,130 | $ | 240 | 0.10 | % | |||||
| Money market accounts | 469,070 | 1,989 | 1.72 | 544,687 | 2,342 | 1.73 | |||||||||||
| Savings | 1,089,358 | 734 | 0.27 | 1,158,558 | 712 | 0.25 | |||||||||||
| Time deposits | 2,054,494 | 18,984 | 3.75 | 1,889,929 | 19,677 | 4.19 | |||||||||||
| Total interest bearing deposits | 4,651,140 | 22,265 | 1.94 | 4,583,304 | 22,971 | 2.02 | |||||||||||
| Short-term borrowings | 83,207 | 180 | 0.88 | 93,316 | 204 | 0.88 | |||||||||||
| Total interest bearing liabilities | 4,734,347 | $ | 22,445 | 1.92 | 4,676,620 | $ | 23,175 | 1.99 | |||||||||
| Demand deposits | 761,800 | 726,299 | |||||||||||||||
| Other liabilities | 78,748 | 80,158 | |||||||||||||||
| Shareholders' equity | 681,618 | 646,662 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 6,256,513 | $ | 6,129,739 | |||||||||||||
| Net interest income | $ | 40,372 | $ | 36,578 | |||||||||||||
| Net interest spread | 2.21 | % | 2.00 | % | |||||||||||||
| Net interest margin (net interest income to | |||||||||||||||||
| total interest earning assets) | 2.64 | % | 2.44 | % | |||||||||||||
Non-GAAP Financial Measures Reconciliation
Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.
Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.
Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. 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 these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||||
| (dollars in thousands) | ||||||||||
| (Unaudited) | ||||||||||
| 3/31/2025 | 12/31/2024 | 3/31/2024 | ||||||||
| Tangible Book Value Per Share | ||||||||||
| Equity (GAAP) | $ | 687,808 | $ | 676,343 | $ | 649,190 | ||||
| Less: Intangible assets | 553 | 553 | 553 | |||||||
| Tangible equity (Non-GAAP) | $ | 687,255 | $ | 675,790 | $ | 648,637 | ||||
| Shares outstanding | 19,020 | 19,020 | 19,024 | |||||||
| Tangible book value per share | 36.13 | 35.53 | 34.10 | |||||||
| Book value per share | 36.16 | 35.56 | 34.12 | |||||||
| Tangible Equity to Tangible Assets | ||||||||||
| Total Assets (GAAP) | $ | 6,338,545 | $ | 6,238,744 | $ | 6,179,570 | ||||
| Less: Intangible assets | 553 | 553 | 553 | |||||||
| Tangible assets (Non-GAAP) | $ | 6,337,992 | $ | 6,238,191 | $ | 6,179,017 | ||||
| Equity to Assets (GAAP) | 10.85 | % | 10.84 | % | 10.51 | % | ||||
| Tangible Equity to Tangible Assets (Non-GAAP) | 10.84 | % | 10.83 | % | 10.50 | % | ||||
| Three months ended | ||||||||||
| Efficiency and Adjusted Efficiency Ratios | 3/31/2025 | 12/31/2024 | 3/31/2024 | |||||||
| Net interest income (GAAP) | A | $ | 40,373 | $ | 38,902 | $ | 36,578 | |||
| Non-interest income (GAAP) | B | 4,974 | 4,409 | 4,843 | ||||||
| Revenue used for efficiency ratio (GAAP) | C | $ | 45,347 | $ | 43,311 | $ | 41,421 | |||
| Total noninterest expense (GAAP) | D | $ | 26,329 | $ | 28,165 | $ | 24,903 | |||
| Less: Other real estate expense, net | E | 28 | 476 | 74 | ||||||
| Expense used for efficiency ratio (Non-GAAP) | F | $ | 26,301 | $ | 27,689 | $ | 24,829 | |||
| Efficiency Ratio (GAAP) | D/C | 58.06 | % | 65.03 | % | 59.94 | % | |||
| Adjusted Efficiency Ratio (Non-GAAP) | F/C | 58.00 | % | 63.93 | % | 59.94 | % | |||
| Subsidiary: | Trustco Bank | |
| Contact: | Robert Leonard | |
| Executive Vice President | ||
| (518) 381-3693 |
FAQ
What was TrustCo Bank's (TRST) net income for Q1 2025?
How many shares are included in TRST's new stock repurchase program?
What was TRST's loan growth in Q1 2025 compared to Q1 2024?
How did TrustCo's wealth management division perform in Q1 2025?
What was TRST's net interest margin in Q1 2025?
