TrustCo Bank Corp NY operates as a savings and loan holding company through Trustco Bank, which accepts deposits, makes loans and investments, and provides personal and business banking services. Its banking products include savings, retirement and money market accounts, mortgages, building loans, auto loans, and related lending services across branch markets in New York, New Jersey, Vermont, Massachusetts, and Florida.
Recurring news for TRST centers on quarterly earnings, net interest income and margin, loan and deposit trends, credit quality, capital levels, cash dividends, and stock repurchase programs. Company updates also reference Trustco Bank's wealth management, retirement planning, investment services, and trust and estate administration activities.
TrustCo Bank Corp NY (NASDAQ: TRST) reported a net income of $11.3 million or $0.117 diluted earnings per share for Q2 2020, and $24.6 million or $0.254 for the first half of the year. The bank supported communities during COVID-19 with a designated COVID-19 Fund and financial relief programs. Average loans increased by 7.0% year-over-year, while average deposits grew by 6.2%. The bank maintained a strong liquidity position and continued hiring. A conference call will be held on July 22, 2020, to discuss results.
TrustCo Bank Corp NY (TRST) will announce its second quarter 2020 results after market close on July 21, 2020. A conference call to discuss these results will take place on July 22, 2020, at 9:00 a.m. Eastern Time. Participants can join by dialing the provided toll-free numbers. The earnings release will be available on the company's Investor Relations website. TrustCo operates 148 offices across multiple states and is a $5.3 billion savings and loan holding company. Key forward-looking statements caution against reliance on projected performance and highlight risks associated with economic conditions.
TrustCo Bank Corp NY (TRST) has declared a quarterly cash dividend of $0.068125 per share, amounting to $0.2725 annually. This dividend is set for payment on July 1, 2020, to shareholders recorded by June 5, 2020. TrustCo has a longstanding history of dividend payments, continuing this tradition since 1904. Robert J. McCormick, the CEO, emphasized that the bank's stable performance and management efforts have facilitated this dividend even amidst challenging economic conditions.
TrustCo Bank Corp NY (Nasdaq: TRST) will hold its 2020 Annual Meeting of Shareholders virtually on May 21, 2020, at 10:00 AM ET, due to COVID-19 health concerns. Shareholders eligible to vote include those recorded as of March 23, 2020. They can vote electronically, attend through a provided link, and submit questions during the meeting. The company operates 148 offices across several states and has a total asset value of $5.3 billion.