Trustco Bk Corp N Y Stock Price, News & Analysis

TrustCo Bank Corp NY (Nasdaq: TRST) has announced its first quarterly dividend for 2025, maintaining its $0.36 per share payout ($1.44 annualized). The dividend will be distributed on April 1, 2024 to shareholders of record as of March 7, 2025.

The company emphasized its long-standing tradition of delivering quarterly dividends since 1904, highlighting the consistency of its corporate performance. Chairman, President, and CEO Robert J. McCormick expressed optimism about 2025 and pride in the team's ability to maintain reliable dividend payments that contribute to investors' financial goals.

TrustCo Bank reported Q4 2024 net income of $11.3 million ($0.59 per share), up from $9.8 million ($0.52 per share) in Q4 2023. Full-year 2024 net income was $48.8 million ($2.57 per share), compared to $58.6 million ($3.08 per share) in 2023.

Key Q4 2024 metrics include: net interest income of $38.9 million (up 0.8% YoY), ROAA of 0.73%, and ROAE of 6.70%. Average loans increased by $104.9 million (2.1%) YoY, while average deposits grew by $31.7 million (0.6%). The bank's equity-to-assets ratio improved to 10.84%, with book value per share reaching $35.56.

Asset quality remained strong with a 0.99% allowance for credit losses ratio. Nonperforming loans were $18.8 million, representing 0.37% of total loans, with a coverage ratio of 267.3%.

TrustCo Bank Corp NY (TRST) has announced it will release its fourth quarter 2024 financial results after market close on January 21, 2025. The company will host a conference call to discuss the results on January 22, 2025 at 9:00 a.m. Eastern Time.

Investors can participate in the call by dialing 1-833-470-1428 (US) or 1-833-950-0062 (Canada) with access code 645488. A replay will be available for 30 days. The call will also be webcast and archived for one year. TrustCo operates as a $6.1 billion savings and loan holding company through Trustco Bank, managing 136 offices across New York, New Jersey, Vermont, Massachusetts, and Florida.

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 (Nasdaq: TRST) has announced a quarterly cash dividend of $0.36 per share, equivalent to $1.44 per share annually. The dividend will be paid on January 2, 2025, to shareholders of record as of December 6, 2024. The company highlights its consistent dividend payment history spanning over a century, strong financial performance, and robust capital position in the banking sector. CEO Robert J. McCormick emphasized the company's reliable returns and excellent income generation.

TrustCo Bank Corp NY (NASDAQ: TRST) reported third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to $14.7 million or $0.77 per share in Q3 2023. Average loans increased by $127.0 million or 2.6% year-over-year. Key highlights include:

- Net interest income of $38.7 million, up 2.3% from Q2 2024
- Net interest margin improved to 2.61%, up 8 basis points from Q2 2024
- Average deposits increased by $15.3 million or 0.3% year-over-year
- Book value per share rose to $35.19, up 7.3% from a year earlier
- Equity to asset ratio improved to 10.95% from 10.31% in Q3 2023

The bank's focus on home equity lines of credit and competitive CD rates helped maintain strong customer relationships and manage interest expenses. Asset quality remained strong, with a provision for credit losses of $500,000 in Q3 2024.

TrustCo Bank Corp NY (Nasdaq: TRST) has declared a quarterly cash dividend of $0.36 per share, equivalent to $1.44 per share annually. The dividend will be paid on October 1, 2024, to shareholders of record as of September 6, 2024. CEO Robert J. McCormick emphasized the bank's consistency in delivering meaningful dividends, a tradition maintained for over a century. He highlighted TrustCo's strength and liquidity as key factors enabling this continued practice, especially notable amid market speculation about interest rate changes.

TrustCo Bank Corp NY (NASDAQ: TRST) reported second quarter 2024 net income of $12.6 million or $0.66 diluted earnings per share, compared to $16.4 million or $0.86 per share in Q2 2023. Key highlights include:

- Average loan growth of 3.8% year-over-year
- Net interest income increased to $37.8 million, up 3.3% from Q1 2024
- Net interest margin improved to 2.53%, up 9 basis points from Q1 2024
- Strong asset quality with NPLs at 0.38% of total loans
- Book value per share increased to $34.46, up 5.5% year-over-year

The company also reported a $1.4 million gain from exchanging Visa Class B-1 shares for Class B-2 and Class C shares.

TrustCo Bank Corp NY (Nasdaq: TRST) has announced significant management changes, elevating several long-serving executives to new roles. Robert M. Leonard has been appointed Chief Operating Officer, while Kevin M. Curley becomes Chief Banking Officer. Other key promotions include Carly Batista as Chief Operations Officer, Michael Ewell as Chief Risk Officer, J.R. George as Chief Retail Banking Officer, and Michelle Simmonds as Chief Lending Officer.

Michael Hall, the company's General Counsel, will now oversee Investor Relations. These changes aim to leverage the bank's experienced leadership team to drive growth and enhance customer service. The restructuring comes as two long-serving executives, Scot R. Salvador and Eric W. Schreck, prepare to retire at the end of the year.