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 (TRST) is a savings and loan holding company in the savings institutions industry, with a community banking focus and common stock listed on the Nasdaq Global Select Market. Through its subsidiary, Trustco Bank, the company operates a branch network in New York, New Jersey, Vermont, Massachusetts, and Florida, where it accepts deposits and makes loans and investments.
This news page aggregates updates and announcements that TrustCo releases through press releases and SEC-reported current reports. Readers can follow regular disclosures on quarterly earnings, where the company reports metrics such as net interest income, net interest margin, average loans and deposits, and asset quality indicators. These earnings releases often discuss trends in residential loans, home equity credit lines, commercial loans, and deposit growth within the bank’s community markets.
TrustCo’s news flow also includes capital actions such as stock repurchase program authorizations and progress updates, as well as Board decisions on quarterly cash dividends. The company highlights an uninterrupted dividend record dating back to 1904 and periodically announces dividend rate changes through press releases and related Form 8-K filings.
In addition, TrustCo issues announcements about upcoming financial results and conference calls, providing dates and access details for investors and analysts who wish to review management’s commentary on performance and strategy. For anyone tracking TRST, this page offers a centralized view of dividend declarations, buyback authorizations, quarterly result summaries, and other material events that the company reports.
Investors and researchers can use this news feed to monitor how TrustCo manages its community banking operations, capital position, and shareholder return policies over time, based solely on the company’s own public communications.
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.
TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) will release its second quarter 2024 results on July 22, 2024, after market close. The conference call to discuss these results will occur at 9:00 a.m. Eastern Time on July 23, 2024. Participants can dial in toll-free from the US at 1-833-470-1428 or from Canada at 1-833-950-0062, using Access code 332275. A replay will be available for 30 days via 1-866-813-9403, Access code 270896, and the call will be webcast at https://events.q4inc.com/attendee/723112639 for one year. The earnings press release will be posted on TrustCo’s Investor Relations website. TrustCo operates 138 offices across five states and offers a comprehensive range of financial services. Its common shares trade on NASDAQ under the symbol TRST.
The Board of Directors of TrustCo Bank Corp NY (Nasdaq: TRST) declared a quarterly cash dividend of $0.36 per share, translating to an annualized dividend of $1.44 per share. This dividend will be payable on July 1, 2024, to shareholders recorded by June 7, 2024. TrustCo has maintained a consistent dividend payout every quarter since 1904. Chairman, President, and CEO Robert J. McCormick emphasized the company's commitment to reliability and consistent shareholder returns, highlighting the operational stability and careful management supporting these payouts.
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