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) 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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