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 (TRST) has announced its upcoming first quarter 2023 financial results, set to be released on April 24, 2023, after market close. A conference call is scheduled for April 25, 2023, at 9:00 a.m. ET to discuss these results. Participants can join via a toll-free number or through an audio webcast. TrustCo Bank, with 143 offices across New York, New Jersey, Vermont, Massachusetts, and Florida, operates as a $6.0 billion savings and loan holding company. The company emphasizes that forward-looking statements included in this release are subject to various uncertainties and risks, including economic factors and geopolitical events.
TrustCo Bank Corp NY (TRST) announced a new stock repurchase program allowing the buyback of up to 200,000 shares, approximately 1% of its outstanding shares. This initiative aims to enhance shareholder value and will be executed at management's discretion over the next twelve months. The program permits repurchases through various methods, including open market transactions. TrustCo will assess factors such as market conditions and financial performance before proceeding with buybacks. The company emphasizes that the program may be suspended or modified based on prevailing circumstances.
The Board of Directors of TrustCo Bank Corp NY (TRST) announced a quarterly cash dividend of $0.36 per share on February 21, 2023, translating to $1.44 annually. The dividend will be paid on April 3, 2023, to shareholders recorded by March 3, 2023. CEO Robert J. McCormick emphasized that this distribution reflects the bank's record success in 2022, asserting TrustCo's tradition of consistent dividends amidst market volatility. TrustCo operates 143 offices across several states and is recognized as one of the top-performing savings banks in the country.
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TrustCo Bank Corp NY (TRST) announced it will release its Q4 2022 results on January 23, 2023, after market closure. The earnings will be discussed in a conference call on January 24, 2023, at 9:00 a.m. ET. Interested participants can join via dial-in or audio webcast. The company operates as a $6.1 billion savings and loan holding entity, with 143 offices across several states. TrustCo emphasizes that the information shared in this press release includes forward-looking statements that are subject to various risks and uncertainties.
The Board of Directors of TrustCo Bank Corp NY (TRST) announced a 2.9% increase in its quarterly cash dividend to $0.36 per share, effective January 3, 2023, for shareholders of record by December 2, 2022. This annualizes to $1.44 per share. Chairman Robert J. McCormick highlighted the company's historic earnings and strategic liquidity management as key factors enabling this dividend increase, reinforcing TrustCo's long-standing commitment to providing substantial returns to its shareholders amidst evolving market conditions.
TrustCo Bank Corp NY (NASDAQ: TRST) reported a third quarter 2022 net income of $19.4 million, equating to $1.013 diluted EPS, up from $16.8 million or $0.871 EPS in Q3 2021. Year-to-date earnings stand at $54.3 million or $2.835 EPS, a 20% increase compared to last year. Loan growth was driven by residential mortgages, with average loans rising 4.9%. Deposits increased by $105.1 million or 2%. The net interest margin improved to 3.16%, a 51 basis points increase. TrustCo's strong liquidity position remains conducive for future opportunities.
On October 18, 2022, TrustCo Bank Corp NY (Nasdaq: TRST) announced the election of Alejandro “Alex” M. Sanchez to its Board of Directors. Sanchez, a veteran with a juris doctor degree and extensive background in the banking sector, currently serves as the President and CEO of the Florida Bankers Association. He will also be part of the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees. Chairman Robert J. McCormick emphasized that Sanchez's expertise will significantly benefit shareholders, enriching board discussions.
TrustCo Bank Corp NY (TRST) announced plans to release its third quarter 2022 results after market close on October 24, 2022. The earnings report will follow the company's schedule of releasing results on the 21st of the reporting months or the next open market day. A conference call is scheduled for 9:00 a.m. ET on October 25, 2022, with various dial-in options available for participants. The earnings release will be accessible on the company's Investor Relations website, along with additional financial reports and SEC filings.
The Board of Directors of TrustCo Bank Corp NY (TRST) declared a quarterly cash dividend of $0.35 per share, amounting to $1.40 annually. This dividend is payable on October 3, 2022, to shareholders recorded by September 2, 2022. TrustCo has consistently paid dividends since 1904. CEO Robert J. McCormick noted robust earnings and significant loan growth as supporting factors for this distribution, reflecting the company's longstanding commitment to its shareholders.