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) announced a new stock repurchase program allowing the buyback of up to 2,000,000 shares, approximately 2% of outstanding shares. This initiative aims to enhance shareholder value and will be conducted over the next year at management's discretion.
The buyback could be adjusted if a proposed reverse stock split is completed, and purchases will depend on market conditions and TrustCo's financial performance.
TrustCo Bank Corp NY (Nasdaq: TRST) announced plans for a 1-for-5 reverse stock split and the reduction of authorized shares from 150 million to 30 million. This proposal will be presented at the next annual shareholders' meeting. The Board reserves the right to cancel the split if it is deemed not beneficial. Shareholders are encouraged to review the upcoming proxy statement for detailed information. TrustCo operates 148 branches across five states and reported assets of $5.7 billion.
The Board of Directors of TrustCo Bank Corp NY (TRST) has declared a quarterly cash dividend of $0.068125 per share, amounting to $0.2725 annually. This dividend will be paid on April 1, 2021 to shareholders recorded by March 5, 2021. TrustCo has consistently paid cash dividends since 1904.
CEO Robert J. McCormick highlighted the bank's strong performance and commitment to shareholder value even amid challenging circumstances, reaffirming the company's dedication to meeting shareholder expectations.
TrustCo Bank Corp NY (TRST) reported a net income of $52.5 million for the full year 2020, with earnings per share at $0.543. For Q4 2020, net income was $13.8 million or $0.143 per share. Residential loans surged by 5.9% to a record $3.8 billion. The bank's community support included a $40,000 donation to housing agencies and 2,000 turkeys for food banks. As of December 31, 2020, only 0.04% of loans were in deferral. TrustCo continues to adapt to market conditions while prioritizing customer needs during the pandemic.
TrustCo Bank Corp NY (TRST) will release its fourth quarter 2020 results on January 21, 2021, after market close. A conference call is scheduled for January 22, 2021, at 9:00 a.m. ET for discussion of the results. The call can be accessed via telephone or an audio webcast. TrustCo operates 148 offices across five states and has a total asset value of $5.7 billion. Investors can review the earnings report on the company’s Investor Relations website. Forward-looking statements in the release caution investors regarding potential future risks.
TrustCo Bank Corp NY (TRST) has declared a quarterly cash dividend of $0.068125 per share, amounting to $0.2725 annually. This dividend will be payable on January 4, 2021, to shareholders of record as of December 4, 2020. The bank has a longstanding history of dividend payments since 1904. CEO Robert J. McCormick emphasized that the bank's performance and commitment to growth allowed for this dividend, reflecting a tradition of meeting shareholder expectations.
TrustCo Bank Corp NY (TRST) reported a net income of $14.1 million for Q3 2020, translating to $0.146 per diluted share. Year-to-date, net income reached $38.6 million or $0.400 per diluted share. The Bank highlighted significant investments in online banking and community support, including donations to schools. Loan portfolios grew by 6.5%, while average deposits increased by 9.9%. Despite the pandemic, nonperforming loans remained stable, and the coverage ratio for loan losses improved. A conference call will discuss these results on October 22, 2020.
TrustCo Bank Corp NY (TRST) will announce its third quarter 2020 results on October 21, 2020, after market close. A conference call to discuss these results is scheduled for October 22, 2020, at 9:00 a.m. ET. Participants can join via a toll-free number or listen to an audio webcast available for a year. TrustCo, which operates with 148 offices across five states, is valued at $5.7 billion. Regulatory compliance and economic conditions remain potential challenges for the company, as highlighted in their forward-looking statements.
TrustCo Bank Corp NY, trading under the symbol TRST, appointed two new members to its Board of Directors effective August 18, 2020. Kimberly Adams Russell, President and COO of Frank Adams Jewelers, will serve on multiple committees including Audit and Risk. Frank B. Silverman, managing member of Vision Development and Management, brings expertise in real estate development and will enhance the Board’s geographical diversity. The company manages $5.7 billion in assets and operates 148 offices across several states.
The Board of Directors of TrustCo Bank Corp NY (NASDAQ: TRST) has declared a quarterly cash dividend of $0.068125 per share, amounting to $0.2725 annually. This dividend is scheduled for payment on October 1, 2020, to shareholders recorded by September 4, 2020. TrustCo has consistently paid dividends since 1904 and aims to maintain this tradition amidst economic uncertainties, highlighting strong performance and growth strategies.