TrustCo Bank

TrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals, partnerships, and corporations. It accepts deposits and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities. In addition, the firm serves as the executor of estates and trustee of personal trusts, provides asset and wealth management, estate planning and related advice, and custodial services, and acts as trustee for various types of employee benefit plans, and corporate pension and profit sharing trusts. The company was founded in 1902 and is headquartered in Glenville, NY.

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TrustCo Bank reports robust Q4 earnings and eyes growth opportunities

TrustCo Bank delivered a strong performance in Q4 2022, marked by significant net income growth, robust loan portfolio expansion, and solid financial ratios. The bank's focus on maintaining high-quality earnings and efficient cost management strategies underpinned its overall performance.
Despite challenges such as deposit run-off and expense management, TrustCo Bank's strengths in dividend payouts, equity position, and diversified revenue sources position it well for future growth opportunities. With an optimistic outlook for 2023 and a proactive risk management approach, the bank is poised for continued success.
Opportunities lie ahead for TrustCo Bank to capitalize on its strong loan backlog, optimize operational efficiency, and explore strategic growth initiatives. By leveraging its stable investment securities and diversified revenue streams, the bank can enhance shareholder value and navigate market dynamics effectively.

TrustCo Bank excels in Q1 2023 with strong financial performance

TrustCo Bank's Q1 2023 performance reflects a strong financial position, marked by revenue growth, improved asset quality, and efficient cost management.
The bank's focus on diverse loan segments and prudent risk management bodes well for sustained profitability and resilience in a dynamic market environment.
Investors can be confident in TrustCo Bank's ability to navigate challenges and capitalize on opportunities, supported by a solid capital base and strategic growth initiatives.
Overall, TrustCo Bank's Q1 results demonstrate a balanced approach to growth, risk management, and profitability, positioning the bank for continued success in the future.

TrustCo Bank posts stable earnings and growth, poised for expansion

TrustCo Bank's Q2 '23 performance reflects stability, growth, and strong asset quality.
The bank's financial metrics demonstrate resilience and a focus on long-term profitability.
Opportunities exist for TrustCo Bank to leverage its strengths for further expansion and value creation.
Overall, TrustCo Bank's solid performance positions it well for sustained success and shareholder value.

TrustCo Bank surpasses $5B loan portfolio, maintains strong credit quality

TrustCo Bank's Q4 2023 performance reflects steady growth in loans and robust credit quality, underpinned by a milestone $5 billion loan portfolio.
While facing challenges such as declining net interest income and increased expenses, the bank's proactive risk management and focus on growth present opportunities for future success.
Analysts' inquiries into key financial aspects indicate a keen interest in the bank's strategic responses to market dynamics and potential growth avenues.

TrustCo Bank (TRST) reports strong Q1 performance and eyes growth opportunities

TrustCo Bank's Q1 2024 performance reflects robust loan growth and improved net income, underpinned by strong asset quality. While challenges in managing loan growth and expenses persist, the bank's focus on prudent risk management and strategic funding presents opportunities for sustained growth and profitability.

TrustCo Bank reports Q2 earnings growth amidst housing market trends

TrustCo Bank's Q2 2024 performance reflects solid financial results driven by loan portfolio growth and strong asset quality, supported by positive housing market trends.
While challenges such as managing costs and optimizing deposit strategies persist, opportunities in loan growth and wealth management offer avenues for sustained profitability and expansion.
Strategic focus on enhancing operational efficiency and capitalizing on market opportunities will be crucial for TrustCo Bank to navigate evolving economic conditions and drive future growth.

TrustCo Bank reports resilient Q3 performance and eyes growth opportunities

TrustCo Bank's Q3 2024 Earnings Call showcased resilience in the face of Hurricane Milton, with strong financial performance and a focus on key operational areas. The bank's emphasis on maintaining asset quality, managing expenses, and exploring growth avenues through share buybacks and branch expansions positions it well for future opportunities. Challenges related to credit issues and capital allocation strategies were also addressed during the call.

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GLENVILLE, N.Y., Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on November 21, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 2, 2024 to shareholders of record at the close of business on December 1, 2023.

Strong Capital Supports TrustCo's Consistent Dividend; Annualized Payout of $1.44 per share

TrustCo Bank Corp NY (NASDAQ:TRST ) Q3 2023 Earnings Call Transcript October 24, 2023 9:00 AM ET Company Participants Robert J. McCormick - Chairman, President and CEO Michael Ozimek - CFO Scot Salvador - EVP Commercial Banking Conference Call Participants Operator Good day, and welcome to the TrustCo Bank Corp Earnings Call and Webcast.

TrustCo Bank Corp NY (TRST) Q3 2023 Earnings Call Transcript

TrustCo Bank (TRST) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $1.01 per share a year ago.

TrustCo Bank (TRST) Q3 Earnings Surpass Estimates

Reports Third Quarter Net Income Of $14.7 million Executive Snapshot: Loan portfolio reaches all-time high: Total loans were up $330.8 million or 7.1% for the third quarter 2023 compared to third quarter 2022 At $5.0 billion as of September 30, 2023, loans continue to set new all-time highs Continued solid financial results: Key metrics for third quarter 2023: Net income of $14.7 million Net interest income of $42.2 million Return on average assets (ROAA) of 0.96% Return on average equity (ROAE) of 9.32% Book value at period end was $32.80, up from $30.89 compared to September 30, 2022 Superior asset quality: Nonperforming loans (NPLs) were $17.9 million as of September 30, 2023, down from the same period in the prior year, and continue to remain at low levels NPLs to total loans improved to 0.36% compared to 0.40% at September 30, 2022 Quarterly net recoveries were $12 thousand in the third quarter 2023, resulting in seven consecutive quarters of net recoveries Capital continues to grow: Consolidated equity to assets increased to 10.31% at September 30, 2023 from 9.69% at September 30, 2022 GLENVILLE, N.Y., Oct. 23, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2023 net income of $14.7 million, or $0.77 diluted earnings per share, compared to net income of $16.4 million, or $0.86 diluted earnings per share, for the second quarter 2023; and compared to net income of $19.4 million, or $1.01 diluted earnings per share, for the third quarter 2022; and net income of $48.8 million, or $2.57 diluted earnings per share, for the nine months ended September 30, 2023, compared to net income of $54.3 million, or $2.84 diluted earnings per share, for the nine months ended September 30, 2022.

TrustCo's Home Town Approach to Customer Relationships Propels Loans to All Time High

GLENVILLE, N.Y., Oct. 17, 2023 (GLOBE NEWSWIRE) -- On October 17, 2023, TrustCo Bank Corp NY (the "Company") (Nasdaq: TRST) announced that Steffani Cotugno, D.O. was elected to the Boards of Directors of the Company and its subsidiary, Trustco Bank.

TrustCo Announces the Addition of Steffani Cotugno to the Board of Directors

GLENVILLE, N.Y., Oct. 10, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release third quarter 2023 results after the market close on October 23, 2023. Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday. A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on October 24, 2023. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 040076. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 265872.

TrustCo to Release Third Quarter 2023 Results on October 23, 2023; Conference Call on October 24, 2023

TrustCo Bank Corp NY Q2 earnings were mixed, with revenue growth falling short of expectations but still showing solid returns on assets. The bank's average loans reached an all-time high, with residential and commercial loans both increasing. TrustCo's asset quality remains strong, although there was a slight uptick in non-performing loans.

TrustCo Bank: An Income Stock Now Yielding Nearly 5.5%

Trustco Bank shares have yet to recover from the banking crisis, raising concerns for some investors. The bank has shown impressive growth in its asset base, loans, and deposits. TRST has low exposure to uninsured deposits, a low debt, and is trading at a discount, making it a strong buy prospect.

Trustco Bank: The Bank The Recovery Forgot

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GLENVILLE, N.Y., Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on August 15, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on October 2, 2023 to shareholders of record at the close of business on September 1, 2023.

Buoyed by Strong Liquidity and Deposit Stability, TrustCo Declares Dividend

TrustCo Bank Corp NY (NASDAQ:TRST ) Q2 2023 Earnings Call Transcript July 25, 2023 9:00 AM ET Company Participants Robert J. McCormick - Chairman, President and CEO Michael Ozimek - CFO Scot Salvador - EVP Commercial Banking Conference Call Participants Ian Lapey - Gabelli Funds Nick Ripostella - NR Management Operator Good day, and welcome to TrustCo Bank Corp Earnings Call and webcast.

TrustCo Bank Corp NY (TRST) Q2 2023 Earnings Call Transcript

TrustCo Bank (TRST) came out with quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.93 per share a year ago.

TrustCo Bank (TRST) Q2 Earnings Surpass Estimates

Executive Snapshot: Continued solid financial results: Key metrics for second quarter 2023: Net income of $16.4 million in the second quarter 2023 Net interest income of $44.1 million up 2.3% compared to $43.1 million in the second quarter of 2022 Return on average assets (ROAA) of 1.09% in the second quarter 2023 Return on average equity (ROAE) of 10.61% in the second quarter 2023 Book value at period end was $32.66, up from $31.06 compared to June 30, 2022 Loan portfolio reaches all-time high: Total loans were up $346.3 million or 7.6% for the second quarter 2023 compared to second quarter of 2022 At $4.9 billion as of June 30, 2023, loans continue to set new all-time highs Quarter over quarter deposit growth: Total deposits as of June 30, 2023 increased $46.0 million to $5.3 billion from March 31, 2023 Time deposits increased $162.7 million or 12.7% up from March 31, 2023 Superior asset quality: Nonperforming loans (NPLs) were $19.4 million for the second quarter of 2023 and continue to remain at low levels NPLs to total loans improved to 0.40% compared to 0.41% at June 30, 2022 Quarterly net recoveries were $229 thousand in the second quarter 2023, resulting in six consecutive quarters of net recoveries Capital continues to grow: Consolidated equity to assets increased to 10.23% at June 30, 2023 from 9.55% at June 30, 2022 GLENVILLE, N.Y., July 24, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2023 net income of $16.4 million or $0.86 diluted earnings per share, compared to net income of $17.9 million or $0.93 diluted earnings per share for the second quarter 2022; and net income of $34.1 million or $1.79 diluted earnings per share for the six months ended June 30, 2023, compared to net income of $35.0 million or $1.82 diluted earnings per share for the six months ended June 30, 2022.

TrustCo Reports Second Quarter Net Income of $16.4 Million and $346 Million of Loan Growth; Maintains Strong Liquidity and Demonstrates Deposit Stability

TrustCo (TRST) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Earnings Preview: TrustCo Bank (TRST) Q2 Earnings Expected to Decline

GLENVILLE, N.Y., July 10, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release second quarter 2023 results after the market close on July 24, 2023. Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday. A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on July 25, 2023. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 775800. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 419365.

TrustCo to Release Second Quarter 2023 Results on July 24, 2023; Conference Call on July 25, 2023

GLENVILLE, N.Y., May 16, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on May 16, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on July 3, 2023 to shareholders of record at the close of business on June 2, 2023.

Built on an Independent and Strong Foundation, TrustCo Declares Dividend

Time To Buy TrustCo Bank

TrustCo Bank Corp (TRST) Q1 2023 Earnings Call Transcript.

TrustCo Bank Corp (TRST) Q1 2023 Earnings Call Transcript

TrustCo Bank (TRST) came out with quarterly earnings of $0.93 per share, missing the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $0.89 per share a year ago.

TrustCo Bank (TRST) Misses Q1 Earnings and Revenue Estimates

Executive Snapshot: Continued solid financial results: Key metrics for first quarter 2023: Net income of $17.7 million in the first quarter 2023 up 3.8% compared to $17.1 million in the first quarter 2022 Net interest income of $47.0 up 17.1% compared to $40.1 million in the first quarter of 2022 Return on average assets (ROAA) of 1.20% compared to 1.12% in the first quarter of 2022 Return on average equity (ROAE) of 11.84% compared to 11.60% in the first quarter of 2022 Book value at period end was $32.31, up from $30.85 compared to March 31, 2022 Superior asset quality: Nonperforming loan (NPLs) fell by $256 thousand compared to March 31, 2022 NPLs to total loans improved to 0.40% compared to 0.43% at March 31, 2022 Quarterly net recoveries were $53 thousand in the first quarter 2023 Loan portfolio reaches all-time high: Average loans were up $312.0 million for the first quarter 2023 compared to first quarter of 2022 At $4.8 billion as of March 31, 2023, loans continue to set new all-time highs Quarter over quarter deposit growth: Total deposits as of March 31, 2023 increased $19.6 million to $5.2 billion from December 31, 2022 Time deposits increased $251.5 million or 24.5% up from December 31, 2022 Capital remains strong Consolidated equity to assets increased to 10.17% at March 31, 2023 from 9.44% at March 31, 2022 GLENVILLE, N.Y., April 24, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced first quarter 2023 net income of $17.7 million or $0.93 diluted earnings per share, compared to net income of $17.1 million or $0.89 diluted earnings per share for the first quarter 2022.

TrustCo Demonstrates Strength and Stability; Reports First Quarter Net Income of $17.7 Million and 7.0% Average Loan Growth – Both Up Year Over Year

GLENVILLE, N.Y., April 11, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release first quarter 2023 results after the market close on April 24, 2023. Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday. A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on April 25, 2023. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 576267. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, for Canada at 1-226-828-7578, and all other locations at +44-204-525-0658, Access code 635945.

TrustCo to Release First Quarter 2023 Results on April 24, 2023; Conference Call on April 25, 2023

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GLENVILLE, N.Y., Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on February 21, 2023 declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on April 3, 2023 to shareholders of record at the close of business on March 3, 2023.

TrustCo dividend offers stability in a volatile environment

TrustCo Bank Corp NY (NASDAQ:TRST ) Q4 2022 Earnings Conference Call January 24, 2023 9:00 AM ET Company Participants Robert McCormick - President, Chief Executive Officer Michael Ozimek - Executive Vice President, Chief Financial Officer Scot Salvador - Executive Vice President, Chief Lending Officer Conference Call Participants Alex Twerdahl - Piper Sandler Ian Lapey - Gabelli Funds Operator Good day and welcome to the TrustCo Bank Corp earnings call and webcast. All participants will be in a listen-only mode.

TrustCo Bank Corp (TRST) CEO, Robert McCormick on Q4 2022 Results - Earnings Call Transcript

A true community-oriented bank focused on traditional, simple community banking. Q4 earnings show strength across the board with improving loans, better returns on assets, and strong quality metrics.

News for TrustCo Bank Stock (TRST)