TrustCo Bank Corp NY Reports Fourth Quarter 2024 Financial Results

TrustCo Bank Corp NY recently released its financial results for the fourth quarter of 2024, ending December 31. The company reported a net income of $11.3 million for the quarter, marking an increase from $9.8 million in the same period in 2023. The earnings per share were $0.59, up from $0.52 in the fourth quarter of the previous year.

Key financial highlights for the quarter included a net interest income of $38.9 million, slightly higher than the $38.6 million reported in the fourth quarter of 2023. The return on average assets (ROAA) also showed improvement, reaching 0.73% compared to 0.64% in the same quarter last year. Similarly, the return on average equity (ROAE) increased to 6.70% from 6.21% year-over-year.

The company’s capital position strengthened during the quarter, with consolidated equity to assets ratio increasing to 10.84%, up from 10.46% in December 2023. Additionally, the book value per share rose to $35.56 from $33.92 in the previous year.

TrustCo’s average loan and deposit portfolios saw growth, with total loans up by $104.9 million or 2.1% compared to the fourth quarter of 2023. Total deposits also increased by $31.7 million or 0.6% over the same period.

In a statement, Robert J. McCormick, Chairman, President, and CEO of TrustCo, highlighted the company’s focus on efficiency, strength, and shareholder value throughout 2024. He emphasized a commitment to controlling costs, maintaining a robust capital position, and delivering returns to stakeholders.

The financial report detailed TrustCo’s solid performance in credit quality, with strong asset quality and consistent provision for credit losses. Nonperforming loans and assets remained within stable ranges, demonstrating the bank’s prudent risk management practices.

Looking ahead, TrustCo anticipates ongoing focus on customer relationships, expanding lending activities, and managing interest rates effectively to drive future growth. An earnings call discussing the fourth quarter 2024 results is scheduled for January 22, 2024, providing investors and analysts with an opportunity to delve deeper into the financial performance.

TrustCo Bank Corp NY, a savings and loan holding company operating through its subsidiary Trustco Bank, is listed on the NASDAQ Global Select Market under the symbol TRST. The company operates 136 banking offices across New York, New Jersey, Vermont, Massachusetts, and Florida as of December 31, 2024.

This announcement signifies TrustCo’s commitment to maintaining financial resilience, fostering customer trust, and pursuing sustainable growth strategies in the banking sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TrustCo Bank Corp NY’s 8K filing here.

TrustCo Bank Corp NY Company Profile

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 and businesses. The company 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.