TrustCo Bank Corp NY reports increase in net income and loan growth for second quarter 2024.

From GlobeNewswire: 2024-07-22 16:00:00

TrustCo Bank Corp NY announced second quarter 2024 net income of $12.6 million, up from $16.4 million in the second quarter 2023. Total loans increased by $182.2 million or 3.8% compared to the previous year. Nonperforming loans decreased to $19.2 million or 0.38% of total loans as of June 30, 2024.

Chairman and CEO Robert J. McCormick attributes TrustCo Bank’s success to core principles of competitive pricing and excellent customer service. The bank saw a 4% increase in net income due to loan growth and maintained capital growth. Residential, home equity, and commercial loans all increased significantly over the previous year.

For the second quarter 2024, TrustCo Bank reported a net interest income of $37.8 million, up from $36.6 million in the first quarter. The net interest margin increased to 2.53% driven by loan growth at higher rates. Non-interest expense rose due to higher salaries and employee benefits. Asset quality remains strong, with NPLs at $19.2 million.

The company successfully exchanged Visa Class B-1 common stock for Visa Class B-2 and C stock, resulting in a $1.4 million gain. TrustCo Bank emphasizes customer safety and security, as evidenced by a 1.5% increase in average deposits during the second quarter 2024. The bank’s equity to asset ratio increased to 10.73% as of June 30, 2024.

TrustCo Bank Corp NY will hold a conference call on July 23, 2024, at 9:00 a.m. Eastern Time to discuss second quarter 2024 results. Participants can join the call by dialing toll-free for the United States at 1-833-470-1428. A replay of the call will be available for thirty days. TrustCo Bank operates 138 offices across New York, New Jersey, Vermont, Massachusetts, and Florida.



Read more at GlobeNewswire:: TrustCo Delivers Once Again With Second Quarter Results Net