TrustCo Bank Corp NY reported strong financial results for the third quarter of 2024.

From GlobeNewswire: 2024-10-21 16:00:00

TrustCo Bank Corp NY announced a $127.0 million increase in total loans for the third quarter of 2024. Net income was $12.9 million and net interest income was $38.7 million, with a return on average equity of 7.74%. Capital grew with equity to assets up to 10.95% and book value per share at $35.19.

Chairman, President, and CEO Robert J. McCormick credited strong results to the team’s effort. Average loans increased $127.0 million, led by residential and commercial loans. Deposits rose $15.3 million. Net interest income was $38.7 million, up 2.3% from the previous quarter. Non-interest expenses decreased over the prior quarter as the bank controlled costs.

Asset quality remained strong, with a provision for credit losses of $500 thousand in the third quarter. NPLs were $19.4 million, with a 0.38% ratio to total loans. Equity to asset ratio increased to 10.95%, with book value per share at $35.19. The bank will host a conference call on October 22, 2024, to discuss the results.

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company with 138 offices. The Bank offers investment services and wealth management. TrustCo’s common shares trade on the NASDAQ Global Select Market under the symbol TRST. Forward-looking statements were made regarding future performance and economic impacts.



Read more at GlobeNewswire:: Trustco Reports Third Quarter 2024 Net Income of $12.9