Financial Performance - Fourth quarter 2024 net income was $11.3 million, up from $9.8 million in the fourth quarter 2023, with diluted earnings per share increasing to $0.59 from $0.52[1] - Full year 2024 net income totaled $48.8 million, down from $58.6 million in 2023, resulting in diluted earnings per share of $2.57 compared to $3.08[1] - Net income for the year ended December 31, 2024, was $48,833, down 16.7% from $58,646 in 2023[12] - Noninterest income for Q4 2024 was $4,409, slightly down from $4,474 in Q4 2023, a decrease of 1.45%[10] - Net interest income for the year ended December 31, 2024, was $151,939 thousand compared to $171,845 thousand for the year ended December 31, 2023[25] Asset and Loan Growth - Average loans increased by $104.9 million, or 2.1%, in the fourth quarter 2024 compared to the same period in 2023[3] - Total assets increased to $6,238,744 thousand as of 12/31/2024, up from $6,168,191 thousand a year earlier, representing a growth of approximately 1.14%[18] - Net loans reached $5,047,810 thousand, showing an increase from $4,954,301 thousand year-over-year, which is a growth of about 1.88%[18] - Total deposits rose to $5,390,983 thousand, compared to $5,350,777 thousand in the previous year, reflecting an increase of approximately 0.75%[18] - Commercial loans increased to $286,857 thousand, compared to $273,515 thousand a year earlier, reflecting a growth of approximately 4.91%[18] Interest Income and Margin - Net interest income for Q4 2024 was $38.9 million, a slight increase of $296 thousand, or 0.8%, from the fourth quarter 2023[4] - The net interest margin decreased to 2.15% in the fourth quarter 2024, down 6 basis points from 2.21% in the fourth quarter 2023[4] - The net interest margin for Q4 2024 was 2.60%, consistent with Q4 2023, indicating stable interest income relative to earning assets[10] - Net interest spread decreased to 2.10% from 2.64% year-over-year[26] - Net interest margin decreased to 2.54% from 2.91% year-over-year[26] Efficiency and Expenses - The efficiency ratio for Q4 2024 was 65.03%, up from 60.09% in Q3 2024, indicating a decline in operational efficiency[10] - Total noninterest expenses for the year ended December 31, 2024, were $105,727, a decrease from $111,297 in 2023, reflecting a reduction of 5.1%[12] - Adjusted efficiency ratio for the three months ended 12/31/2024 was 63.93%, up from 59.65% on 9/30/2024 and 60.16% on 12/31/2023[32] Equity and Book Value - Book value per share increased by 4.8% to $35.56 as of December 31, 2024, up from $33.92[6] - The equity to asset ratio improved to 10.84% as of December 31, 2024, compared to 10.46% at the end of 2023[6] - Tangible book value per share increased to $35.53 as of 12/31/2024, up from $35.16 on 9/30/2024 and $33.89 on 12/31/2023[32] Credit Quality - The ratio of allowance for credit losses on loans to total loans was 0.99% as of December 31, 2024, compared to 0.97% a year earlier[5] - The provision for credit losses increased to $2,000 for the year ended December 31, 2024, compared to $1,250 in 2023, indicating a rise of 60%[12] - Total nonperforming assets increased to $20,975,000 as of December 31, 2024, compared to $17,860,000 on December 31, 2023, reflecting a year-over-year increase of 17.5%[20] - Total nonperforming loans reached $18,800,000, up from $17,666,000 a year earlier, indicating a rise of 6.4%[21] - Nonperforming assets to total assets ratio was 0.34% as of December 31, 2024, compared to 0.29% a year earlier[21]

Executive Summary - TrustCo Bank Corp NY reported a fourth quarter 2024 net income of $11.3 million, an increase from $9.8 million in the same quarter of 2023, with diluted earnings per share rising to $0.59 from $0.52 [3][6] - For the full year 2024, net income was $48.8 million, down from $58.6 million in 2023, with diluted earnings per share decreasing to $2.57 from $3.08 [3][17] - Average loans increased by $104.9 million, or 2.1%, in the fourth quarter of 2024 compared to the same period in 2023, driven by growth in home equity lines of credit [5][6] Financial Performance - Net interest income for the fourth quarter of 2024 was $38.9 million, a slight increase from $38.6 million in the fourth quarter of 2023 [6][7] - The return on average assets (ROAA) improved to 0.73% from 0.64% year-over-year, while the return on average equity (ROAE) increased to 6.70% from 6.21% [6][15] - The consolidated equity to assets ratio rose to 10.84% as of December 31, 2024, compared to 10.46% a year earlier [9][15] Loan and Deposit Growth - Average residential loans increased by $34.9 million, or 0.8%, and home equity lines of credit rose by $61.0 million, or 17.9%, in the fourth quarter of 2024 compared to the same period in 2023 [5][6] - Average deposits grew by $31.7 million, or 0.6%, primarily due to an increase in time deposits, reflecting customer preference for the safety of TrustCo's banking services [5][6] Asset Quality - The company recorded a provision for credit losses of $400 thousand in the fourth quarter of 2024, with the allowance for credit losses on loans to total loans ratio at 0.99% [8][15] - Nonperforming loans (NPLs) were $18.8 million, representing 0.37% of total loans, compared to $17.7 million or 0.35% a year earlier [8][15] Market Position - TrustCo Bank Corp NY operates as a $6.2 billion savings and loan holding company with 136 offices across New York, New Jersey, Vermont, Massachusetts, and Florida as of December 31, 2024 [11][23] - The bank's wealth management department offers a comprehensive range of investment services, retirement planning, and trust and estate administration services [11]

Executive Summary - TrustCo Bank Corp NY reported a fourth quarter 2024 net income of $11.3 million, an increase from $9.8 million in the same quarter of 2023, with diluted earnings per share rising to $0.59 from $0.52 [2][6] - For the full year 2024, net income was $48.8 million, down from $58.6 million in 2023, with diluted earnings per share decreasing to $2.57 from $3.08 [2][6] - Average loans increased by $104.9 million or 2.1% year-over-year in Q4 2024, driven by a significant rise in home equity lines of credit [2][4] Financial Performance - Net interest income for Q4 2024 was $38.9 million, a slight increase of $295 thousand or 0.8% compared to Q4 2023 [5][6] - The net interest margin decreased to 2.15%, down from 2.21% in Q4 2023, while the yield on interest-earning assets increased to 4.12% [5][6] - Average deposits rose by $31.7 million or 0.6% in Q4 2024, primarily due to an increase in time deposits [4][6] Asset Quality - The company recorded a provision for credit losses of $400 thousand in Q4 2024, with the allowance for credit losses on loans to total loans ratio at 0.99% [7][6] - Nonperforming loans (NPLs) were $18.8 million, representing 0.37% of total loans, compared to $17.7 million or 0.35% in the previous year [7][6] - The coverage ratio for allowance for credit losses on loans to NPLs was 267.3% as of December 31, 2024 [7][6] Capital Position - The consolidated equity to assets ratio increased to 10.84% as of December 31, 2024, up from 10.46% a year earlier [8][6] - Book value per share rose to $35.56, a 4.8% increase from $33.92 at the end of 2023 [8][6] - The company maintained a strong capital position while controlling costs and delivering returns to shareholders through dividends and price appreciation [3][6] Operational Highlights - TrustCo Bank operated 136 offices across New York, New Jersey, Vermont, Massachusetts, and Florida as of December 31, 2024 [10] - The company focused on leveraging customer relationships to increase lending volume, particularly in home equity loans [3][6] - Noninterest expenses decreased by $666 thousand compared to Q4 2023, reflecting a decline in full-time equivalent employees [5][6]

Core Viewpoint - TrustCo Bank Corp NY will release its fourth quarter 2024 results on January 21, 2025, with a conference call scheduled for January 22, 2025, to discuss the results [1][2]. Company Overview - TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company operating 136 offices across New York, New Jersey, Vermont, Massachusetts, and Florida through its subsidiary, Trustco Bank [3]. - The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST [3]. - The Bank's Wealth Management Department provides a comprehensive range of investment services, retirement planning, and trust and estate administration services [3]. Conference Call Details - The conference call to discuss the fourth quarter results will take place at 9:00 a.m. Eastern Time on January 22, 2025, with toll-free dial-in numbers provided for participants in the United States and Canada [1]. - An audio webcast of the call will be available for one year, and the earnings press release will be posted on the Company's Investor Relations website [2].

Core Points - TrustCo Bank Corp NY will release its fourth quarter 2024 results after market close on January 21, 2025 [1] - A conference call to discuss the results is scheduled for January 22, 2025, at 9:00 a.m. Eastern Time [1] - TrustCo Bank Corp NY operates as a $6.1 billion savings and loan holding company with 136 offices across five states [3] Company Information - TrustCo Bank operates through its subsidiary, Trustco Bank, providing a full range of investment services, retirement planning, and trust and estate administration services [3] - The common shares of TrustCo are traded on NASDAQ under the symbol TRST [3] - The earnings press release will be available on the Company's Investor Relations website [2]

GLENVILLE, N.Y., Nov. 19, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on November 19, 2024, 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, 2025 to shareholders of record at the close of business on December 6, 2024. Chairman, President, and Chief Executive Officer Robert J. McCormick said: “TrustCo’s owners know that the company reliably has delivered a solid retu ...

Executive Snapshot: Average Loan portfolio continues to grow: On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023 Continued solid financial results: Key metrics for third quarter 2024: Net income of $12.9 million versus $12.6 million for the second quarter 2024 Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024 Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024 Capi ...

GLENVILLE, N.Y., Oct. 10, 2024 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release third quarter 2024 results after the market close on October 21, 2024. 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 22, 2024. Those wishing t ...

GLENVILLE, N.Y., Aug. 20, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on August 20, 2024, 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 1, 2024 to shareholders of record at the close of business on September 6, 2024. Chairman, President, and Chief Executive Officer Robert J. McCormick said: "While investors and marketwatchers are speculating about what will happen w ...

TrustCo Bank Corp NY (NASDAQ:TRST) Q2 2024 Earnings Conference Call July 23, 2024 9:00 AM ET Company Participants Robert McCormick - Chairman, President & CEO Michael Ozimek - CFO Kevin Curley - EVP & Chief Banking Officer Conference Call Participants Ian Lapey - Gabelli Funds Operator Good day, and welcome to the TrustCo Bank Corp Earnings Call Webcast. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator I ...