Executive Summary - TrustCo Bank Corp NY reported a net income of $12.6 million for the second quarter of 2024, an increase from $12.1 million in the first quarter of 2024, but a decrease from $16.4 million in the second quarter of 2023 [2][4] - Average loans increased by $182.2 million or 3.8% compared to the same period in 2023, with significant growth in residential and commercial loans [5][6] - The bank's net interest income rose to $37.8 million, up from $36.6 million in the previous quarter, driven by loan growth at higher interest rates [6][14] Financial Performance - Net income for the second quarter of 2024 was $12.6 million, or $0.66 diluted earnings per share, compared to $16.4 million, or $0.86 diluted earnings per share for the same quarter in 2023 [2][14] - Net interest income for the second quarter of 2024 was $37.8 million, a 3.3% increase from the previous quarter [6][14] - Return on average assets (ROAA) improved to 0.82% from 0.80% in the first quarter of 2024, while return on average equity (ROAE) increased to 7.76% from 7.54% [2][14] Asset Quality - Nonperforming loans (NPLs) decreased to $19.2 million as of June 30, 2024, down from $19.4 million a year earlier, with NPLs to total loans at 0.38% compared to 0.40% [2][7] - The allowance for credit losses on loans was $49.8 million, representing 0.99% of total loans, up from 0.96% a year earlier [7][15] - Nonperforming assets (NPAs) to total assets was 0.35%, slightly up from 0.34% in the previous year [2][15] Capital Position - Consolidated equity to assets ratio increased to 10.73% as of June 30, 2024, from 10.23% a year earlier [2][8] - Book value per share rose to $34.46, up 5.5% from $32.66 a year earlier [8][14] - Average deposits increased by $77.4 million or 1.5% compared to the same period in 2023, reflecting customer preference for the bank's conservative banking approach [5][6] Strategic Insights - The bank's growth in loans and deposits is attributed to competitive pricing and exceptional customer service, with a focus on maintaining net interest margins despite upward pressure on deposit rates [4][6] - The strategic decision to retain Visa Class C shares resulted in a gain of $1.4 million, showcasing the bank's effective asset management [3][4]

GLENVILLE, N.Y., July 16, 2024 (GLOBE NEWSWIRE) -- Robert J. McCormick, Chairman, President, and Chief Executive Officer of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) and Trustco Bank, a subsidiary of TrustCo, announced the appointment of Executive Vice President Robert M. Leonard as Chief Operating Officer of TrustCo and Trustco Bank. Executive Vice President Kevin M. Curley has been named Chief Banking Officer. The following changes also have been made: Mr. McCormick also announced that Michael Hall, th ...

The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST. | --- | --- | |--------------------------|--------------------------| | | | | Subsidiary: Trustco Bank | | | Contact: Robert Leonard | Executive Vice President | GLENVILLE, N.Y., July 10, 2024 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release second quarter 2024 results after the market close on July 22, 2024. Results are released on the 21st of the reporting ...

The call will also be audio webcast at https://events.q4inc.com/attendee/723112639, and will be available for one year. The earnings press release will be posted on the Company's Investor Relations website at: https://trustcobank.q4ir.com/corporate-overview/corporate-profile/default.aspx. Other information, including the Company's most recent annual report, proxy statement and filings with the Securities and Exchange Commission can also be found at this website. Forward-Looking Statements In addition, the B ...

GLENVILLE, N.Y., May 21, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY ((TrustCo, NASDAQ:TRST) on May 21, 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 July 1, 2024 to shareholders of record at the close of business on June 7, 2024. Chairman, President, and Chief Executive Officer Robert J. McCormick said: "In uncertain times, reliability is a virtue. TrustCo shareholders know that the Company ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number 000-10592 TRUSTCO BANK CORP NY (Exact name of registrant as specified in its charter) NEW YORK 14-1630287 (State or other ...

TrustCo Bank Corp NY (NASDAQ:TRST) Q1 2024 Earnings Conference Call April 23, 2024 9:00 AM ET Company Participants Robert McCormick - Chairman, President & CEO Michael Ozimek - CFO Scot Salvador - EVP Commercial Banking Conference Call Participants Alexander Twerdahl - Piper Sandler Operator Good day, and welcome to the TrustCo Bank Corp Earnings Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. ...

Exhibit 99(a) Subsidiary: Trustco Bank Nasdaq -- TRST Contact: Robert Leonard Executive Vice President (518) 381-3693 FOR IMMEDIATE RELEASE: News Release 5 Sarnowski Drive, Glenville, New York, 12302 (518) 377-3311 Fax: (518) 381-3668 Loans Reach Another All-Time High, Credit Quality Remains Solid; TrustCo Reports Net Income of $12.1 Million and Capital Up 3% Executive Snapshot: • Superior asset quality: • Capital continues to grow: o Consolidated equity to assets increased 3.3% to 10.51% at March 31, 2024 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________________ to ____________________ Commission file number 0-10592 TRUSTCO BANK CORP NY (Exact name of registrant as specified in its charter) NEW YORK 14-1630287 (S ...

Financial Data and Key Metrics Changes - The company reported a year-to-date net income of $58.6 million, yielding a return on average assets of 0.97% and average equity of 9.46% [21] - The consolidated equity to assets ratio was 10.46% for Q4 2023, up from 10% in Q4 2022 [21] - Book value per share increased by 7.5% to $33.92 from $31.54 a year earlier [21] Business Line Data and Key Metrics Changes - Average loans for Q4 2023 grew by 6.6% or $309.9 million to $5 billion, marking an all-time high [36] - Residential loans increased by $192.2 million or 4.26% year-over-year, while commercial loans rose by $50.5 million or 22.6% [36] - Home equity lines of credit increased by $61.8 million or 22.2%, and installment loans grew by $5.5 million or 50.3% [36] Market Data and Key Metrics Changes - Total deposits increased by $158 million to $5.35 billion from the end of 2022, marking a significant recovery [22] - Time deposits were up 16% sequentially, indicating a shift from core to time deposits [15] Company Strategy and Development Direction - The company aims to continue offering competitive product offerings through aggressive marketing and product differentiation [22] - The management is optimistic about the future, particularly regarding the repricing of CDs as rates potentially fall [23] - The company has closed three underperforming branches to enhance efficiency and is evaluating further relocations and closures based on profitability [33][68] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality remains strong, with non-performing assets at 0.29%, the lowest in over 17 years [20] - The company is confident in its capital position and is prepared to capitalize on future opportunities despite economic uncertainties [34] - Management expressed optimism about the loan growth and the potential for increased activity as interest rates decrease [60] Other Important Information - The provision for credit losses was $1.35 million, reflecting the current economic environment rather than existing credit issues [22] - The wealth management division had approximately $967 million in assets under management as of December 31, 2023 [23] Q&A Session Summary Question: What is the expectation for net interest margin (NIM) with potential Fed rate cuts? - Management indicated that they have already started backing CD rates down and are optimistic about repricing deposits to lower rates later in the year [63] Question: What is driving the increase in the allowance for credit losses (ACL)? - The increase in ACL is driven by macroeconomic factors such as unemployment forecasts and housing numbers, rather than a rise in non-performing loans [65] Question: Are there more initiatives underway to trim expenses? - Management confirmed that they are evaluating branch relocations and closures based on profitability and will continue to assess all options as leases come up for maturity [48] Question: Is a buyback program being considered? - Management expressed interest in buybacks, especially given the current book value situation, but did not commit to a specific timeline [2][49]