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]

Financial Performance - TrustCo recorded net income of $14.7 million, or $0.77 of diluted earnings per share, for Q3 2023, compared to $19.4 million, or $1.01 per share, in Q3 2022, representing a decrease of 24.1% in net income [152]. - For the nine months ended September 30, 2023, net income was $48.8 million, or $2.57 per diluted share, down from $54.3 million, or $2.84 per share, in the same period in 2022, a decline of 10.1% [153]. - Total noninterest income for Q3 2023 was $4.6 million, an increase from $4.4 million in Q3 2022, driven by higher market values of assets under management [208]. - Total noninterest expenses for Q3 2023 were $27.5 million, up from $26.1 million in Q3 2022, with significant increases in salaries and employee benefits, equipment expense, and professional services [210]. - The effective tax rate for Q3 2023 was 23.7%, down from 24.8% in Q3 2022, with income tax expense recognized at $4.6 million compared to $6.4 million in the prior year [214]. Asset and Liability Management - Total assets decreased to $6,045,601 thousand as of September 30, 2023, from $6,182,033 thousand in the same period of 2022, representing a decline of approximately 2.2% [228]. - Total interest-earning assets decreased to $5,920,155 thousand, compared to $6,038,880 thousand in the previous year, reflecting a decline of approximately 2.0% [228]. - Total average interest-bearing deposit accounts decreased by $49.1 million to $4.45 billion, while the average rate paid increased from 0.10% to 1.34% [179]. - The average balance of Federal Funds sold and other short-term investments decreased by $424.3 million, while the average yield increased by 312 basis points [164]. - The average balance of mortgage-backed securities and collateralized mortgage obligations was $278,252 thousand, with an interest rate of 2.21% for the nine months ended September 30, 2023 [233]. Interest Income and Margin - TrustCo experienced an increase in interest expense of $14.1 million from interest-bearing liabilities, while interest income from earning assets increased by $8.5 million, resulting in a decrease in taxable equivalent net interest income of $5.6 million in Q3 2023 compared to Q3 2022 [156]. - For Q3 2023, the net interest margin decreased to 2.85%, down 31 basis points from the prior year [163]. - Interest income on average earning assets increased from $49.0 million in Q3 2022 to $57.6 million in Q3 2023, driven by higher interest rates [165]. - The average interest rate on total interest-earning assets increased to 3.88% from 3.24% year-over-year, reflecting a rise of 64 basis points [228]. - The net interest spread decreased by 58 basis points to 2.55% in Q3 2023 compared to the same period in 2022 [183]. Loan Portfolio and Credit Quality - The average balance of residential mortgage loans increased by 5.3% to $4.33 billion, with the yield rising by 20 basis points to 3.64% [167]. - Nonperforming loans totaled $17.9 million as of September 30, 2023, compared to $18.7 million a year earlier, with a coverage ratio of 264.2% [186]. - The Company recorded a provision for credit losses of $100 thousand in Q3 2023, which includes a provision for loans of $300 thousand, reflecting continued growth in the loan portfolio [197]. - The allowance for loan losses was $47.2 million, representing 0.95% of the loan portfolio, compared to $46.0 million (0.97%) at December 31, 2022 [201]. - The Company has no subprime mortgages or loans with deteriorated credit quality in its loan portfolio as of September 30, 2023 [194]. Capital and Equity - Total shareholders' equity increased to $623.9 million as of September 30, 2023, compared to $589.0 million a year earlier [216]. - The Common Equity Tier 1 (CET1) capital ratio increased to 18.395% as of September 30, 2023, compared to 18.431% at the end of 2022 [219]. - The Total Risk-Based Capital ratio was 19.647% as of September 30, 2023, slightly down from 19.684% at December 31, 2022 [219]. - The consolidated equity to total assets ratio improved to 10.31% as of September 30, 2023, compared to 10.00% at December 31, 2022 [219]. - Shareholders' equity increased to $624,900 thousand as of September 30, 2023, compared to $601,061 thousand in the prior year, representing an increase of approximately 4.0% [228]. Dividends and Share Repurchase - The Company's dividend payout ratio for Q3 2023 was 46.65% of net income, an increase from 34.57% in Q3 2022 [220]. - The per-share dividend paid in Q3 2023 was $0.36, compared to $0.35 in Q3 2022 [220]. - TrustCo maintains a Dividend Reinvestment Plan (DRP) with approximately 6,771 participants, allowing reinvestment of dividends in shares [221]. - A share repurchase program for up to 200,000 shares was authorized on March 17, 2023, but no repurchases occurred during the three and nine months ended September 30, 2023 [222]. Regulatory and Economic Environment - The Federal Reserve increased the target range for the Federal Funds rate by a total of 525 basis points to a range of 5.25% to 5.50% as of September 30, 2023, in response to inflationary pressures [144]. - The FDIC proposed a special assessment on banks with total assets greater than $5.0 billion, expected to generate approximately $15.8 billion in revenue, effective January 1, 2024 [149]. - The average yield on the 10-year Treasury bond increased by 55 basis points to 4.15% in Q3 2023 compared to Q2 2023, and increased by 105 basis points compared to Q3 2022 [160].

TrustCo Bank Corp NY (NASDAQ:TRST) Q3 2023 Earnings Call Transcript October 24, 2023 9:00 AM ET Company Participants Robert J. McCormick - Chairman, President and CEO Michael Ozimek - CFO Scot Salvador - EVP Commercial Banking Conference Call Participants Operator Good day, and welcome to the TrustCo Bank Corp Earnings Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Be ...