TrustBank NY(TRST) - 2024 Q4 - Annual Results

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]