Trustco Caps Year of Efficiency, Strength, and Value - Reports Fourth Quarter 2024 Net Income of $11.3 Million; $48.8 Million for the Year

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]