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TrustCo Bank Corp NY: A Standout No Matter the Economic Environment
GLENVILLE, N.Y., Dec. 10, 2024 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on December 9, 2024, issued an analysis comparing its
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., Dec. 10, 2024 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on December 9, 2024, issued an analysis comparing its performance for the first three quarters of 2024 to that of the Company’s peers on the following metrics: Efficiency Ratio, Cost of Funds, Tier 1 Capital, and Diluted EPS. The referenced charts are attached. Efficiency Ratio2 Efficiency ratio is a numerical representation of what it costs us to make a dollar. As the chart below shows, TrustCo ranks in the bottom 21st percentile (lower being better) year-to-date, and over the latest quarter ending September 30, 2024. Efficiency RatioTRST Outranks 79% of Peers Year to DateLatest Quarter TrustCo Bank Corp NY60.80%59.65% Peer Average69.06%67.62% Common Equity Tier 1 Capital Ratio Tier 1 common capital ratio (“CET 1”) is a measurement of a bank’s core equity capital, compared with its total risk-weighted assets, and signifies a bank’s financial strength. It shows how well a bank can withstand financial stress and remain solvent. Maintaining an extremely healthy CET 1 capital ratio is a bedrock strategic principle of TrustCo, and illustrates the strength and soundness of Trustco Bank for over a century. TrustCo continues to lead its peers in this metric, and is at the top, or 100th percentile of its peer group, for the nine months ending September 30, 2024 and September 30, 2023, respectively. CET Tier 1 Capital RatioTRST Outranks 100% of Peers Year to Date 9/30/2024Year to Date 9/30/2023 TrustCo Bank Corp NY19.27%19.27% Peer Average12.46%12.53% Cost of Funds Cost of funds is a profitability metric, measured by the interest rate banks pay on deposit accounts in order to obtain the funds they use to lend to customers. The spread, or difference between the interest paid on deposits and the interest earned on loans, is net interest margin. The lower the cost of funds, the more profitable the bank can be. TrustCo ranks in the bottom 5th percentile (lower being better) of its peers for deposit costs year-to-date, and over the latest quarter ending September 30, 2024. Trustco has retained and grown its deposit portfolio without sacrificing returns to shareholders. Cost of FundsTRST Outranks 95% of Peers Year to DateLatest Quarter TrustCo Bank Corp NY1.70%1.67% Peer Average2.56%2.63% Earnings per Share Earnings per share (EPS) is a measure of a...