Business
TrustCo Demonstrates Strength and Stability; Reports First Quarter Net Income of $17.7 Million and 7.0% Average Loan Growth – Both Up Year Over Year
Executive Snapshot: Continued solid financial results: Key metrics for first quarter 2023: Net income of $17.7 million in the first quarter 2023 up 3.8%
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"Executive Snapshot: Continued solid financial results: Key metrics for first quarter 2023: Net income of $17.7 million in the first quarter 2023 up 3.8% compared to $17.1 million in the first quarter 2022Net interest income of $47.0 up 17.1% compared to $40.1 million in the first quarter of 2022Return on average assets (ROAA) of 1.20% compared to 1.12% in the first quarter of 2022Return on average equity (ROAE) of 11.84% compared to 11.60% in the first quarter of 2022Book value at period end was $32.31, up from $30.85 compared to March 31, 2022 Superior asset quality: Nonperforming loan (NPLs) fell by $256 thousand compared to March 31, 2022NPLs to total loans improved to 0.40% compared to 0.43% at March 31, 2022Quarterly net recoveries were $53 thousand in the first quarter 2023 Loan portfolio reaches all-time high: Average loans were up $312.0 million for the first quarter 2023 compared to first quarter of 2022At $4.8 billion as of March 31, 2023, loans continue to set new all-time highs Quarter over quarter deposit growth: Total deposits as of March 31, 2023 increased $19.6 million to $5.2 billion from December 31, 2022Time deposits increased $251.5 million or 24.5% up from December 31, 2022 Capital remains strong Consolidated equity to assets increased to 10.17% at March 31, 2023 from 9.44% at March 31, 2022 GLENVILLE, N.Y., April 24, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced first quarter 2023 net income of $17.7 million or $0.93 diluted earnings per share, compared to net income of $17.1 million or $0.89 diluted earnings per share for the first quarter 2022. Average loan growth increased 7.0% or $312.0 million for the first quarter 2023 over the same period in 2022. Overview Chairman, President, and CEO, Robert J. McCormick said “Our first quarter results, which build upon the Company’s record year in 2022, demonstrate that TrustCo is a pillar of strength and a model of stability. The biggest challenge presented by great performance is maintaining momentum. This quarter, TrustCo did not just equal last year’s results, but improved upon them in the key areas of average loan growth, diluted earnings per share, and net income, among others. That we have been able to improve upon our performance in the present challenging environment is a testament to the skill of our bankers and the...