Business
TrustCo Enters Its 120ᵗʰ Year; Posts Record Earnings; Net Income of $61.5 million up 17.3% over the prior year
GLENVILLE, New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced full year 2021 net income of $61.5 million
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced full year 2021 net income of $61.5 million or $3.194 diluted earnings per share, compared to net income of $52.5 million or $2.717 diluted earnings per share for the full year 2020; and net income of $16.2 million or $0.845 diluted earnings per share for the three months ended December 31, 2021, compared to net income of $13.8 million or $0.716 diluted earnings per share for the three months ended December 31, 2020. For all periods presented, share and per share information has been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021. OverviewRobert J. McCormick, Chairman, President and Chief Executive Officer noted, “All of the members of the Trustco Bank family are justifiably proud of our history as we enter our 120ᵗʰ year. We are very pleased to embark on that celebration with the momentum of a great year in 2021, which was marked by record earnings and rock-solid capital and liquidity. Also fueling our momentum is the increase in the amount of our dividend announced last quarter and our further recognition as an award-winning bank by local and national media outlets, consumer surveys, and the bank rating firm Bauer, which continues to award Trustco Bank its highest five-star rating.” The Company traces its roots back to the first branch of the Schenectady Trust Company, which was located on State Street in downtown Schenectady, New York in 1902. The institution was founded by prominent local business people and executives of General Electric Company, which also has deep roots in the “Electric City.” The second and third branches of the bank were on Crane Street, in Schenectady’s Mont Pleasant neighborhood, and at the corner of State Street and Brandywine Avenue in the city. Both of these locations are still Trustco Bank branches today. Since then, the franchise has grown to a presence in five states, nearly 150 branch locations, and $6.2 billion in total assets. Record earnings of $61.5 million in 2021 is a testament to the vitality of the current enterprise. DetailsAverage loans were up $185.3 million or 4.4% in the fourth quarter 2021 over the same period in 2020. Average residential loans, our primary lending focus, were up $223.3 million, or 5.9%, in the fourth quarter 2021 over the...