Business
TrustCo is Pleased to Report Second Quarter 2020 Results; Net Income of $11.3 Million and 7.6% Average Residential Loan Growth Year over Year
GLENVILLE, N.Y., July 21, 2020 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) · TrustCo Bank Corp NY today announced second quarter 2020 net
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., July 21, 2020 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) · TrustCo Bank Corp NY today announced second quarter 2020 net income of $11.3 million or $0.117 diluted earnings per share, and $24.6 million or $0.254 diluted earnings per share for the six months ended June 30, 2020.\n Summary Robert J. McCormick, Chairman, President and Chief Executive Officer noted, “As we continue to navigate COVID-19 and its effects on our families and neighbors, I’d like to reaffirm Trustco Bank’s commitment to serving our communities through careful financial management and high-quality service. This enduring mission guides us as we respond to this situation by providing you with the information, support, and advice you need to manage your finances in this market and plan for your future. We continue to remain thankful to those on the front lines from medical centers to food banks that are providing the essential services for those affected physically, emotionally, and financially by COVID-19.” TrustCo’s designated Coronavirus (“COVID-19”) Fund, donating time and financial support to front line organizations across the communities, and the COVID-19 Financial Relief Program, providing support to our borrowers experiencing economic hardships by offering loan deferrals, continues to be an asset for our customers experiencing financial challenges during this time. TrustCo is taking every precaution possible to keep our employees and customers safe during this time. The bank continues to implement important policies, including minimizing contact between employees and customers by requiring face masks, installing clear barriers, and separating banking departments from one another. As recommended by the CDC, cleaning procedures continue to be augmented and protective sanitation items are always available. We also continue to closely monitor the impact of the pandemic on our business and results of operations. As of June 30, 2020, we had 668 residential loans in deferral totaling $145 million, and 90 commercial loans in deferral totaling $45 million. This represents 4.5% of total outstanding loans. We are encouraged to see that a number of residential and commercial loans had already re-started making regular loan payments prior to the end of the quarter. Additionally, the bank has funded 663 Paycheck Protection Prog...