Business
TrustCo is Pleased to Report Second Quarter 2021 Results; Net Income up 28% over the Prior Year Quarter and 5.3% Average Residential Loan Growth Year over Year
GLENVILLE, N.Y., July 21, 2021 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2021 net income of $14.4
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., July 21, 2021 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2021 net income of $14.4 million or $0.748 diluted earnings per share, compared to net income of $11.3 million or $0.584 diluted earnings per share for the second quarter 2020; and net income of $28.5 million or $1.478 diluted earnings per share for the six months ended June 30, 2021, compared to net income of $24.6 million or $1.272 diluted earnings per share for the six months ended June 30, 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. SummaryRobert J. McCormick, Chairman, President and Chief Executive Officer noted, “The people who make up the team at Trustco Bank are second to none. We have a deep and diverse talent pool that enables us to focus on short, medium, and long-term objectives all at the same time. The financial results announced today demonstrate the success of these multifaceted efforts. Working our way through and out of the COVID-19 pandemic, we were true to our “Home Town Bank” motto and helped many people in the communities we serve, while simultaneously achieving meaningful shareholder value and return.” We not only continued without interruption our long history of paying a meaningful dividend, we also won shareholder approval of a reverse stock split that we believe will improve the company’s position in the market by making our stock attractive to a wider audience. At the same time, we also supported food banks, renewed our commitments to distressed neighborhoods, invested in affordable housing programs, aided educational programs, and encouraged savings initiatives. We also continued to assist consumer and commercial customers as they worked their way out of the hardships of the past year and are happy to report that virtually all Trustco Bank borrowers who received pandemic relief are making payments as agreed. Our team is never one to rest on its successes. Our entire management team, from those leading our branches to the heads of our internal departments, are focused on generating new business by reaching an ever-expanding consumer audience with our industry-leading residential mortgage products and developing new relationships with commercial customers who share our for...