Business
TrustCo is Pleased to Report Third Quarter 2020 Results; Net Income of $14.1 Million and 6.9% Average Residential Loan Growth Year over Year
GLENVILLE, N.Y., Oct. 21, 2020 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) · TrustCo Bank Corp NY today announced third quarter 2020 net
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., Oct. 21, 2020 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) · TrustCo Bank Corp NY today announced third quarter 2020 net income of $14.1 million or $0.146 diluted earnings per share, and $38.6 million or $0.400 diluted earnings per share for the nine months ended September 30, 2020.\n Summary Robert J. McCormick, Chairman, President and Chief Executive Officer noted, “We continue to keep a pulse on the best ways to adapt to the changing needs of our customers in light of the ongoing impact of the pandemic. Our unparalleled dedication to customer service positions us as a stable partner to our customers as they seek updated information, support and advice in a volatile time. In response to these changing needs, we made a significant investment in our online and mobile banking offerings, rolling out a completely updated experience for customers that includes real-time account alerts, secure messaging, enhanced billpay and more. We also recently introduced ClickSwitch, an automated tool that allows new customers to change direct deposits and recurring payments in just a few minutes, creating new business opportunities for the Bank. We expect to see more activity and interest in these offerings and have an exciting plan for ongoing updates and new innovations.” Trustco’s commitment to supporting its communities and front line workers remains steadfast. In an effort to bolster our students and schools during an unpredictable back to school period, we donated more than 450 backpacks and contributed financially to the elementary school near our newly renovated Mont Pleasant Branch. This is just one example of ways we have prioritized giving back in addition to our 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 in various ways. We also continue to closely monitor the impact of the pandemic on our business and results of operations. As of September 30, 2020, we had 24 residential loans in deferral totaling $5 million, and 6 commercial loans in deferral totaling $2 million. This represents 0.2% of total outstanding loans. As of June 30, 2020, we had 668 residential loans in deferral totaling $145 million, and 90 ...