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TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds
Executive Snapshot: Bank-wide financial results: Key metrics for the first quarter 2025: Net income of $14.3 million increased 17.7% compared to $12.1 million
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"Executive Snapshot: Bank-wide financial results: Key metrics for the first quarter 2025: Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024 Capital position and key ratios: Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock Trustco Financial Services and Wealth Management income: Fees increased to $2.1 million or 16.7% compared to first quarter 2024Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024 GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024. Overview Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on bo...