Business
TrustCo Reports Historic Performance – Past and Present; Net Income of $17.9 Million up 24% over the Prior Year Quarter
GLENVILLE, N.Y., July 21, 2022 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2022 net income of $17.9
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"GLENVILLE, N.Y., July 21, 2022 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2022 net income of $17.9 million or $0.933 diluted earnings per share, compared to net income of $14.4 million or $0.748 diluted earnings per share for the second quarter 2021; and net income of $35.0 million or $1.822 diluted earnings per share for the six months ended June 30, 2022, compared to net income of $28.5 million or $1.478 diluted earnings per share for the six months ended June 30, 2021. Overview Noting that Trustco Bank marked its 120th year serving the community this June by ringing Nasdaq’s opening bell on June 13, 2022, Robert J. McCormick, Chairman, President and Chief Executive Officer said “The long-sustained success and strong financial performance of TrustCo Bank Corp NY truly is something to be celebrated. With events from Times Square in New York City to our historic main office in Schenectady, New York, this quarter we have honored the leaders that came before us building not just a strong bank, but enduring community bonds, and touted our strategic plan for weathering a low interest rate environment. We are very pleased to report today that these efforts have culminated in another quarter of record earnings and very positive loan growth.” Details Average loans were up $196.2 million or 4.6% in the second quarter 2022 over the same period in 2021. Average residential loans, our primary lending focus, were up $202.0 million, or 5.3%, in the second quarter 2022 over the same period in 2021. Average deposits were up $153.1 million or 2.9% for the second quarter 2022 over the same period a year earlier. The increase in deposits was the result of a $382.6 million or 9.5% increase in total average core deposit accounts, which consist of interest bearing and non-interest bearing checking, savings and money market deposits, offset by a decrease in average time deposits of $229.5 million or 19.2%, for the second quarter 2022 over the same period in 2021. Within the core deposits, checking balances were up $152.0 million or 8.0% (including interest bearing and non-interest bearing checking balances), money market balances were up $48.7 million or 6.7%, and savings balances were up $181.9 million or 13.2%. We believe the increase in core deposits continues to reflect the desire of customers ...