Business
TrustCo Reports Second Quarter Net Income of $16.4 Million and $346 Million of Loan Growth; Maintains Strong Liquidity and Demonstrates Deposit Stability
Executive Snapshot: Continued solid financial results: Key metrics for second quarter 2023: Net income of $16.4 million in the second quarter 2023Net interest
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"Executive Snapshot: Continued solid financial results: Key metrics for second quarter 2023: Net income of $16.4 million in the second quarter 2023Net interest income of $44.1 million up 2.3% compared to $43.1 million in the second quarter of 2022Return on average assets (ROAA) of 1.09% in the second quarter 2023Return on average equity (ROAE) of 10.61% in the second quarter 2023Book value at period end was $32.66, up from $31.06 compared to June 30, 2022 Loan portfolio reaches all-time high: Total loans were up $346.3 million or 7.6% for the second quarter 2023 compared to second quarter of 2022At $4.9 billion as of June 30, 2023, loans continue to set new all-time highs Quarter over quarter deposit growth: Total deposits as of June 30, 2023 increased $46.0 million to $5.3 billion from March 31, 2023Time deposits increased $162.7 million or 12.7% up from March 31, 2023 Superior asset quality: Nonperforming loans (NPLs) were $19.4 million for the second quarter of 2023 and continue to remain at low levelsNPLs to total loans improved to 0.40% compared to 0.41% at June 30, 2022Quarterly net recoveries were $229 thousand in the second quarter 2023, resulting in six consecutive quarters of net recoveries Capital continues to grow: Consolidated equity to assets increased to 10.23% at June 30, 2023 from 9.55% at June 30, 2022 GLENVILLE, N.Y., July 24, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2023 net income of $16.4 million or $0.86 diluted earnings per share, compared to net income of $17.9 million or $0.93 diluted earnings per share for the second quarter 2022; and net income of $34.1 million or $1.79 diluted earnings per share for the six months ended June 30, 2023, compared to net income of $35.0 million or $1.82 diluted earnings per share for the six months ended June 30, 2022. Total loan growth increased $346.3 million or 7.6% for the second quarter 2023 over the same period in 2022. Overview Chairman, President, and CEO, Robert J. McCormick said, “The value of business fundamentals in corporate success cannot be overstated. At Trustco Bank, our fundamental goals are to achieve strength and stability. At the management level, we accomplish this by taking a long view on balance sheet management, avoiding trends and costly quick fixes. Our team then applies the fruit of th...