Business
TrustCo’s Home Town Approach to Customer Relationships Propels Loans to All Time High
Reports Third Quarter Net Income Of $14.7 million Executive Snapshot: Loan portfolio reaches all-time high: Total loans were up $330.8 million or 7.1% for the
About this update from Trustco Bank Corp Ny
[{"type":"text","content":"Reports Third Quarter Net Income Of $14.7 million Executive Snapshot: Loan portfolio reaches all-time high: Total loans were up $330.8 million or 7.1% for the third quarter 2023 compared to third quarter 2022At $5.0 billion as of September 30, 2023, loans continue to set new all-time highs Continued solid financial results: Key metrics for third quarter 2023: Net income of $14.7 millionNet interest income of $42.2 millionReturn on average assets (ROAA) of 0.96%Return on average equity (ROAE) of 9.32%Book value at period end was $32.80, up from $30.89 compared to September 30, 2022 Superior asset quality: Nonperforming loans (NPLs) were $17.9 million as of September 30, 2023, down from the same period in the prior year, and continue to remain at low levelsNPLs to total loans improved to 0.36% compared to 0.40% at September 30, 2022Quarterly net recoveries were $12 thousand in the third quarter 2023, resulting in seven consecutive quarters of net recoveries Capital continues to grow: Consolidated equity to assets increased to 10.31% at September 30, 2023 from 9.69% at September 30, 2022 GLENVILLE, N.Y., Oct. 23, 2023 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2023 net income of $14.7 million, or $0.77 diluted earnings per share, compared to net income of $16.4 million, or $0.86 diluted earnings per share, for the second quarter 2023; and compared to net income of $19.4 million, or $1.01 diluted earnings per share, for the third quarter 2022; and net income of $48.8 million, or $2.57 diluted earnings per share, for the nine months ended September 30, 2023, compared to net income of $54.3 million, or $2.84 diluted earnings per share, for the nine months ended September 30, 2022. Total loan growth increased $330.8 million, or 7.1% for the third quarter 2023 over the same period in 2022. Overview Chairman, President, and CEO, Robert J. McCormick said “Our strength, in large measure, is characterized by our credit quality. Solid underwriting and the avoidance of irresponsible lending have long been part of the fabric of our company, and we recently have had seven consecutive quarters of net loan recoveries. We have leveraged strong customer relationships to foster organic loan portfolio growth and retain deposits despite competitive pressure on pricing. We are realizing the benefits o...