TrustCo Bank Corp NY (TRST) Quarterly 10-Q Report
TrustCo Bank Corp NY (TRST) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $12.9 million, or $0.68 per diluted share, compared to $14.7 million, or $0.77 per diluted share, in the same quarter of the previous year.
Net interest income decreased by $3.6 million, or 8.4%, primarily due to an increase in interest expense driven by the current interest rate environment.
The provision for credit losses increased by $400 thousand compared to the third quarter of 2023, attributed to loan growth.
Noninterest income rose by $357 thousand, driven by higher financial services income due to increased asset balances under management.
Noninterest expenses decreased by $1.3 million, mainly due to lower salaries and employee benefits and a decrease in other noninterest expense categories.
For the nine months ended September 30, 2024, net income was $37.6 million, or $1.97 per diluted share, compared to $48.8 million, or $2.57 per diluted share, in the same period of 2023.
The filing reports a decrease in net interest income by $20.2 million, or 15.2%, for the first nine months of 2024, primarily due to increased interest expense.
The provision for credit losses increased by $1.7 million for the first nine months of 2024, also attributed to loan growth.
TrustCo reported a gain of $1.4 million from the conversion of Visa (V) Class B-1 common stock to Visa Class C common stock, which was subsequently sold.
The net interest margin for the third quarter of 2024 was 2.61%, down 24 basis points from the prior year quarter.
The average balance of loans increased by $127.0 million to $5.05 billion, with the average yield on loans rising to 4.12% in the third quarter of 2024.
TrustCo's total assets were $6.11 billion as of September 30, 2024, with total liabilities of $5.44 billion and shareholders' equity of $669.0 million.
The bank's capital ratios exceed regulatory requirements, with a Tier 1 leverage ratio of 11.051% and a common equity tier 1 capital ratio of 19.272% as of September 30, 2024.
TrustCo declared a dividend of $0.36 per share in the third quarter of 2024, resulting in a dividend payout ratio of 53.16%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TrustCo Bank Corp NY quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].