Trustco Bank reports Q1 EPS 64c vs. 93c last year

TrustCo Bank Corp NY last night announced first quarter net income of $12.1M, or 64c diluted earnings per share, compared to net income of $17.7M, or 93c diluted earnings per share for the first quarter 2023. Average loan growth increased 5.2% or $249.4 million for the first quarter 2024 over the same period in 2023. Chairman, President, and CEO, Robert McCormick said: “Trustco Bank is known for its top-tier residential mortgage products and our customers, both existing and new, drove residential loan production up 3% compared to the first quarter of 2023. Commercial loans also grew, besting last year’s first quarter by 13%, for an increase in total loans of 4%. Non-interest income and capital ratios are both up during the same period, and our team held the line on deposit run-off generating modest growth there as well. Non-performing loans are steady and charge-offs resulted in a net recovery this quarter, consistent with our commitment to excellent credit quality. All in all, we believe that we are well positioned for the year ahead.”