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Trustco Bank Corp NY (TRST)
NASDAQ:TRST
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TrustCo Bank
(NASDAQ:TRST)
Rating:83Outperform
Price Target:
$42.00
â–²(21.04%Upside)
TrustCo Bank (TRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$663.60M
Dividend Yield4.15%
Average Volume (3M)98.91K
Price to Earnings (P/E)12.4
Beta (1Y)0.87
Revenue Growth5.39%
EPS Growth8.80%
CountryUS
Employees740
SectorFinancial
Sector Strength73
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.79
Shares Outstanding19,019,749
10 Day Avg. Volume99,630
30 Day Avg. Volume98,905
Financial Highlights & Ratios
PEG Ratio2.73
Price to Book (P/B)0.87
Price to Sales (P/S)0.00
P/FCF Ratio10.45
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue1.17
Enterprise Value/Gross Profit6.47
Enterprise Value/Ebitda3.00
Forecast
1Y Price Target
$35.00Price Target Upside0.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
TrustCo Bank Business Overview & Revenue Model
Company DescriptionTrustCo Bank Corp NY operates as the holding company for Trustco Bank, a federal savings bank that provides personal and business banking services to individuals, partnerships, and corporations. The company accepts deposits; and offers loans and investments. It also operates as a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities. In addition, the company serves as the executor of estates and trustee of personal trusts; provides asset and wealth management, estate planning and related advice, and custodial services; and acts as trustee for various types of employee benefit plans, and corporate pension and profit-sharing trusts. As of December 31, 2021, it operated through 147 banking offices and 163 automatic teller machines in New York, New Jersey, Vermont, Massachusetts, and Florida. The company was founded in 1902 and is headquartered in Glenville, New York.
How the Company Makes MoneyTrustCo Bank makes money primarily through the interest income generated from its loan products, such as mortgages and personal loans. The bank also earns revenue from the interest rate differential between deposits and loans, known as the net interest margin. In addition to interest income, TrustCo Bank generates non-interest income from various sources including service charges on deposit accounts, fees from loan originations, and other banking services. The bank's financial performance is also influenced by its strategic partnerships and community-focused approach, which help to attract and retain customers across its operational regions.
TrustCo Bank Earnings Call Summary
Earnings Call Date:Jul 21, 2025
(Q2-2025)
| % Change Since: -1.62%|
Next Earnings Date:Oct 27, 2025
Earnings Call Sentiment Positive
The earnings call reflected a largely positive sentiment with significant growth in net income, loan portfolio, and margins, alongside strong asset quality and deposit growth. However, there were minor challenges, including a decrease in installment loans and increased ORE expenses.Q2-2025 Updates
Positive Updates
Strong Year-to-Date and Year-over-Year Performance
TrustCo Bank reported net income of $15 million for the quarter and nearly $30 million year-to-date, with a 19.8% increase in net income over the prior year quarter.
Significant Loan Growth
Average loans for the second quarter grew by 2.3% or $115.6 million to $5.1 billion, marking an all-time high. Home equity loans increased by 17.8% year-over-year.
Margin Expansion and Increased Net Interest Income
Net interest income was $41.7 million, a 10.5% increase compared to the prior year, with a net interest margin of 2.71%, up 18 basis points from the prior year quarter.
Strong Asset Quality
Net recoveries for the second consecutive quarter and a decrease in nonperforming loans to total loans ratio to 0.35%.
Increased Return Metrics
Return on average assets and equity increased to 0.96% and 8.73%, respectively, with double-digit improvement in return metrics from the previous year.
Robust Deposit Growth
Total deposits increased by $213 million compared to the prior year, reflecting strong customer confidence.
Negative Updates
Decrease in Installment Loans
Installment loans decreased by $2.9 million over the same period in the previous year.
High ORE Expense
ORE expense net was $522,000 for the quarter, significantly higher than $16,000 in the prior year quarter.
Company Guidance
During the TrustCo Bank Corp earnings call, the company highlighted several key financial metrics indicating strong performance for the second quarter of 2025. Net income for the quarter was $15 million, marking a 19.8% increase from the previous year, while year-to-date net income reached nearly $30 million. Return on average assets and return on average equity were reported at 0.96% and 8.73%, respectively. The bank's net interest margin expanded to 2.71%, an increase of 18 basis points from the prior year. TrustCo's loan portfolio saw growth, with average loans rising 2.3% year-over-year to an all-time high of $5.1 billion, driven by a 17.8% increase in home equity lines of credit. Capital remained robust, with a consolidated equity to assets ratio of 10.91% and book value per share rising 6.6% to $36.75. The bank also repurchased 169,000 shares under its stock buyback program. TrustCo's total deposits increased by $213 million to $5.5 billion, illustrating strong customer confidence. Noninterest income from wealth management climbed by 13% to $1.8 million, representing 37.5% of the total noninterest income. Overall, TrustCo demonstrated significant improvements across various financial metrics, contributing to a positive outlook for the remainder of 2025 and beyond.TrustCo Bank Financial Statement Overview
Summary
TrustCo Bank demonstrates a strong financial position with a low debt-to-equity ratio and improved return on equity. While profitability margins have slightly declined, the bank remains efficient in cash generation. Potential risks include pressure on profit margins and a need for careful management of liabilities to maintain equity ratios.Income Statement
TrustCo Bank demonstrates stable revenue with a slight decline in recent years. The Gross Profit Margin remains strong at 100% due to the nature of the banking industry. However, the Net Profit Margin decreased from 30.8% in 2022 to 28.4% in 2024, reflecting cost pressures or reduced efficiency. The absence of EBIT and EBITDA in the latest year suggests a change in reporting or operational challenges.70
Positive
Balance Sheet
The Balance Sheet reveals a healthy financial position with a low Debt-to-Equity ratio of 0.06, indicating conservative leverage. The Equity Ratio of 10.8% shows a solid foundation, although it slightly decreased from previous years, suggesting increased liabilities. Return on Equity improved to 7.2% in 2024, indicating efficient use of equity resources.85
Very Positive
Cash Flow
Operating Cash Flow to Net Income Ratio is healthy, showing strong cash generation relative to earnings. Free Cash Flow to Net Income Ratio also remains robust. However, Free Cash Flow Growth has declined recently, which could indicate increased capital expenditures or decreased cash inflows.75
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 171.77M | 190.16M | 189.95M | 178.34M | 170.75M |
| Gross Profit | 171.77M | 146.10M | 189.95M | 178.34M | 170.75M |
| EBITDA | 75.48M | 88.40M | 109.97M | 92.72M | 79.58M |
| Net Income | 48.83M | 58.65M | 75.23M | 61.52M | 52.45M |
Balance Sheet | |||||
| Total Assets | 6.24B | 6.17B | 6.00B | 6.20B | 5.90B |
| Cash, Cash Equivalents and Short-Term Investments | 405.55M | 578.00M | 650.60M | 456.07M | 486.27M |
| Total Debt | 40.16M | 44.47M | 171.68M | 297.41M | 267.54M |
| Total Liabilities | 5.56B | 5.52B | 5.40B | 5.60B | 5.33B |
| Stockholders Equity | 676.34M | 645.28M | 599.99M | 601.13M | 568.16M |
Cash Flow | |||||
| Free Cash Flow | 54.56M | 58.46M | 74.84M | 52.52M | 58.33M |
| Operating Cash Flow | 59.44M | 64.13M | 78.63M | 55.37M | 62.16M |
| Investing Cash Flow | -3.75M | -233.59M | -416.63M | -175.26M | -35.35M |
| Financing Cash Flow | 8.12M | 96.87M | -230.87M | 232.26M | 623.44M |
TrustCo Bank Technical Analysis
Neutral
34.70
Price Trends
32.79
Positive
31.31
Positive
32.18
Positive
Market Momentum
0.73
Positive
54.54
Neutral
48.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRST, the sentiment is Neutral. The current price of 34.7 is below the 20-day moving average (MA) of 34.95, above the 50-day MA of 32.79, and above the 200-day MA of 32.18, indicating a neutral trend. The MACD of 0.73 indicates Positive momentum. The RSI at 54.54 is Neutral, neither overbought nor oversold. The STOCH value of 48.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TRST.
TrustCo Bank Risk Analysis
TrustCo Bank disclosed 36 risk factors in its most recent earnings report. TrustCo Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TrustCo Bank Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $663.60M | 12.42 | 7.93% | 4.15% | 5.39% | 8.80% | |
76 Outperform | $687.09M | 15.73 | 13.01% | 2.84% | 89.36% | -29.07% | |
76 Outperform | $723.70M | 11.94 | 10.63% | 0.59% | 2.03% | 5.15% | |
74 Outperform | $647.32M | 12.89 | 12.52% | 1.50% | 6.07% | 20.59% | |
73 Outperform | $656.64M | 10.58 | 11.08% | 3.59% | 20.07% | 21.46% | |
68 Neutral | $17.10B | 11.19 | 9.70% | 3.58% | 11.11% | -4.55% | |
64 Neutral | $612.96M | 12.14 | 6.60% | 3.00% | 10.75% | -12.34% |
* Financial Sector Average
Performance Comparison
TRST
TrustCo Bank
34.70
1.89
5.76%
THFF
First Financial Indiana
55.08
11.99
27.83%
MPB
Mid Penn Bancorp
27.02
-0.47
-1.71%
ORRF
Orrstown Financial Services
34.55
1.29
3.88%
HTB
Hometrust Bancshares
40.70
6.97
20.66%
SPFI
South Plains Financial
39.21
7.06
21.96%
TrustCo Bank Corporate Events
Financial Disclosures
TrustCo Bank to Release Q2 2025 Results Soon
Neutral
Jul 10, 2025
TrustCo Bank Corp NY announced on July 10, 2025, that it will release its second quarter 2025 financial results on July 21, 2025. The company will also hold a conference call on July 22, 2025, to discuss these results, potentially impacting its operational transparency and investor relations.
Dividends
TrustCo Bank Declares Quarterly Dividend Payment
Positive
May 21, 2025
On May 20, 2025, TrustCo Bank Corp NY’s Board of Directors declared a quarterly cash dividend of $0.36 per share, payable on July 1, 2025, to shareholders recorded by June 6, 2025. This announcement reflects TrustCo’s ongoing commitment to providing shareholder value through regular dividend payments.
Executive/Board ChangesShareholder Meetings
TrustCo Bank Holds 2025 Annual Shareholders Meeting
Positive
May 21, 2025
TrustCo Bank Corp NY, a financial institution, held its 2025 Annual Meeting of Shareholders on May 20, 2025, where key decisions were made regarding the election of directors, executive compensation, and the appointment of an independent accounting firm. The shareholders elected the director nominees for one-year terms, approved the executive compensation on an advisory basis, and ratified the appointment of Crowe LLP as the independent registered public accounting firm for 2025, reflecting strong shareholder support for the company’s governance and financial oversight.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.