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Trustco Bank reports Q4 EPS 59c vs. 52c last year
The Fly

Trustco Bank reports Q4 EPS 59c vs. 52c last year

Chairman, President, and CEO, Robert J. McCormick said, “The story of Trustco Bank (TRST) for 2024 is one of efficiency, strength, and shareholder value. For the year, we controlled costs, resisted the temptation to chase deposits with rate, improved our already strong capital position, and delivered a meaningful return to our owners in the form of dividends and price appreciation. Year over year, the Company’s quarterly net income, net interest income, return on average assets, and return on average equity all grew. Likewise, credit quality remained impressive and, in classic Home Town Bank fashion, we leveraged customer relationships to create lending volume in the form of home equity loans. We come into 2025 well-capitalized, liquid, and ready to lend.” Net interest income was $38.9 million for the fourth quarter 2024, an increase of $295 thousand, or 0.8%, compared to the fourth quarter of 2023, driven by loan growth at higher interest rates, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the fourth quarter 2024 was 2.15%, down 6 basis points from 2.21% in the fourth quarter of 2023. The yield on interest earnings assets increased to 4.12%, up 1 basis point from 4.11% in the third quarter of 2024, and up 19 basis points from 3.93% in the fourth quarter of 2023.

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