Reported Q: Q1 2024 Rev YoY: +32.4% EPS YoY: -31.2% Move: -0.62%
TrustCo Bank Corp NY
TRST
$45.22 -0.62%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q1 2024
Published: May 9, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for TRST

Reported

Report Date

May 9, 2024

Quarter Q1 2024

Revenue

64.52M

YoY: +32.4%

EPS

0.64

YoY: -31.2%

Market Move

-0.62%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $64.52M up 32.4% year-over-year
  • EPS of $0.64 decreased by 31.2% from previous year
  • Gross margin of 63.3%
  • Net income of 12.13M
  • ""2024 is off to a good start. The positive trend on total loans continue to reach yet another all-time high. Income was also positive with net income of $12 million."" - Robert J. McCormick
TRST
Company TRST

Executive Summary

TrustCo Bank Corp NY delivered a solid QQ1 2024 performance driven by sustained loan growth, stable asset quality, and ongoing expense discipline. Net income reached $12.1 million, up 23.1% versus the prior quarter, as the company leveraged a high-quality loan book to support earnings despite net interest margin pressure from rate dynamics. Total loans surpassed the $5 billion mark, underpinned by residential real estate, commercial loans, and home equity products, with deposits totaling $5.4 billion and a continued emphasis on deposit retention amid a evolving rate environment. The bank reported a 2.44% net interest margin, down 77 basis points from the prior-year period, reflecting the competitive rate backdrop, but yielded a favorable yield on earning assets at 3.99%. Management remains constructive on the margin trajectory, highlighting progress toward the bottom of the rate cycle and the potential to reaccelerate loan growth in the spring selling season. The Wealth Management arm continued to contribute meaningfully to noninterest income, and the bank reaffirmed a disciplined expense plan, guiding quarterly noninterest expense ex-ORE to approximately $26.9-$27.4 million for 2024. Overall, TrustCo maintains a robust capital position, strong liquidity, and a conservative credit stance, with a focus on growing market share and deploying capital opportunistically through a reauthorized stock repurchase program.

Key Performance Indicators

Revenue
Increasing
64.52M
QoQ: 2 151.29% | YoY: 32.44%
Gross Profit
Decreasing
40.82M
63.27% margin
QoQ: 1 324.32% | YoY: -16.21%
Operating Income
Decreasing
17.09M
QoQ: 32.45% | YoY: -38.93%
Net Income
Decreasing
12.13M
QoQ: 23.13% | YoY: -31.67%
EPS
Decreasing
0.64
QoQ: 23.08% | YoY: -31.18%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 67.76 0.75 +5.0% View
Q4 2024 2.55 0.59 -11.2% View
Q3 2024 2.57 0.68 -94.5% View
Q2 2024 64.86 0.66 +33.3% View
Q1 2024 64.52 0.64 +32.4% View