Q3 2024 TrustCo Bank Corp NY Earnings Call Transcript
Key Points
- Trustco Bank Corp N Y (TRST) reported a net income of $12.9 million for the third quarter, marking a 2.6% increase over the prior quarter.
- The bank achieved an increase in net interest margin over the quarter, driven by better interest rates on new loans and controlled expenses.
- Total loans reached an all-time high of nearly $5.1 billion, demonstrating strong loan portfolio growth.
- Credit quality remains strong with non-performing loans steady at 0.38% of total loans, reflecting high underwriting standards.
- The wealth management division continues to be a significant source of non-interest income, with $1.3 billion in assets under management.
- The bank's growth strategy did not include any major breakthroughs, likened to hitting singles and doubles rather than home runs.
- Installment loans decreased by 9.5% over the same period in 2023, indicating a decline in this segment.
- Non-performing assets increased slightly to $21.9 million from $19.1 million a year ago.
- The cost of interest rate liabilities remains relatively high, although there was a slight decrease from the previous quarter.
- The bank's branch network has decreased year over year, which may impact customer reach and service.
Good day and welcome to the Trustco Bank Corp earnings call webcast. All participants will be on listen-only mode.
Should you need assistance? Please take more conference specialist by pressing star followed by zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star and then one to with draw your question, you may press star and two before proceeding, we would like to mention that this presentation may include forward-looking information about Trustco Bank Corp, New York that is intended to be covered by our safe harbor for looking forward statements provided by the private Securities Litigation Reform Act of 1,995. Actual results, performance or achievements could differ materially from those expressed in or implied by such statements due to various risks uncertainties and other factors. More detailed information about these other risks and factors can be found in our press release that proceeds this call and in our risk of and forward-looking statements section of our annual report on form 10 K as updated on
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