Q2 2024 TrustCo Bank Corp NY Earnings Call Transcript
Key Points
- Net income for the second quarter of 2024 increased by 3.5% over the prior quarter, reaching $12.6 million.
- Book value per share increased by 5.5% year-over-year, reaching $34.46 as of June 30, 2024.
- Average loans grew by 3.8% year-over-year, with residential mortgages and commercial loans showing significant increases.
- Net interest margin improved to 2.53%, up nine basis points from the first quarter of 2024.
- The bank maintained strong capital ratios, with a consolidated equity to assets ratio of 10.73% for the second quarter of 2024.
- Non-interest expense increased by $1.4 million from the prior quarter, primarily due to higher employee benefit costs.
- Fees for services to customers were down sequentially and year-over-year, with NSF fees being a notable outlier.
- The cost of interest-bearing liabilities increased slightly to 1.97% in the second quarter of 2024.
- Nonperforming assets increased slightly to $21.5 million as of June 30, 2024, compared to $20.8 million a year ago.
- Installment loans decreased by $339,000 or 2.2% year-over-year.
Good day and welcome to the TrustCo Bank Corp earnings call webcast. (Operator Instructions)
Before proceeding, we would like to mention that this presentation may contain forward-looking information about TrustCo Bank Corp., New York, and this is intended to be covered by the Safe Harbor forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.
Actual results, performance or achievements could differ materially from those expressed or implied by such statements due to various risks, uncertainties, and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call, and in the Risk Factors and Forward-Looking Statements section of our annual report Form 10-K as updated by our quarterly reports on Form 10-Q. The forward-looking statements made on this call are only valid as of the date hereof. and the company disclaims any obligation to update information to reflect events or developments after the date of this call, except as may be required by applicable law.
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