Reported Q: Q3 2024 Rev YoY: -94.5% EPS YoY: -11.7% Move: -0.44%
TrustCo Bank Corp NY
TRST
$45.02 -0.44%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q3 2024
Published: Nov 8, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for TRST

Reported

Report Date

Nov 8, 2024

Quarter Q3 2024

Revenue

2.57M

YoY: -94.5%

EPS

0.68

YoY: -11.7%

Market Move

-0.44%

Previous quarter: Q2 2024

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Earnings Highlights

  • Revenue of $2.57M down 94.5% year-over-year
  • EPS of $0.68 decreased by 11.7% from previous year
  • Gross margin of 100.0%
  • Net income of 12.88M
  • "Our results this quarter are like those of a baseball team that reliably hit singles and doubles. There's no grand slam or even a home run, but at the end of the day, we scored runs and posted a win." - Robert J. McCormick
TRST
Company TRST

Executive Summary

TrustCo Bank Corp NY delivered a solid Q3 2024 performance characterized by resilient credit quality, modest net income growth, and a meaningful margin recovery versus the prior quarter. Net income reached $12.9 million, supported by a net interest income of $38.7 million and a net interest margin of 2.61%, the latter marking an eighth-basis-point improvement from Q2 2024 and the continuation of two consecutive quarterly NIM gains. Deposits remained a key strength, ending the quarter at $5.3 billion, as the bank emphasized deposit retention and disciplined pricing on time deposits to structurally reduce funding costs. Loan growth remained positive, with average loans at roughly $5.0 billion and residential real estate, home equity, and small business lending contributing to a diversified loan mix. Asset quality remained stellar, with nonperforming loans at 0.38% of total loans and an ample allowance for loan losses (approximately $50 million) providing robust coverage (around 257%). Wealth Management continued to contribute a steady noninterest income stream, with about $1.3 billion of assets under management. Management signaled a constructive outlook, noting ongoing margin improvement and a willingness to pursue capital deployment options such as share repurchases and selective branch expansion, while keeping a tight rein on recurring expenses. While the quarterly revenue base reflected the bank’s size and the industry backdrop, the combination of deposit productivity, balance-sheet liquidity, and improving NIM supports a cautiously favorable longer-term earnings trajectory, provided rate stability and credit conditions remain manageable.

Key Performance Indicators

Revenue
Decreasing
2.57M
QoQ: -96.04% | YoY: -94.51%
Gross Profit
Decreasing
2.57M
1.00% margin
QoQ: -96.04% | YoY: -6.24%
Operating Income
Decreasing
16.90M
QoQ: -2.26% | YoY: -12.13%
Net Income
Decreasing
12.88M
QoQ: 2.58% | YoY: -12.30%
EPS
Decreasing
0.68
QoQ: 3.03% | YoY: -11.69%

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