TrustCo Q1 net income $17.7M, EPS $0.93; loan growth 7% YoY

TRUSTCO BANK CORP N Y

2023-Q1 EPS reported $0.93

Net income of $17.7M ($0.93 diluted EPS) vs $17.1M ($0.89) YoY, up 3.8%.
Net interest income $47.0M, up 17.1% from $40.1M; net interest margin 3.21% vs 2.66%.
Average loans grew 7.0% YoY ($312M increase), led by residential mortgages up 5.1%.
Nonperforming loans improved to 0.40% of loans; net recoveries of $53k in quarter.
Book value per share $32.31, up 4.7%; equity-to-assets ratio 10.17%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TRUSTCO BANK CORP N Y reported first quarter 2023 results: revenue $47.0 million, net income $17.7 million, EPS $0.93 diluted earnings per share.

Period: first quarter 2023
Revenue: $47.0 million
Net income: $17.7 million
EPS: $0.93 diluted earnings per share
Result: reported results

Exact text from the filing

when the depositors would start to absorb the funds. This gave us flexibility to strategically price deposits while retaining core customers. Page 2 Net interest income was $47.0 million for the first quarter 2023, an increase of $6.9 million or 17.1% compared to the same period in 2022, driven by solid liquidity, loan growth, and the recent increases in the

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Source: SEC EDGAR

accession 0001140361-23-019878

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