TrustCo Q1 net income $12.1M ($0.64 EPS) vs $17.7M ($0.93) YoY; loans up 5.2%

TRUSTCO BANK CORP N Y

2024-Q1 EPS reported $0.64

Net income $12.1M, diluted EPS $0.64; down from $17.7M, $0.93 in Q1 2023.
Average loans grew $249.4M (+5.2%) YoY; residential loans up 3.5%, commercial up 16%.
Net interest income $36.6M, down 5.3% from Q4 2023; net interest margin 2.44% vs 2.60%.
Nonperforming loans $18.3M (0.37% of total loans), down from 0.40% a year ago.
Equity-to-assets 10.51% (up from 10.17%); book value per share $34.12, up 5.6%.

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