TrustCo Q2 net income $12.6M ($0.66 EPS); loan growth 3.8% YoY, NIM up 9bps to 2.53%

TRUSTCO BANK CORP N Y

2024-Q2 EPS reported $1.30

Net income $12.6M vs $16.4M in Q2 2023; diluted EPS $0.66 down 23% YoY but up 4% from Q1 2024.
Net interest income $37.8M, up 3.3% from prior quarter; net interest margin 2.53% (up 9 bps QoQ).
Average loans grew $182.2M (+3.8% YoY); residential, home equity, and commercial all increased.
Nonperforming loans $19.2M (0.38% of total loans); allowance coverage ratio 259.4%.
Book value per share $34.46 (+5.5% YoY); equity-to-assets ratio 10.73%.

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