TrustCo Q3 net income $12.9M, EPS $0.68; NIM expands to 2.61%

TRUSTCO BANK CORP N Y

2024-Q3 EPS reported $1.97

Net income $12.9M ($0.68 diluted EPS) vs $14.7M ($0.77) in Q3 2023; 9M 2024 net income $37.6M ($1.97) vs $48.9M ($2.57) prior year.
Net interest income $38.7M, up 2.3% from Q2 2024; net interest margin 2.61%, up 8 bps from 2.53% in Q2 2024.
Average loans grew 2.6% YoY; home equity lines up 18.7% YoY; residential loans up 1.2% YoY.
Nonperforming loans $19.4M (0.38% of total loans); allowance for credit losses to loans 0.99%; coverage ratio 256.9%.
Book value per share $35.19, up 7.3% from $32.80 a year ago; equity to assets 10.95%, up from 10.31%.

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