The following is a summary of the TrustCo Bank Corp NY (TRST) Q3 2024 Earnings Call Transcript:

Financial Performance:

• TrustCo Bank reported Q3 net income of $12.9 million, a 2.6% increase over the prior quarter.

• Return on average assets and average equity stood at 0.84% and 7.74%, respectively.

• Book value per share increased to $35.19, up 7.3% year-over-year.

• Net interest income for the quarter was $38.7 million, up 2.3% from the prior period.

• Net interest margin improved to 2.61%, an increase from the previous quarter.

Business Progress:

• TrustCo reported loan growth reaching an all-time high of nearly $5.1 billion.

• The bank has focused on retaining deposits effectively, with total deposits standing at $5.3 billion.

• Key growth in loan portfolios includes residential real estate and home equity lines of credit.

Opportunities:

• The bank's strategic focus on home equity products and residential loans is aligned with current market demands, which could enhance profitability.

Risks:

• The aftermath of Hurricane Milton poses potential undisclosed impacts on borrowers' ability to meet loan obligations, despite current stability.

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