The following is a summary of the TrustCo Bank Corp NY (TRST) Q2 2024 Earnings Call Transcript:
Financial Performance:
TrustCo Bank Corp reported a Q2 net income of $12.6 million, an increase of 3.5% over the previous quarter.
Net interest margin for Q2 was 2.53%, up 9 basis points from the first quarter of 2024.
Book value per share was up 5.5% year-over-year to $34.46.
Average loans increased by 3.8% to $5 billion compared to Q2 2023.
Business Progress:
TrustCo continues to focus on competitive product offerings through aggressive marketing and differentiated product strategies.
The Wealth Management division remains a significant source of noninterest income with $1.1 billion in assets under management.
Opportunities:
The housing market is showing early signs of return to normalcy, with an increase in new construction and activity in the residential real estate market.
Risks:
The provision for credit losses for Q2 was $500,000, indicating ongoing attention to risk management despite strong performance.
More details: Trustco Bank IR
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