TrustCo Bank Q2 net income up 19.8%
Overview
TrustCo Bank Q2 net income rises 19.8% to $15.0 mln, EPS $0.79
Net interest income grows 10.5% to $41.7 mln, driven by higher loan yields
Net interest margin improves to 2.71% from 2.53% in prior year
Co repurchased 169,000 shares during Q2
Outlook
TrustCo sees loan demand accelerating, enhancing net interest income
Company expects stable funding costs to support loan growth
TrustCo plans strategic investments in technology and digital banking
Company sees opportunities for new loan originations in key markets
Result Drivers
LOAN REPRICING - Net interest income increased due to repricing of loan portfolio at higher yields
DEPOSIT STRATEGY - Controlled deposit costs contributed to margin expansion
LOAN GROWTH - Increased home equity and commercial loans signal borrower confidence
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.79 |
|
Q2 Net Income |
| $15.04 mln |
|
Q2 Net Interest Income |
| $41.75 mln |
|
Q2 Credit Loss Provision |
| $650,000 |
|
Q2 Net Interest Margin |
| 2.7% |
|
Press Release: ID:nGNXc4khPJ
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