Trustco Caps Year of Efficiency, Strength, and Value - Reports Fourth Quarter 2024 Net Income of $11.3 Million; $48.8 Million for the Year

Executive Snapshot:

GLENVILLE, N.Y., Jan. 21, 2025 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced fourth quarter 2024 net income of $11.3 million or $0.59 diluted earnings per share, compared to net income of $9.8 million or $0.52 diluted earnings per share for the fourth quarter 2023; and net income of $48.8 million or $2.57 diluted earnings per share for the full year 2024, compared to net income of $58.6 million or $3.08 diluted earnings per share for the full year 2023. Average loans increased $104.9 million or 2.1% for the fourth quarter 2024 over the same period in 2023.   TrustCo continued to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of higher rate loan products.  The objective is to meet customer needs and encourage increased utilization through existing HECLs.        

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