Announcement • 3h
TrustCo Bank Corp NY to Report Q2, 2026 Results on Jul 21, 2026 TrustCo Bank Corp NY announced that they will report Q2, 2026 results After-Market on Jul 21, 2026 Declared Dividend • May 24
First quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 5th June 2026 Payment date: 1st July 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 5.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: US$0.91 (vs US$0.75 in 1Q 2025) First quarter 2026 results: EPS: US$0.91 (up from US$0.75 in 1Q 2025). Revenue: US$48.6m (up 7.9% from 1Q 2025). Net income: US$16.3m (up 14% from 1Q 2025). Profit margin: 34% (up from 32% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Apr 11
TrustCo Bank Corp NY to Report Q1, 2026 Results on Apr 21, 2026 TrustCo Bank Corp NY announced that they will report Q1, 2026 results on Apr 21, 2026 Announcement • Apr 02
TrustCo Bank Corp NY, Annual General Meeting, May 19, 2026 TrustCo Bank Corp NY, Annual General Meeting, May 19, 2026. Location: trustco bank loan center at 6 metro park road, new york 12205, albany United States Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: US$3.26 (vs US$2.57 in FY 2024) Full year 2025 results: EPS: US$3.26 (up from US$2.57 in FY 2024). Revenue: US$186.3m (up 9.7% from FY 2024). Net income: US$61.1m (up 25% from FY 2024). Profit margin: 33% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.74% (up from 2.54% in FY 2024). Cost-to-income ratio: 55.8% (down from 61.6% in FY 2024). Non-performing loans: 0.39% (up from 0.37% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Feb 20
Fourth quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 6th March 2026 Payment date: 1st April 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 18
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on April 1, 2026 The Board of Directors of TrustCo Bank Corp. NY on February 17, 2026 declared a quarterly cash dividend of $0.38 per share, or $1.52 per share on an annualized basis. The dividend will be payable on April 1, 2026 to shareholders of record at the close of business on March 6, 2026. Announcement • Jan 30
Trustco Bank Corp Ny Announces Retirement of Robert M. Leonard as Executive Vice President and Chief Operating Officer, Effective December 31, 2026 TrustCo Bank Corp. NY announced that on January 27, 2026, Robert M. Leonard, Executive Vice President and Chief Operating Officer, delivered notice to the Company that he intends to retire from his positions with the Company and its subsidiaries, including Trustco Bank, effective December 31, 2026. Reported Earnings • Jan 23
Full year 2025 earnings released: EPS: US$3.26 (vs US$2.57 in FY 2024) Full year 2025 results: EPS: US$3.26 (up from US$2.57 in FY 2024). Revenue: US$186.3m (up 9.7% from FY 2024). Net income: US$61.1m (up 25% from FY 2024). Profit margin: 33% (up from 29% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.74% (up from 2.54% in FY 2024). Cost-to-income ratio: 55.8% (down from 61.6% in FY 2024). Non-performing loans: 0.39% (up from 0.37% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jan 13
TrustCo Bank Corp NY to Report Q4, 2025 Results on Jan 21, 2026 TrustCo Bank Corp NY announced that they will report Q4, 2025 results After-Market on Jan 21, 2026 Declared Dividend • Nov 23
Third quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 5th December 2025 Payment date: 2nd January 2026 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • Nov 20
President exercised options and sold US$123k worth of stock On the 15th of November, Robert McCormick exercised options to acquire 3k shares at no cost and sold these for an average price of US$40.10 per share. This trade did not impact their existing holding. For the year to December 2018, Robert's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Robert has owned 373.87k shares directly. Company insiders have collectively sold US$542k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 20
TrustCo Bank Corp. NY Declares Quarterly Cash Dividend, Payable on January 2, 2026 The Board of Directors of TrustCo Bank Corp. NY on November 18, 2025 declared a quarterly cash dividend of $0.38 per share, or $1.52 per share on an annualized basis. The dividend will be payable on January 2, 2026 to shareholders of record at the close of business on December 5, 2025. Reported Earnings • Oct 22
Third quarter 2025 earnings released: EPS: US$0.87 (vs US$0.68 in 3Q 2024) Third quarter 2025 results: EPS: US$0.87 (up from US$0.68 in 3Q 2024). Revenue: US$47.6m (up 10% from 3Q 2024). Net income: US$16.3m (up 26% from 3Q 2024). Profit margin: 34% (up from 30% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Oct 11
TrustCo Bank Corp NY to Report Q3, 2025 Results on Oct 21, 2025 TrustCo Bank Corp NY announced that they will report Q3, 2025 results After-Market on Oct 21, 2025 Declared Dividend • Aug 22
Second quarter dividend increased to US$0.38 Dividend of US$0.38 is 5.6% higher than last year. Ex-date: 5th September 2025 Payment date: 1st October 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Aug 20
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on October 1, 2025 TrustCo Bank Corp. NY declared an increased quarterly cash dividend of $0.38 per share, or $1.52 per share on an annualized basis. The declared dividend represents an increase of 5.6% over the prior dividend amount. The dividend will be payable on October 1, 2025 to shareholders of record at the close of business on September 5, 2025. Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: US$0.79 (vs US$0.66 in 2Q 2024) Second quarter 2025 results: EPS: US$0.79 (up from US$0.66 in 2Q 2024). Revenue: US$45.9m (up 7.0% from 2Q 2024). Net income: US$15.0m (up 20% from 2Q 2024). Profit margin: 33% (up from 29% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 11
TrustCo Bank Corp NY to Report Q2, 2025 Results on Jul 21, 2025 TrustCo Bank Corp NY announced that they will report Q2, 2025 results After-Market on Jul 21, 2025 Declared Dividend • May 25
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 6th June 2025 Payment date: 1st July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. Announcement • May 22
Trustco Bank Corp NY Declares Quarterly Cash Dividend, Payable on July 1, 2025 The Board of Directors of TrustCo Bank Corp. NY on May 20, 2025, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on July 1, 2025 to shareholders of record at the close of business on June 6, 2025. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: US$0.75 (vs US$0.64 in 1Q 2024) First quarter 2025 results: EPS: US$0.75 (up from US$0.64 in 1Q 2024). Revenue: US$45.0m (up 10% from 1Q 2024). Net income: US$14.3m (up 18% from 1Q 2024). Profit margin: 32% (up from 30% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
TrustCo Bank Corp NY to Report Q1, 2025 Results on Apr 21, 2025 TrustCo Bank Corp NY announced that they will report Q1, 2025 results After-Market on Apr 21, 2025 Announcement • Apr 03
TrustCo Bank Corp NY, Annual General Meeting, May 20, 2025 TrustCo Bank Corp NY, Annual General Meeting, May 20, 2025. Location: at the trustco bank loan center, at 6 metro park road, new york 12205, albany, United States Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: US$2.57 (vs US$3.08 in FY 2023) Full year 2024 results: EPS: US$2.57 (down from US$3.08 in FY 2023). Revenue: US$169.8m (down 10% from FY 2023). Net income: US$48.8m (down 17% from FY 2023). Profit margin: 29% (down from 31% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.54% (down from 2.91% in FY 2023). Cost-to-income ratio: 61.6% (up from 56.7% in FY 2023). Non-performing loans: 0.37% (up from 0.35% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 23
Fourth quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 7th March 2025 Payment date: 1st April 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 38% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.0% EPS decline seen over the last 5 years. Announcement • Feb 20
Trustco Bank Corp NY Declares Quarterly Cash Dividend, Payable on April 1, 2025 TrustCo Bank Corp. NY Board of Directors on February 18, 2025, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on April 1, 2025 to shareholders of record at the close of business on March 7, 2025. Announcement • Jan 23
TrustCo Bank Corp NY Reports Unaudited Consolidated Net Charge Offs for the Fourth Quarter Ended Dec. 31, 2024 TrustCo Bank Corp. NY reported unaudited consolidated net charge offs for the fourth quarter ended Dec. 31, 2024. Total net charge offs were $102,000 against $248,000 a year ago. Reported Earnings • Jan 22
Full year 2024 earnings released: EPS: US$2.57 (vs US$3.08 in FY 2023) Full year 2024 results: EPS: US$2.57 (down from US$3.08 in FY 2023). Revenue: US$169.8m (down 10% from FY 2023). Net income: US$48.8m (down 17% from FY 2023). Profit margin: 29% (down from 31% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jan 11
TrustCo Bank Corp NY to Report Q4, 2024 Results on Jan 21, 2025 TrustCo Bank Corp NY announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Jan 21, 2025 Declared Dividend • Nov 22
Third quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 6th December 2024 Payment date: 2nd January 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 36% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.2% EPS decline seen over the last 5 years. Recent Insider Transactions Derivative • Nov 20
President exercised options and sold US$220k worth of stock On the 16th of November, Robert McCormick exercised options to acquire 6k shares at no cost and sold these for an average price of US$36.66 per share. This trade did not impact their existing holding. For the year to December 2017, Robert's total compensation was 35% salary and 65% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Robert's direct individual holding has increased from 357.70k shares to 371.80k. Company insiders have collectively sold US$216k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 20
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on January 2, 2025 The Board of Directors of TrustCo Bank Corp. NY on November 19, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 2, 2025 to shareholders of record at the close of business on December 6, 2024. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: US$0.68 (vs US$0.77 in 3Q 2023) Third quarter 2024 results: EPS: US$0.68 (down from US$0.77 in 3Q 2023). Revenue: US$43.1m (down 7.7% from 3Q 2023). Net income: US$12.9m (down 12% from 3Q 2023). Profit margin: 30% (down from 31% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Oct 11
TrustCo Bank Corp NY to Report Q3, 2024 Results on Oct 21, 2024 TrustCo Bank Corp NY announced that they will report Q3, 2024 results After-Market on Oct 21, 2024 Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. Independent Director Steffani Cotugno was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 23
Second quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 6th September 2024 Payment date: 1st October 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 38% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.7% EPS decline seen over the last 5 years. Announcement • Aug 21
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on October 1, 2024 The Board of Directors of TrustCo Bank Corp. NY on August 20, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on October 1, 2024 to shareholders of record at the close of business on September 6, 2024. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: US$0.66 (vs US$0.86 in 2Q 2023) Second quarter 2024 results: EPS: US$0.66 (down from US$0.86 in 2Q 2023). Revenue: US$41.6m (down 15% from 2Q 2023). Net income: US$12.6m (down 23% from 2Q 2023). Profit margin: 30% (down from 33% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Announcement • Jul 17
TrustCo Bank Corp NY and TrustCo Bank Announce Executive Changes Robert J. McCormick, Chairman, President, and Chief Executive Officer of TrustCo Bank Corp. NY and Trustco Bank, a subsidiary of TrustCo, announced the appointment of Executive Vice President Robert M. Leonard as Chief Operating Officer of TrustCo and Trustco Bank. Executive Vice President Kevin M. Curley has been named Chief Banking Officer. The following changes also have been made: Carly Batista is now Senior Vice President and Chief Operations Officer. Michael Ewell is now Senior Vice President and Chief Risk Officer. J.R. George is now Senior Vice President and Chief Retail Banking Officer. Michelle Simmonds is now Senior Vice President and Chief Lending Officer. Mr. McCormick also announced that Michael Hall, the company’s General Counsel and Corporate Secretary, will formally assume responsibility for Investor Relations of TrustCo. Mr. Hall will report directly to the Chief Executive Officer. Mr. Leonard began his career with Trustco Bank in 1986 and has held a number of positions with the bank and its parent company, most recently serving as Chief Risk Officer since 2016. Mr. Curley also has a long tenure with company, having started in 1990. He too has served in many roles at the company, most recently as Head of Retail Banking, having assumed that role in 2022. Michael Hall joined the company in 2015 after previously serving as one of the bank’s outside attorneys for several years. Carly Batista has been with Trustco Bank since 2004. Ms. Batista previously has been responsible for overseeing the bank’s considerable branch network and also has overseen its foundational retail banking operation. She will now oversee the bank’s operations functions and its Planning and Systems Department. Michael Ewell has been with the bank since 2001 and most recently served as its Chief Compliance Officer and Chief Information Security Officer. He will continue to oversee the compliance and information security functions and will assume responsibility for the risk function. Mr. George has been with the company since 1999. He has overseen numerous areas of the bank and most recently has led the Marketing and Planning and Systems Departments. He will assume oversight of the bank’s entire branch network and continue in his role overseeing marketing. Michelle Simmonds has been with the bank since 1996. Ms. Simmonds likewise is of long tenure, having overseen the Facilities and Retail Lending Departments, among others. She will assume responsibility for overseeing all of the bank’s lending operations. Trustco Bank also has promoted Lesly Jean-Louis to Vice President of Operations, focused on customer experience. Additionally, Stacy Marble has been promoted to Vice President of Operations, focused on technology. Mr. Jean-Louis and Ms. Marble work from the bank’s regional headquarters in Longwood, Florida. Trustco Bank has 52 branches in the Sunshine State. Earlier this year, the Company announced that Executive Vice President and Head of Commercial Loans, Scot R. Salvador, will retire at the end of this year. Mr. Salvador joined Trustco Bank in 1995 and held many positions with the company over a distinguished career. Executive Vice President and Florida Regional President Eric W. Schreck also will retire at the end of this year. Mr. Schreck has been with the company since 1989. Additional leadership changes at Trustco Bank are expected in connection with Mr. Schreck’s retirement. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$32.89, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 14% over the past three years. Announcement • Jul 11
TrustCo Bank Corp NY to Report Q2, 2024 Results on Jul 22, 2024 TrustCo Bank Corp NY announced that they will report Q2, 2024 results After-Market on Jul 22, 2024 Declared Dividend • May 24
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 7th June 2024 Payment date: 1st July 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on July 1, 2024 The Board of Directors of TrustCo Bank Corp. NY on May 21, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on July 1, 2024 to shareholders of record at the close of business on June 7, 2024. Reported Earnings • Apr 23
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.64 (down from US$0.93 in 1Q 2023). Revenue: US$40.8m (down 21% from 1Q 2023). Net income: US$12.1m (down 32% from 1Q 2023). Profit margin: 30% (down from 35% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 6.7%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Apr 11
TrustCo Bank Corp NY to Report Q1, 2024 Results on Apr 22, 2024 TrustCo Bank Corp NY announced that they will report Q1, 2024 results After-Market on Apr 22, 2024 Price Target Changed • Mar 25
Price target decreased by 7.1% to US$26.00 Down from US$28.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$27.22. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$2.54 for next year compared to US$3.08 last year. Reported Earnings • Mar 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.08 (down from US$3.93 in FY 2022). Revenue: US$188.9m (down 5.4% from FY 2022). Net income: US$58.6m (down 22% from FY 2022). Profit margin: 31% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.91% (down from 2.99% in FY 2022). Cost-to-income ratio: 56.7% (up from 50.2% in FY 2022). Non-performing loans: 0.35% (down from 0.37% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 25
Fourth quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 29th February 2024 Payment date: 1st April 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (47% payout ratio) and is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Feb 22
TrustCo Bank Corp NY Declares Quarterly Dividend, Payable on April 1, 2024 The Board of Directors of TrustCo Bank Corp. NY on February 20, 2024, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on April 1, 2024 to shareholders of record at the close of business on March 1, 2024. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$187.8m to US$177.5m. EPS estimate also fell from US$2.83 per share to US$2.54 per share. Net income forecast to shrink 17% next year vs 5.2% decline forecast for Banks industry in the US. Consensus price target of US$29.00 unchanged from last update. Share price was steady at US$29.90 over the past week. Reported Earnings • Jan 23
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$3.08 (down from US$3.93 in FY 2022). Revenue: US$188.9m (down 5.4% from FY 2022). Net income: US$58.6m (down 22% from FY 2022). Profit margin: 31% (down from 38% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.91% (down from 2.99% in FY 2022). Cost-to-income ratio: 56.7% (up from 50.2% in FY 2022). Non-performing loans: 0.35% (down from 0.37% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 11
TrustCo Bank Corp NY to Report Q4, 2023 Results on Jan 22, 2024 TrustCo Bank Corp NY announced that they will report Q4, 2023 results After-Market on Jan 22, 2024 Announcement • Nov 22
TrustCo Bank Corp. NY Declares Quarterly Cash Dividend, Payable on January 2, 2024 The Board of Directors of TrustCo Bank Corp. NY on November 21, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on January 2, 2024 to shareholders of record at the close of business on December 1, 2023. Recent Insider Transactions Derivative • Nov 17
President exercised options and sold US$87k worth of stock On the 15th of November, Robert McCormick exercised options to acquire 3k shares at no cost and sold these for an average price of US$28.40 per share. This trade did not impact their existing holding. For the year to December 2016, Robert's total compensation was 29% salary and 71% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Robert's direct individual holding has increased from 337.99k shares to 357.70k. Company insiders have collectively bought US$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: US$0.77 (down from US$1.01 in 3Q 2022). Revenue: US$46.7m (down 10.0% from 3Q 2022). Net income: US$14.7m (down 24% from 3Q 2022). Profit margin: 31% (down from 37% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is expected to decline by 3.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 18
TrustCo Bank Corp NY and Trustco Bank Announce Board Appoinment TrustCo Bank Corp. NY announced that Steffani Cotugno, D.O. was elected to the Boards of Directors of the Company and its subsidiary, Trustco Bank. Dr. Cotugno is a primary care physician with Community Care Physicians in Clifton Park, New York. Dr. Cotugno is board certified in family medicine and is the school physician for the Shenendehowa Central School District, the Niskayuna School District, and the North Colonie School District in upstate New York. Dr. Cotugno has served as a teaching preceptor at Albany Medical College and has received awards in connection with that work. Dr. Cotugno was found by the board to qualify as an independent director and was appointed to the Audit, Compensation, Compliance, Fiduciary, Nominating and Corporate Governance, and Risk Committees of the board of directors of the Company. Announcement • Oct 11
TrustCo Bank Corp NY to Report Q3, 2023 Results on Oct 23, 2023 TrustCo Bank Corp NY announced that they will report Q3, 2023 results After-Market on Oct 23, 2023 Recent Insider Transactions • Sep 20
Executive VP & CFO recently bought US$75k worth of stock On the 15th of September, Michael Ozimek bought around 3k shares on-market at roughly US$27.62 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of US$509k worth in shares. Board Change • Sep 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. Independent Director Curtis Powell was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.36 per share at 5.1% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.7%). Announcement • Aug 17
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Payable on October 2, 2023 The Board of Directors of TrustCo Bank Corp. NY on August 15, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on October 2, 2023 to shareholders of record at the close of business on September 1, 2023. Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.86 (down from US$0.93 in 2Q 2022). Revenue: US$49.2m (up 1.4% from 2Q 2022). Net income: US$16.4m (down 8.4% from 2Q 2022). Profit margin: 33% (down from 37% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 12
TrustCo Bank Corp NY to Report Q2, 2023 Results on Jul 24, 2023 TrustCo Bank Corp NY announced that they will report Q2, 2023 results After-Market on Jul 24, 2023 Price Target Changed • Jun 26
Price target decreased by 13% to US$26.00 Down from US$30.00, the current price target is provided by 1 analyst. New target price is 8.5% below last closing price of US$28.41. Stock is down 7.7% over the past year. The company is forecast to post earnings per share of US$3.31 for next year compared to US$3.93 last year. Upcoming Dividend • May 25
Upcoming dividend of US$0.36 per share at 5.0% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of American dividend payers (5.1%). Higher than average of industry peers (3.7%). Recent Insider Transactions • May 20
President recently bought US$124k worth of stock On the 16th of May, Robert McCormick bought around 4k shares on-market at roughly US$27.80 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of US$258k worth in shares. Announcement • May 17
TrustCo Bank Corp NY Declares Quarterly Cash Dividend, Will Be Payable on July 3, 2023 The Board of Directors of TrustCo Bank Corp. NY on May 16, 2023, declared a quarterly cash dividend of $0.36 per share, or $1.44 per share on an annualized basis. The dividend will be payable on July 3, 2023 to shareholders of record at the close of business on June 2, 2023. Recent Insider Transactions • May 06
Executive VP & CFO recently bought US$50k worth of stock On the 2nd of May, Michael Ozimek bought around 2k shares on-market at roughly US$28.71 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$85k. Michael has been a buyer over the last 12 months, purchasing a net total of US$353k worth in shares. Reported Earnings • Apr 25
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.93 (up from US$0.89 in 1Q 2022). Revenue: US$51.3m (up 13% from 1Q 2022). Net income: US$17.7m (up 3.8% from 1Q 2022). Profit margin: 35% (down from 38% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 8.8%. Revenue is expected to decline by 2.5% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 14
Executive VP & CFO recently bought US$85k worth of stock On the 13th of March, Michael Ozimek bought around 3k shares on-market at roughly US$33.99 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$105k. Michael has been a buyer over the last 12 months, purchasing a net total of US$201k worth in shares. Buying Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be US$41.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to decline by 1.9% in 2 years. Earnings is forecast to decline by 17% in the next 2 years. Reported Earnings • Mar 07
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$3.93 (up from US$3.19 in FY 2021). Revenue: US$199.7m (up 8.7% from FY 2021). Net income: US$75.2m (up 22% from FY 2021). Profit margin: 38% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.99% (up from 2.71% in FY 2021). Cost-to-income ratio: 50.2% (down from 56.9% in FY 2021). Non-performing loans: 0.37% (down from 0.42% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to stay flat during the next 2 years compared to a 7.7% growth forecast for the Mortgage industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 29
General Counsel & Corporate Secretary recently bought US$105k worth of stock On the 27th of January, Michael Hall bought around 3k shares on-market at roughly US$33.45 per share. This transaction amounted to 84% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$574k more in shares than they have sold in the last 12 months. Price Target Changed • Jan 26
Price target decreased by 7.7% to US$36.00 Down from US$39.00, the current price target is provided by 1 analyst. New target price is 7.0% above last closing price of US$33.66. Stock is down 1.0% over the past year. The company is forecast to post earnings per share of US$3.87 for next year compared to US$3.93 last year. Buying Opportunity • Jan 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be US$43.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to decline by 1.9% in 2 years. Earnings is forecast to decline by 17% in the next 2 years. Reported Earnings • Jan 24
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$3.93 (up from US$3.19 in FY 2021). Revenue: US$199.7m (up 8.7% from FY 2021). Net income: US$75.2m (up 22% from FY 2021). Profit margin: 38% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Cost-to-income ratio: 50.2% (down from 56.9% in FY 2021). Non-performing loans: 0.37% (down from 0.42% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Mortgage industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 11
TrustCo Bank Corp NY to Report Q4, 2022 Results on Jan 23, 2023 TrustCo Bank Corp NY announced that they will report Q4, 2022 results on Jan 23, 2023 Buying Opportunity • Dec 08
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be US$47.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 9.6% in 2 years. Earnings is forecast to grow by 5.6% in the next 2 years. Recent Insider Transactions Derivative • Nov 30
Executive VP & CFO exercised options to buy US$71k worth of stock. On the 25th of November, Michael Ozimek exercised options to buy 2k shares at a strike price of around US$35.59, costing a total of US$66k. This transaction amounted to 22% of their direct individual holding at the time of the trade. Since December 2021, Michael's direct individual holding has increased from 3.87k shares to 8.23k. Company insiders have collectively sold US$508k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Nov 24
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 01 December 2022. Payment date: 03 January 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (6.6%). Recent Insider Transactions Derivative • Nov 21
President exercised options and sold US$133k worth of stock On the 16th of November, Robert McCormick exercised options to acquire 3k shares at no cost and sold these for an average price of US$38.36 per share. This trade did not impact their existing holding. For the year to December 2015, Robert's total compensation was 31% salary and 69% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Robert's direct individual holding has increased from 325.88k shares to 335.33k. Company insiders have collectively bought US$17k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Nov 17
Price target increased to US$36.00 Up from US$33.00, the current price target is provided by 1 analyst. New target price is 6.2% below last closing price of US$38.36. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$3.83 for next year compared to US$3.19 last year. Price Target Changed • Oct 26
Price target increased to US$36.00 Up from US$33.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$35.74. Stock is up 8.7% over the past year. The company is forecast to post earnings per share of US$3.83 for next year compared to US$3.19 last year. Reported Earnings • Oct 25
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$1.01 (up from US$0.87 in 3Q 2021). Revenue: US$51.9m (up 10% from 3Q 2021). Net income: US$19.4m (up 16% from 3Q 2021). Profit margin: 37% (up from 36% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Mortgage industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 03
Executive VP & CFO recently bought US$82k worth of stock On the 2nd of September, Michael Ozimek bought around 3k shares on-market at roughly US$32.97 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of US$87k worth in shares. Upcoming Dividend • Aug 25
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of American dividend payers (4.1%). Lower than average of industry peers (5.8%).