TRUSTCO BANK CORP N Y
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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FY2024 · Filed Mar 14, 2025
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EX-13 — EXHIBIT 13
Exhibit 13
TrustCo Bank Corp NY (the “Company,” or “TrustCo”) is a savings and loan holding company headquartered in Glenville, New York. The Company is headquartered in the Capital Region of New York State, and its principal subsidiary, Trustco Bank (the “Bank” or “Trustco”), operates 136 community banking offices and 154 Automatic Teller Machines throughout the Bank’s market areas. The Company serves 5 states and 34 counties with a broad range of community banking services.
Financial Highlights
| (dollars in thousands, except per share data) | Years ended December 31, | ||||
|---|---|---|---|---|---|
| 2024 · 2023 · Percent Change | |||||
| Income: | |||||
| Net interest income | $151,939 | $171,845 | (11.58) | ||
| Net Income | 48,833 | 58,646 | (16.73) | ||
| Per Share: | |||||
| Basic earnings | 2.57 | 3.08 | (16.56) | ||
| Diluted earnings | 2.57 | 3.08 | (16.56) | ||
| Book value at period end | 35.56 | 33.92 | 4.83 | ||
| Average Balances: | |||||
| Assets | 6,115,234 | 6,036,061 | 1.31 | ||
| Loans, net | 5,040,915 | 4,875,166 | 3.40 | ||
| Deposits | 5,286,032 | 5,219,554 | 1.27 | ||
| Shareholders' equity | 657,097 | 620,212 | 5.95 | ||
| Financial Ratios: | |||||
| Return on average assets | 0.80% | 0.97% | (17.53) | ||
| Return on average equity | 7.43 | 9.46 | (21.46) | ||
| Consolidated tier 1 capital to: | |||||
| Total assets (leverage capital ratio) | 11.05 | 10.78 | 2.50 | ||
| Risk-adjusted assets | 19.30 | 18.90 | 2.12 | ||
| Common equity tier 1 capital ratio | 19.30 | 18.90 | 2.12 | ||
| Total capital to risk-adjusted assets | 20.56 | 20.15 | 2.03 | ||
| Allowance for credit losses on loans to nonperforming loans | 2.67 | x | 2.75 | x | (2.91) |
| Efficiency ratio (GAAP) | 61.55 | 58.53 | 5.16 | ||
| Adjusted Efficiency ratio* | 61.60% | 56.72% | 8.60 | ||
| Dividend Payout ratio | 56.09 | 46.71 | 20.08 | ||
Per Share information of common stock
| Basic Earnings · Diluted Earnings · Cash Dividend · Book Value · Range of Stock Price | ||||||
|---|---|---|---|---|---|---|
| High | Low | |||||
| First quarter | $0.64 | $0.64 | $0.36 | $34.12 | $31.19 | $26.38 |
| Second quarter | 0.66 | 0.66 | 0.36 | 34.46 | 29.65 | 25.91 |
| Third quarter | 0.68 | 0.68 | 0.36 | 35.19 | 35.74 | 27.81 |
| Fourth quarter | 0.59 | 0.59 | 0.36 | 35.56 | 37.96 | 31.83 |
| First quarter | $0.93 | $0.93 | $0.36 | $32.31 | $38.70 | $31.72 |
| Second quarter | 0.86 | 0.86 | 0.36 | 32.66 | 31.76 | 27.43 |
| Third quarter | 0.77 | 0.77 | 0.36 | 32.80 | 31.11 | 26.50 |
| Fourth quarter | 0.52 | 0.52 | 0.36 | 33.92 | 31.91 | 24.62 |
- Adjusted Efficiency ratio is determined by a method other than in accordance with generally accepted accounting principles (“GAAP”). See the Non-GAAP Financial Measures Reconciliation presented herein.
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Table of Contents
| Financial Highlights | 1 |
|---|---|
| President’s Message | 3 |
| Cautionary Note Regarding Forward-Looking Statements | 4-6 |
| Management’s Discussion and Analysis of Financial Condition and Results of Operations | 7-35 |
| Glossary of Terms | 36-38 |
| Management’s Report on Internal Control Over Financial Reporting | 39 |
| Consolidated Financial Statements and Notes | 43-100 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID Number 173) | 40 |
| Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 | 43 |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022 | 44 |
| Consolidated Statements of Financial Condition as of December 31, 2024 and 2023 | 45 |
| Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2024, 2023 and 2022 | 46 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022 | 47 |
| Notes to Consolidated Financial Statements | 48 |
| Branch Locations | 101-106 |
| Officers and Board of Directors | 107-108 |
| General Information | 109-110 |
| Stock Performance Graph | 111 |
TrustCo Bank Corp NY Mission
The Mission of TrustCo Bank Corp NY is to be the premier hometown bank making financial dreams come true in the communities we serve. We achieve this through our commitment to excellence, treating all stakeholders fairly and with respect, while maintaining our tradition of being a pillar of strength.
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