TrustCo Q2 Net Income Jumps 12.8% to $17M, Buyback on Pace for 15.8% of Shares
TRST sits 71% above its 52-week low of $32.62.
Summary
TrustCo delivered a strong Q2 with net income rising 12.8% to $17 million, or $0.98 per share, beating the year-ago $0.79. Net interest margin expanded 16 basis points to 2.87% as loan repricing and deposit growth both ran at 3.8%. The buyback is aggressive—10.5% of shares already repurchased in the first half, with management targeting 15.8% by year-end. Net interest income rose, driven by loan repricing. This follows a solid Q1 and an 8-K filed today with the same numbers; the press release adds management commentary and the Visa share gain. The stock is near its 52-week high, so the market may have priced in much of the improvement. The conference call tomorrow could provide color on the sustainability of margin expansion and the pace of buybacks.
At the time of this announcement, TRST was trading at $55.70 on NASDAQ in the Finance sector, with a market capitalization of approximately $973.3M. The 52-week trading range was $32.62 to $56.67. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.