Trustco Bank Reports Strong 2024 Results, Eyes Growth in New Markets

Trustco Bank Corp N Y delivered solid financial results for 2024, posting a net income of $48.8 million and achieving an efficiency ratio of 61.5%. A key highlight was the 17.9% increase in home equity lines of credit, underscoring the bank's focus on home equity lending as a growth opportunity.

The company continues to maintain a conservative balance sheet, prioritizing traditional residential lending while exploring new markets, including offering services to the cannabis industry. Trustco’s asset quality remains strong, with non-performing loans steady and net charge-offs at low levels.

Looking ahead to 2025, the bank is optimistic about leveraging opportunities in the real estate market. By utilizing its extensive branch network, Trustco aims to strengthen customer relationships and drive further loan growth, reinforcing its position as a leader in residential and home equity lending.