TrustCo Bank Q4 2025 TrustCo Bank Corp Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 TrustCo Bank Corp Earnings Call
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before proceeding, we would like to mention this presentation may contain forward-looking information about trust code bank or New York that has intended to be covered by a safe harbor for forward-looking statements provided by the private security litigation Reform, Act of 1995
Actual reform actual results performance or achievements could differ materially from those expressed in or implied by such statements, due to various risks, uncertainties and other factors.
More detailed information about these and other risk factors can be found in our press release that proceeded this call. And in the for risk factors and forward-looking statement section of our annual report on form 10K and as, and as updated
By our quarterly reports on form 10q.
The forward-looking statements made on this call are only valid.
As of the date hereof and the company disclaims.
Any obligation to update the information to reflect events or developments after the date of this call, except as may be required by applicable law.
During today's call, we will discuss searching Financial measures. Derived from our financial statements that are not determined in accordance with us gaap.
The reconciliations of such Gap non-gaap measures.
For the most comparable, gaap figures are included in our earnings release.
Which is available under the investor relations tab of our website at trustcobank.com.
Please also enable that today's event is being recorded.
A replay of the call will be available for 30 days and an audio webcast will be available for 1 year.
As described in our earnings press release.
Operator: About TrustCo Bank Corp NY, that is intended to be covered by a safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results, performance, or achievements could differ materially from those expressed in or implied by such statements due to various risks, uncertainties, and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forward-looking statements section of our annual report on Form 10-K, and as updated by our quarterly report on Form 10-Q. The forward-looking statements made on this call are only valid as of the date hereof, and the company disclaims any obligation to update the information to reflect events or developments after the date of this call, except as may be required by applicable law.
Operator: About TrustCo Bank Corp NY, that is intended to be covered by a safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results, performance, or achievements could differ materially from those expressed in or implied by such statements due to various risks, uncertainties, and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forward-looking statements section of our annual report on Form 10-K, and as updated by our quarterly report on Form 10-Q. The forward-looking statements made on this call are only valid as of the date hereof, and the company disclaims any obligation to update the information to reflect events or developments after the date of this call, except as may be required by applicable law.
Speaker #1: About TrustCo Bank Corp New York. That is intended to be covered by a safe harbor for forward-looking statements provided by the private securities litigation reform act of 1995.
At this time, I would like to turn the conference call over to Mr. Robert J. McCormick chairman president and CEO to begin. Please go ahead. Robert.
Speaker #1: Actual results, performance, or achievements could differ materially from those expressed in or implied by such statements due to various risks, uncertainties, and other factors.
Good morning everyone and thank you for joining the call. I'm Rob McCormick, the chairman of Trustco Bank I'm joined today as usual bye bye by Mike, our CFO who will go through the numbers and Kevin Curley. Our chief banking officer will talk about lending.
Speaker #1: More detailed information about these and other risk factors can be found in our press release that preceded this call, and in the Risk Factors and Forward-Looking Statements section of our Annual Report on Form 10-K.
The results on lcf today are the combination of years of strategic long-term planning and Nimble near-term, execution.
We resisted risky lending concentrations borrowing and other gimmicks in favor of building, solid customer relationships through the delivery of top-notch loan and deposit products and services.
Speaker #1: And as updated by our quarterly reports on Form 10-Q. The forward-looking statements made on this call are only valid as of the date hereof.
This enabled us to keep our cost of funds low and grow, loans leading to a healthy margin expansion.
Speaker #1: And the company disclaims any obligation to update the information to reflect events or developments after the date of this call. Except as may be required by applicable law.
We deployed Capital to the continuation of our Century. Long dividend payout, a robust, stock repurchase program, and our Bedrock practice of lending, gathered deposits right back in the communities, we serve
Speaker #1: During today's call, we will discuss certain financial measures derived from our financial statements that are not determined in accordance with US GAAP. The reconciliations of such GAAP and non-GAAP measures to the most comparable GAAP figures are included in our earnings release, which is available under the Investor Relations tab of our website.
Operator: During today's call, we will discuss certain financial measures derived from our financial statements that are not determined in accordance with US GAAP. The reconciliations of such non-GAAP measures to the most comparable GAAP figures are included in our earnings release, which is available under the Investor Relations tab of our website at trustcobank.com. Please also note that today's event is being recorded. A replay of the call will be available for 30 days, and an audio webcast will be available for one year, as described in our earnings press release. At this time, I would like to turn the conference call over to Mr. Robert J. McCormick, Chairman, President, and CEO, to begin. Please go ahead, Robert.
During today's call, we will discuss certain financial measures derived from our financial statements that are not determined in accordance with US GAAP. The reconciliations of such non-GAAP measures to the most comparable GAAP figures are included in our earnings release, which is available under the Investor Relations tab of our website at trustcobank.com. Please also note that today's event is being recorded. A replay of the call will be available for 30 days, and an audio webcast will be available for one year, as described in our earnings press release. At this time, I would like to turn the conference call over to Mr. Robert J. McCormick, Chairman, President, and CEO, to begin. Please go ahead, Robert.
All of these factors together contributed to a 38% increase in net income and a return on average assets of almost 33% for the quarter.
Total shareholder value returned, 3 times, that of our proxy peers year-over-year Stellar performance by any measure.
Now, Mike will go through the details and Kevin will provide some color on Lending.
Speaker #1: At trustcobank.com. Please also note that today's event is being recorded. A replay of the call will be available for 30 days, and an audio webcast will be available for one year.
Thank you Robin. Uh, good morning everyone. I will now review trust your financial results for the fourth quarter of 2025.
Speaker #1: As described in our earnings press release, at this time I would like to turn the conference call over to Mr. Robert J. McCormick, Chairman, President, and CEO, to begin.
Speaker #1: Please go ahead,
Speaker #1: Robert. Good morning, everyone, and thank you for joining the call.
Robert J. McCormick: Good morning, everyone, and thank you for joining the call. I'm Rob McCormick, the Chairman of TrustCo Bank. I'm joined today, as usual, by Mike Ozimek, our CFO, who will go through the numbers, and Kevin Curley, our Chief Banking Officer, who will talk about lending. The results announced yesterday are the culmination of years of strategic long-term planning and nimble near-term execution. We resisted risky lending concentrations, borrowing, and other gimmicks in favor of building solid customer relationships through the delivery of top-notch loan and deposit products and services. This enabled us to keep our cost of funds low and grow loans, leading to a healthy margin expansion. We deployed capital through the continuation of our century-long dividend payout, a robust stock repurchase program, and our bedrock practice of lending gathered deposits right back in the communities we serve.
Robert J. McCormick: Good morning, everyone, and thank you for joining the call. I'm Rob McCormick, the Chairman of TrustCo Bank. I'm joined today, as usual, by Mike Ozimek, our CFO, who will go through the numbers, and Kevin Curley, our Chief Banking Officer, who will talk about lending. The results announced yesterday are the culmination of years of strategic long-term planning and nimble near-term execution. We resisted risky lending concentrations, borrowing, and other gimmicks in favor of building solid customer relationships through the delivery of top-notch loan and deposit products and services. This enabled us to keep our cost of funds low and grow loans, leading to a healthy margin expansion. We deployed capital through the continuation of our century-long dividend payout, a robust stock repurchase program, and our bedrock practice of lending gathered deposits right back in the communities we serve.
Speaker #2: I'm Rob McCormick, the Chairman of TrustCo Bank. I'm joined today, as usual, by Mike Ozimek, our CFO, who will go through the numbers, and Kevin Curley, our Chief Banking Officer, who will talk about lending.
As we noted in the press release, the company continued to see strong financial results for the fourth quarter of 2025 marked by increases in both debt income and net interest income of Trustco Banker in the fourth quarter of 25 credit than a fourth quarter of 2024. This performance is underscored by Rising net. Interest income continued margin expansion in sustained loan and deposit growth across key portfolios.
Speaker #2: The results announced yesterday are the culmination of years of strategic long-term planning and nimble near-term execution. We resisted risky lending concentrations borrowing and other gimmicks in favor of building solid customer relationships through the delivery of top-notch loan and deposit products and services.
There's a result in a fourth quarter, net income of 15.6 million and an increase of 38% over the prior year quarter, which yielded a return on average assets and average Equity of 0.97%, and 8.99% respectively.
Capital remains strong Consolidated Equity to assets, ratio is 10.66% for the fourth quarter of 2025 compared to 10.84% in the fourth quarter 2024,
Speaker #2: This enabled us to keep our cost-of-funds low and grow loans. Leading to a healthy margin expansion. We deployed capital through the continuation of our century-long dividend payout, a robust stock repurchase program, and our bedrock practice of lending gathered deposits right back in the communities we serve.
Book value per share on December 31st 2025 was 38.8 cents up 7.1% compared to 35.2%.
In the fourth quarter of 2025. Trustco repurchased, 533,000 shares of common stock on the previously announced stock repurchase program.
Speaker #2: All of these factors together contributed to a 38% increase in net income and a return on average assets of almost 33% for the quarter.
Robert J. McCormick: All of these factors together contributed to a 38% increase in net income and a return on average assets of almost 33% for the quarter. Total shareholder value returned three times that of our proxy peers year over year. Stellar performance by any measure. Now, Mike will go through the details, and Kevin will provide some color on lending.
All of these factors together contributed to a 38% increase in net income and a return on average assets of almost 33% for the quarter. Total shareholder value returned three times that of our proxy peers year over year. Stellar performance by any measure. Now, Mike will go through the details, and Kevin will provide some color on lending.
Speaker #2: Total shareholder value returned three times that of our proxy peers year over year. Stellar performance by any measure. Now, Mike will go through the details, and Kevin will provide some color on—
Resulting in 1 million shares or 5.3% of common stock repurchase year to date the maximum allowable under the stock repurchase program. And we have also renewed the stock repurchase program which now allows for the repurchase of up to 2 million shares or another 11.1% during 2026.
Speaker #2: lending. Thank you, Rob,
Michael Ozimek: Thank you, Rob, and good morning, everyone. I will now review TrustCo's financial results for the fourth quarter of 2025. As we noted in the press release, the company continued to see strong financial results for the fourth quarter of 2025, marked by increases in both net income and net interest income of TrustCo Bank during the fourth quarter of 2025 compared to the fourth quarter of 2024. This performance is underscored by rising net interest income, continued margin expansion, and sustained loan and deposit growth across key portfolios. This resulted in a fourth quarter net income of $15.6 million and an increase of 38% over the prior year quarter, which yielded a return on average assets and average equity of 0.97% and 8.99%, respectively. Capital remained strong. Consolidated equity to assets ratio was 10.66% for the fourth quarter of 2025, compared to 10.84% in the fourth quarter of 2024.
Michael Ozimek: Thank you, Rob, and good morning, everyone. I will now review TrustCo's financial results for the fourth quarter of 2025. As we noted in the press release, the company continued to see strong financial results for the fourth quarter of 2025, marked by increases in both net income and net interest income of TrustCo Bank during the fourth quarter of 2025 compared to the fourth quarter of 2024. This performance is underscored by rising net interest income, continued margin expansion, and sustained loan and deposit growth across key portfolios. This resulted in a fourth quarter net income of $15.6 million and an increase of 38% over the prior year quarter, which yielded a return on average assets and average equity of 0.97% and 8.99%, respectively. Capital remained strong. Consolidated equity to assets ratio was 10.66% for the fourth quarter of 2025, compared to 10.84% in the fourth quarter of 2024.
Speaker #3: and good morning, everyone. I will now review TrustCo's financial results for the fourth quarter of 2025. As we noted in the press release, the company continued to see strong financial results for the fourth quarter of 2025.
Through a disciplinary purchase program, which reflects our confidence in the long-term strength of the franchise and our focus on cap capital optimization.
Speaker #3: Marked by increases in both net income and net interest income of TrustCo Bank during the fourth quarter of 2025 compared to the fourth quarter of 2024.
Credit quality continues to be consistent as we saw non-performing loans modestly, increase the 20.7 million in the fourth quarter of 2025 from 18.8 million in the fourth quarter of 24.
Speaker #3: This performance is underscored by rising net interest income continued margin expansion and sustained loan and deposit growth across key portfolios. This resulted in a fourth quarter net income of 15.6 million dollars and an increase of 38% over the prior year quarter, which yielded a return on average assets and average equity of 0.97% and 8.99% respectively.
Non-performing loans, total loans increase to 0.39% for quarter? 25 from 0.37% in the fourth quarter 24.
Non-performing assets to the total assets was 0.34% for both the fourth quarter, 25 and 2024.
Our continued focus on solid underwriting within our loan portfolio on, conservative lending, standards positions, us to manage credit risk, effectively in the current environment.
Speaker #3: Capital remained strong. Consolidated equity-to-assets ratio was 10.66% for the fourth quarter of 2025, compared to 10.84% in the fourth quarter of 2024.
Average loans from the fourth quarter of 25, through 2.5% or 126.18 million to 5.2 billion for the fourth quarter of 24 and all-time high.
Speaker #3: Book value per share at December 31, 2025, was $38.08, up 7.1% compared to $35.56 a year earlier. During the fourth quarter of 2025, TrustCo repurchased 533,000 shares of common stock under the previously announced stock repurchase program.
Michael Ozimek: Book value per share on 31 December 2025 was $38.08, up 7.1% compared to $35.56 a year earlier. During the fourth quarter of 2025, TrustCo repurchased 533,000 shares of common stock under the previously announced stock repurchase program, resulting in 1 million shares or 5.3% of common stock repurchased year to date, the maximum allowable under the stock repurchase program. We have also renewed the stock repurchase program, which now allows for the repurchase of up to 2 million shares or another 11.1% during 2026. We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. Credit quality continues to be consistent as we saw non-performing loans modestly increase to $20.7 million in the fourth quarter of 2025, from $18.8 million in the fourth quarter of 2024.
Book value per share on 31 December 2025 was $38.08, up 7.1% compared to $35.56 a year earlier. During the fourth quarter of 2025, TrustCo repurchased 533,000 shares of common stock under the previously announced stock repurchase program, resulting in 1 million shares or 5.3% of common stock repurchased year to date, the maximum allowable under the stock repurchase program. We have also renewed the stock repurchase program, which now allows for the repurchase of up to 2 million shares or another 11.1% during 2026. We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. Credit quality continues to be consistent as we saw non-performing loans modestly increase to $20.7 million in the fourth quarter of 2025, from $18.8 million in the fourth quarter of 2024.
Consequently overall, loan growth has continued to increase in leading the charge, with home equity lines of credit, which increased by 54.1 million or 13.5% in the fourth quarter, 25 over the same period in 24.
Speaker #3: Resulting in 1 million shares, or 5.3% of common stock, repurchased year to date—the maximum allowable under the stock repurchase program. And we have also renewed the stock repurchase program, which now allows for the repurchase of up to 2 million shares, or another 11.1%, during 2026.
The residential real estate portfolio, increased, 50.6 million, or 1.2%, average commercial loans increased to 24.5 million or 8.6% and installment loans decreased 2.4 million, or 17.3% over the same period in 24th.
This uptick continues to reflect a strong local economy and increased demand for credit.
For the fourth quarter. 25, the provision for credit losses was $100,000.
Speaker #3: We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization.
Retaining deposits has been a key Focus as we navigated through 2025.
Total deposits end of the quarter at 5.6 billion dollars was up 166 million compared to the prior year quarter.
Speaker #3: Credit quality continues to be consistent as we saw non-performing loans modestly increase to 20.7 million in the fourth quarter of 2025 from 18.8 million in the fourth quarter of '24.
We believe the increase in these deposits compared to the same period in 24 continues to indicate strong customer confidence in the banks competitive deposit offerings.
Speaker #3: Non-performing loans to total loans increased to 0.39% in the fourth quarter of '25 from 0.37% in the fourth quarter of '24. Non-performing assets to total assets was 0.34% for both the fourth quarter of '25 and 2024.
Michael Ozimek: Non-performing loans to total loans increased to 0.39% in Q4 2025, from 0.37% in Q4 2024. Non-performing assets to total assets was 0.34% for both Q4 2025 and 2024. Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. Average loans for Q4 2025 grew 2.5%, or $126.8 million, to $5.2 billion for Q4 2024, an all-time high. Consequently, overall loan growth has continued to increase, and leading the charge was Home Equity Lines of Credit, which increased by $54.1 million, or 13.5% in Q4 2025, over the same period in 2024. The residential real estate portfolio increased $50.6 million, or 1.2%.
Non-performing loans to total loans increased to 0.39% in Q4 2025, from 0.37% in Q4 2024. Non-performing assets to total assets was 0.34% for both Q4 2025 and 2024. Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. Average loans for Q4 2025 grew 2.5%, or $126.8 million, to $5.2 billion for Q4 2024, an all-time high. Consequently, overall loan growth has continued to increase, and leading the charge was Home Equity Lines of Credit, which increased by $54.1 million, or 13.5% in Q4 2025, over the same period in 2024. The residential real estate portfolio increased $50.6 million, or 1.2%.
Banks continue to emphasis on relationship, banking combined, with competitive product offerings and digital capabilities. As continue to do a stable deposit base that supports ongoing loan growth and expansion.
Speaker #3: Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment.
And interest income was 43.7 million from the fourth quarter of 25 and increase of 4.8 million or 12.4% compared to the prior year quarter.
Speaker #3: Average loans for the fourth quarter of '25 grew 2.5% or 126.8 million to 5.2 billion for the fourth quarter of '24, an all-time high.
And it's just larger for the fourth quarter of 25. With 2.82% up, 22 basis points for the prior year quarter.
Speaker #3: Consequently, overall loan growth has continued to increase and leading the charge with home equity lines of credit which increased by 54.1 million or 13.5% in the fourth quarter of '25 over the same period in '24.
The yield on interest, earning your assets increased to 4.24% up 12 basis points for the prior year quarter and the cost of interesting liabilities decreased to 1.84% from the fourth quarter, 25 from 1.97%.
Speaker #3: The residential real estate portfolio increased $50.6 million, or 1.2%. Average commercial loans increased $24.5 million, or 8.6%. And installment loans decreased $2.4 million, or 17.3%, over the same period in '24.
The bank is well positioned to continue delivering Strong net, interest income performance, even as the Federal Reserve contemplates rate changes in the months ahead.
Michael Ozimek: Average commercial loans increased $24.5 million, or 8.6%, and installment loans decreased $2.4 million, or 17.3%, over the same period in 2024. This uptick continues to reflect a strong local economy and increased demand for credit. For the fourth quarter of 2025, the provision for credit losses was $400,000. Retaining deposits has been a key focus as we navigated through 2025. Total deposits ended the quarter at $5.6 billion, was up $166 million compared to the prior year quarter. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the bank's competitive deposit offerings. The bank's continued emphasis on relationship banking, combined with competitive product offerings, and digital capabilities, has continued to a stable deposit base that supports ongoing loan growth and expansion.
Average commercial loans increased $24.5 million, or 8.6%, and installment loans decreased $2.4 million, or 17.3%, over the same period in 2024. This uptick continues to reflect a strong local economy and increased demand for credit. For the fourth quarter of 2025, the provision for credit losses was $400,000. Retaining deposits has been a key focus as we navigated through 2025. Total deposits ended the quarter at $5.6 billion, was up $166 million compared to the prior year quarter. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the bank's competitive deposit offerings. The bank's continued emphasis on relationship banking, combined with competitive product offerings, and digital capabilities, has continued to a stable deposit base that supports ongoing loan growth and expansion.
The bank remains committed to maintaining competitive deposit offerings while ensuring Financial stability and continued support for our communities banking needs.
Speaker #3: This uptick continues to reflect a strong local economy and increased demand for credit. For the fourth quarter of '25, the provision for credit losses was $400,000.
Our wealth management division continues to be a significant recurring source of non-interest income.
At approximately 1.27 billion of assets under management. As of December 3, 1.
Speaker #3: Retaining deposits has been a key focus as we navigated through 2025. Total deposits ended the quarter at $5.6 billion and were up $166 million compared to the prior year quarter.
Not interesting, come attributed attributable to wealth management and financial services fees represent 44% of non-interest income.
The majority of this fee income is recurring supported by long-term advisory relationships and a growing base of managed assets.
Speaker #3: We believe the increase in these deposits compared to the same period in '24 continues to indicate strong customer confidence in the bank's competitive deposit offerings.
Now, on to non-interest expense total, 96 expense, net of Ori expense came in at 26.5 million down, 1.5 million from the prior year quarter.
Speaker #3: The bank's continued emphasis on relationship banking combined with competitive product offerings and digital capabilities has continued to a stable deposit base that supports ongoing loan growth and expansion.
Or re expense. Net came in at an expensive, 161,000 for the quarter as compared to 476,000 in the prior year Court.
We're going to continue to hold anticipated at the level of expense, not to exceed 250,000 per quarter.
Speaker #3: And interest income was $43.7 million for the fourth quarter of '25 and increased by $4.8 million, or 12.4%, compared to the prior year quarter.
Michael Ozimek: Net interest income was $43.7 million for the fourth quarter of 2025, an increase of $4.8 million, or 12.4%, compared to the prior year quarter. Net interest margin for the fourth quarter of 2025 was 2.82%, up 22 basis points from the prior year quarter. The yield on interest-earning assets increased to 4.24%, up 12 basis points from the prior year quarter, and the cost of interest-earning liabilities decreased to 1.84% from the fourth quarter of 2025, from 1.97%. The bank is well positioned to continue delivering strong net interest income performance, even as the Federal Reserve contemplates rate changes in the months ahead. The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability, and continued support for our community's banking needs. Our wealth management division continues to be a significant recurring source of non-interest income.
Net interest income was $43.7 million for the fourth quarter of 2025, an increase of $4.8 million, or 12.4%, compared to the prior year quarter. Net interest margin for the fourth quarter of 2025 was 2.82%, up 22 basis points from the prior year quarter. The yield on interest-earning assets increased to 4.24%, up 12 basis points from the prior year quarter, and the cost of interest-earning liabilities decreased to 1.84% from the fourth quarter of 2025, from 1.97%. The bank is well positioned to continue delivering strong net interest income performance, even as the Federal Reserve contemplates rate changes in the months ahead. The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability, and continued support for our community's banking needs. Our wealth management division continues to be a significant recurring source of non-interest income.
All of the other categories of 9 issues expense. We're in line with our expectations for the fourth quarter.
We would expect 2026. Total recurring non-interest expense.
Speaker #3: And interest margin for the fourth quarter of '25 was 2.82%, up 22 basis points from the prior year quarter. The yield on interest-earning assets increased to 4.24%, up 12 basis points from the prior year quarter.
Net of our re expense between the range of 27.7 to 28.2 million per quarter.
Now, Kevin will review the loan portfolio and non-performing loans.
Speaker #3: And the cost of interest-earning liabilities decreased to 1.84% in the fourth quarter of '25 from 1.97%. The bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve contemplates rate changes in the months ahead.
Thanks, Mike and good morning to everyone. Our average loans grew by 126.8 million or 2.5% year-over-year.
Growth was centered in our residential loan portfolio, with our first mortgage segment growing by 50.6 million or 1.2%.
And our home equity loans growing 54.1 million or 13.5% over last year.
Speaker #3: The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our community's banking needs. Our wealth management division continues to be a significant recurring source of non-interest income.
In addition, our commercial loans grew by 24.5 million or 8.6% over last year.
For the fourth quarter, actual loans, increased by 60.7 million, compared to the third quarter.
Speaker #3: At approximately $1.27 billion of assets under management as of December 31, non-interest income attributed to wealth management and financial services fees represents 44% of non-interest income.
Michael Ozimek: They had approximately $1.27 billion of assets under management as of 31 December 2023. Non-interest income attributable to wealth management and financial services fees represent 44% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to non-interest expense. Total non-interest expense, net of ORE expense, came in at $26.5 million, down $1.5 million from the prior year quarter. ORE expense net came in at an expense of $161,000 for the quarter, as compared to $476,000 in the prior year quarter. We're going to continue to hold the anticipated level of expense not to exceed $250,000 per quarter. All the other categories of non-interest expense were in line with our expectations for the fourth quarter.
They had approximately $1.27 billion of assets under management as of 31 December 2023. Non-interest income attributable to wealth management and financial services fees represent 44% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to non-interest expense. Total non-interest expense, net of ORE expense, came in at $26.5 million, down $1.5 million from the prior year quarter. ORE expense net came in at an expense of $161,000 for the quarter, as compared to $476,000 in the prior year quarter. We're going to continue to hold the anticipated level of expense not to exceed $250,000 per quarter. All the other categories of non-interest expense were in line with our expectations for the fourth quarter.
purchase mortgage loans, including refinances grew by 42.4 million
Home equity loans, increased by 17 million. And Commercial loans were up by 2 million for the quarter.
Speaker #3: The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now, onto non-interest expense. Total non-interest expense net of ORE expense came in at $26.5 million.
Purchase and refinance is we did see a slight uptick in activity and we were able to close more loans during the quarter.
Speaker #3: Down $1.5 million from the prior year quarter. ORE expense net came in at an expense of $161,000 for the quarter, as compared to $476,000 in the prior year quarter.
As we have said, in the past, we are well situated in the market and will capture more growth of these segments pick up.
Also, as a portfolio lender, we uniquely positioned to manage pricing and offer promotions to increase lending volume.
Speaker #3: We're going to continue to hold the anticipated level of expense not to exceed $250,000 per quarter. All of the other categories of non-interest expense were in line with our expectations for the fourth quarter.
Our home equity products continue to see consistent demand, as customers continue to use their equity, in their home for Home Improvements or paying off loans with high rates such as credit cards.
Speaker #3: We would expect 2026 total recurring non-interest expense, net of ORE expense, to be in the range of $27.7 to $28.2 million per quarter.
Michael Ozimek: We would expect 2026 total recurring non-interest expense, net of ORE expense, to be in the range of $27.7 to 28.2 million per quarter. Now, Kevin will review the loan portfolio and non-performing loans. Thanks, Mike, and good morning to everyone. Our average loans grew by 126.8 million, or 2.5% year over year. The growth was centered in our residential loan portfolio, with our first mortgage segment growing by 50.6 million, or 1.2%, and our home equity loans growing 54.1 million, or 13.5%, over last year. In addition, our commercial loans grew by 24.5 million, or 8.6%, over last year. For the fourth quarter, actual loans increased by 60.7 million compared to the third quarter. Purchase mortgage loans, including refinances, grew by 42.4 million. Home equity loans increased by 17 million, and commercial loans were up by 2 million for the quarter. Overall, residential activity improved during the quarter.
We would expect 2026 total recurring non-interest expense, net of ORE expense, to be in the range of $27.7 to 28.2 million per quarter. Now, Kevin will review the loan portfolio and non-performing loans.
And all our Market rates continue to be moving in an approximately 25 basis points range. Our current rate is 5.875% for our base 30-year fixed rate loan.
Speaker #3: Now, Kevin will review the loan portfolio and
Speaker #3: non-performing loans. Thanks, Mike, and good
We also offer a low rate 51r and a very competitive Home Equity Credit Line Products.
Ian Lapey: Thanks, Mike, and good morning to everyone. Our average loans grew by 126.8 million, or 2.5% year over year. The growth was centered in our residential loan portfolio, with our first mortgage segment growing by 50.6 million, or 1.2%, and our home equity loans growing 54.1 million, or 13.5%, over last year. In addition, our commercial loans grew by 24.5 million, or 8.6%, over last year. For the fourth quarter, actual loans increased by 60.7 million compared to the third quarter. Purchase mortgage loans, including refinances, grew by 42.4 million. Home equity loans increased by 17 million, and commercial loans were up by 2 million for the quarter. Overall, residential activity improved during the quarter.
Speaker #2: Good morning to everyone. Our average loans grew by $126.8 million, or 2.5% year over year. The growth was centered in our residential loan portfolio, with our first mortgage segment growing by $50.6 million, or 1.2%.
Overall, we are a positive about our low growth in the quarter, and remain focused on driving stronger results. This year.
Speaker #2: And our home equity loans growing 54.1 million or 13.5% over last year. In addition, our commercial loans grew by 24.5 million or 8.6% over last year.
Now moving to the asset quality at trusco. We work hard to maintain strong, credit quality, and our loan portfolio as a portfolio lender. We have consistently used Pro prudent underwriting, standards to build our loan portfolio.
Our residential loans are originated in-house focused on key underwriting factors that have proven to lead to Sound Credit decisions.
Speaker #2: For the fourth quarter, actual loans increased by $60.7 million compared to the third quarter. Purchased mortgage loans, including refinances, grew by $42.4 million. Home equity loans increased by $17 million, and commercial loans were up by $2 million for the quarter.
These loans are originated with the intent to be held by us for the full term rather than originated for sale.
in addition, we have no foreign or subprime loans in our residential loan portfolio,
And our commercial loan portfolio, which makes up about 6% of our total loans, we focus on relationship-based loans.
Speaker #2: Overall, residential activity improved during the quarter. For purchase and refinances, we did see a slight uptake in activity, and we were able to close more loans during the quarter.
Secured mostly by real estate within our primary Market areas.
Michael Ozimek: For purchase and refinances, we did see a slight uptick in activity, and we were able to close more loans during the quarter. As we have said in the past, we are well situated in the market and will capture more growth as these segments pick up. Also, as a portfolio lender, we're uniquely positioned to manage pricing and offer promotions to increase lending volume. Our home equity products continue to see consistent demand as customers continue to use their equity in their home for home improvements or paying off loans with high rates, such as credit cards. In all our markets, rates continue to be moving in an approximately 25 basis point range. Our current rate is 5.875% for our base 30-year fixed-rate loan. We also offer a low-rate, 5-1 arm, and a very competitive home equity credit line products.
For purchase and refinances, we did see a slight uptick in activity, and we were able to close more loans during the quarter. As we have said in the past, we are well situated in the market and will capture more growth as these segments pick up. Also, as a portfolio lender, we're uniquely positioned to manage pricing and offer promotions to increase lending volume. Our home equity products continue to see consistent demand as customers continue to use their equity in their home for home improvements or paying off loans with high rates, such as credit cards. In all our markets, rates continue to be moving in an approximately 25 basis point range. Our current rate is 5.875% for our base 30-year fixed-rate loan. We also offer a low-rate, 5-1 arm, and a very competitive home equity credit line products.
Speaker #2: As we have said in the past, we are well situated in the market and will capture more growth of these segments pick up. Also, as a portfolio lender, we're uniquely positioned to manage pricing and offer promotions to increase lending volume.
We also avoid concentrations of any credit to any single borrower, or business, and continue to require personal guarantees on all our of our loans.
Now for our numbers asset quality, for the bank remains very strong early stage delinquencies for our portfolio. Continue to be steady.
Speaker #2: Our home equity products continue to see consistent demand, as customers continue to use their equity in their home for home improvements or paying off loans with high rates, such as credit cards.
Charge offs for the quarter amounts to a net recovery of 14,000 which follows a net recovery of 176,000 in the third quarter and 457,000 over the past year.
Speaker #2: And all our market rates continue to be moving in an approximately 25-basis-point range. Our current rate is 5.875% for our base 30-year fixed-rate loan.
Not performing loans, we're 20.7 billion at this quarter end. 18.45 Million last quarter and 18.8 million a year ago.
Speaker #2: We also offer a low rate, 5.1 arm, and a very competitive home equity credit line product. Overall, we are positive about our low growth in the quarter and remain focused on driving stronger results this year.
Michael Ozimek: Overall, we are positive about our low growth in the quarter and remain focused on driving stronger results this year. Now, moving to asset quality. At TrustCo, we work hard to maintain strong credit quality in our loan portfolio. As a portfolio lender, we have consistently used prudent underwriting standards to build our loan portfolios. Our residential loans are originated in-house, focused on key underwriting factors that have proven to lead to sound credit decisions. These loans are originated with the intent to be held by us for the full term rather than originated for sale. In addition, we have no foreign or subprime loans in our residential loan portfolio. In our commercial loan portfolio, which makes up about 6% of our total loans, we focus on relationship-based loans, secured mostly by real estate within our primary market areas.
Overall, we are positive about our low growth in the quarter and remain focused on driving stronger results this year. Now, moving to asset quality. At TrustCo, we work hard to maintain strong credit quality in our loan portfolio. As a portfolio lender, we have consistently used prudent underwriting standards to build our loan portfolios. Our residential loans are originated in-house, focused on key underwriting factors that have proven to lead to sound credit decisions. These loans are originated with the intent to be held by us for the full term rather than originated for sale. In addition, we have no foreign or subprime loans in our residential loan portfolio. In our commercial loan portfolio, which makes up about 6% of our total loans, we focus on relationship-based loans, secured mostly by real estate within our primary market areas.
Speaker #2: Now, moving to asset quality. At TrustCo, we work hard to maintain strong credit quality in our loan portfolio. As the portfolio lender, we have consistently used prudent underwriting standards to build our loan portfolio.
Top performing loans to Total loans was 0.39% at this quarter end compared to 0.36% last quarter and 0.37% a year ago. Now I'm performing assets for 221 million and a quarter end versus 19.7 Million. Last quarter and 20 million 21 million a year ago.
a quarter end, our allowance for credit losses, remains solid at 52.2 million, but the covered ratio of 253%
Speaker #2: Our residential loans are originated in-house, focused on key underwriting factors that have proven to lead to sound credit decisions. These loans are originated with the intent to be held by us for the full term, rather than originated for sale.
compared to 51.9 million with the coverage ratio of 281% last quarter.
And 50.2 million and the coverage ratio of 267% a year ago Rob.
Thanks, Kevin. We're happy to answer any questions. That's our story.
Speaker #2: In addition, we have no foreign or subprime loans in our residential loan portfolio. In our commercial loan portfolio, which makes up about 6% of our total loans, we focus on relationship-based loans.
Thank you very much.
Plus a question, please press star. Followed by 1 on your telephone keypad.
Speaker #2: Secured mostly by real estate, within our primary market areas. We also avoid concentrations of any credit to any single borrower or business and continue to require personal guarantees on all of our loans.
To change your mind. Please press star followed by check.
Michael Ozimek: We also avoid concentrations of any credit to any single borrower or business and continue to require personal guarantees on all of our loans. Now, for our numbers, asset quality for the bank remains very strong. Early-stage delinquencies for our portfolio continue to be steady. Charge-offs for the quarter amount to a net recovery of $14,000, which follows a net recovery of $176,000 in the third quarter, and $457,000 over the past year. Non-performing loans were $20.7 million at this quarter end, $18.5 million last quarter, and $18.8 million a year ago. Non-performing loans to total loans was 0.39% at this quarter end compared to 0.36% last quarter and 0.37% a year ago. Non-performing assets were $22.1 million at quarter end versus $19.7 million last quarter and $21 million a year ago.
We also avoid concentrations of any credit to any single borrower or business and continue to require personal guarantees on all of our loans. Now, for our numbers, asset quality for the bank remains very strong. Early-stage delinquencies for our portfolio continue to be steady. Charge-offs for the quarter amount to a net recovery of $14,000, which follows a net recovery of $176,000 in the third quarter, and $457,000 over the past year. Non-performing loans were $20.7 million at this quarter end, $18.5 million last quarter, and $18.8 million a year ago. Non-performing loans to total loans was 0.39% at this quarter end compared to 0.36% last quarter and 0.37% a year ago. Non-performing assets were $22.1 million at quarter end versus $19.7 million last quarter and $21 million a year ago.
Our pause for any questions to come through.
Speaker #2: Now for our numbers. Asset quality for the bank remains very strong. Early-stage delinquencies for our portfolio continue to be steady. Charge-offs for the quarter amount to a net recovery of $14,000, which follows a net recovery of $176,000 in the third quarter and $457,000 over the past year.
Our first question comes from Ian, Lepe.
From gabelli funds. Your line is open Ian. Good morning gentlemen, um, congratulations on your great quarter.
Great quarter in year um, with a few um maybe start with asset quality. Um,
Speaker #2: Non-performing loans were $20.7 million at this quarter end, $18.5 million last quarter, and $18.8 million a year ago. Non-performing loans to total loans was 0.39% at this quarter end, compared to 0.36% last quarter and 0.37% a year ago.
Obviously, it's great to see another quarter of of net. Recoveries
um,
But I did notice.
Speaker #2: Non-performing assets were 22.1 million a quarter end versus 19.7 million last quarter and 20 million 21 million a year ago. At quarter end, our allowance for credit losses remained solid at 52.2 million with a covered ratio of 253% compared to 51.9 million with a covered ratio of 281% last quarter.
A um, increase in the New York commercial npls of about 1.7 million was that um 1 relationship or a couple. Maybe you could just expand a little bit what what happened there.
I think it's too relationships, Ian.
and uh,
they're multifamilies.
Michael Ozimek: At quarter end, our allowance for credit losses remained solid at $52.2 million, with a covered ratio of 253%, compared to $51.9 million with a covered ratio of 281% last quarter, and $50.2 million at a covered ratio of 267% a year ago. Rob? Thanks, Kevin. We're happy to answer any questions. That's our story.
At quarter end, our allowance for credit losses remained solid at $52.2 million, with a covered ratio of 253%, compared to $51.9 million with a covered ratio of 281% last quarter, and $50.2 million at a covered ratio of 267% a year ago. Rob?
1 is in the City's, connecting, and 1 is in the city of Albany.
And are those typical where you have um good collateral and personal guarantees.
Speaker #2: And 50.2 million and a covered ratio of 267% a year ago. Rob?
Oh yeah.
We don't have an unguaranteed Loan in our portfolio in.
Robert J. McCormick: Thanks, Kevin. We're happy to answer any questions. That's our story.
Speaker #1: Thanks, Kevin. We're happy to answer any questions. That's our story.
Good. Um, these particular these particular cases, it's it's, they're both retirees.
Speaker #3: Thank you very much. So last question, please press star, followed by one on your telephone keypad. To change your mind, please press star, followed by two.
Operator: Thank you very much. To ask a question, please press star followed by one on your telephone keypad. To change your mind, please press star followed by two. I'll pause for any questions to come through. Our first question comes from Ian Lapey from Gabelli Funds. Your line is open, Ian. Please go ahead.
Operator: Thank you very much. To ask a question, please press star followed by one on your telephone keypad. To change your mind, please press star followed by two. I'll pause for any questions to come through. Our first question comes from Ian Lapey from Gabelli Funds. Your line is open, Ian. Please go ahead.
Who are knowledgeable with regard to this? And I think they've relocated to Florida. At least 1 of them has
Okay.
Um,
Speaker #3: We'll pause for any questions to come through. Our first question comes from Ian Lepay from Gabelli Funds. Your line is open, Ian. Please go ahead.
On the a couple on the expenses. First, the other expense was up a little bit 2.55. Verse 1.7 and 3 Q
um, anything in particular driving that
Speaker #4: Good morning, gentlemen. Congratulations on a great quarter. Great quarter and year.
Ian Lapey: Good morning, gentlemen. Congratulations on a great quarter, great quarter and year.
Ian Lapey: Good morning, gentlemen. Congratulations on a great quarter, great quarter and year.
Michael Ozimek: Thank you.
Michael Ozimek: Thank you.
Speaker #4: Thank you. A few questions. Maybe start with asset quality. Obviously, it's great to see another quarter of net recoveries. But I did notice an increase in the New York commercial NPLs of about $1.7 million.
Ian Lapey: A few, maybe start with asset quality. Obviously, it's great to see another quarter of net recoveries. But I did notice an increase in the New York commercial NPLs of about $1.7 million. Was that one relationship or a couple? Maybe you could just expand a little bit what happened there.
Ian Lapey: A few, maybe start with asset quality. Obviously, it's great to see another quarter of net recoveries. But I did notice an increase in the New York commercial NPLs of about $1.7 million. Was that one relationship or a couple? Maybe you could just expand a little bit what happened there.
no, I mean, just at the end of the year, we just, you know, there's some of the benefit plans that we that we look at. We also took the opportunity for uh, tax purposes to uh, to, you know, fund, uh, the Trustco foundation for about a half a million dollars just to be able to take the tax benefit of that. So just a few larger expenses that we've put through in the fourth quarter, but nothing really notable.
Okay.
Speaker #4: Was that one relationship, or a couple? Maybe you could just expand a little bit on what happened.
Speaker #4: there.
And then for the it, I, I thought I heard for the guidance, for the for 26 expenses, you said 27.7 to 28.2.
Speaker #1: I think it's two relationships,
Michael Ozimek: I think it's two relationships, Ian. They're multi-families. One is in the City of Schenectady and one is in the City of Albany.
Robert J. McCormick: I think it's two relationships, Ian. They're multi-families. One is in the City of Schenectady and one is in the City of Albany.
Speaker #1: Ian. And they're multi-families. One is in the city of Schenectady and one is in the city of Albany.
Excluding um other real estate is that right?
Yeah. Yeah it just gives us a little Breathing Room going into next year but uh there's nothing really that's that's really driving us up.
Speaker #4: And are those typical where you have good collateral and personal
Ian Lapey: Are those typical where you have good collateral and personal guarantees?
Ian Lapey: Are those typical where you have good collateral and personal guarantees?
Speaker #4: guarantees? Oh,
Speaker #1: Yeah, we don't have an unguaranteed loan in our portfolio, Ian.
Michael Ozimek: Oh, yeah. We don't have an unguaranteed loan in our portfolio, Ian.
Robert J. McCormick: Oh, yeah. We don't have an unguaranteed loan in our portfolio, Ian.
Okay. So because that is a decent uptick from the Run rate this year is that anything in particular or is that sort of a cross the board?
Speaker #4: Okay.
Ian Lapey: Okay. Good.
Ian Lapey: Okay. Good.
Speaker #4: Good. These
Speaker #1: In particular cases, they're both retirees, knowledgeable with regard to this. And I think they've relocated to Florida—at least one of them has.
Michael Ozimek: These particular cases, they're both retirees who are knowledgeable with regard to this, and I think they've relocated to Florida. At least one of them has.
Robert J. McCormick: These particular cases, they're both retirees who are knowledgeable with regard to this, and I think they've relocated to Florida. At least one of them has.
Um, that's really just across the board. There's nothing really that's standing out there. Just like I said, just kind of give us a little bit of room for next year.
Okay, I would expect this to probably be on the lower end. Lower end range of that.
Okay.
Speaker #4: Okay. And then on the couple on the expenses, first, the other expense was up a little bit, 2.55 versus 1.7 in 3Q. Anything in particular driving
Speaker #4: Okay. And then on a couple of the expenses—first, the 'other expense' was up a little bit, $2.55 million versus $1.7 million in Q3. Anything in particular driving that?
Ian Lapey: Okay. And then a couple on expenses. First, the other expense was up a little bit, 2.55 versus 1.7 in Q3. Anything in particular driving that?
Ian Lapey: Okay. And then a couple on expenses. First, the other expense was up a little bit, 2.55 versus 1.7 in Q3. Anything in particular driving that?
and then, uh, lastly, for me for the branches, uh, they declined by 2
Uh what What's the Outlook I know you mentioned last call Rob, you were looking at Pasco County in Florida. Um,
What sort of your expectation for for branch growth or or declines 26?
Speaker #1: No, I mean, just at the end of the year, there's some of the benefit plans that we look at. We also took the opportunity for tax purposes to fund the TrustCo Foundation.
Michael Ozimek: No. I mean, just at the end of the year, there's some of the benefit plans that we look at. We also took the opportunity for tax purposes to fund the TrustCo Foundation for about $500,000 just to be able to take the tax benefit of that. So just a few larger expenses that we put through in the fourth quarter, but nothing really notable.
Robert J. McCormick: No. I mean, just at the end of the year, there's some of the benefit plans that we look at. We also took the opportunity for tax purposes to fund the TrustCo Foundation for about $500,000 just to be able to take the tax benefit of that. So just a few larger expenses that we put through in the fourth quarter, but nothing really notable.
Speaker #1: For about a half a million dollars, just to be able to take that tax benefit of that. So there's a few larger expenses that we put through in the fourth quarter, but nothing really notable.
You touched on the expenses earlier, Ian and we are pretty cheap people when it comes to that. So we want to get in at the right price and who knew Pascal would be as difficult. It would be to find a location as it is but we are still actively looking in Pascal.
Uh, there's a lot of Mortgage business. There is the market changes down there. They're pushing people further north
And uh, that's Tampa, becomes less affordable. And
Speaker #4: Okay. And then for the I thought I heard for the guidance for the 26 expenses, you said 27.7 to 28.2 excluding other real estate.
Ian Lapey: Okay. And then for the, I thought I heard for the guidance for the 26 expenses, you said $27.7 to 28.2, excluding other real estate. Is that right?
Ian Lapey: Okay. And then for the, I thought I heard for the guidance for the 26 expenses, you said $27.7 to 28.2, excluding other real estate. Is that right?
some of the other West Coast cities become unemployed unaffordable. They move into Pascal. So we are still looking for a location there, but we want to do it the right way.
Speaker #4: Is that
Speaker #4: right? Yeah.
Michael Ozimek: Yeah. Yeah. It just gives us a little breathing room going into next year, but there's nothing really that's really driving us up.
Robert J. McCormick: Yeah. Yeah. It just gives us a little breathing room going into next year, but there's nothing really that's really driving us up.
Okay, great. And again, congratulations, great. Great year.
Speaker #1: Yeah. It just gives us a little breathing room going into next year. But there's nothing really that's really driving us
Speaker #1: Yeah, it just gives us a little breathing room going into next year. But there's nothing really that's driving us up, okay.
Thanks for your interest in.
Amanda to ask a question. Please press star. Followed by 1.
Ian Lapey: Okay. So because that is a decent uptick from the run rate this year, is that anything in particular, or is that sort of across the board?
Ian Lapey: Okay. So because that is a decent uptick from the run rate this year, is that anything in particular, or is that sort of across the board?
Speaker #4: So because that is a decent uptick from the run rate this year, is that anything in particular or is that sort of across the board?
Speaker #4: So because that is a decent uptick from the run rate this year, is that anything in particular or is that sort of across the board?
This concludes our question and answer session, I would like to turn the conference back over to Robert J McCormick for any closing remarks.
Speaker #1: That's really just across the board. There's nothing really that's standing out there. Just like I said, just to kind of give us a little bit of room for next—
Michael Ozimek: It's really just across the board. There's nothing really that's standing out there. Like I said, just kind of gives us a little bit of room for next year.
Robert J. McCormick: It's really just across the board. There's nothing really that's standing out there. Like I said, just kind of gives us a little bit of room for next year.
Thank you for your interest in our company. We hope you have a great day. Thank you.
Speaker #1: year. I would expect Okay. this to probably be on the lower end. Lower end range of that.
Ian Lapey: Okay.
Ian Lapey: Okay.
Michael Ozimek: I would expect this to probably be on the lower end range of that.
Robert J. McCormick: I would expect this to probably be on the lower end range of that.
Conference call is now concluded. Thank you for everyone attending, you may now disconnect your lines.
Speaker #4: Okay, and then lastly, for me— for the branches, they declined by two. What's the outlook? I know you mentioned last call, Rob, you were looking at Pasco County in Florida.
Ian Lapey: Okay. And then lastly, for me, for the branches, they declined by two. What's the outlook? I know you mentioned last call, Rob, you were looking at Pasco County in Florida. What's sort of your expectation for branch growth or declines for 2026?
Ian Lapey: Okay. And then lastly, for me, for the branches, they declined by two. What's the outlook? I know you mentioned last call, Rob, you were looking at Pasco County in Florida. What's sort of your expectation for branch growth or declines for 2026?
Speaker #4: What's your expectation for branch growth or declines? Twenty-six?
Speaker #1: You touched on the expenses earlier, Ian, and we are pretty cheap people when it comes to that. So we want to get into the right price.
Michael Ozimek: You touched on the expenses earlier, Ian, and we are pretty cheap people when it comes to that. So we want to get in at the right price. And who knew Pasco would be as difficult it would be to find a location as it is? But we are still actively looking in Pasco. There's a lot of mortgage business there. As the market changes down there, they're pushing people further north. And as Tampa becomes less affordable and some of the other West Coast cities become unaffordable, they move into Pasco. So we are still looking for a location there, but we want to do it the right way.
Robert J. McCormick: You touched on the expenses earlier, Ian, and we are pretty cheap people when it comes to that. So we want to get in at the right price. And who knew Pasco would be as difficult it would be to find a location as it is? But we are still actively looking in Pasco. There's a lot of mortgage business there. As the market changes down there, they're pushing people further north. And as Tampa becomes less affordable and some of the other West Coast cities become unaffordable, they move into Pasco. So we are still looking for a location there, but we want to do it the right way.
Speaker #1: And who knew Pasco would be as difficult it would be to find a location as it is? But we are still actively looking in Pasco because a lot of mortgage business there is the market changes down there.
Speaker #1: They're pushing people further north. And as Tampa becomes less affordable and some of the other West Coast cities become, yeah, unaffordable, they move into Pasco.
Speaker #1: So we are still looking for a location there, but we want to do it the right way.
Speaker #1: way. Okay.
Ian Lapey: Okay. Great. And again, congratulations. A great year.
Ian Lapey: Okay. Great. And again, congratulations. A great year.
Speaker #4: Great. And again, congratulations. Great, great year.
Speaker #1: Thanks for your interest, Ian.
Michael Ozimek: Thanks for your interest, Ian.
Robert J. McCormick: Thanks for your interest, Ian.
Operator: Thank you. As a reminder, to ask a question, please press star followed by one. This concludes our question and answer session. I'd like to turn the conference back over to Robert J. McCormick for any closing remarks.
Operator: Thank you. As a reminder, to ask a question, please press star followed by one. This concludes our question and answer session. I'd like to turn the conference back over to Robert J. McCormick for any closing remarks.
Speaker #3: As a reminder, to ask a question, please press star, followed by one. This concludes our question and answer session. I would like to turn the conference back over to Robert J.
Speaker #3: McCormick for any closing remarks.
Speaker #1: Thank you for your interest in our company, and we hope you have a great day. Thank
Michael Ozimek: Thank you for your interest in our company, and we hope you have a great day. Thank you.
Robert J. McCormick: Thank you for your interest in our company, and we hope you have a great day. Thank you.
Speaker #1: you. The conference call is now
Operator: The conference call is now concluded. Thank you for everyone attending. You may now disconnect your lines.
Operator: The conference call is now concluded. Thank you for everyone attending. You may now disconnect your lines.
