TrustCo Bank Corp NY (NASDAQ:TRST) Q4 2022 Earnings Call Transcript

Robert McCormick: Ian, I think you know our profile. We’re a pretty conservative underwriter always, so we don’t really change from–change our colors with regard to that. We try and stay conservative all of the time, and that maintains consistency which the market certainly appreciates. We have never originated secondary market, whether it’s Fannie Mae, Freddie Mac, FHA or VA. We do have a small relationship with a local mortgage banker that we buy loans on an individual basis from, but this is a new venture to us. We have hired very experienced, qualified people who have a long history of working in the mortgage banking industry to assist us with this, and so far, so good. We’ve originated our first VA residential mortgage and things seem to be going very well.

Ian Lapey: Okay, great. What about the competitive environment in terms of other banks or fintechs in the residential origination business?

Robert McCormick: Yes, that’s to do, Ian. Everyone comes in and out of the mortgage business, and one firm is hot and heavy for a period of time and then they back down and maybe lose a little market share, but there’s always someone coming up to fill those shoes. That’s again why we try and stay consistent. We’re not really looking to be a market leader with regard to residential mortgage lending, we just want to be a consistent performer and be able to fill our coffers and not worry about what the rest of the world is doing. As long as we’re able to do that, we welcome the competition.

Ian Lapey: Okay, great, and congrats again, great year.

Robert McCormick: Thank you.

Operator: Perfect, thank you Ian. This concludes our question and answer session. I would like to turn the conference back to Robert J. McCormick for any closing remarks. Robert?

Robert McCormick: Thank you for your interest in our company and have a great day.

Operator: The conference call has now concluded. Thank you for attending today’s presentation. You may now disconnect.