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GlobeNewswire·

TrustCo Reports 12.8% Increase in Net Income for the Second Quarter of 2026 to $17 Million

TRST
  • TrustCo Bank Corp NY reported second quarter 2026 diluted earnings per share of $0.98, a 24.1% increase from $0.79 in the prior year period.
  • Net interest income rose 9.2% year over year to $45.6 million, driven by asset repricing & deposit growth strategies.
  • The net interest margin expanded 16 basis points to 2.87%, while the yield on interest-earning assets increased to 4.27% & the cost of interest-bearing liabilities decreased to 1.79%.
  • Net income for the quarter reached $17.0 million, up 12.8% from $15.0 million in the second quarter of 2025.
  • Average loans grew by $197.5 million (3.8%) & average deposits increased by $208.6 million (3.8%), reflecting balanced growth in core lending & deposit categories.
  • The company recognized an $844 thousand unrealized gain on equity securities due to the conversion of Visa Class B-2 shares.
  • TrustCo repurchased over one million shares in the first half of 2026 & is on pace to complete the repurchase of three million shares (15.8% of outstanding stock) by the end of 2026.
  • Book value per share as of June 30, 2026, was $38.53, up from $36.75 a year earlier.
  • Asset quality remained stable with nonperforming loans at $21.8 million (0.40% of total loans) & a coverage ratio of 248.6%.
  • The company moved its regional corporate headquarters to a repurposed building in Longwood, Florida, expanding its footprint to 132 offices.
  • A conference call to discuss the results is scheduled for July 22, 2026, at 9:00 a.m. Eastern Time.