newsfilter
← Latest News
GlobeNewswire·

TrustCo Reports First Quarter 2026 Net Income of $16.3 Million; Notes Loan Portfolio Repricing

TRST
  • TrustCo Bank Corp NY reported first quarter 2026 net income of $16.3 million, a 14.1% increase compared to $14.3 million in the same period of 2025.
  • Diluted earnings per share reached $0.91, up 21.3% from $0.75 in the prior year quarter.
  • Net interest income rose 10.7% year-over-year to $44.7 million, driven by asset repricing at higher yields & disciplined deposit pricing strategies.
  • The net interest margin expanded 20 basis points to 2.84%, compared to 2.64% in the first quarter of 2025.
  • Return on average assets increased 9.7% to 1.02%, while return on average equity rose 13.8% to 9.66%.
  • Average loan balances grew by $158.9 million (3.1%) year-over-year, with total loans exceeding $5.29 billion.
  • Average deposits increased by $157.7 million (2.9%), primarily due to growth in time deposits, interest-bearing checking accounts, & demand deposits.
  • The company repurchased 522,226 shares (2.9% of outstanding stock) under its stock repurchase program, maintaining its pace to buy two million shares (11.1%) by year-end 2026.
  • Book value per share as of March 31, 2026, was $38.32, up from $36.16 in the prior year period.
  • Provision for credit losses was $950,000, an increase of $650,000 compared to the first quarter of 2025.
  • Nonperforming loans stood at $21.5 million (0.41% of total loans) as of March 31, 2026, with a coverage ratio of 246.9%.
  • The allowance for credit losses on loans was $53.0 million, representing 1.00% of total loans.
  • The bank operates 133 banking offices across New York, New Jersey, Vermont, Massachusetts, & Florida as of March 31, 2026.
  • A conference call to discuss the results is scheduled for April 22, 2026, at 9:00 a.m. Eastern Time.