newsfilter
← Latest News
GlobeNewswire·

TrustCo’s Positive Momentum Yields 6.5% Net Income Increase; $17.3 Million for Third Quarter of 2026

TRST
  • TrustCo Bank Corp NY reported third quarter 2026 diluted earnings per share of $1.02, an 18.6% increase from $0.86 in the same period in 2025.
  • Net interest income rose 9.1% to $47.0 million, driven by asset repricing & deposit growth strategies.
  • Net interest margin expanded 16 basis points to 2.95%, up from 2.79% in the prior year quarter.
  • Net income for the quarter increased 6.5% to $17.3 million, while net income for the first nine months of 2026 reached $50.6 million.
  • Average loans grew 4.6% to include increases in residential loans, Home Equity Credit Lines, & commercial loans.
  • Average deposits increased 4.2%, supported by growth in time deposits, interest-bearing checking accounts, & demand deposits.
  • The board declared a quarterly dividend increase of 5.3% to $0.40 per share, establishing an annualized rate of $1.60.
  • TrustCo repurchased 500,000 shares during the third quarter & 1.5 million shares in the first nine months of 2026, following 1 million shares in 2025.
  • The company remains on pace to repurchase 3 million shares (15.8% of outstanding stock) by the end of 2026.
  • The yield on interest-earning assets increased to 4.35%, while the cost of interest-bearing liabilities decreased to 1.79%.
  • Provision for credit losses totaled $850,000, attributed to loan growth & economic assumption changes rather than credit deterioration.
  • Nonperforming loans were $21.1 million, representing 0.39% of total loans, with a coverage ratio of 261.8%.
  • Book value per share was $38.20 as of September 30, 2026, up 2.4% from $37.30 a year earlier.
  • The bank operates 133 offices across New York, New Jersey, Vermont, Massachusetts, & Florida with 740 full-time employees.
  • Return on average equity reached 10.57% for the quarter, a 14% year-over-year increase.