TrustCo Bank Corp NY reported financial results for the third quarter of 2026, showing a 6.5% increase in net income to $17.3 million, compared to $16.3 million in the same period of the prior year. Diluted earnings per share rose 18.6% to $1.02 from $0.86.
Key metrics for the quarter included net interest income of $47.0 million, up 9.1% from $43.1 million, driven by higher yields on the loan portfolio and effective deposit growth strategies. The net interest margin expanded to 2.95%, an increase of 16 basis points from 2.79% in the prior year. Average loans grew by $238.1 million, or 4.6%, while average deposits increased by $229.6 million, or 4.2%.
On the capital allocation front, TrustCo increased its quarterly dividend by 5.3% to $0.40 per share. The company also repurchased 1.5 million shares of its common stock during the first nine months of 2026, representing 8.3% of outstanding shares. As of September 30, 2026, TrustCo’s equity to asset ratio was 9.72%, and book value per share was $38.20, up 2.4% from the previous year.
Asset quality metrics remained stable, with nonperforming loans totaling $21.1 million, or 0.39% of total loans. The coverage ratio for credit losses stood at 261.8%.
