TrustCo Bank Corp NY reported a net income of $16.3 million, or $0.91 per diluted share, for the first quarter of 2026, reflecting a 14.1% increase from the $14.3 million, or $0.75 per diluted share, recorded in the same period of 2025. The return on average assets improved to 1.02% from 0.93%, while the return on average equity rose to 9.66% from 8.49%. The increase in net income was primarily driven by a $4.3 million increase in net interest income, which reached $44.7 million, attributed to higher interest and fees on loans, despite a $650,000 increase in the provision for credit losses compared to the previous year.
Total interest income for the quarter was $66.2 million, up from $62.8 million in the prior year, while interest expense decreased to $21.5 million from $22.4 million. The net interest margin increased to 2.84%, up 20 basis points from the previous year, as the average yield on loans rose to 4.38%. The average loan portfolio grew by $158.9 million to $5.27 billion, with residential mortgage loans increasing by 2.1% to $4.48 billion. However, noninterest income decreased to $4.8 million from $5.0 million, primarily due to a decline in interchange income.
TrustCo's total assets increased to $6.51 billion as of March 31, 2026, compared to $6.44 billion at the end of 2025. The loan portfolio also saw growth, with net loans rising to $5.24 billion from $5.20 billion. The allowance for credit losses on loans increased to $53.0 million, representing 1.00% of the loan portfolio, compared to 0.99% at the end of 2025. Nonperforming loans totaled $21.5 million, slightly up from $20.7 million, with a coverage ratio of 246.9%.
In terms of strategic developments, TrustCo repurchased 522,226 shares at an average price of $44.61 during the first quarter, as part of a share repurchase program authorized in December 2025. The company declared a dividend of $0.38 per share, resulting in a payout ratio of 41.40%. Looking ahead, TrustCo remains focused on expanding its loan portfolio while maintaining a conservative approach to underwriting and managing credit risk, particularly in light of ongoing economic uncertainties and market conditions.
About TRUSTCO BANK CORP N Y
TrustCo Bank Corp NY is a savings and loan holding company primarily operating Trustco Bank, a federal savings bank providing personal and business banking services, including deposits, loans, and trust management. It serves communities in New York, Florida, Vermont, Massachusetts, and New Jersey, emphasizing community-based financial relationships, regulatory compliance, and diversified lending activities to support local economic growth.
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