TrustCo Bank Corp NY reported its financial results for the third quarter and nine months ended September 30, 2025, showing a significant increase in both net income and net interest income compared to the same periods in 2024. For the third quarter, net income reached $16.3 million, or $0.86 per diluted share, up from $12.9 million, or $0.68 per diluted share, in the prior year. The return on average assets improved to 1.02% from 0.84%, while the return on average equity rose to 9.29% from 7.74%. For the nine-month period, net income was $45.6 million, or $2.41 per diluted share, compared to $37.6 million, or $1.97 per diluted share, in 2024.
The increase in net income for the third quarter was primarily driven by an $4.4 million increase in net interest income, totaling $43.1 million, which was attributed to higher interest income from loans and federal funds sold, despite a rise in interest expenses. The provision for credit losses decreased by $250,000 compared to the same quarter in 2024, contributing positively to the overall profitability. However, noninterest income fell by $242,000, largely due to a decrease in fees for services to customers and the absence of significant gains from equity securities that were recorded in the previous year.
Operationally, TrustCo's total assets increased to $6.35 billion as of September 30, 2025, up from $6.07 billion at the end of 2024. The loan portfolio also grew, with net loans reaching $5.14 billion, compared to $5.05 billion at the end of the previous year. The allowance for credit losses on loans was $51.9 million, representing 1.00% of the loan portfolio, slightly up from $50.2 million, or 0.99%, at the end of 2024. The company reported a coverage ratio of 280.8% for nonperforming loans, indicating a strong position in managing credit risk.
In terms of strategic developments, TrustCo continued its share repurchase program, buying back 298,177 shares at an average price of $38.69 during the third quarter. The company also declared a dividend of $0.38 per share, an increase from $0.36 in the same quarter of the previous year. Looking ahead, TrustCo remains focused on expanding its loan portfolio while maintaining a conservative approach to underwriting and risk management, particularly in light of ongoing economic uncertainties and fluctuating interest rates. The company is well-capitalized, meeting all regulatory requirements, and is positioned to navigate potential challenges in the financial landscape.
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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