TrustCo Bank Corp NY reported a net income of $14.3 million, or $0.75 per diluted share, for the first quarter of 2025, marking an increase from $12.1 million, or $0.64 per diluted share, in the same period of 2024. The company's return on average assets improved to 0.93% from 0.80%, while return on average equity rose to 8.49% from 7.54%. The increase in net income was primarily driven by a $3.8 million rise in net interest income, which reached $40.4 million, attributed to higher interest and fees on loans, alongside a decrease in the provision for credit losses.
In terms of operational metrics, TrustCo's total assets increased to $6.34 billion as of March 31, 2025, compared to $6.24 billion at the end of 2024. The loan portfolio also saw growth, with net loans rising to $5.07 billion from $5.05 billion. The allowance for credit losses on loans was $50.6 million, slightly up from $50.2 million at the end of the previous year. The company maintained a strong capital position, with total shareholders' equity increasing to $687.8 million from $676.3 million.
TrustCo's noninterest income for the first quarter of 2025 was $5.0 million, a modest increase from $4.8 million in the prior year, driven by higher wealth management fees. However, noninterest expenses rose to $26.3 million, up from $24.9 million, largely due to increased salaries and employee benefits, as well as professional services. The company’s employee headcount decreased to 740 from 761 year-over-year, reflecting a normal fluctuation in staffing levels.
Strategically, TrustCo continues to focus on expanding its loan portfolio, particularly in residential real estate, which remains a core product. The average balance of residential mortgage loans increased slightly to $4.39 billion, with a yield of 3.89%. The company also announced a new share repurchase program, authorizing the buyback of up to 1 million shares, which represents approximately 5% of its outstanding common stock.
Looking ahead, TrustCo's management remains cautious amid economic uncertainties, including potential impacts from inflation and interest rate fluctuations. The company is committed to maintaining its conservative underwriting standards and strong liquidity position, which it believes will help mitigate risks associated with credit quality and market volatility.
About TRUSTCO BANK CORP N Y
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