TrustCo Bank Corp NY reported a net income of $15.0 million, or $0.79 per diluted share, for the second quarter of 2025, marking an increase from $12.6 million, or $0.66 per diluted share, in the same period of 2024. For the first half of 2025, net income rose to $29.3 million, or $1.54 per diluted share, compared to $24.7 million, or $1.30 per diluted share, in the prior year. The return on average assets improved to 0.96% from 0.82%, while return on average equity increased to 8.73% from 7.76% year-over-year. The growth in net income was primarily driven by a $4.0 million increase in net interest income, attributed to higher interest and fee income on loans.
In terms of operational performance, TrustCo's net interest income for the second quarter of 2025 was $41.7 million, up from $37.8 million in the same quarter of 2024. The net interest margin also expanded to 2.71%, an increase of 18 basis points compared to the previous year. The average loan portfolio grew by $115.6 million to $5.14 billion, with an average yield of 4.25%. However, noninterest income decreased to $4.9 million from $5.7 million, largely due to the absence of a significant unrealized gain recorded in the previous year.
TrustCo's total assets increased to $6.35 billion as of June 30, 2025, compared to $6.24 billion at the end of 2024. The bank's loan portfolio also saw growth, with net loans rising to $5.11 billion from $5.05 billion. The allowance for credit losses on loans was $51.3 million, slightly higher than $50.2 million at the end of 2024, representing 0.99% of the loan portfolio. The company recorded a provision for credit losses of $650,000 for the second quarter, reflecting ongoing loan growth.
Strategically, TrustCo has continued to focus on expanding its loan portfolio while maintaining a conservative approach to underwriting. The bank's geographic footprint remains concentrated in New York and Florida, with 64.4% of its gross loan portfolio in New York and surrounding areas. The company has also initiated a share repurchase program, authorizing the buyback of up to 1 million shares, with 168,735 shares repurchased at an average price of $31.56 during the second quarter.
Looking ahead, TrustCo's management remains cautious amid economic uncertainties, including potential impacts from inflation and interest rate fluctuations. The bank's strong capital position and liquidity are expected to support its operations and growth strategies, while management continues to monitor market conditions closely. The company is well-capitalized, with capital ratios exceeding regulatory requirements, positioning it favorably for future opportunities.
About TRUSTCO BANK CORP N Y
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