TrustCo’s Positive Momentum Yields 6.5% Net Income Increase; $17.3 Million for Third Quarter of 2026
Key Highlights
- ➤Diluted EPS $1.02, up 18.6% year over year
- ➤Net interest income $47.0 million, up 9.1% year over year
- ➤Net income $17.3 million, up 6.5% year over year
- ➤Quarterly dividend increased 5.3% to $0.40 per share
- ➤TrustCo repurchased 1.5 million shares through September, 8.3% outstanding
Expert Statements
Robert J. McCormick, Chairman, President, and CEO of TrustCo Bank Corp NY
“Another quarter of solid financial performance is the product of TrustCo’s continued execution of tried and true banking principles that, quarter after quarter, continue to build positive momentum. Steady growth in both loans and deposits, coupled with favorable repricing of the Bank’s nearly $5.5 billion loan portfolio, have boosted net interest income to $47 million for the quarter, increased margin by 16 basis points, and driven return on average equity up 1.28% year over year, a 14% increase. Our management team has built a resilient balance sheet that can perform well in the current dynamic interest-rate environment, which efforts are supported by the entire organization’s focus on our relationship-based banking strategy. The ongoing repurchase of shares and regular payment of our recently-increased quarterly dividend work together to enhance shareholder value. With all of these factors coming together and trending favorably, we are optimistic about the Company’s ability to maintain positive momentum into 2027.”
Financial results: * Key metrics for the third quarter of 2026 compared to the third quarter of 2025: * Diluted earnings per share of $1.02 increased 18.6% compared to $0.86 * Net interest income of $47.0 million, up 9.1% from $43.1 million * Net interest margin of 2.95%, up 16 basis points from 2.79% * Net income of $17.3 million increased 6.5% compared to $16.3 million * Average loans increased $238.1 million, or 4.6% * Average deposits increased $229.6 million, or 4.2%
* Capital allocation and Stock Repurchase Program: * Increased dividend 5.3% to $0.40 per share, or $1.60 per share on an annualized basis * Purchased 13.2% of TrustCo outstanding common stock under the 2026 and 2025 Stock Repurchase Programs through the acquisition of over 1.5 million shares in the first nine months of 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy * On pace to complete the repurchase of a total of three million shares, or 15.8%, of TrustCo common stock by the end of 2026 GLENVILLE, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) --
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