Trustco earnings increased in the third quarter of 2026 as loan and deposit growth, together with repricing of its loan portfolio, lifted net interest income. The bank reported net income of $17.3 million, up 6.5% from a year earlier, in an October 21 filing.
Key Takeaways
- Diluted earnings per share rose 18.6% to $1.02, while net income increased from $16.3 million to $17.3 million.
- Net interest income grew 9.1% to $47.0 million, and net interest margin widened by 16 basis points to 2.95%.
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Trustco earnings benefit from loan repricing
The improvement in lending income accompanied expansion on both sides of the balance sheet. Average loans increased by $238.1 million, or 4.6%, from a year earlier, while average deposits rose by $229.6 million, or 4.2%. Those dollar figures represent increases, not total loan and deposit balances.
Chief Executive Robert J. McCormick attributed the higher net interest income to steady loan and deposit growth and favorable repricing of the bank’s nearly $5.5 billion loan portfolio. Net interest income compared with $43.1 million in the third quarter of 2025.
Diluted earnings per share increased from $0.86 a year earlier. Total interest expenses for deposits declined year over year, alongside the expansion in net interest margin.
Credit performance remains a watch point
Nonperforming loans increased slightly. McCormick pointed to strong underwriting and conservative lending standards as the bank’s approach to managing credit risk.
Trustco Bank Corp NY operates through its principal subsidiary, Trustco Bank. Its community-banking business is concentrated in upstate New York, with additional branches in Florida, Massachusetts, New Jersey and Vermont.
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