Oct 22, 2026 earnings call — Loan and deposit growth, rising earnings
TrustCo reported third-quarter net income of $17.3 million, up 6.5% year-over-year.
Revenue $0.1B · EPS $1.02
Key quotes
"This performance is underscored by rising net interest income and sustained loan and deposit growth across core lending and deposit categories."
"Credit quality continues to be stable as we saw nonperforming loans modestly increased to $21.1 million in the third quarter of '26 from $18.5 million in the third quarter of '25."
"TrustCo repurchased 13.2% of outstanding common stock under the 2025 and 2026 stock repurchase programs through the acquisition of over 1.5 million shares in 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy."
Analyst Q&A 1
Effect of rising rates on loans and deposits
Q (John Lapey · Gabelli Funds): He asked how the sharp rise in interest rates affected the bank's loan and deposit business and customer behavior on refinancing or buying homes. He also asked how the bank is positioning the loan portfolio for a tougher economy and what drove the increase in the allowance.
A: They said the bank stayed liquid and well capitalized, let some higher-priced stuff run off, and is working back into it. They said some customers are going longer on CDs, loan volumes are down, and they are focusing on picking up more equity loans and have been successful. They said underwriting remains conservative and that part of the allowance increase is driven by loan growth and funding through the CECL model.
"And part of that allowance increase is driven by loan growth so that we're back funding that through the CECL model." — Robert McCormick (CEO·CHAIR)