Schenectady City Hall. TrustCo Bank Corp NY, the parent of Trustco Bank, is based in nearby Glenville. Photo: Daniel Case, CC BY-SA 3.0, via Wikimedia Commons.
TrustCo Bank Corp NY, the Glenville-based parent of Trustco Bank, said third-quarter net income rose to $17.3 million, or $1.02 a diluted share, from $16.3 million, or $0.86, a year earlier. That is a 6.5 percent increase in earnings and an 18.6 percent increase in diluted earnings per share, the company reported on Oct. 21.
Net interest income, the difference between what the bank earns on loans and investments and what it pays on deposits and other funding, was $47.0 million, up 9.1 percent from $43.1 million in the third quarter of 2025. The net interest margin widened 16 basis points, to 2.95 percent from 2.79 percent. Average loans were up $238.1 million, or 4.6 percent, and average deposits were up $229.6 million, or 4.2 percent, the release said.
For the first nine months of 2026, TrustCo reported net income of $50.6 million, or $2.91 a diluted share, compared with $45.6 million, or $2.41, in the same period of 2025. The board raised the quarterly dividend 5.3 percent, to $0.40 a share, or $1.60 annualized. The company also said it had bought back more than 1.5 million shares in the first nine months of 2026 under its 2025 and 2026 repurchase programs, amounting to 13.2 percent of TrustCo common stock, after buying 1 million shares in 2025, and that it was on pace to complete a total repurchase of 3 million shares, or 15.8 percent, by the end of 2026.
Chairman, President and CEO Robert J. McCormick pointed to loan and deposit growth and to the repricing of “the Bank’s nearly $5.5 billion loan portfolio.” Those factors, he said in the release, “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.”
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