TrustCo Q3 net income rises 6.5% to $17.3M; EPS $1.02 up 18.6%, dividend raised 5.3% to $0.40

TRUSTCO BANK CORP N Y

Net interest income $47.0M, up 9.1% from $43.1M; NIM 2.95%, up 16 bps from 2.79%; asset yield 4.35% (+10 bps), cost of interest-bearing liabilities 1.79% (-11 bps).
Average loans +$238.1M (+4.6%), led by residential +$177.3M (+4.0%) and HECLs +$50.0M (+11.4%); average deposits +$229.6M (+4.2%) on time deposits and checking growth.
Dividend raised 5.3% to $0.40/quarter ($1.60 annualized); repurchased 500K shares in Q3 and 1.5M (8.3%) YTD, on pace for 3M shares (15.8%) by end of 2026.
Provision for credit losses $850K vs $250K a year earlier; NPLs $21.1M (0.39% of loans) vs $18.5M (0.36%); coverage ratio 261.8% vs 280.8%; ACL $55.2M.
Nine-month net income $50.6M ($2.91 EPS) vs $45.6M ($2.41); book value per share $38.20 (+2.4%); equity-to-assets 9.72% vs 10.90% a year ago.

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