TRUSTCO BANK CORP N Y (TRST)
SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6022 State Commercial Banks
SEC company page: https://www.sec.gov/edgar/browse/?CIK=357301. Latest filing source: 0001140361-26-009576.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 259,416,000 | USD | 2025 | 2026-03-16 |
| Net income | 61,137,000 | USD | 2025 | 2026-03-16 |
| Assets | 6,440,700,000 | USD | 2025 | 2026-03-16 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000357301.json. Derived margins are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 161,359,000 | 168,960,000 | 180,914,000 | 192,128,000 | 178,288,000 | 167,982,000 | 186,602,000 | 226,206,000 | 243,316,000 | 259,416,000 |
| Net income | 42,601,000 | 43,145,000 | 61,445,000 | 57,840,000 | 52,452,000 | 61,519,000 | 75,234,000 | 58,646,000 | 48,833,000 | 61,137,000 |
| Diluted EPS | 0.45 | 0.45 | 0.64 | 2.98 | 2.72 | 3.19 | 3.93 | 3.08 | 2.57 | 3.25 |
| Assets | 4,868,806,000 | 4,908,008,000 | 4,958,913,000 | 5,221,322,000 | 5,901,796,000 | 6,196,546,000 | 6,000,052,000 | 6,168,191,000 | 6,238,744,000 | 6,440,700,000 |
| Liabilities | 4,436,120,000 | 4,449,700,000 | 4,469,042,000 | 4,683,065,000 | 5,333,635,000 | 5,595,418,000 | 5,400,065,000 | 5,522,906,000 | 5,562,401,000 | 5,754,111,000 |
| Stockholders' equity | 432,686,000 | 458,308,000 | 489,871,000 | 538,257,000 | 568,161,000 | 601,128,000 | 599,987,000 | 645,285,000 | 676,343,000 | 686,589,000 |
| Cash and cash equivalents | 707,274,000 | 612,740,000 | 503,709,000 | 456,846,000 | 1,107,099,000 | 1,219,470,000 | 650,599,000 | 578,004,000 | 641,812,000 | 730,427,000 |
| Net margin | 26.40% | 25.54% | 33.96% | 30.10% | 29.42% | 36.62% | 40.32% | 25.93% | 20.07% | 23.57% |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000357301.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-30 | 0.93 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 1.01 | reported discrete quarter | ||
| 2023-Q2 | 2023-03-31 | 17,746,000 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 0.93 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 56,082,000 | 0.86 | reported discrete quarter | |
| 2023-Q3 | 2023-06-30 | 16,372,000 | reported discrete quarter | ||
| 2023-Q3 | 2023-09-30 | 57,552,000 | 0.77 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | 58,640,000 | 9,848,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 59,753,000 | 12,126,000 | 0.64 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 12,126,000 | reported discrete quarter | ||
| 2024-Q3 | 2024-06-30 | 12,551,000 | reported discrete quarter | ||
| 2024-Q2 | 2024-06-30 | 60,585,000 | 0.66 | reported discrete quarter | |
| 2024-Q3 | 2024-09-30 | 61,069,000 | 0.68 | reported discrete quarter | |
| 2024-Q4 | 2024-12-31 | 61,909,000 | 11,281,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 62,817,000 | 14,275,000 | 0.75 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 14,275,000 | reported discrete quarter | ||
| 2025-Q3 | 2025-06-30 | 15,039,000 | reported discrete quarter | ||
| 2025-Q2 | 2025-06-30 | 64,472,000 | 0.79 | reported discrete quarter | |
| 2025-Q3 | 2025-09-30 | 66,033,000 | 0.86 | reported discrete quarter | |
| 2025-Q4 | 2025-12-31 | 66,094,000 | 15,565,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 66,226,000 | 16,285,000 | 0.91 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001140361-26-020000.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Introduction The review that follows focuses on the factors affecting the financial condition and results of operations of TrustCo during the three month period ended March 31, 2026, with comparisons to the corresponding period in 2025, as applicable. The consolidated interim financial statements and related notes, as well as the Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 16, 2026 (the “2025 Form 10-K”), should also be read in conjunction with this review. Amounts in prior period consolidated interim financial statements are reclassified whenever necessary to conform to the current period’s presentation. These reclassifications have no effect on prior period net income or shareholders’ equity. See “Cautionary Note Regarding Forward-Looking Statements” on page 5 of this report for a description of important factors that could cause actual results to differ from expected results. Following this Management’s Discussion and Analysis is the table “Distribution of Assets, Liabilities and Shareholders’ Equity: Interest Rates and Interest Differential,” which gives a detailed breakdown of TrustCo’s average interest earning assets and interest bearing liabilities for the three month periods ended March 31, 2026 and 2025. Economic Overview During the first quarter of 2026, financial markets started out strong to begin 2026, but declined by the end of the quarter driven by tensions in the Middle East, higher oil prices and labor market deterioration. As of the end of the first quarter of 2026, the S&P 500 Index was down 4.63%, Nasdaq was down 7.11%, and the Dow Jones Industrial Average was down 3.58% compared to December 31, 2025. The 10‑year Treasury bond averaged 4.20% during Q1 2026 compared to 4.10% in Q4 2025, an increase of 10 basis points. The 2‑year Treasury bond averaged 3.58% during Q1 2026 compared to 3.52% in Q4 2025, and the spread between the 10‑year and the 2-year Treasury bonds increased from 0.58% on average in Q4 2025 to 0.62% in Q1 2026. Generally, steeper yield curves are favorable for portfolio mortgage lenders like TrustCo, and the table below illustrates the range of rate movements for both short term and longer term rates. During the first quarter of 2026 Federal Funds rate remained flat at a range of 3.50% to 3.75%. 47 Index 3 Month 2 Year 5 Year 10 Year 10 - 2 Year Yield (%) Yield (%) Yield (%) Yield (%) Spread (%) Q1/25 Beg of Q1 4.37 4.25 4.38 4.58 0.33 Peak 4.37 4.40 4.61 4.79 0.41 Trough 4.30 3.89 3.96 4.16 0.20 End of Q1 4.32 3.89 3.96 4.23 0.34 Average in Q1 4.34 4.15 4.25 4.45 0.30 Q2/25 Beg of Q2 4.32 3.89 3.96 4.23 0.34 Peak 4.46 4.05 4.17 4.58 0.67 Trough 4.28 3.60 3.72 4.01 0.29 End of Q2 4.41 3.72 3.79 4.24 0.52 Average in Q2 4.37 3.86 3.97 4.36 0.50 Q3/25 Beg of Q3 4.41 3.72 3.79 4.24 0.52 Peak 4.42 3.95 4.05 4.50 0.65 Trough 4.00 3.49 3.57 4.01 0.43 End of Q3 4.02 3.60 3.74 4.16 0.56 Average in Q3 4.26 3.72 3.80 4.26 0.54 Q4/25 Beg of Q4 4.02 3.60 3.74 4.16 0.56 Peak 4.03 3.63 3.78 4.19 0.73 Trough 3.62 3.41 3.55 3.97 0.49 End of Q4 3.67 3.47 3.73 4.18 0.71 Average in Q4 3.86 3.52 3.67 4.10 0.58 Q1/26 Beg of Q1 3.67 3.47 3.73 4.18 0.71 Peak 3.74 3.96 4.08 4.44 0.74 Trough 3.62 3.38 3.51 3.97 0.46 End of Q1 3.70 3.79 3.92 4.30 0.51 Average in Q1 3.69 3.58 3.77 4.20 0.62 The country has been experiencing economic uncertainty as markets continue to adjust to changes in tariff policies, Middle East tensions, increased oil prices and a volatile labor market. The Federal Open Market Committee (“FOMC”) lowered the Federal Funds target rate range to 3.50-3.75% in December 2025 and there was no change in the first quarter of 2026. 48 Index Management believes that TrustCo’s long-term focus on traditional banking services and practices historically has enabled the Company to avoid significant impact from asset quality problems, and that the Company’s strong liquidity and solid capital positions have allowed the Company to continue to conduct business in a manner consistent with its past practice. While we continue to adhere to prudent underwriting standards, should general housing prices and other economic measures, such as unemployment in the Company’s market areas, deteriorate as a result of changes in interest rates, general economic instability, a potential or actual default on the federal debt or other reasons, the Company may experience an increase in the level of credit risk and in the amount of its classified and nonperforming loans. Financial Overview TrustCo recorded net income of $16.3 million, or $0.91 of diluted earnings per share, for the three months ended March 31, 2026, compared to net income of $14.3 million, or $0.75 of diluted earnings per share, in the same period in 2025. Return on average assets was 1.02% and 0.93%, respectively, for the three months ended March 31, 2026 and 2025. Return on average equity was 9.66% and 8.49%, respectively, for the three months ended March 31, 2026 and 2025. The primary factors accounting for the change in net income for the three months ended March 31, 2026 compared to the same period of the prior year were: • An increase of $4.3 million, or 10.7%, in GAAP net interest income compared to the first quarter of 2025 primarily as a result of an increase in interest and fees on loans, • Partially offset by an increase of $650 thousand in provision for credit losses for the first quarter of 2026 compared to the first quarter 2025. • A decrease of $133 thousand in noninterest income for the first quarter of 2026 compared to the first quarter of 2025. • And an increase of $653 thousand in noninterest expense for the first quarter 2026 compared to the first quarter 2025. Asset/Liability Management The Company strives to generate its earnings capabilities through a mix of core deposits funding a prudent mix of earning assets. Additionally, TrustCo attempts to maintain adequate liquidity and reduce the sensitivity of net interest income to changes in interest rates to an acceptable level while enhancing profitability both on a short‑term and long‑term basis. 49 Index TrustCo’s results are affected by a variety of factors including competitive and economic conditions in the specific markets in which the Company operates and, more generally, in the national economy, financial market conditions and the regulatory environment. Each of these factors is dynamic, and changes in any area can have an impact on TrustCo’s results. Included in the 2025 Form 10-K is a description of the effect that changes in interest rates had on the results for the year 2025 compared to 2024. Many of the same market factors discussed in the 2025 Form 10-K continued to have an impact on results through the first quarter of 2026. TrustCo competes with other financial service providers based upon many factors including quality of service, convenience of operations and rates paid on deposits and charged on loans. In the experience of management, the absolute level of interest rates, changes in interest rates and customers’ expectations with respect to the direction of interest rates have a significant impact on the volume of loan and deposit originations in any particular period. Interest rates have a significant impact on the operations and financial results of all financial services companies. One of the most important interest rates used to control national economic policy is the “Federal Funds” rate. This is the interest rate utilized within the banking system for overnight borrowings for institutions with the highest credit rating. During the first quarter of 2026 Federal Funds target rate remained flat at a range of 3.50% to 3.75%. The interest rate on the 10-year Treasury bond and other long-term interest rates have significant influence on the rates for new residential real estate loans and longer term investments. These changes in interest rates have an effect on the Company relative to the interest income on loans, securities, and Federal Funds Sold and other short-term instruments as well as the interest expense on deposits and borrowings. Residential real estate loans and longer-term investments are most affected by the changes in longer-term market interest rates such as the 10‑year Treasury. The Federal Funds Sold portfolio and other short‑term investments are affected primarily by changes in the Federal Funds target rate. Deposit interest rates are most affected by short-term market interest rates. Also, changes in interest rates have an effect on the recorded balance of the securities available-for-sale portfolio, which is recorded at fair value. Generally, as market interest rates increase, the fair value of the securities will decrease and the reverse is also generally applicable. Interest rates on new residential real estate loan originations are also influenced by the rates established by secondary market participants such as Freddie Mac and Fannie Mae. The Company establishes rates that management determines are appropriate in light of the long-term nature of residential real estate loans while remaining competitive. Higher market interest rates also generally increase the value of retail deposits. TrustCo’s principal loan products are residential real estate loans. Most of TrustCo’s residential real estate loans carry a fixed rate of interest. As noted above, residential real estate loans and longer‑term investments are most affected by the changes in longer-term market interest rates such as the 10-year Treasury. The 10‑year Treasury yield was up 10 basis points, on average, during the first quarter of 2026 compared to the fourth quarter of 2025, and it was down 25 basis points as compared to the first quarter of 2025. 50 Index While TrustCo has been affected by changes in financial markets over time, management believes that the impacts have been mitigated by the Company’s generally conservative approach to banking. The Company utilizes a traditional underwriting process in evaluating loan applications, and since originated loans are retained in the portfolio, there is a strong incentive to be conservative in making credit decisions. For additional information concerning TrustCo’s loan portfolio and nonperforming loans, please refer to the discussions under “Loans” and “Nonperforming Assets,” respectively. Further, the Company does not rely on borrowed funds to support its assets and maintains a significant level of liquidity on the asset side of the balance sheet. Management believes that these characteristics provide the Company with increased flexibility and stability during periods of market disruption and interest rate volatility. A fundamental component of TrustCo’s strategy has been to grow customer relationships and the deposits and loans that are part of those relationships. Management believes that the Company has significant capacity to grow its balance sheet given its extensive branch network. The Company expects that growth to be profitable. While the Company has not changed its fundamental long-term strategy in regard to utilizing its excess capacity, management continually evaluates changing conditions and may seek to limit growth or reduce the size of the balance sheet if its analysis indicates that doing so would be beneficial. For the first quarter of 2026, the net interest margin was 2.84%, up 20 basis points versus the prior year’s first quarter. The quarterly results reflect the following significant factors: • The average balance of securities available for sale decreased by $46.1 million and the average yield increased 32 basis points to 2.94%. The increase in the average yield was not enough to offset [Excerpt truncated for page length; source filing is linked above.]