TrustBank NY(US:TRST)2025-10-21 20:57Financial Performance - Net income for Q3 2025 was $16.3 million, representing a 26.3% increase from $12.9 million in Q3 2024, with diluted earnings per share rising to $0.86 from $0.68[3] - Net income for Q3 2025 reached $16,258,000, up 26.3% compared to $12,875,000 in Q3 2024[13] - Basic net income per share increased to $0.87 in Q3 2025 from $0.68 in Q3 2024, reflecting a growth of 27.9%[19] - Net income for the nine months ended September 30, 2025, was $45,572,000, a significant increase of 21.4% from $37,552,000 in 2024[20] - Basic earnings per share improved to $2.41 for the nine months ended September 30, 2025, compared to $1.90 in the same period of 2024[21] Interest Income and Margin - Net interest income increased by 11.5% year-over-year to $43.1 million, driven by higher loan yields and effective deposit cost management[4] - Net interest income for Q3 2025 was $43,119,000, an increase of 10.3% from $38,671,000 in Q3 2024[13] - Net interest income for the nine months ended September 30, 2025, was $125,238,000, up from $113,037,000 in the same period of 2024, representing a growth of 10.4%[20] - Total interest income rose to $193,322,000, compared to $181,407,000 in the previous year, marking an increase of 6.3%[20] - The net interest margin expanded to 2.79%, up 18 basis points from 2.61% in Q3 2024, reflecting improved asset yields[6] - The net interest margin improved to 2.71% for the nine months ended September 30, 2025, compared to 2.52% in the prior year[30] Asset Quality - Nonperforming loans (NPLs) decreased to $18.5 million, or 0.36% of total loans, down from $19.4 million, or 0.38%, in the previous year[9] - Provision for credit losses decreased to $250,000 in Q3 2025 from $500,000 in Q3 2024, showing improved asset quality[13] - Nonperforming loans to total loans remained stable at 0.36% in Q3 2025, compared to 0.38% in Q3 2024[13] - Total nonperforming loans reached $18,477 thousand, up from $17,910 thousand in the prior quarter, indicating an increase of 3.2%[24] - The coverage ratio improved to 280.8% from 267.3% in the previous quarter, indicating stronger asset quality management[25] Shareholder Value - Book value per share increased to $37.30, a 6.0% rise from $35.19 a year earlier[8] - The book value per share at the end of Q3 2025 was $37.30, up from $35.19 at the end of Q3 2024[16] - TrustCo repurchased 467 thousand shares, or 2.5% of total outstanding shares, under its stock repurchase program, with an additional 533 thousand shares available for future repurchases[8] - The market price per share increased to $36.30 at the end of Q3 2025, compared to $33.07 at the end of Q3 2024[16] Efficiency and Cost Management - The efficiency ratio (GAAP) improved to 54.89% in Q3 2025 from 60.09% in Q3 2024, indicating better cost management[13] - The adjusted efficiency ratio improved to 55.98% for the nine months ended September 30, 2025, compared to 60.80% in the same period last year, indicating better expense control relative to revenue[35] Liquidity and Deposits - The bank's liquidity position remains strong, supporting future growth while managing evolving funding dynamics[6] - Average loans rose by $125.9 million, or 2.5%, while average deposits increased by $251.1 million, or 4.8%, compared to the same period in 2024[7] - Total deposits decreased to $5,481,273,000 from $5,490,314,000, a decline of 0.2%[22] - Demand deposits rose to $777,573 thousand, reflecting a strong liquidity position for the company[30]