TrustBank NY(US:TRST)2026-01-21 21:00Financial Performance - TrustCo reported a net income of $61.1 million for the year 2025, with a total shareholder return that was three times that of peers[1]. - Q4 2025 net income was $15.6 million, a 38.0% increase from $11.3 million in Q4 2024, with diluted earnings per share rising to $0.85 from $0.59[3]. - Net income for the year ended December 31, 2025, was $61,137, representing a 25.2% increase from $48,833 in 2024[14]. - Basic net income per common share increased to $3.26 in 2025 from $2.57 in 2024, a rise of 26.9%[19]. Interest Income and Margin - For Q4 2025, net interest income increased by 12.4% year-over-year to $43.7 million, driven by asset repricing and effective interest expense management[2]. - The net interest margin for Q4 2025 expanded to 2.82%, up 22 basis points from 2.60% in Q4 2024[3]. - Total interest income rose to $259,416,000 in 2025, compared to $243,316,000 in 2024, marking an increase of 6.6%[18]. - Net interest income after provision for credit losses was $167,373,000, up from $149,939,000, reflecting a growth of 11.6%[18]. Asset and Deposit Growth - Average loans increased by $126.8 million, or 2.5%, in Q4 2025 compared to the same period in 2024, reflecting strong borrower confidence[6]. - Average deposits rose by $208.0 million, or 3.9%, in Q4 2025, primarily due to increases in time deposits and interest-bearing accounts[6]. - Total assets reached $6,440,700,000 as of December 31, 2025, an increase from $6,238,744,000 in 2024, indicating a growth of 3.2%[20]. - Total deposits increased to $5,557,417,000 in 2025, compared to $5,490,314,000 in 2024, showing a growth of 1.2%[20]. Noninterest Income and Expenses - Noninterest income for Q4 2025 was $4,430, slightly up from $4,409 in Q4 2024[12]. - Total noninterest expenses for Q4 2025 decreased to $26,710 from $28,165 in Q4 2024, a reduction of 5.2%[12]. - Noninterest income decreased to $18,945,000 in 2025 from $19,834,000 in 2024, a decline of 4.5%[18]. - Total noninterest expenses slightly decreased to $105,504,000 in 2025 from $105,727,000 in 2024, a reduction of 0.2%[18]. Credit Quality and Provisions - The allowance for credit losses on loans was $52.2 million as of December 31, 2025, with a ratio of 0.99% to total loans, indicating stable asset quality[8]. - Nonperforming loans (NPLs) increased to $20.7 million, or 0.39% of total loans, as of December 31, 2025, reflecting a modest rise in credit risk[8]. - The provision for credit losses for the year ended December 31, 2025, was $1,600, down from $2,000 in 2024[14]. - The coverage ratio improved to 252.5% from 280.8% in the previous quarter, reflecting a decrease in the ability to cover nonperforming loans[23]. Shareholder Equity and Stock Performance - TrustCo repurchased 1 million shares, or 5.3%, of its common stock in 2025, with an additional 2 million shares authorized for repurchase in 2026[7]. - TrustCo's book value per share increased to $38.08 as of December 31, 2025, up 7.1% from $35.56 a year earlier[7]. - The market price per share at the end of Q4 2025 was $41.33, compared to $33.31 at the end of Q4 2024[12]. - Total shareholders' equity as of December 31, 2025, was $686,589,000, a slight decrease from $692,013,000 in 2024[21].