TrustCo Bank (TRST) 2026年第三季度业绩电话会：净利润与贷款增长走强lg...

纽约信托股份公司（TrustCo Bank Corp NY，NASDAQ：TRST）公布2026年第三季度净利润、净利息收入、贷款和存款均实现增长。管理层表示，公司良好的财务增长势头有望延续至2027年，同时公司将继续保持审慎的核保与资产负债表管理策略。

核心要点

• 第三季度净利润同比增长6.5%至1730万美元。平均资产回报率为1.05%，平均股东权益回报率达10.57%。
• 净利息收入增长9.1%至4700万美元。随着计息负债成本下降，净息差同比扩大16个基点至2.95%。
• 在首期抵押贷款和房屋净值贷款的带动下，平均贷款余额增长4.6%至54亿美元。实际贷款余额较第二季度增加7710万美元。
• 期末总存款达57亿美元，同比增加2.03亿美元，为贷款持续增长提供了支撑。
• 信贷质量保持稳定。不良贷款为2110万美元，占总贷款的0.39%；拨备覆盖率达262%。
• TrustCo将季度股息提高5.3%至每股0.40美元，并继续根据其2025年和2026年的股票回购计划回购股份。

关键财务数据

业务与经营业绩

住房贷款仍是主要的增长引擎。平均首期抵押贷款余额同比增加1.773亿美元，增幅4%；房屋净值贷款增加5000万美元，增幅11.4%；商业贷款增加1350万美元，增幅4.3%。

与第二季度相比，实际贷款增长7710万美元。购房抵押贷款（含再融资）增加5360万美元，房屋净值贷款增加1390万美元，商业贷款增加1000万美元。

管理层指出，尽管抵押贷款利率从季初的6.5%以下升至季末的7%以上，但抵押贷款发放量和购房贷款规模依然保持稳定。同时，随着客户利用积累的房屋净值满足融资需求，房屋净值贷款需求也保持稳健。

截至2026年9月30日，TrustCo财富管理部门管理资产（AUM）约为13.7亿美元。公司表示，绝大部分相关费用收入属于经常性收入，并由长期咨询合作关系所支撑。

资本回报仍是优先事项。TrustCo在2025年购回100万股后，又在2026年回购了超过150万股，在这两项计划下共计回购了13.2%的流通普通股。此外，该银行宣布派发每股0.40美元的季度股息，年化股息为1.60美元。

管理层业绩指引

管理层预计，2026年扣除其他不动产（ORE）费用后的经常性非利息支出将保持在每季度2780万至2820万美元之间。同时继续预计每季度ORE费用不超过20万美元。

公司表示，即使美联储考虑进一步调整利率，公司也有能力维持强劲的净利息收入表现。管理层还对良好的经营势头延续至2027年持乐观态度，并指出预计将在未来几个月宣布有关其贷款业务的公告。

风险与关注领域

不良贷款额从去年同期的1850万美元增至2110万美元，但较第二季度的2180万美元有所下降。不良贷款占总贷款的0.39%，去年同期为0.36%，上一季度为0.40%。

管理层表示，信贷损失准备金的计提反映了贷款增长和经济预测的变化，而非底层信贷表现恶化。TrustCo在本季度录得3万美元的净收回额，并已连续7个季度实现净收回。

利率波动仍是运营中需要考量的因素。管理层指出，部分客户正选择期限更长的定期存单，且部分贷款规模有所下降，不过在其风格稳健的纽约上州市场，客户行为未出现明显变化。

分析师问答精选

在被问及利率大幅上升的影响时，管理层表示，TrustCo充足的流动性和资本状况使其能够先让部分高成本业务自然到期流失，然后再有选择地进行置换。该银行还在加大对房屋净值贷款的拓展以支撑业务量。

在信贷风险方面，管理层重申其核保标准依然保持审慎。TrustCo计划坚持既有策略而非放宽信贷标准，同时拨备准备金将继续反映投资组合增长以及CECL模型中的假设。

业绩电话会议完整文字记录

---

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and welcome to the TrustCo Bank Corp Earnings Call and webcast. [Operator Instructions] Before proceeding, we would like to mention that this presentation may contain forward-looking information about TrustCo Bank Corp NY that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those expressed in or implied by such statements due to various risks, uncertainties and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call and in the Risk Factors and Forward-Looking Statements section of our annual report on Form 10-K and as updated by our quarterly reports on Form 10-Q. The forward-looking statements made on this call are valid only as of the date hereof, and the company disclaims any obligation to update this information to reflect events or developments after the date of this call, except as may be required by applicable law.

During today's call, we will discuss certain financial measures derived from our financial statements that are not determined in accordance with U.S. GAAP. The reconciliations of such non-GAAP financial measures to the most comparable GAAP figures are included in our earnings press release, which is available under the Investor Relations tab of our website at trustcobank.com. Please also note that today's event is being recorded. A replay of the call will be available for 30 days, and an audio webcast will be available for 1 year as described in our earnings press release. At this time, I would like to turn the conference over to Mr. Robert J. McCormick, Chairman, President and CEO. Please go ahead.

Robert McCormick

Good morning, everyone, and thank you for joining the call. As Chase said, I'm Rob McCormick, President of TrustCo Bank. I'm joined today as usual by Mike Ozimek, our CFO, who will go through the numbers; and Kevin Curley, our Chief Banking Officer, will talk about lending. We think it's best to describe the results this quarter as a result of positive financial momentum. Looking at year-over-year results, deposits have grown each quarter, average loans have grown each quarter and net income has grown each quarter. For the same period, return on average assets has improved each quarter, return on average equity has improved each quarter and net interest margin has improved each quarter.

This is not happening by accident. Our team has worked diligently in all areas to solidify customer relationships. We have reached out to customers with deposits and no loans to encourage equity borrowing and refinancing. We have provided incentives to loan customers to utilize our deposit products and become real customers of TrustCo Bank. And we've taken a fresh look at our loan and deposit offerings and the systems that deliver them. We've made enhancements to improve the customer service experience as well. With all those factors coming together and trending favorably, we are optimistic about the company's ability to maintain positive momentum into 2027. Investors and customers can be on the lookout for exciting announcement about our lending operation in the coming months.

We are also very pleased to have 2 new directors on board. Patty Fusco is likely known to many people in the New York market, provides expertise in human resources, and Brian Gunter is a highly experienced real estate professional from the West Coast of Florida. His addition to the Board expands our geographic diversity. Now Mike is going to talk about the numbers. Kevin will touch on the loan portfolio, and then we can take your questions.

Michael Ozimek

Thank you, Rob, and good morning, everyone. I will now review TrustCo's financial results for the third quarter of 2026. As we noted in the press release, the company continued to see strong financial results from the third quarter of 2026, marked by increases in both net income and net interest income during the third quarter of 2026 compared to the third quarter of 2025. This performance is underscored by rising net interest income and sustained loan and deposit growth across core lending and deposit categories. This resulted in the third quarter net income of $17.3 million, an increase of 6.5% over the prior year quarter, which yielded a return on average assets and average equity of 1.05% and 10.57%, respectively.

Capital remains strong. Consolidated equity to asset ratio was 9.72% for the third quarter of 2026 compared to 10.9% in the third quarter of 2025. Book value per share at September 30, '26, was $38.20, up 2.4% compared to $37.30 a year earlier. Driving these changes, TrustCo repurchased 13.2% of outstanding common stock under the 2025 and 2026 stock repurchase programs through the acquisition of over 1.5 million shares in 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy. We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of our franchise and the focus on capital optimization. Additionally, during the third quarter, the bank declared an increased quarterly cash dividend of $0.40 per share or $1.60 per share on an annualized basis.

The declared dividend represents an increase of 5.3% over the prior dividend amount, which continues the bank's commitment in paying dividends for over a century. Credit quality continues to be stable as we saw nonperforming loans modestly increased to $21.1 million in the third quarter of '26 from $18.5 million in the third quarter of '25. Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. Average loans for the third quarter of '26 grew 4.6% or $238 million to $5.4 billion from the third quarter of '25. This loan growth continues to reflect the strength of our local markets and ongoing demand for credit.

For the third quarter of '26, the provision for credit losses was $850,000. The increase in the overall provision expense is being driven by loan growth and changes in economic forecast rather than the softening in the underlying credit performance. The ratio for the allowance for loan losses to total loans was 1.01% as of September 30, '26, and 1% as of September 2025. Our focus continues to be on traditional lending and conservative balance sheet management, which has continued to enable us to produce consistent high-quality recurring earnings. Retaining and growing deposits has been a key focus as we finish up 2026. Total deposits ended the quarter at $5.7 billion, was up $203 million compared to the prior year quarter. We believe the increase in these deposits compared to the same period in '25 continues to indicate strong customer confidence in the bank's competitive deposit offerings.

The bank's continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, have contributed to a stable deposit base that supports ongoing loan growth and expansion. Net interest income was $47 million for the third quarter of '26, an increase of $3.9 million or 9.1% compared to the prior year quarter. The net interest margin for the quarter -- third quarter of '26 was 2.95%, up 16 basis points from the prior year quarter. Yield on interest-earning assets increased to 4.35%, up 10 basis points from the prior year quarter. The cost of interest-bearing liabilities decreased to 1.79% in the third quarter of '26 from 1.9% in the third quarter of '25.

The bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve contemplates further rate changes in the months ahead. The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our community banking needs. Our Wealth Management division continues to be a significant recurring source of noninterest income. They had approximately $1.37 billion of assets under management as of September 30, '26. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to noninterest expense. Total noninterest expense net of ORE income came in at $28 million, down $300,000 from the prior quarter.

ORE income net came in at a credit of $12,000 for the quarter as compared to an expense of $8,000 in the prior year quarter. We're going to continue to guide the anticipated level of expense not to exceed $200,000 per quarter. All the other categories of noninterest expense were in line with our expectations for the third quarter. We would expect 2026 total recurring noninterest expense net of ORE expense to be in the range of $27.8 million to $28.2 million per quarter. Now Kevin will review the loan portfolio and nonperforming loans.

Kevin Curley

Thanks, Mike, and good morning to everyone. Our average loans grew by $238.1 million or 4.6% year-over-year. This is an improvement over last quarter's report of year-over-year growth of $197.5 million. The growth was centered in our residential loan portfolio with our first mortgage segment growing by $177.3 million or 4% and our home equity loans growing $50 million or 11.4% over last year. In addition, our commercial loans grew by $13.5 million or 4.3% over last year. For the third quarter, actual loans increased $77.1 million compared to the second quarter. Purchase mortgage loans, including refinances grew by $53.6 million. Home equity loans grew by $13.9 million and commercial loans were higher by $10 million for the quarter. During the third quarter, mortgage rates were below 6.5% at the beginning of the quarter and then increased to over 7% by the end of the quarter.

As noted previously, we have the flexibility to strategically manage pricing and introduce targeted promotions to drive lending volume. Our mortgage origination activity as well as our purchase loan volume was steady throughout the quarter. In addition, our home equity products continue to produce consistent demand as customers are able to use their equity to meet their borrowing needs. Overall, we are pleased with the loan growth during the quarter and remain committed to delivering strong results moving forward. Moving to asset quality. As a portfolio lender, we originate loans through maturity. This reinforces our disciplined approach to underwriting and risk management. Asset quality at the bank remains very strong. Our early-stage delinquencies in our portfolio continue to remain within the normal range. Charge-offs for the quarter amounted to a net recovery of $30,000, which follows a net recovery of $88,000 in the second quarter and a total of $171,000 in recoveries over the past year.

Overall, we have had 7 straight quarters of net recoveries. Nonperforming loans were $21.1 million at this quarter end, $21.8 million last quarter and $18.5 million a year ago. Nonperforming loans to total loans was 0.39% for quarter end compared to 0.4% last quarter and 0.36% a year ago. Nonperforming assets were $22.3 million at quarter end, $23 million last quarter and $19.7 million a year ago. At quarter end, our allowance for credit losses remained solid at $55.2 million with a coverage ratio of 262% compared to $54.1 million with a coverage ratio of 249% at the end of the second quarter and $51.9 million and a coverage ratio of 281% a year ago. Rob?

Robert McCormick

Thanks, Kevin. That's our story. We're happy to answer any questions anybody might have.

Operator

Your first question comes from the line of Ian Lapey from Gabelli Funds.

分析师问答

John Lapey

Congratulations on another strong quarter. Can you just talk about, obviously, during the quarter, there was a sharp increase in interest rates, particularly the 10-year mortgage rates. Can you just talk about the impact that, that had on the -- both the loan and deposit business?

Robert McCormick

Certainly, the change affected us in some ways, Ian, but we've always maintained a pretty liquid position and stay well capitalized. So we kind of let some of it run off a little bit and work our way the higher-priced stuff and work our way back into it. So I think it's been a very effective thing for us. Some people are going a little bit longer on CDs and some of the loan volumes are down. But as I said in my introduction was that we're trying to pick up more equity loans and do more business that way. And we've been successful at it so far.

John Lapey

Did you see sort of just a in terms of customer behavior, just any type of like freezing in terms of plans to either refi or purchase a new home?

Robert McCormick

No. You're talking about encouraging people to refi or...

John Lapey

Yes. What you're seeing in terms of customer behavior given the sharp increase in rates.

Robert McCormick

We operate in pretty conservative areas, especially in upstate New York. So we have not seen a real change in customer behavior.

John Lapey

Okay. And then next, on credit. First, congratulations on another quarter of net recoveries. Very impressive. Just given -- and you mentioned the allowance -- the increase in the allowance was driven mostly by sort of a deteriorating economic outlook. Can you just talk about sort of how you're positioning the loan portfolio for a more challenging environment and what you're sort of focused most on in terms of potential risk there?

Robert McCormick

I mean, our underwriting is always conservative, Ian. So we're staying the course and trying not to get crazy with regard to any of the loans are being made. We're watching everybody around us kind of change their stripes to kind of do think different things. We're trying to stay the course. And part of that allowance increase is driven by loan growth so that we're back funding that through the CECL model. So between the combination of the 2 factors, and Mike can tell you 100x more than I can tell you about it. But between a combination of a few factors and the loan growth, that's how we ended up. But our customers have come to know us and come to know what to expect of us, and we're pretty comfortable with where we're at.

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Robert J. McCormick for any closing remarks.

Robert McCormick

Thank you for your interest in our company. I hope you have a great day.

Operator

This concludes today's call. Thank you for attending today's presentation. You may now disconnect.

原文链接