TrustCo Bank Q2 net interest income rises driven by loan repricing - TRST News | RalliesTrustCo Bank Q2 net interest income rises driven by loan repricing
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TRST• Outlook
- TrustCo expects continued net income and net interest income growth in coming quarters
- Co on pace to complete repurchase of 3 mln shares, or 15.8% of common stock, by end-2026
Overview
- US savings and loan's Q2 net interest income rose 9.2% yr/yr, driven by loan repricing
- Diluted EPS for Q2 climbed 24.1% yr/yr to $0.98
- Company repurchased over 1 mln shares in H1, on pace for 3 mln by year-end
Key Details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 EPS | | $0.98 | |
| Q2 Net Income | | $16.97 mln | |
| Q2 Net Interest Income | | $45.59 mln | |
| Q2 Credit Loss Provision | | $650,000 | |
| Q2 Net Interest Margin | | 2.87% | |
Result Drivers
- Loan repricing - Co said higher net interest income was driven by ongoing asset repricing in the loan portfolio at higher yields
- Loan and deposit growth - Average loans and deposits each rose 3.8% yr/yr, with growth in residential loans, home equity lines, and commercial loans
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