トラストコー・バンク (TRST) 2026年第3四半期決算説明会：純利益と貸出の伸びが拡大

TrustCo Bank Corp NY（NASDAQ: TRST）は、2026年第3四半期の業績を発表し、純利益、純利息収入、融資残高、預金残高がともに増加したことを明らかにしました。経営陣は、保守的な与信審査とバランスシート管理を維持しつつ、同社の良好な業績の勢いは2027年まで続く可能性があると述べています。

要点

• 第3四半期の純利益は前年同期比6.5%増の1,730万ドルとなりました。平均総資産利益率（ROA）は1.05%、平均自己資本利益率（ROE）は10.57%に達しました。
• 純利息収入は9.1%増の4,700万ドルとなりました。有利子負債コストの低下に伴い、純金利マージン（NIM）は前年同期比16ベーシスポイント上昇し2.95%となりました。
• 第一抵当権付き住宅ローンおよびホームエクイティローンが牽引し、平均融資残高は4.6%増の54億ドルとなりました。期末の実際の融資残高は第2四半期から7,710万ドル増加しました。
• 四半期末の預金総額は前年同期比2億300万ドル増の57億ドルとなり、継続的な融資拡大を支援しました。
• 信用力（資産の質）は安定を維持しました。不良債権は2,110万ドルで総融資残高の0.39%を占め、貸倒引当金カバー率は262%でした。
• TrustCoは四半期配当金を5.3%引き上げて1株あたり0.40ドルとし、2025年および2026年のプログラムに基づく自社株買いを継続しました。

主要財務データ

業績および営業動向

住宅ローン業務が引き続き主な成長ドライバーとなりました。平均第一抵当権付き住宅ローン残高は前年同期比で1億7,730万ドル（4%）増加しました。ホームエクイティローンは5,000万ドル（11.4%）増加し、商業用融資は1,350万ドル（4.3%）増加しました。

第2四半期と比較して、実際の融資残高は7,710万ドル増加しました。借り換えを含む住宅購入ローンは5,360万ドル増加し、ホームエクイティローンは1,390万ドル増加、商業用融資は1,000万ドル増加しました。

経営陣によると、住宅ローン金利が四半期初めの6.5%未満から四半期末には7%超へと上昇したものの、住宅ローンの新規実行額および購入ローン実行量は堅調に推移しました。また、顧客が蓄積された住宅の含み益（エクイティ）を資金調達に活用したため、ホームエクイティ需要も堅調を維持しました。

2026年9月30日時点で、TrustCoのウェルスマネジメント部門の運用資産残高（AUM）は約13億7,000万ドルでした。同社は、関連する手数料収入の大部分が継続的なものであり、長期的なアドバイザリー関係によって支えられていると述べています。

株主還元は引き続き優先事項です。TrustCoは2025年に100万株を購入した後、2026年には150万株以上を取得し、これら2つのプログラムの下で発行済普通株式の13.2%を買い戻しました。また、同行は1株あたり0.40ドルの四半期配当（年換算で1.60ドルに相当）を発表しました。

経営陣の見通し（ガイダンス）

経営陣は、ORE（他不動産）費用を除く経常的な非金利費用について、2026年は1四半期あたり2,780万ドルから2,820万ドルの範囲にとどまると予想しています。また、ORE費用については引き続き1四半期あたり20万ドル以下に抑えるとの予想を示しています。

同社は、米連邦準備理事会（FRB）がさらなる金利変更を検討した場合でも、好調な純利息収入の業績を維持できる体勢が整っていると述べました。また、経営陣は好調な営業の勢いが2027年まで続く可能性があるとの楽観的な見方を示し、今後数か月以内に融資事業に関する発表を行う見込みであると言及しました。

リスクと注視すべき事項

不良債権は前年同期の1,850万ドルから2,110万ドルに増加したものの、第2四半期の2,180万ドルからは減少しました。不良債権が総融資残高に占める割合は0.39%で、前年同期の0.36%、前四半期の0.40%となりました。

経営陣によると、貸倒引当金繰入額は、根本的な信用力低下ではなく、融資成長と経済予測の変更の両方を反映したものです。TrustCoは当四半期に3万ドルの純回収を記録し、7四半期連続で純回収を計上しています。

金利の変動は引き続き経営上の考慮事項です。経営陣は、一部の顧客がより長期の定期預金を選択しており、一部の融資実行量が減少したと述べる一方で、保守的なニューヨーク州北部市場において顧客行動に重大な変化は見られないと報告しました。

アナリスト質疑応答の要点

急激な金利上昇について問われた際、経営陣は、TrustCoの流動性と資本ポジションのおかげで、高コストの取引を一部解約させた上で選択的に入れ替えることが可能になったと述べました。また、同行は融資量を確保するためホームエクイティローンを重視しています。

信用リスクについて、経営陣は与信審査基準が引き続き保守的であることを強調しました。TrustCoは融資基準を緩めるのではなく既存のアプローチを維持する方針であり、引当金は引き続きポートフォリオの成長とCECLモデル内の前提条件の両方を反映しています。

決算説明会（電話会議）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

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.

質疑応答

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.