Cuộc họp công bố kết quả kinh doanh Q3/2026 của TrustCo Bank (TRST): Lợi nhuận ròng và tăng trưởng cho vay khởi sắc

TrustCo Bank Corp NY (NASDAQ: TRST) báo cáo lợi nhuận, thu nhập lãi thuần, dư nợ cho vay và tiền gửi tăng trong quý 3 năm 2026. Ban lãnh đạo cho biết đà tài chính tích cực của công ty có thể tiếp tục sang năm 2027, đồng thời vẫn duy trì chính sách thẩm định bảo thủ và quản lý bảng cân đối kế toán cẩn trọng.

Những điểm chính

• Lợi nhuận ròng quý 3 tăng 6,5% so với cùng kỳ năm trước lên 17,3 triệu USD. Tỷ suất sinh lời trên tài sản bình quân đạt 1,05%, trong khi tỷ suất sinh lời trên vốn chủ sở hữu bình quân đạt 10,57%.
• Thu nhập lãi thuần tăng 9,1% lên 47 triệu USD. Biên lãi thuần (NIM) mở rộng 16 điểm cơ bản so với cùng kỳ năm trước lên 2,95% khi chi phí của các khoản nợ phải trả chịu lãi giảm.
• Dư nợ cho vay bình quân tăng 4,6% lên 5,4 tỷ USD, dẫn đầu là các khoản thế chấp thứ nhất và cho vay thế chấp nhà. Dư nợ cho vay thực tế tăng 77,1 triệu USD so với quý 2.
• Tổng tiền gửi kết thúc quý ở mức 5,7 tỷ USD, tăng 203 triệu USD so với một năm trước đó, hỗ trợ đà tăng trưởng dư nợ cho vay tiếp diễn.
• Chất lượng tín dụng vẫn ổn định. Nợ xấu là 21,1 triệu USD, chiếm 0,39% tổng dư nợ cho vay, trong khi tỷ lệ bao phủ nợ xấu đạt 262%.
• TrustCo đã tăng cổ tức hàng quý thêm 5,3% lên 0,40 USD/cổ phiếu và tiếp tục mua lại cổ phiếu theo các chương trình năm 2025 và 2026.

Dữ liệu tài chính chính

Kết quả kinh doanh và hoạt động

Cho vay nhà ở tiếp tục là động lực tăng trưởng chính. Dư nợ thế chấp thứ nhất bình quân tăng 177,3 triệu USD, tương đương 4%, so với cùng kỳ năm trước. Cho vay thế chấp nhà tăng 50 triệu USD, tương đương 11,4%, trong khi cho vay thương mại tăng 13,5 triệu USD, tương đương 4,3%.

So với quý 2, dư nợ cho vay thực tế tăng 77,1 triệu USD. Các khoản thế chấp mua nhà, bao gồm cả tái cấp vốn, tăng 53,6 triệu USD; cho vay thế chấp nhà tăng 13,9 triệu USD và cho vay thương mại tăng thêm 10 triệu USD.

Ban lãnh đạo cho biết khối lượng phát hành thế chấp và vay mua nhà vẫn ổn định ngay cả khi lãi suất thế chấp tăng từ mức dưới 6,5% vào đầu quý lên trên 7% vào cuối quý. Nhu cầu cho vay thế chấp nhà cũng duy trì ổn định khi khách hàng sử dụng giá trị tài sản ròng tích lũy cho nhu cầu vay vốn.

Bộ phận Quản lý tài sản của TrustCo có khoảng 1,37 tỷ USD tài sản đang quản lý tính đến ngày 30 tháng 9 năm 2026. Công ty cho biết phần lớn thu nhập phí liên quan là thường xuyên và được hỗ trợ bởi các mối quan hệ tư vấn lâu dài.

Việc hoàn trả vốn cho cổ đông vẫn là ưu tiên hàng đầu. TrustCo đã mua lại hơn 1,5 triệu cổ phiếu trong năm 2026 sau khi mua 1 triệu cổ phiếu vào năm 2025, qua đó mua lại 13,2% cổ phiếu phổ thông đang lưu hành theo hai chương trình này. Ngân hàng cũng công bố cổ tức hàng quý là 0,40 USD/cổ phiếu, tương đương 1,60 USD tính theo năm.

Dự báo của ban lãnh đạo

Ban lãnh đạo kỳ vọng chi phí ngoài lãi thường xuyên, sau khi trừ chi phí ORE, sẽ duy trì trong khoảng từ 27,8 triệu USD đến 28,2 triệu USD mỗi quý trong năm 2026. Ngân hàng cũng tiếp tục dự báo chi phí ORE không quá 200.000 USD mỗi quý.

Công ty cho biết họ duy trì vị thế vững chắc để duy trì hiệu suất thu nhập lãi thuần mạnh mẽ ngay cả khi Cục Dự trữ Liên bang (Fed) xem xét thay đổi lãi suất thêm nữa. Ban lãnh đạo cũng bày tỏ sự lạc quan rằng đà hoạt động tích cực có thể tiếp tục sang năm 2027 và cho biết các thông báo liên quan đến hoạt động cho vay dự kiến sẽ được đưa ra trong những tháng tới.

Rủi ro và các yếu tố cần theo dõi

Nợ xấu đã tăng từ 18,5 triệu USD của một năm trước đó lên 21,1 triệu USD, mặc dù đã giảm từ mức 21,8 triệu USD ở quý 2. Nợ xấu chiếm 0,39% tổng dư nợ cho vay, so với 0,36% của một năm trước và 0,40% ở quý trước.

Theo ban lãnh đạo, khoản dự phòng tổn thất tín dụng phản ánh cả tăng trưởng dư nợ cho vay và sự thay đổi trong dự báo kinh tế chứ không phải do hiệu quả tín dụng cốt lõi suy yếu. TrustCo ghi nhận khoản thu hồi ròng 30.000 USD trong quý và đã ghi nhận 7 quý liên tiếp thu hồi ròng.

Biến động lãi suất vẫn là một yếu tố cần cân nhắc trong hoạt động kinh doanh. Ban lãnh đạo lưu ý rằng một số khách hàng đang chọn chứng chỉ tiền gửi kỳ hạn dài hơn và khối lượng cho vay nhất định đã giảm, mặc dù ngân hàng báo cáo không có sự thay đổi đáng kể nào trong hành vi của khách hàng tại các thị trường bảo thủ ở khu vực phía bắc tiểu bang New York (Upstate New York).

Tóm tắt phần Hỏi & Đáp với chuyên gia phân tích

Khi được hỏi về việc lãi suất tăng mạnh, ban lãnh đạo cho biết vị thế thanh khoản và vốn của TrustCo cho phép ngân hàng để một số khoản kinh doanh có chi phí cao hơn tự đáo hạn trước khi thay thế có chọn lọc. Ngân hàng cũng đang chú trọng cho vay thế chấp nhà để hỗ trợ doanh số.

Về rủi ro tín dụng, ban lãnh đạo nhắc lại rằng các tiêu chuẩn thẩm định vẫn giữ ở mức bảo thủ. TrustCo có kế hoạch duy trì phương pháp tiếp cận hiện tại thay vì nới lỏng các tiêu chuẩn cho vay, trong khi khoản dự phòng tiếp tục phản ánh cả sự tăng trưởng của danh mục đầu tư lẫn các giả định trong mô hình CECL.

Toàn văn cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.