TrustCo Bank (TRST) 2026 年第三季財報電話會議：淨利與貸款成長轉強

TrustCo Bank Corp NY (NASDAQ: TRST) 公布 2026 年第三季獲利、淨利息收入、放款與存款均告成長。管理層表示，在維持保守核貸與資產負債表管理的情況下，公司積極的財務成長動能可望延續至 2027 年。

重點摘要

• 第三季淨利年增 6.5% 至 1,730 萬美元。平均資產報酬率 (ROAA) 為 1.05%，平均股東權益報酬率 (ROAE) 達到 10.57%。
• 淨利息收入成長 9.1% 至 4,700 萬美元。由於計息負債成本下降，淨利息收益率 (NIM) 年增 16 個基點至 2.95%。
• 在第一順位抵押貸款與房屋權益貸款推動下，平均放款成長 4.6% 至 54 億美元。實際放款較第二季增加 7,710 萬美元。
• 截至本季末，總存款為 57 億美元，較去年同期增加 2.03 億美元，持續支持放款成長。
• 信貸品質維持穩定。不良貸款為 2,110 萬美元，佔總放款的 0.39%，備抵呆帳覆蓋率則為 262%。
• TrustCo 將季度股利提高 5.3% 至每股 0.40 美元，並繼續依據其 2025 年及 2026 年實施的計畫買回庫藏股。

重要財務數據

業務與營運表現

住宅放款仍為主要成長動力。第一順位抵押貸款平均餘額年增 1.773 億美元，增幅 4%。房屋權益貸款增加 5,000 萬美元，增幅 11.4%；商業放款則增加 1,350 萬美元，增幅 4.3%。

與第二季相比，實際放款成長 7,710 萬美元。購屋抵押貸款（含再融資）增加 5,360 萬美元，房屋權益貸款增加 1,390 萬美元，商業放款增加 1,000 萬美元。

管理層指出，儘管房貸利率在本季初低於 6.5%，至季末升至 7% 以上，但房貸開辦量與購屋放款量仍保持穩定。隨著客戶利用累積的房屋權益滿足借貸需求，房屋權益貸款需求亦維持穩健。

截至 2026 年 9 月 30 日，TrustCo 的財富管理部門管理資產約為 13.7 億美元。公司表示，大多數相關手續費收入屬於常態性，並有長期顧問關係作為支撐。

資本回報仍是優先事項。TrustCo 在 2025 年買回 100 萬股後，於 2026 年進一步買回超過 150 萬股，在兩項計畫下共買回 13.2% 的流通在外普通股。該銀行亦宣佈發放每股 0.40 美元的季度股利，折合年化為 1.60 美元。

管理層展望

管理層預計 2026 年扣除其他房地產 (ORE) 費用後的常態性非利息費用，每季將維持在 2,780 萬美元至 2,820 萬美元之間。此外，對 ORE 費用的預期仍為每季不超過 20 萬美元。

公司表示，即使聯準會考慮進一步調整利率，公司也已準備好維持強勁的淨利息收入表現。管理層亦對營運動能可望延續至 2027 年持樂觀態度，並指出預計未來幾個月將發布有關其放款業務的公告。

風險與關注領域

不良貸款從去年同期的 1,850 萬美元增至 2,110 萬美元，但低於第二季的 2,180 萬美元。不良貸款占總放款的 0.39%，而去年同期為 0.36%，上一季為 0.40%。

管理層表示，信用損失準備反映了放款成長與經濟預測的變動，而非基礎信貸品質惡化。TrustCo 在本季錄得 3 萬美元的淨收回金額，並已連續七個季度實現淨收回。

利率波動仍是營運上的考量因素。管理層指出，部分客戶選擇天期較長的定期存單，且某些放款量有所下降，但在其保守的紐約上州市場中，客戶行為並未出現顯著變化。

分析師問答重點

當被問及利率大幅上升時，管理層表示，TrustCo 的流動性與資本狀況使其能夠讓部分成本較高的業務自然流失，隨後再選擇性補充。該銀行亦強調房屋權益貸款以支撐業務量。

在信貸風險方面，管理層重申核貸標準保持保守。TrustCo 計畫維持現有做法而非放寬放款標準，而備抵呆帳將繼續反映投資組合成長與 CECL（當前預期信用損失）模型中的假設。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.