TrustCo Bank Q2 net interest income rises driven by loan repricing 

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

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

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

• LOWER FUNDING COSTS - Net interest margin improved as the cost of interest-bearing liabilities decreased compared to the prior year

Company press release: ID:nGNX3mMWCw

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)