Operational efficiency has improved significantly, with the efficiency ratio tightening from 45.7% in 2023Q4 to 37.9% in 2026Q1, reflecting disciplined expense management during a period of revenue expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 173.31M | 168.97M | 151.94M | 171.84M | 180.13M | 160.41M | 153.58M | 155.81M | 160.69M | 154.37M | 146.06M | 143.15M | 141.45M | 135.76M | 134.99M | 134.5M | 127.13M | 111.91M | 96.86M | 96.43M | 98.27M | 104.52M | 100.03M | 96.39M | 95.72M | 95.9M | 98.05M | 93.2M | 85.7M | 85.5M | 84.3M |
| NII Growth % | 45.14% | 11.21% | -11.58% | -4.6% | 12.3% | 4.45% | -1.43% | -3.04% | 4.09% | 5.69% | 2.03% | 1.2% | 4.19% | 0.57% | 0.36% | 5.8% | 13.6% | 15.53% | 0.44% | -1.87% | -5.98% | 4.49% | 3.77% | 0.71% | -0.19% | -2.2% | 5.21% | 8.75% | 0.23% | 1.42% | 3.56% |
| Net Interest Margin % | 2.66% | 2.62% | 2.44% | 2.79% | 3% | 2.59% | 2.6% | 2.98% | 3.24% | 3.15% | 3% | 3.02% | 3.05% | 3% | 3.11% | 3.17% | 3.21% | 3.04% | 2.76% | 2.86% | 3.11% | 3.59% | 3.49% | 3.47% | 3.55% | 3.72% | 3.99% | 3.94% | 3.45% | 3.6% | 3.73% |
| Interest Income | 262.82M | 259.42M | 243.32M | 226.21M | 186.6M | 167.98M | 178.29M | 192.13M | 180.91M | 168.96M | 161.36M | 159.34M | 156.94M | 151.05M | 154.96M | 160.75M | 162.12M | 161.36M | 170.92M | 189.42M | 169.21M | 150.17M | 138.79M | 137.13M | 153.74M | 168.66M | 173.7M | 167.2M | 174.1M | 172M | 166.6M |
| Interest Expense | 89.52M | 90.44M | 91.38M | 54.36M | 6.47M | 7.57M | 24.71M | 36.32M | 20.23M | 14.59M | 15.3M | 16.2M | 15.49M | 15.28M | 19.98M | 26.24M | 35M | 49.45M | 74.06M | 92.98M | 70.94M | 45.66M | 38.76M | 40.74M | 58.02M | 72.76M | 75.65M | 74M | 88.4M | 86.5M | 82.3M |
| Loan Loss Provision | 1.85M | 1.2M | 2M | 1.25M | -341K | -5.45M | 5.6M | 159K | 1.4M | 2M | 2.95M | 3.7M | 5.1M | 7M | 12M | 18.75M | 23.2M | 11.31M | 4.2M | 2.5M | -3.58M | -6.26M | 450K | 1.2M | 1.42M | 4.94M | 4.11M | 5.1M | 4.55M | 5.4M | 6.6M |
| Non-Interest Income | 18.76M | 18.92M | 19.83M | 18.32M | 19.26M | 17.94M | 17.17M | 18.59M | 18.08M | 18.37M | 19.01M | 17.87M | 19.91M | 19.77M | 20.96M | 18.77M | 20.88M | 19.26M | 18.44M | 17.76M | 14.86M | 25.29M | 31.96M | 29.65M | 27.3M | 25.8M | 16.37M | 15.4M | 22.07M | 17.2M | 10.3M |
| Non-Interest Income % | 6.66% | 6.8% | 7.54% | 7.49% | 9.36% | 9.65% | 8.78% | 8.82% | 9.09% | 9.81% | 10.54% | 10.08% | 11.26% | 11.57% | 11.92% | 10.46% | 11.41% | 10.67% | 9.74% | 8.57% | 8.07% | 14.41% | 18.72% | 17.78% | 15.08% | 13.27% | 8.61% | 8.43% | 11.25% | 9.09% | 5.82% |
| Total Revenue | 281.59M | 278.33M | 263.15M | 244.52M | 205.86M | 185.92M | 195.46M | 210.72M | 199M | 187.33M | 180.37M | 177.22M | 176.85M | 170.82M | 175.93M | 179.52M | 183M | 180.62M | 189.36M | 207.18M | 184.07M | 175.46M | 170.75M | 166.78M | 181.03M | 194.46M | 190.07M | 182.6M | 196.17M | 189.2M | 176.9M |
| Revenue Growth % | 22.96% | 5.77% | 7.62% | 18.78% | 10.73% | -4.88% | -7.24% | 5.89% | 6.23% | 3.86% | 1.78% | 0.21% | 3.53% | -2.9% | -2% | -1.9% | 1.32% | -4.61% | -8.6% | 12.56% | 4.9% | 2.76% | 2.38% | -7.87% | -6.91% | 2.31% | 4.09% | -6.92% | 3.69% | 6.95% | 0.68% |
| Non-Interest Expense | 106.11M | 105.5M | 105.73M | 111.3M | 100.32M | 101.66M | 95.7M | 97.73M | 97.71M | 93.99M | 93.83M | 90.56M | 84.67M | 85M | 83.98M | 82.14M | 80.89M | 76.58M | 60.79M | 53.59M | 49.06M | 46.23M | 48.16M | 48.49M | 55.33M | 51.31M | 47.77M | 45.6M | 48.82M | 46.2M | 42M |
| Efficiency Ratio | 37.68% | 37.91% | 40.18% | 45.52% | 48.73% | 54.68% | 48.96% | 46.38% | 49.1% | 50.17% | 52.02% | 51.1% | 47.88% | 49.76% | 47.73% | 45.76% | 44.2% | 42.4% | 32.11% | 25.87% | 26.65% | 26.35% | 28.21% | 29.07% | 30.56% | 26.39% | 25.13% | 24.97% | 24.89% | 24.42% | 23.74% |
| Operating Income | 84.11M | 81.21M | 64.05M | 77.61M | 99.42M | 82.13M | 69.45M | 76.51M | 79.65M | 76.75M | 68.29M | 66.76M | 71.59M | 63.53M | 59.98M | 52.38M | 43.91M | 43.28M | 50.31M | 58.1M | 67.64M | 89.83M | 83.38M | 76.35M | 66.27M | 65.45M | 62.54M | 57.9M | 54.4M | 51.1M | 46M |
| Operating Margin % | 29.87% | 29.18% | 24.34% | 31.74% | 48.29% | 44.18% | 35.53% | 36.31% | 40.03% | 40.97% | 37.86% | 37.67% | 40.48% | 37.19% | 34.09% | 29.18% | 24% | 23.96% | 26.57% | 28.04% | 36.75% | 51.2% | 48.83% | 45.78% | 36.6% | 33.65% | 32.9% | 31.71% | 27.73% | 27.01% | 26% |
| Operating Income Growth % | - | 26.81% | -17.48% | -21.93% | 21.04% | 18.27% | -9.23% | -3.95% | 3.79% | 12.38% | 2.29% | -6.75% | 12.69% | 5.93% | 14.49% | 19.3% | 1.46% | -13.97% | -13.41% | -14.1% | -24.71% | 7.74% | 9.2% | 15.22% | 1.25% | 4.65% | 8.01% | 6.43% | 6.46% | 11.09% | 20.1% |
| Pretax Income | 83.71M | 80.81M | 64.05M | 77.61M | 99.42M | 82.13M | 69.45M | 76.51M | 79.65M | 76.75M | 68.29M | 66.76M | 71.59M | 63.53M | 59.98M | 52.38M | 43.91M | 43.28M | 50.31M | 58.1M | 67.64M | 89.83M | 83.38M | 76.35M | 66.27M | 65.45M | 62.54M | 57.9M | 54.4M | 51.1M | 46M |
| Pretax Margin % | 29.73% | 29.04% | 24.34% | 31.74% | 48.29% | 44.18% | 35.53% | 36.31% | 40.03% | 40.97% | 37.86% | 37.67% | 40.48% | 37.19% | 34.09% | 29.18% | 24% | 23.96% | 26.57% | 28.04% | 36.75% | 51.2% | 48.83% | 45.78% | 36.6% | 33.65% | 32.9% | 31.71% | 27.73% | 27.01% | 26% |
| Income Tax | 20.57M | 19.68M | 15.21M | 18.97M | 24.18M | 20.61M | 16.99M | 18.67M | 18.21M | 33.6M | 25.69M | 24.52M | 27.4M | 23.72M | 22.44M | 19.3M | 14.59M | 15.16M | 16.23M | 18.64M | 22.31M | 30.84M | 26.84M | 23.32M | 17.02M | 19.94M | 20.84M | 19.7M | 19.4M | 18.9M | 17.3M |
| Effective Tax Rate % | 24.57% | 24.35% | 23.75% | 24.44% | 24.32% | 25.1% | 24.47% | 24.4% | 22.86% | 43.78% | 37.62% | 36.73% | 38.27% | 37.33% | 37.42% | 36.84% | 33.23% | 35.03% | 32.26% | 32.07% | 32.99% | 34.34% | 32.19% | 30.55% | 25.69% | 30.46% | 33.32% | 34.02% | 35.66% | 36.99% | 37.61% |
| Net Income | 63.15M | 61.14M | 48.83M | 58.65M | 75.23M | 61.52M | 52.45M | 57.84M | 61.45M | 43.15M | 42.6M | 42.24M | 44.19M | 39.81M | 37.53M | 33.09M | 29.32M | 28.12M | 34.08M | 39.47M | 45.33M | 58.99M | 56.54M | 53.03M | 49.24M | 45.51M | 41.7M | 38.2M | 35M | 32.2M | 28.7M |
| Net Margin % | 22.43% | 21.97% | 18.56% | 23.98% | 36.55% | 33.09% | 26.84% | 27.45% | 30.88% | 23.03% | 23.62% | 23.83% | 24.99% | 23.31% | 21.33% | 18.43% | 16.02% | 15.57% | 18% | 19.05% | 24.62% | 33.62% | 33.11% | 31.8% | 27.2% | 23.4% | 21.94% | 20.92% | 17.84% | 17.02% | 16.22% |
| Net Income Growth % | 23.86% | 25.2% | -16.73% | -22.05% | 22.29% | 17.29% | -9.32% | -5.87% | 42.42% | 1.28% | 0.86% | -4.42% | 11% | 6.07% | 13.44% | 12.84% | 4.27% | -17.48% | -13.66% | -12.92% | -23.16% | 4.33% | 6.62% | 7.69% | 8.2% | 9.13% | 9.17% | 9.14% | 8.7% | 12.2% | 12.55% |
| Net Income (Continuing) | 63.15M | 61.14M | 48.83M | 58.65M | 75.23M | 61.52M | 52.45M | 57.84M | 61.45M | 43.15M | 42.6M | 42.24M | 44.19M | 39.81M | 37.53M | 33.09M | 29.32M | 28.12M | 34.08M | 39.47M | 45.33M | 58.99M | 56.54M | 53.03M | 49.24M | 45.51M | 41.7M | 38.2M | 35M | 32.2M | 28.7M |
| EPS (Diluted) | 3.53 | 3.25 | 2.57 | 3.08 | 3.93 | 3.19 | 2.72 | 2.98 | 3.18 | 2.24 | 2.23 | 2.22 | 2.33 | 2.11 | 2.00 | 1.95 | 0.45 | 1.84 | 2.25 | 2.63 | 3.02 | 3.91 | 3.77 | 3.52 | 3.30 | 3.10 | 2.86 | 2.58 | 2.38 | 2.90 | 2.60 |
| EPS Growth % | 27.24% | 26.46% | -16.56% | -21.63% | 23.2% | 17.28% | -8.72% | -6.29% | 41.96% | 0.45% | 0.45% | -4.72% | 10.43% | 5.5% | 2.56% | 333.33% | -75.54% | -18.22% | -14.45% | -12.91% | -22.76% | 3.71% | 7.1% | 6.67% | 6.45% | 8.39% | 10.85% | 8.4% | -17.93% | 11.54% | 47.73% |
| EPS (Basic) | - | 3.25 | 2.57 | 3.08 | 3.93 | 3.19 | 2.72 | 2.99 | 3.18 | 2.25 | 2.23 | 2.22 | 2.34 | 2.11 | 2.00 | 1.95 | 0.45 | 1.84 | 2.25 | 2.63 | 3.03 | 3.94 | 3.81 | 3.57 | 3.39 | 3.20 | 2.95 | 2.69 | 2.46 | 3.00 | 2.70 |
| Diluted Shares Outstanding | 17.88M | 18.33M | 19.04M | 19.02M | 19.13M | 19.26M | 19.3M | 19.39M | 19.33M | 19.24M | 19.13M | 19.04M | 18.95M | 18.84M | 18.73M | 17.01M | 15.39M | 15.3M | 15.16M | 15.04M | 15.03M | 15.09M | 15.02M | 15.07M | 14.92M | 14.68M | 14.6M | 14.79M | 14.69M | 11.1M | 11.04M |
Residential mortgage concentration risk
As reported in recent financial filings, TrustCo's net interest income has demonstrated a consistent upward trajectory, climbing from $36.6 million in 2024Q1 to $44.7 million by 2026Q1, reflecting the bank's ability to successfully reprice its residential mortgage portfolio despite a complex and evolving interest rate environment.
The steady growth in NII suggests that the bank's portfolio lender model is effectively capturing yield improvements on its core assets. Investors should monitor whether this momentum can be maintained if mortgage origination volumes face headwinds from a cooling housing market or increased competitive pricing pressure.
Based on the bank's quarterly performance data, the efficiency ratio has improved significantly from a peak of 45.7% in 2023Q4 to 37.9% in 2026Q1, indicating that management is successfully scaling its revenue base while maintaining disciplined control over its extensive physical branch network operating expenses.
This trend suggests that the bank is achieving better operating leverage, likely through a combination of revenue growth and careful management of personnel costs. Continued focus on this metric is essential, as any reversal could signal that the Florida expansion is becoming a drag on core profitability.
According to the provided income statement data, provision for credit losses has remained remarkably low, fluctuating between $250,000 and $950,000 over the last several quarters, which suggests that the bank's residential mortgage-heavy portfolio continues to exhibit strong credit quality and minimal signs of borrower distress.
The minimal provision expense appears to reflect the conservative nature of the bank's underwriting standards. However, analysts should remain cautious, as the bank's heavy concentration in residential real estate means that even a modest deterioration in regional housing prices could necessitate a sharp increase in future provisioning.
As indicated by the exceptionally low Debt/Equity ratio of 0.23%, TrustCo maintains a fortress-like balance sheet that, while providing significant safety, may be limiting the bank's ability to optimize its return on equity compared to more aggressive regional peers operating in similar geographic markets.
This conservative capital structure may be perceived by some as a lack of ambition, potentially masking the bank's true earnings potential. Investors should investigate whether management intends to deploy this excess capital into higher-yielding assets or if the current stance is a permanent defensive posture against market volatility.
Quick answers to the most common questions about buying TRST stock.
TrustCo Bank Corp NY (TRST) is profitable, generating $61.1M in net income for the fiscal year ending 2025 with a net profit margin of 22.0%.
TrustCo Bank Corp NY (TRST) reported an operating income of $81.2M, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.
TrustCo Bank Corp NY (TRST) generated $186.7M in gross profit for the year, representing a gross profit margin of 67.1%. This demonstrates the company's core pricing power and production efficiency.