TrustCo Bank in Glenville, N.Y., reported higher quarterly earnings driven by increased lending.
The $4.6 billion-asset company's third-quarter earnings rose 5% from a year earlier, to $10.7 million. Earnings per share of 11 cents were in line with the average estimate of analysts polled by Bloomberg.
Net interest income climbed 5%, to $35.6 million. TrustCo said in a press release Tuesday that its results were boosted by a "shift toward loans" in its asset portfolio, which helped offset lower yields on securities. Total loans jumped 9%, to $3.1 billion. The net interest margin expanded by 4 basis points, to 3.16%.
The loan-loss provision fell fell 27%, to $1.1 million.
Fee-based income rose 11%, to $4.9 million, mostly because of securities gains.
Higher revenue offset increased operating expenses, which rose 7%, to $22.2 million.