TrustCo Bank Corp. NY announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest income of $43,497,000 compared to $41,052,000 a year ago. Net interest income was $39,315,000 compared to $37,400,000 a year ago. Income before taxes was $19,539,000 compared to $17,508,000 a year ago. Net income was $14,808,000 compared to $10,947,000 a year ago. Diluted earnings per share were $0.153 compared to $0.114 a year ago. For the first quarter 2018, return on average assets and return on average equity were 1.23% and 13.07%, respectively, compared to 0.91% and 10.17% for the first quarter 2017. Book value per share at March 31, 2018 was $4.80 compared to $4.57 a year earlier.

Net charge offs for the first quarter 2018 decreased versus the first quarter 2017, falling to $90,000 from $442,000 in the year earlier period.

For 2018, the company is expecting combined effective tax rate to be approximately 24%, based on currently known information.