TrustCo Reports 2025 Net Income of $61.1 Million for the Year; Posts Total Shareholder Return Three Times That Of Peers

Rhea-AI Summary

TrustCo (NASDAQ: TRST) reported 2025 net income of $61.1 million and diluted EPS of $3.25. Fourth-quarter net income was $15.6 million with diluted EPS of $0.85. Net interest income for Q4 was $43.7 million, up 12.4%, and net interest margin expanded to 2.82% (up 22 bps). Average loans rose by $126.8 million in Q4 2025 vs Q4 2024; average deposits increased $208.0 million. Book value per share was $38.08, up from $35.56. The company repurchased 1.0 million shares in 2025 (5.3%) and authorized an additional 2.0 million share buyback (11.1%). Total shareholder return grew 29% for the year.

Positive

• Net income +25% YoY to $61.1M
• Diluted EPS +26% to $3.25
• Net interest income +12.4% to $43.7M
• Net interest margin expanded 22 bps to 2.82%
• Repurchased 1.0M shares (5.3%); authorized 2.0M more (11.1%)
• Total shareholder return +29% for 2025

Negative

• Equity to asset ratio declined to 10.66% from 10.84%
• Nonperforming loans rose 10.1% to $20.7M
• Allowance coverage fell to 252.5% from 267.3%

News Market Reaction – TRST

+0.07%

1 alert

+0.07% News Effect

On the day this news was published, TRST gained 0.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $15.6M Q4 2025 diluted EPS: $0.85 Net interest margin: 2.82% +5 more

8 metrics

Q4 2025 net income $15.6M Fourth quarter 2025 vs $11.3M in Q4 2024 (up 38.0%)

Q4 2025 diluted EPS $0.85 Fourth quarter 2025 vs $0.59 in Q4 2024 (up 44.1%)

Net interest margin 2.82% Q4 2025 vs 2.60% in Q4 2024 (up 22 bps)

Net interest income $43.7M Q4 2025 vs $38.9M in Q4 2024 (up 12.4%)

2025 net income $61.1M Full year 2025 vs $48.8M in 2024

2025 diluted EPS $3.25 Full year 2025 vs $2.57 in 2024

Book value per share $38.08 As of Dec 31, 2025 vs $35.56 a year earlier (up 7.1%)

Shares repurchased 2025 1,000,000 shares 5.3% of common stock in 2025; 533k in Q4 2025

Market Reality Check

Price: $43.42 Vol: Volume 70,797 is below th...

normal vol

$43.42 Last Close

Volume Volume 70,797 is below the 99,822 20-day average, suggesting a muted pre-news session. normal

Technical Trading above the 200-day MA at 36.22, indicating a previously established uptrend into this earnings release.

Peers on Argus

TRST was down 1.65% while close peers showed mixed, mostly small moves (from -0....

TRST was down 1.65% while close peers showed mixed, mostly small moves (from -0.11% to 0.78%), pointing to a stock-specific reaction rather than a broad regional bank move.

Historical Context

5 past events · Latest: Jan 12 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Earnings call notice	Neutral	+2.0%	Announced Q4 2025 release date and conference call logistics.
Dec 19	Buyback announcement	Positive	-0.4%	New 2,000,000‑share repurchase plan after completing prior 1,000,000‑share buyback.
Nov 19	Dividend declaration	Positive	+1.1%	Declared $0.38 quarterly dividend, highlighting 120-year uninterrupted payments.
Oct 21	Q3 2025 earnings	Positive	-0.2%	Reported higher net income, margin expansion, and loan/deposit growth.
Oct 10	Earnings call notice	Neutral	+1.5%	Scheduled Q3 2025 results release and conference call details.

Pattern Detected

Positive capital return and earnings news have sometimes seen muted or negative next-day moves, indicating occasional divergence between fundamentals and price.

Recent Company History

Over the past six months, TrustCo highlighted buybacks, steady dividends, and improving earnings. A new 2,000,000‑share repurchase followed completion of a prior 1,000,000‑share program, while Q3 2025 results showed higher net income and margin expansion. Regular conference-call notices in October 2025 and January 2026 framed a narrative of operational stability and ongoing capital returns, into which today’s stronger Q4 and full-year 2025 results fit logically.

Market Pulse Summary

This announcement details higher Q4 2025 net income of $15.6M, full‑year earnings of $61.1M, margin ...

Analysis

This announcement details higher Q4 2025 net income of $15.6M, full‑year earnings of $61.1M, margin expansion to 2.82%, and continued loan and deposit growth, alongside a completed 1,000,000‑share buyback and authorization for another 2,000,000 shares. In context of prior quarters, investors may track future net interest income trends, asset quality metrics, and the pace of repurchases to assess how effectively these results support long‑term value.

Key Terms

net interest margin, basis points, return on average assets, return on average equity, +3 more

7 terms

net interest margin financial

"Net interest margin of 2.82%, up 22 basis points from 2.60%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

basis points financial

"Net interest margin of 2.82%, up 22 basis points from 2.60%"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

return on average assets financial

"Return on Average Assets of 0.97%, up 32.9% from 0.73%"

Return on average assets (ROAA) measures how efficiently a company turns its assets into profit by comparing profit after expenses to the average value of its assets over a period (usually the average of beginning and ending assets). It matters to investors because it shows how well management uses the company’s resources to generate returns—think of it as how much profit a baker earns from the oven space they actually used over time.

return on average equity financial

"Return on Average Equity of 8.99%, up 34.2% from 6.70%"

Return on average equity (ROAE) measures how much profit a company generates for its shareholders’ invested capital over a period, calculated by dividing net profit by the average shareholder equity during that period. It matters to investors because it shows how efficiently management turns owners’ money into earnings—like how much bread a baker bakes from the same oven space—helping compare profitability across companies and track performance over time.

stock repurchase program financial

"shares ... were purchased under the Stock Repurchase Program during 2025"

A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.

nonperforming loans financial

"Nonperforming loans (NPLs) were $20.7 million as of December 31, 2025"

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

nonperforming assets financial

"Nonperforming assets (NPAs) were $22.1 million as of December 31, 2025"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

AI-generated analysis. Not financial advice.

Executive Snapshot:

• Financial results:
  • Key metrics for the fourth quarter 2025 compared to the fourth quarter of 2024:
    • Net income of $15.6 million increased 38.0% compared to $11.3 million
    • Diluted earnings per share of $0.85 increased 44.1% compared to $0.59
    • Net interest margin of 2.82%, up 22 basis points from 2.60%
    • Return on Average Assets of 0.97%, up 32.9% from 0.73%
    • Return on Average Equity of 8.99%, up 34.2% from 6.70%
    • Net interest income of $43.7 million, up 12.4% from $38.9 million

• Capital position and Stock Repurchase Program:
  • Book value per share as of December 31, 2025 was $38.08, up from $35.56 as of December 31, 2024
  • One million shares, or 5.3%, of TrustCo common stock were purchased under the Stock Repurchase Program during 2025, of which 533 thousand shares or 2.9% were purchased in the fourth quarter
  • Two million shares, or 11.1%, of TrustCo common stock authorized for purchase under an additional Stock Repurchase Program announced for 2026

GLENVILLE, N.Y., Jan. 21, 2026 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the fourth quarter of 2025 highlighted by a substantial increase in net interest income, continued margin expansion, and sustained loan and deposit growth across core lending and deposit categories. For the three months ended December 31, 2025, net interest income increased 12.4% year over year to $43.7 million, supported by the ongoing asset repricing across our loan portfolio at higher yields and effective management of interest expense, which together more than offset competitive pressures on deposit pricing. For the three months ended December 31, 2025, net interest margin expanded to 2.82% from 2.60% in the prior year period, driven by enhanced asset yields and disciplined deposit pricing strategies. This resulted in fourth quarter 2025 net income of $15.6 million, or $0.85 diluted earnings per share, compared to net income of $11.3 million or $0.59 diluted earnings per share for the fourth quarter 2024; and net income of $61.1 million or $3.25 diluted earnings per share for the year ended December 31, 2025, compared to net income of $48.8 million or $2.57 diluted earnings per share for the year ended December 31, 2024. Loan balances expanded throughout the quarter, with total average loans increasing $126.8 million for the fourth quarter 2025 over the same period in 2024. Following this period of sustained growth, TrustCo remains confident in the quality of its loan portfolio amid broader market concerns. 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.

Overview

Chairman, President, and CEO, Robert J. McCormick said, “The results announced today are absolutely stellar. Our team performed extraordinarily well on all levels. We have long-served Trustco Bank customers in a manner that has generated trust and earned loyalty. With this foundation, our retail area has been able to control cost of funds, which, in turn, expanded margin. The lenders finished strong, with the best quarterly loan growth of the year. The management team successfully executed a million-share buyback and then immediately sought and received regulatory approval for a further two-million share buyback, which we then fully funded. Thus, between what we have done, and what we are likely to do, we will have re-purchased more than 16% of the outstanding shares of our stock over the two-year period – and may not be done. Perhaps even more significantly, we grew total shareholder return 29% over the year, outpacing a major regional bank index and our proxy peers by a factor of more than three times. With our capital position still strong, and our credit quality remaining exceptional, I look forward to seeing our team deliver even greater value to our shareholders in 2026 and beyond.”

Details

As the year came to an end, we continued to see meaningful net interest income improvement, and management expects net interest income improvement to remain sustainable. The Bank’s loan and investment portfolios continue to reprice upward as lower yielding assets mature and are replaced with higher rate loan originations and bond investment purchases, driving steady improvement in overall asset yields. We believe that this ongoing repricing reflects disciplined loan production aligned with current market conditions. Complementing this, the Bank maintains a strong liquidity position, providing flexibility to support future growth as funding conditions continue to evolve. We believe that, together, these factors position the Bank to continue net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $43.7 million for the fourth quarter 2025, an increase of $4.8 million, or 12.4%, compared to the fourth quarter of 2024, driven by loan growth at higher interest rates, and an increase in interest income on federal funds sold and other short-term investments. The net interest margin for the fourth quarter of 2025 was 2.82%, up 22 basis points from 2.60% in the fourth quarter of 2024. The yield on interest earnings assets increased to 4.24% in the fourth quarter of 2025, up 12 basis points from 4.12% in the fourth quarter of 2024. The cost of interest bearing liabilities decreased to 1.84% in the fourth quarter 2025, down from 1.97% in the fourth quarter 2024.

Average loans were up $126.8 million, or 2.5%, in the fourth quarter of 2025 over the same period in 2024. Average residential loans and Home Equity Credit Lines (HECLs), our primary lending focus, were up $50.6 million, or 1.2%, and $54.1 million, or 13.5%, respectively, in the fourth quarter 2025 over the same period in 2024. Average commercial loans also increased $24.5 million, or 8.6%, in the fourth quarter 2025 over the same period in 2024. We believe that this upward trend reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending. The consistent growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $208.0 million, or 3.9%, for the fourth quarter of 2025 compared to the fourth quarter 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s ongoing emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a broadening deposit base that supports ongoing loan growth and expansion.

During the fourth quarter of 2025, the Bank has remained focused on capital deployment and allocation, guided by a disciplined framework, with share repurchases serving as a key tool to enhance shareholder value. This reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. For the three and twelve months ended December 31, 2025, TrustCo repurchased 533 thousand shares, or 2.9%, and one million shares, or 5.3%, respectively, of TrustCo’s outstanding common stock under the previously announced stock repurchase program. As a result, we have completed the repurchase of the maximum number of shares authorized for repurchase under the program that was authorized in the first quarter of 2025. Consequently, during the fourth quarter, the Company announced another stock repurchase program which allows the Company to repurchase up to two million shares, or 11.1%, of TrustCo common stock over the next year. We continue to believe that our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of December 31, 2025, our equity to asset ratio was 10.66%, compared to 10.84% as of December 31, 2024. Book value per share as of December 31, 2025 was $38.08, up 7.1% compared to $35.56 as of a year earlier.

Asset quality remains strong and has been consistent over the past twelve months. TrustCo recorded a provision for credit losses of $400 thousand in the fourth quarter of 2025, flat compared to $400 thousand for the same period in 2024. For the three months ended December 31, 2025 the provision for credit losses was the result of a provision for credit losses on loans of $300 thousand and a provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% as of both December 31, 2025 and 2024. The allowance for credit losses on loans was $52.2 million as of December 31, 2025, compared to $50.2 million as of December 31, 2024. Nonperforming loans (NPLs) were $20.7 million as of December 31, 2025, compared to $18.8 million as of December 31, 2024. NPLs were 0.39% and 0.37% of total loans as of December 31, 2025 and 2024, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 252.5% as of December 31, 2025, compared to 267.3% as of December 31, 2024. Nonperforming assets (NPAs) were $22.1 million as of December 31, 2025, compared to $21.0 million as of December 31, 2024. While nonperforming loans increased modestly during the year, asset quality metrics remain stable and well covered by reserves, reflecting the Bank’s conservative underwriting standards.

A conference call to discuss fourth quarter 2025 results will be held at 9:00 a.m. Eastern Time on January 22, 2026. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 774913. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 268454. The call will also be audio webcast at https://events.q4inc.com/attendee/175579250, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.4 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 134 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of December 31, 2025.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding net interest income and shareholder value for future quarters; the impact of our loan portfolio’s growth on net interest income; the impact of the continued repricing of our loan and investment portfolios on overall asset yields; the amount of shares that we expect to repurchase in 2026; and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on fourth-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of fourth parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and future reports to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		12/31/2025		9/30/2025		12/31/2024
Summary of operations
Net interest income		$ 43,735		$ 43,119		$ 38,902
Provision for credit losses		400		250		400
Noninterest income		4,430		4,689		4,409
Noninterest expense		26,710		26,242		28,165
Net income		15,565		16,258		11,281
Per share
Net income per share:
- Basic		$ 0.85		$ 0.87		$ 0.59
- Diluted		0.85		0.86		0.59
Cash dividends		0.38		0.38		0.36
Book value at period end		38.08		37.30		35.56
Market price at period end		41.33		36.30		33.31
At period end
Full time equivalent employees		743		738		737
Full service banking offices		134		136		136
Performance ratios
Return on average assets		0.97	%	1.02	%	0.73
Return on average equity		8.99		9.29		6.70
Efficiency ratio (GAAP)		55.46		54.89		65.03
Adjusted Efficiency ratio (1)		55.12		54.87		63.93
Net interest spread		2.40		2.40		2.15
Net interest margin		2.82		2.82		2.60
Dividend payout ratio		44.14		43.68		60.70
Capital ratios at period end
Consolidated equity to assets (GAAP)		10.66	%	10.90	%	10.84
Consolidated tangible equity to tangible assets (1)		10.65	%	10.89	%	10.83
Asset quality analysis at period end
Nonperforming loans to total loans		0.39	%	0.36	%	0.37
Nonperforming assets to total assets		0.34		0.31		0.34
Allowance for credit losses on loans to total loans		0.99		1.00		0.99
Coverage ratio (2)		2.5x		2.8x		2.7x
(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
FINANCIAL HIGHLIGHTS, Continued
(dollars in thousands, except per share data)
(Unaudited)
		Year Ended
		12/31/25		12/31/24
Summary of operations
Net interest income		$ 168,973		$ 151,939
Provision for credit losses		1,600		2,000
Net gains on equity securities		-		1,383
Noninterest income, excluding net gains on equity securities		18,945		18,451
Noninterest expense		105,504		105,727
Net income		61,137		48,833
Per share
Net income per share:
- Basic		$ 3.26		$ 2.57
- Diluted		3.25		2.57
Cash dividends		1.48		1.44
Book value at period end		38.08		35.56
Market price at period end		41.33		33.31
Performance ratios
Return on average assets		0.97	%	0.80	%
Return on average equity		8.88		7.43
Efficiency ratio (GAAP)		56.14		61.55
Adjusted Efficiency ratio (1)		55.76		61.60
Net interest spread		2.31		2.10
Net interest margin		2.74		2.54
Dividend payout ratio		45.19		56.09
(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.

CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
		Three months ended
		12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024
Interest and dividend income:
Interest and fees on loans		$	56,886		$	55,953		$	54,557		$	53,450		$	53,024
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		350			599			614			596			680
State and political subdivisions		-			1			-			-			-
Mortgage-backed securities and collateralized mortgage
obligations - residential		1,490			1,583			1,613			1,483			1,418
Corporate bonds		536			265			210			260			358
Small Business Administration - guaranteed
participation securities		68			72			75			81			84
Other securities		8			7			8			7			6
Total interest and dividends on securities available for sale		2,452			2,527			2,520			2,427			2,546
Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations - residential		50			52			54			57			59
Total interest on held to maturity securities		50			52			54			57			59
Federal Home Loan Bank stock		126			125			129			151			152
Interest on federal funds sold and other short-term investments		6,580			7,376			7,212			6,732			6,128
Total interest income		66,094			66,033			64,472			62,817			61,909
Interest expense:
Interest on deposits:
Interest-bearing checking		501			483			536			558			397
Savings		715			741			733			734			719
Money market deposit accounts		1,810			2,065			2,086			1,989			2,024
Time deposits		18,993			19,427			19,195			18,983			19,680
Interest on short-term borrowings		340			198			176			180			187
Total interest expense		22,359			22,914			22,726			22,444			23,007
Net interest income		43,735			43,119			41,746			40,373			38,902
Less: Provision for credit losses		400			250			650			300			400
Net interest income after provision for credit losses		43,335			42,869			41,096			40,073			38,502
Noninterest income:
Trustco Financial Services income		1,950			1,967			1,818			2,120			1,778
Fees for services to customers		2,192			2,429			2,266			2,645			2,226
Other		288			293			768			209			405
Total noninterest income		4,430			4,689			4,852			4,974			4,409
Noninterest expenses:
Salaries and employee benefits		12,242			12,727			11,876			11,894			12,068
Net occupancy expense		4,592			4,470			4,518			4,554			4,563
Equipment expense		2,219			1,938			1,918			1,944			2,404
Professional services		1,083			1,571			1,886			1,726			1,782
Outsourced services		2,100			2,492			2,460			2,700			3,051
Advertising expense		629			290			304			361			590
FDIC and other insurance		1,135			1,052			1,136			1,188			1,113
Other real estate expense, net		161			8			522			28			476
Other		2,549			1,694			1,603			1,934			2,118
Total noninterest expenses		26,710			26,242			26,223			26,329			28,165
Income before taxes		21,055			21,316			19,725			18,718			14,746
Income taxes		5,490			5,058			4,686			4,443			3,465
Net income		$	15,565		$	16,258		$	15,039		$	14,275		$	11,281
Net income per common share:
- Basic		$	0.85		$	0.87		$	0.79		$	0.75		$	0.59
- Diluted		0.85			0.86			0.79			0.75			0.59
Weighted average basic shares (in thousands)		18,275			18,755			18,965			19,020			19,015
Weighted average diluted shares (in thousands)		18,327			18,805			18,994			19,044			19,045

CONSOLIDATED STATEMENTS OF INCOME, Continued
(dollars in thousands, except per share data)
(Unaudited)
		Year Ended
		12/31/25		12/31/24
Interest and dividend income:
Interest and fees on loans	$	220,846		$ 205,600
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		2,159		3,213
State and political subdivisions		1		1
Mortgage-backed securities and collateralized mortgage
obligations - residential		6,169		5,760
Corporate bonds		1,271		1,557
Small Business Administration - guaranteed
participation securities		296		368
Other securities		30		13
Total interest and dividends on securities available for sale		9,926		10,912
Interest on held to maturity securities:
Mortgage-backed securities-residential		213		254
Total interest on held to maturity securities		213		254
Federal Home Loan Bank stock		531		604
Interest on federal funds sold and other short-term investments		27,900		25,946
Total interest income		259,416		243,316
Interest expense:
Interest on deposits:
Interest-bearing checking		2,078		1,236
Savings		2,923		2,876
Money market deposit accounts		7,950		8,748
Time deposits		76,598		77,726
Interest on short-term borrowings		894		791
Total interest expense		90,443		91,377
Net interest income		168,973		151,939
Less: Provision for credit losses		1,600		2,000
Net interest income after provision for credit losses		167,373		149,939
Noninterest income:
Trustco Financial Services income		7,855		7,247
Fees for services to customers		9,532		9,852
Net gains on equity securities		-		1,383
Other		1,558		1,352
Total noninterest income		18,945		19,834
Noninterest expenses:
Salaries and employee benefits		48,739		48,149
Net occupancy expense		18,134		17,820
Equipment expense		8,019		7,889
Professional services		6,266		6,675
Outsourced services		9,752		10,858
Advertising expense		1,584		1,803
FDIC and other insurance		4,511		4,116
Other real estate expense, net		719		770
Other		7,780		7,647
Total noninterest expenses		105,504		105,727
Income before taxes		80,814		64,046
Income taxes		19,677		15,213
Net income	$	61,137		$ 48,833
Net income per common share:
- Basic	$	3.26		$ 2.57
- Diluted		3.25		2.57
Weighted average basic shares (in thousands)		18,752		19,018
Weighted average diluted shares (in thousands)		18,790		19,037

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
(Unaudited)
		12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024
ASSETS:
Cash and due from banks		$	50,569		$	42,026		$	45,218		$	48,782		$	47,364
Federal funds sold and other short term investments		679,858			653,530			668,373			707,355			594,448
Total cash and cash equivalents		730,427			695,556			713,591			756,137			641,812
Securities available for sale:
U. S. government sponsored enterprises		31,772			51,557			71,241			65,942			85,617
States and political subdivisions		9			18			18			18			18
Mortgage-backed securities and collateralized mortgage
obligations - residential		206,290			215,466			221,721			219,333			213,128
Small Business Administration - guaranteed
participation securities		11,710			12,330			12,945			13,683			14,141
Corporate bonds		59,932			39,800			29,943			24,779			44,581
Other securities		705			701			698			698			700
Total securities available for sale		310,418			319,872			336,566			324,453			358,185
Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential		4,339			4,593			4,836			5,090			5,365
Total held to maturity securities		4,339			4,593			4,836			5,090			5,365
Federal Reserve Bank and Federal Home Loan Bank stock		6,601			6,601			6,601			6,507			6,507
Loans:
Commercial		313,443			311,491			314,273			302,753			286,857
Residential mortgage loans		4,463,260			4,420,813			4,394,317			4,380,561			4,388,302
Home equity line of credit		464,201			447,235			435,433			419,806			409,261
Installment loans		11,556			12,231			12,678			13,017			13,638
Loans, net of deferred net costs		5,252,460			5,191,770			5,156,701			5,116,137			5,098,058
Less: Allowance for credit losses on loans		52,205			51,891			51,265			50,606			50,248
Net loans		5,200,255			5,139,879			5,105,436			5,065,531			5,047,810
Bank premises and equipment, net		40,707			39,718			38,129			37,178			33,782
Operating lease right-of-use assets		33,638			35,291			36,322			34,968			36,627
Other assets		114,315			107,514			106,894			108,681			108,656
Total assets		$	6,440,700		$	6,349,024		$	6,348,375		$	6,338,545		$	6,238,744
LIABILITIES:
Deposits:
Demand		$	814,908		$	795,508		$	784,351		$	793,306		$	762,101
Interest-bearing checking		1,077,141			1,025,582			1,045,043			1,067,948			1,027,540
Savings accounts		1,069,564			1,063,763			1,082,489			1,094,968			1,086,534
Money market deposit accounts		457,389			455,488			467,087			478,872			465,049
Time deposits		2,138,415			2,140,932			2,111,344			2,061,576			2,049,759
Total deposits		5,557,417			5,481,273			5,490,314			5,496,670			5,390,983
Short-term borrowings		120,054			97,749			82,370			82,275			84,781
Operating lease liabilities		36,391			38,180			39,350			38,324			40,159
Accrued expenses and other liabilities		40,249			39,809			43,536			33,468			46,478
Total liabilities		5,754,111			5,657,011			5,655,570			5,650,737			5,562,401
SHAREHOLDERS' EQUITY:
Capital stock		20,119			20,103			20,097			20,097			20,097
Surplus		260,333			259,980			259,490			259,182			258,874
Undivided profits		479,996			471,314			462,158			453,931			446,503
Accumulated other comprehensive income (loss), net of tax		10,024			2,955			1,663			(132)			(3,861)
Treasury stock at cost		(83,883)			(62,339)			(50,603)			(45,270)			(45,270)
Total shareholders' equity		686,589			692,013			692,805			687,808			676,343
Total liabilities and shareholders' equity		$	6,440,700		$	6,349,024		$	6,348,375		$	6,338,545		$	6,238,744
Outstanding shares (in thousands)		18,029			18,554			18,851			19,020			19,020

NONPERFORMING ASSETS
(dollars in thousands)
(Unaudited)
		12/31/2025			9/30/2025			6/30/2025			3/31/2025			12/31/2024
Nonperforming Assets
New York and other states*
Loans in nonaccrual status:
Commercial		$	1,990		$	292		$	684		$	688		$	343
Real estate mortgage - 1 to 4 family			14,584			14,568			14,048			14,795			14,671
Installment			29			30			34			139			108
Total nonperforming loans			16,603			14,890			14,766			15,622			15,122
Other real estate owned			1,394			1,234			1,136			2,107			2,175
Total nonperforming assets		$	17,997		$	16,124		$	15,902		$	17,729		$	17,297
Florida
Loans in nonaccrual status:
Commercial		$	-		$	-		$	-		$	-		$	-
Real estate mortgage - 1 to 4 family			4,047			3,574			3,132			3,135			3,656
Installment			22			13			12			3			22
Total nonperforming loans			4,069			3,587			3,144			3,138			3,678
Other real estate owned			-			-			-			-			-
Total nonperforming assets		$	4,069		$	3,587		$	3,144		$	3,138		$	3,678
Total
Loans in nonaccrual status:
Commercial		$	1,990		$	292		$	684		$	688		$	343
Real estate mortgage - 1 to 4 family			18,631			18,142			17,180			17,930			18,327
Installment			51			43			46			142			130
Total nonperforming loans			20,672			18,477			17,910			18,760			18,800
Other real estate owned			1,394			1,234			1,136			2,107			2,175
Total nonperforming assets		$	22,066		$	19,711		$	19,046		$	20,867		$	20,975
Quarterly Net (Recoveries) Chargeoffs
New York and other states*
Commercial		$	-		$	-		$	-		$	(3	)	$	62
Real estate mortgage - 1 to 4 family			(33	)		(194	)		(121	)		41			(316	)
Installment			(13	)		(2	)		18			4			41
Total net chargeoffs (recoveries)		$	(46	)	$	(196	)	$	(103	)	$	42		$	(213	)
Florida
Commercial		$	-		$	-		$	-		$	(315	)	$	314
Real estate mortgage - 1 to 4 family			-			-			-			-			-
Installment			32			20			94			15			1
Total net (recoveries) chargeoffs		$	32		$	20		$	94		$	(300	)	$	315
Total
Commercial		$	-		$	-		$	-		$	(318	)	$	376
Real estate mortgage - 1 to 4 family			(33	)		(194	)		(121	)		41			(316	)
Installment			19			18			112			19			42
Total net (recoveries) chargeoffs		$	(14	)	$	(176	)	$	(9	)	$	(258	)	$	102
Asset Quality Ratios
Total nonperforming loans (1)		$	20,672		$	18,477		$	17,910		$	18,760		$	18,800
Total nonperforming assets (1)			22,066			19,711			19,046			20,867			20,975
Total net (recoveries) chargeoffs (2)			(14	)		(176	)		(9	)		(258	)		102
Allowance for credit losses on loans (1)			52,205			51,891			51,265			50,606			50,248
Nonperforming loans to total loans			0.39	%		0.36	%		0.35	%		0.37	%		0.37	%
Nonperforming assets to total assets			0.34	%		0.31	%		0.30	%		0.33	%		0.34	%
Allowance for credit losses on loans to total loans			0.99	%		1.00	%		0.99	%		0.99	%		0.99	%
Coverage ratio (1)			252.5	%		280.8	%		286.2	%		269.8	%		267.3	%
Annualized net (recoveries) chargeoffs to average loans (2)			0.00	%		-0.01	%		0.00	%		-0.02	%		0.01	%
Allowance for credit losses on loans to annualized net chargeoffs (2)		N/A			N/A			N/A			N/A			123.2x
* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY -
INTEREST RATES AND INTEREST DIFFERENTIAL
(dollars in thousands)
(Unaudited)		Three months ended									Three months ended
		December 31, 2025									December 31, 2024
		Average				Interest		Average			Average				Interest		Average
		Balance						Rate			Balance						Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	48,668			$	350	2.88	%		$	88,125			$	680	3.09	%
Mortgage backed securities and collateralized mortgage
obligations - residential			226,934				1,490	2.60				238,771				1,418	2.36
State and political subdivisions			15				0	6.71				23				0	6.35
Corporate bonds			46,819				536	4.58				50,025				358	2.86
Small Business Administration - guaranteed
participation securities			12,621				68	2.15				15,693				84	2.15
Other			702				8	4.56				700				6	3.43
Total securities available for sale			335,759				2,452	2.92				393,337				2,546	2.59
Federal funds sold and other short-term Investments			656,528				6,580	3.98				504,458				6,128	4.83
Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations - residential			4,467				50	4.45				5,501				59	4.31
Total held to maturity securities			4,467				50	4.45				5,501				59	4.31
Federal Home Loan Bank stock			6,601				126	7.64				6,507				152	9.34
Commercial loans			309,833				4,295	5.54				285,303				3,869	5.42
Residential mortgage loans			4,439,133				45,024	4.06				4,388,567				42,486	3.87
Home equity lines of credit			455,713				7,344	6.39				401,636				6,422	6.36
Installment loans			11,362				223	7.78				13,741				247	7.14
Loans, net of unearned income			5,216,041				56,886	4.36				5,089,247				53,024	4.16
Total interest earning assets			6,219,396			$	66,094	4.24				5,999,050			$	61,909	4.12
Allowance for credit losses on loans			(52,249	)								(50,342	)
Cash & non-interest earning assets			213,211									190,341
Total assets		$	6,380,358								$	6,139,049
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts		$	1,035,796			$	501	0.19	%		$	994,786			$	397	0.16	%
Money market accounts			456,240				1,810	1.57				469,784				2,024	1.71
Savings			1,063,516				715	0.27				1,085,952				719	0.26
Time deposits			2,153,365				18,993	3.50				2,000,563				19,680	3.91
Total interest bearing deposits			4,708,917				22,019	1.86				4,551,085				22,820	1.99
Short-term borrowings			107,579				340	1.25				84,136				187	0.88
Total interest bearing liabilities			4,816,496			$	22,359	1.84				4,635,221			$	23,007	1.97
Demand deposits			801,944									751,747
Other liabilities			75,291									82,738
Shareholders' equity			686,627									669,343
Total liabilities and shareholders' equity		$	6,380,358								$	6,139,049
Net interest income						$	43,735								$	38,902
Net interest spread								2.40	%								2.15	%
Net interest margin (net interest income to
total interest earning assets)								2.82	%								2.60	%

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY -
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
(dollars in thousands)
(Unaudited)		Year Ended								Year Ended
		December 31, 2025								December 31, 2024
		Average				Interest	Average			Average				Interest	Average
		Balance					Rate			Balance					Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	66,529			2,159	3.25	%		$	105,729			3,213	3.04	%
Mortgage backed securities and collateralized mortgage
obligations - residential			237,037			6,169	2.60				247,466			5,760	2.33
State and political subdivisions			17			1	6.75				25			1	6.69
Corporate bonds			34,745			1,271	3.66				58,447			1,557	2.66
Small Business Administration - guaranteed
participation securities			13,772			296	2.15				17,003			368	2.17
Other			699			30	4.29				698			13	1.86
Total securities available for sale			352,799			9,926	2.81				429,368			10,912	2.54
Federal funds sold and other short-term Investments			645,154			27,900	4.32				493,546			25,946	5.26
Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations - residential			4,845			213	4.39				5,916			254	4.29
Total held to maturity securities			4,845			213	4.39				5,916			254	4.29
Federal Home Loan Bank stock			6,575			531	8.08				6,389			604	9.45
Commercial loans			306,997			17,146	5.59				280,566			15,101	5.38
Residential mortgage loans			4,405,426			174,966	3.97				4,370,582			165,533	3.79
Home equity lines of credit			434,740			27,823	6.40				374,841			23,944	6.39
Installment loans			12,174			911	7.49				14,926			1,022	6.85
Loans, net of unearned income			5,159,337			220,846	4.28				5,040,915			205,600	4.08
Total interest earning assets			6,168,710			259,416	4.20				5,976,134			243,316	4.07
Allowance for credit losses on loans			(51,303	)							(49,648	)
Cash & non-interest earning assets			206,732								188,748
Total assets		$	6,324,139							$	6,115,234
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts		$	1,037,072			2,078	0.20	%		$	998,501			1,236	0.12	%
Money market accounts			465,077			7,950	1.71				509,409			8,748	1.72
Savings			1,079,405			2,923	0.27				1,128,190			2,876	0.25
Time deposits			2,104,815			76,598	3.64				1,911,116			77,726	4.07
Total interest bearing deposits			4,686,369			89,549	1.91				4,547,216			90,586	1.99
Short-term borrowings			89,816			894	0.99				89,707			791	0.88
Total interest bearing liabilities			4,776,185			90,443	1.89				4,636,923			91,377	1.97
Demand deposits			783,521								738,816
Other liabilities			76,094								82,398
Shareholders' equity			688,339								657,097
Total liabilities and shareholders' equity		$	6,324,139							$	6,115,234
Net interest income						168,973								151,939
Net interest spread							2.31	%							2.10	%
Net interest margin (net interest income to
total interest earning assets)							2.74	%							2.54	%

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.

NON-GAAP FINANCIAL MEASURES RECONCILIATION
(dollars in thousands)
(Unaudited)
		12/31/2025			9/30/2025			12/31/2024
Tangible Book Value Per Share
Equity (GAAP)		$	686,589		$	692,013		$	676,343
Less: Intangible assets			553			553			553
Tangible equity (Non-GAAP)		$	686,036		$	691,460		$	675,790
Shares outstanding			18,029			18,554			19,020
Tangible book value per share (Non-GAAP)			38.05			37.27			35.53
Book value per share			38.08			37.30			35.56
Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,440,700		$	6,349,024		$	6,238,744
Less: Intangible assets			553			553			553
Tangible assets (Non-GAAP)		$	6,440,147		$	6,348,471		$	6,238,191
Consolidated Equity to Assets (GAAP)			10.66	%		10.90	%		10.84	%
Consolidated Tangible Equity to Tangible Assets (Non-GAAP)			10.65	%		10.89	%		10.83	%
		Three months ended													Year Ended
Efficiency and Adjusted Efficiency Ratios		12/31/2025			9/30/2025			6/30/2025			12/31/2024				12/31/2025			12/31/2024
Net interest income (GAAP)	A	$	43,735		$	43,119		$	41,746		$	38,902			$	168,973		$	151,939
Non-interest income (GAAP)	B		4,430			4,689			4,852			4,409				18,945			19,834
Less: Net gains on equity securities			-			-			-			-				-			1,383
Revenue used for efficiency ratio (Non-GAAP)	C	$	48,165		$	47,808		$	46,598		$	43,311			$	187,918		$	170,390
Total noninterest expense (GAAP)	D	$	26,710		$	26,242		$	26,223		$	28,165			$	105,504		$	105,727
Less: Other real estate expense, net	E		161			8			522			476				719			770
Expense used for efficiency ratio (Non-GAAP)	F	$	26,549		$	26,234		$	25,701		$	27,689			$	104,785		$	104,957
Efficiency Ratio (GAAP)	D/(A+B)		55.46	%		54.89	%		56.27	%		65.03	%			56.14	%		61.55	%
Adjusted Efficiency Ratio (Non-GAAP)	F/C		55.12	%		54.87	%		55.15	%		63.93	%			55.76	%		61.60	%

Subsidiary:	Trustco Bank
Contact:	Robert Leonard Executive Vice President (518) 381-3693

FAQ

What were TrustCo's full-year 2025 net income and EPS (TRST)?

TrustCo reported full-year 2025 net income of $61.1 million and diluted EPS of $3.25.

How did TrustCo's net interest income and margin perform in Q4 2025 (TRST)?

Q4 2025 net interest income was $43.7 million (up 12.4%) and net interest margin was 2.82% (up 22 bps).

How many shares did TrustCo repurchase in 2025 and what authorization exists for 2026 (TRST)?

TrustCo repurchased 1.0 million shares in 2025 (5.3% of shares) and authorized an additional 2.0 million share repurchase (11.1%).

What was TrustCo's book value per share as of December 31, 2025 (TRST)?

Book value per share was $38.08 as of December 31, 2025, up from $35.56 a year earlier.

Did TrustCo's asset quality change in 2025 and how (TRST)?

Nonperforming loans increased to $20.7 million (0.39% of loans) and allowance coverage declined to 252.5% as of December 31, 2025.