[10-Q] Trustco Bank Corp NY Quarterly Earnings Report

Rhea-AI Filing Summary

TrustCo Bank Corp NY reported stronger core results for the quarter ended June 30, 2025, with net income of $15.0 million versus $12.6 million a year earlier and EPS of $0.79 versus $0.66. Net interest income rose to $41.7 million from $37.8 million, and net interest income after provision remained higher at $41.1 million. For the six-month period, net income was $29.3 million and comprehensive income improved to $34.8 million compared with $23.6 million a year earlier.

Balance sheet trends show growth in key franchise metrics: total assets were $6.35 billion, loans (net) were $5.16 billion, and deposits increased to $5.49 billion. The allowance for credit losses on loans totaled $51.3 million. The securities portfolio had gross unrealized losses of $21.3 million (mostly residential MBS), which management attributes to interest-rate-driven valuation changes rather than credit deterioration. Cash and equivalents rose to $713.6 million, and operating cash flow remained positive at $28.3 million for the six months.

Positive

• Net income increased to $15.04 million for the quarter and $29.31 million for six months, with EPS of $0.79 for the quarter
• Net interest income strengthened to $41.746 million for the quarter, supporting higher earnings
• Loan and deposit growth: net loans $5.1567 billion and total deposits $5.4903 billion at June 30, 2025
• Comprehensive income improved to $16.834 million for the quarter and $34.838 million for six months, driven by securities gains
• Strong liquidity position: cash and cash equivalents of $713.591 million at June 30, 2025

Negative

• Gross unrealized losses of $21.321 million in available-for-sale securities, primarily residential MBS, reflecting interest-rate driven valuation declines
• Increase in real estate construction loans to approximately $37.2 million (from $29.7 million), which the filing notes as higher risk exposure
• Nonperforming loans totaled $17.910 million at June 30, 2025, representing ongoing asset-quality items that require monitoring
• Investing cash outflows: net cash used in investing activities was $(34.448) million for the six months, driven by securities purchases and loan growth

Insights

Financial Analyst

TL;DR: Quarterly earnings and EPS increased driven by higher net interest income, loan and deposit growth, and improved comprehensive income.

TrustCo posted clear quarter-over-quarter improvements in profitability with net interest income of $41.7M supporting a $15.0M quarterly net income. Loan balances and deposits both expanded, with loans net at $5.16B and deposits at $5.49B, supporting core margin and funding stability. Six-month comprehensive income improved materially to $34.8M, reflecting mark-to-market gains on securities and pension amortization effects. Provision for credit losses was modest at $650k for the quarter and $950k for six months, and the ACLL stands at $51.3M. Overall, reported results show strengthening franchise earnings while maintaining capital and liquidity metrics.

Risk Analyst

TL;DR: Credit metrics are stable but risks include sizable unrealized AFS losses and growth in higher-risk construction/commercial lending.

The securities portfolio carried $21.3M of gross unrealized losses concentrated in residential MBS and SBA-guaranteed securities; management states these losses reflect interest-rate movements, not credit issues. Nonperforming loans totaled $17.9M and loans in non-accrual were $17.9M, modestly lower than prior period. Real estate construction loans increased to approximately $37.2M from $29.7M, and the filing explicitly notes commercial loan growth with inherently higher risk. The ACLL of $51.3M and relatively small provision levels suggest current coverage, but concentration and interest-rate sensitivity warrant monitoring.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to _________

Commission File Number 000-10592

TRUSTCO BANK CORP NY

(Exact name of registrant as specified in its charter)

NEW YORK	14-1630287
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK	12302
(Address of principal executive offices)	(Zip Code)

(518) 377-3311

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	TRST	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes  ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes  ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock	Number of Shares Outstanding as of July 31, 2025
$1.00 Par Value	18,851,014

TrustCo Bank Corp NY

INDEX

DESCRIPTION		PAGE NO.
Cautionary Note Regarding Forward-Looking Statements		3
Part I.	FINANCIAL INFORMATION
Item 1.	Consolidated Interim Financial Statements (Unaudited):
	Consolidated Statements of Income for the three month and six-month periods ended June 30, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income for the three month and six-month periods ended June 30, 2025 and 2024	7
	Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 2024	8
	Consolidated Statements of Changes in Shareholders’ Equity for the three month and six-month periods ended June 30, 2025 and 2024	9
	Consolidated Statements of Cash Flows for the three month and six-month periods ended June 30, 2025 and 2024	10
	Notes to Consolidated Interim Financial Statements	11-50
	Report of Independent Registered Public Accounting Firm	51
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52-71
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 4.	Controls and Procedures	72
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	74
Item 3.	Defaults Upon Senior Securities	74
Item 4.	Mine Safety Disclosures	74
Item 5.	Other Information	74
Item 6.	Exhibits	75

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Index

Cautionary Note Regarding Forward-Looking Statements

Statements included in this report and in future filings by TrustCo with the Securities and Exchange Commission, in TrustCo’s press releases, and in oral statements made with the approval of an authorized executive officer that are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected.  Forward-looking statements can be identified by the use of such words as may, will, should, could, would, estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions.  TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

In addition to factors described under Part II, Item 1A, Risk Factors, and under the Risk Factor discussion in TrustCo’s Annual Report on Form 10-K for the year ended December 31, 2024, the factors listed below, 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.  Additionally, many of these risks and uncertainties are currently elevated by and may or will continue to be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to ongoing inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (such as the Russia/Ukraine conflict).

Risks Related to Our Lending Activities

• changes in interest rates may significantly impact our financial condition and results of operations;

• external economic factors, such as changes in monetary policy and inflation and deflation, may have an adverse effect on our business, financial condition and results of operations;

• exposure to credit risk in our lending activities;

• weakness in the residential real estate markets could adversely affect our performance;

• our commercial loan portfolio is increasing and the inherently higher risk of loss may lead to additional provisions for credit losses or charge-offs, which would negatively impact earnings and capital;

• the allowance for credit losses on loans (“ACLL”) may not be sufficient to cover expected loan losses, resulting in a decrease in earnings;

• our inability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities;

• we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability;

• the strict enforcement of federal laws and regulations regarding cannabis could result in our inability to continue to provide financial products and services to customers that do business in the cannabis industry, legal action taken against us, or exposure to additional liabilities and compliance costs;

Risks Related to our Operations

• our dependency upon the services of the management team;

• our disclosure controls and procedures may not prevent or detect all errors or acts of fraud;

• if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations in the event of a disaster, the business disruption can adversely impact its operations;

• our risk management framework may not be effective in mitigating risk and loss;

• new lines of business or new products and services may subject us to additional risks;

• we are exposed to climate risk;

• our business may be adversely affected by the prevalence of fraud and other financial crimes;

• societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers;

• environmental, social and governance risks and diversity, equity, and inclusion risks could adversely affect our reputation and shareholder, employee, client, and third party relationships and may negatively affect our stock price;

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Index

 Risks Related to Market Conditions

• a prolonged economic downturn, especially one affecting our geographic market areas, will adversely affect our operations and financial results;

• instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;

• any downgrade in the credit rating of the U.S. government or default by the U.S. government as a result of political conflicts over legislation to raise the U.S. government’s debt limit may have a material adverse effect on us;

• the soundness of other financial institutions could adversely affect us;

• any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;

• the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings;

Risks Related to Compliance and Regulation

• regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both;

• changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and our income;

• we are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and a failure to comply with these laws could lead to a wide variety of sanctions;

• changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny;

• restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services;

• non-compliance with the Bank Secrecy Act, or other laws and regulations could result in fines or sanctions;

• changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax positions, which may result in adverse effects on our business, financial condition, and results of operations or cash flows;

• our ability to pay dividends is subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock;

• we may be subject to a higher effective tax rate if Trustco Realty Corp. (“Trustco Realty”) fails to qualify as a real estate investment trust (“REIT”);

• changes in accounting standards could impact reported earnings;

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Index

Risks Related to Competition

• strong competition within the Bank’s market areas could hurt profits and slow growth;

• consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations;

Risks Related to Cybersecurity, Third Parties, and Technology

• our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks;

• the development and use of artificial intelligence presents risks and challenges that may adversely impact our business;

• a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm;

• unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm our business;

• we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems;

Risks Related to Ownership of Our Securities

• provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and these provisions may have the effect of reducing the market price of our stock; and

• we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value.

You should not rely upon forward-looking statements as predictions of future events.  Although TrustCo believes that the expectations reflected in the forward‑looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur.  The foregoing list should not be construed as exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events, except to the extent required by law.

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TRUSTCO BANK CORP NY

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share data)

		Three months ended								Six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Interest and dividend income:
Interest and fees on loans		$	54,557			$	50,660			$	108,007			$	100,464
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			614				909				1,210				1,815
State and political subdivisions			-				1				-				1
Mortgage-backed securities and collateralized mortgage obligations - residential			1,613				1,451				3,096				2,945
Corporate bonds			210				362				470				838
Small Business Administration-guaranteed participation securities			75				94				156				194
Other securities			8				2				15				5
Total interest and dividends on securities available for sale			2,520				2,819				4,947				5,798
Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage obligations-residential			54				65				111				133
Total interest on held to maturity securities			54				65				111				133
Federal Home Loan Bank stock			129				147				280				299
Interest on federal funds sold and other short-term investments			7,212				6,894				13,944				13,644
Total interest income			64,472				60,585				127,289				120,338
Interest expense:
Interest on deposits:
Interest-bearing checking			536				288				1,094				528
Savings accounts			733				675				1,467				1,387
Money market deposit accounts			2,086				2,228				4,075				4,570
Time deposits			19,195				19,400				38,178				39,077
Interest on short-term borrowings			176				206				356				410
Total interest expense			22,726				22,797				45,170				45,972
Net interest income			41,746				37,788				82,119				74,366
Provision for credit losses			650				500				950				1,100
Net interest income after provision for credit losses			41,096				37,288				81,169				73,266
Noninterest income:
Trustco financial services income			1,818				1,609				3,938				3,425
Fees for services to customers			2,266				2,399				4,911				5,144
Net gains on equity securities			-				1,360				-				1,360
Other			768				283				977				565
Total noninterest income			4,852				5,651				9,826				10,494
Noninterest expenses:
Salaries and employee benefits			11,876				12,520				23,770				23,947
Net occupancy expense			4,518				4,375				9,072				8,986
Equipment expense			1,918				1,990				3,862				3,728
Professional services			1,886				1,570				3,612				3,030
Outsourced services			2,460				2,755				5,160				5,256
Advertising expense			304				466				665				874
FDIC and other insurance			1,136				797				2,324				1,891
Other real estate expense, net			522				16				550				90
Other			1,603				1,970				3,537				3,560
Total noninterest expenses			26,223				26,459				52,552				51,362
Income before taxes			19,725				16,480				38,443				32,398
Income taxes			4,686				3,929				9,129				7,721
Net income		$	15,039			$	12,551			$	29,314			$	24,677
Net income per share:
- Basic		$	0.79			$	0.66			$	1.54			$	1.30
- Diluted		$	0.79			$	0.66			$	1.54			$	1.30

See accompanying notes to unaudited consolidated interim financial statements.

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Index

TRUSTCO BANK CORP NY

Consolidated Statements of Comprehensive Income (Unaudited)

(dollars in thousands)

		Three months ended								Six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Net income		$	15,039			$	12,551			$	29,314			$	24,677
Net unrealized holding gain (loss) on securities available for sale			3,159				860				8,485				(1,012	)
Tax effect			(823	)			(218	)			(2,201	)			276
Net unrealized gain (loss) on securities available for sale, net of tax			2,336				642				6,284				(736	)
Amortization of net actuarial gain			(737	)			(202	)			(1,034	)			(405	)
Amortization of prior service cost			4				3				7				6
Tax effect			192				52				267				104
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax			(541	)			(147	)			(760	)			(295	)
Other comprehensive income (loss), net of tax			1,795				495				5,524				(1,031	)
Comprehensive income		$	16,834			$	13,046			$	34,838			$	23,646

See accompanying notes to unaudited consolidated interim financial statements.

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Index

TRUSTCO BANK CORP NY

Consolidated Statements of Financial Condition (Unaudited)

(dollars in thousands, except share and per share data)

		June 30, 2025				December 31, 2024
ASSETS:
Cash and due from banks		$	45,218			$	47,364
Federal funds sold and other short term investments			668,373				594,448
Total cash and cash equivalents			713,591				641,812
Securities available for sale			336,566				358,185
Held to maturity securities ($4,844 and $5,306 fair value at June 30, 2025 and December 31, 2024, respectively)			4,836				5,365
Federal Home Loan Bank stock			6,601				6,507
Loans, net of deferred costs			5,156,701				5,098,058
Less:
Allowance for credit losses on loans			51,265				50,248
Net loans			5,105,436				5,047,810
Bank premises and equipment, net			38,129				33,782
Operating lease right-of-use assets			36,322				36,627
Other assets			106,894				108,656
Total assets		$	6,348,375			$	6,238,744
LIABILITIES:
Deposits:
Demand		$	784,351			$	762,101
Interest-bearing checking			1,045,043				1,027,540
Savings accounts			1,082,489				1,086,534
Money market deposit accounts			467,087				465,049
Time deposits			2,111,344				2,049,759
Total deposits			5,490,314				5,390,983
Short-term borrowings			82,370				84,781
Operating lease liabilities			39,350				40,159
Accrued expenses and other liabilities			43,536				46,478
Total liabilities			5,655,570				5,562,401
SHAREHOLDERS’ EQUITY:
Capital stock par value $1.00; 30,000,000 shares authorized; 20,097,152 shares issued at both June 30, 2025 and December 31, 2024, and 18,851,014 and 19,019,749 shares outstanding at June 30, 2025 and December 31, 2024, respectively			20,097				20,097
Surplus			259,490				258,874
Undivided profits			462,158				446,503
Accumulated other comprehensive income (loss), net of tax			1,663				(3,861	)
Treasury stock at cost - 1,246,138 and 1,077,403 shares at June 30, 2025 and December 31, 2024, respectively			(50,603	)			(45,270	)
Total shareholders’ equity			692,805				676,343
Total liabilities and shareholders’ equity		$	6,348,375			$	6,238,744

See accompanying notes to unaudited consolidated interim financial statements.

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Index

TRUSTCO BANK CORP NY

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(dollars in thousands, except per share data)

														Accumulated
														Other
		Capital								Undivided				Comprehensive				Treasury
		Stock				Surplus				Profits				Income (Loss)				Stock				Total
Beginning balance, January 1, 2024		$	20,058			$	257,181			$	425,069			$	(13,237	)		$	(43,786	)		$	645,285
Net income			-				-				12,126				-				-				12,126
Other comprehensive loss, net of tax			-				-				-				(1,526	)			-				(1,526	)
Stock Based Compensation Expense			-				154				-				-				-				154
Cash dividend declared, $0.36 per share			-				-				(6,849	)			-				-				(6,849	)
Ending balance, March 31, 2024		$	20,058			$	257,335			$	430,346			$	(14,763	)		$	(43,786	)		$	649,190
Net income			-				-				12,551				-				-				12,551
Other comprehensive income, net of tax			-				-				-				495				-				495
Cash dividend declared, $0.36 per share			-				-				(6,849	)			-				-				(6,849	)
Purchase of treasury stock 14,000 shares			-				-				-				-				(374	)			(374	)
Stock Based Compensation Expense			-				155				-				-				-				155
Ending balance, June 30, 2024		$	20,058			$	257,490			$	436,048			$	(14,268	)		$	(44,160	)		$	655,168
Beginning balance, January 1, 2025		$	20,097			$	258,874			$	446,503			$	(3,861	)		$	(45,270	)		$	676,343
Net income			-				-				14,275				-				-				14,275
Other comprehensive income, net of tax			-				-				-				3,729				-				3,729
Stock Based Compensation Expense			-				308				-				-				-				308
Cash dividend declared, $0.36 per share			-				-				(6,847	)			-				-				(6,847	)
Ending balance, March 31, 2025		$	20,097			$	259,182			$	453,931			$	(132	)		$	(45,270	)		$	687,808
Net income			-				-				15,039				-				-				15,039
Other comprehensive income, net of tax			-				-				0				1,795				-				1,795
Stock Based Compensation Expense			-				308				-				-				-				308
Cash dividend declared, $0.36 per share			-				-				(6,812	)			-				-				(6,812	)
Purchase of treasury stock 168,735 shares			-				-				-				-				(5,333	)			(5,333	)
Ending balance, June 30, 2025		$	20,097			$	259,490			$	462,158			$	1,663			$	(50,603	)		$	692,805

See accompanying notes to unaudited consolidated interim financial statements.

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Index

TRUSTCO BANK CORP NY

Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)

		Six months ended June 30,
		2025				2024
Cash flows from operating activities:
Net income		$	29,314			$	24,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			2,318				2,130
Amortization of right-of-use asset			3,335				3,317
Net gain on sale of other real estate owned			(40	)			-
Writedown of other real estate owned			547				-
Provision for credit losses			950				1,100
Deferred tax expense			2,315				1,094
Net amortization of securities			477				627
Stock based compensation expense			616				309
(Increase) Decrease in taxes receivable			(7,252	)			4,180
Increase in interest receivable			(772	)			(966	)
Increase (Decrease) in interest payable			448				(167	)
Increase in other assets			(1,215	)			(2,822	)
Decrease in operating lease liabilities			(3,839	)			(3,596	)
Increase in accrued expenses and other liabilities			1,130				99
Total adjustments			(982	)			3,938
Net cash provided by operating activities			28,332				28,615
Cash flows from investing activities:
Proceeds from sales, paydowns and calls of securities available for sale			24,364				20,494
Proceeds from paydowns of held to maturity securities			512				516
Purchases of securities available for sale			(54,770	)			(20,000	)
Proceeds from maturities of securities available for sale			60,050				55,000
Purchases of Federal Home Loan Bank stock			(94	)			(304	)
Net increase in loans			(58,376	)			(37,547	)
Proceeds from dispositions of other real estate owned			531				68
Purchases of bank premises and equipment			(6,665	)			(1,611	)
Net cash (used in) provided by investing activities			(34,448	)			16,645
Cash flows from financing activities:
Net (decrease) increase in deposits			99,331				(73,810	)
Net change in short-term borrowings			(2,411	)			730
Purchases of treasury stock			(5,333	)			(374	)
Dividends paid			(13,692	)			(13,697	)
Net cash provided by financing activities			77,895				(87,151	)
Net decrease in cash and cash equivalents			71,779				(41,891	)
Cash and cash equivalents at beginning of period			641,812				578,004
Cash and cash equivalents at end of period		$	713,591			$	536,113
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest paid		$	44,722			$	46,139
Income taxes paid			6,598				3,559
Other non cash items:
Transfer of loans to other real estate owned			-				2,208
Decrease in dividends payable			(33	)			-
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes			8,485				(1,012	)
Change in deferred tax effect on unrealized loss (gain) on securities available for sale			(2,201	)			276
Amortization of net actuarial gain and prior service cost on pension and postretirement plans			(1,027	)			(399	)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans			267				104

See accompanying notes to unaudited consolidated interim financial statements.

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Index

TRUSTCO BANK CORP NY

Notes to Consolidated Interim Financial Statements

(Unaudited)

(1) Financial Statement Presentation

The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY (the “Company” or “TrustCo”) include the accounts of the Company’s subsidiary, Trustco Bank (also referred to as the “Bank”) and other subsidiaries after elimination of all significant intercompany accounts and transactions.  Prior period amounts are reclassified when necessary to conform to the current period presentation.  The net income reported for the three and six months ended June 30, 2025 is not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any interim periods.  These financial statements consider events that occurred through the date of filing.

In the opinion of the management of the Company, the accompanying unaudited Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial position as of June 30, 2025, the results of operations for the three and six months ended June 30, 2025 and 2024, and the cash flows for the six months ended June 30, 2025 and 2024.  The accompanying unaudited Consolidated Interim Financial Statements should be read in conjunction with the Company’s year-end Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.  The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with applicable rules of the Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States.  Results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The accounting policies of the Company, as applied in the unaudited consolidated Interim Financial Statements presented herein, are substantially the same as those followed on an annual basis in the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025.

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Index

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). A reconciliation of the component parts of earnings per share for the three and six months ended June 30, 2025 and 2024 is as follows:

(in thousands, except per share data)		For the three months ended								For the six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Net income		$	15,039			$	12,551			$	29,314			$	24,677
Weighted average common shares			18,965				19,022				18,992				19,023
Effect of Dilutive Securities:
Stock Options and Restricted Stock Units			29				11				27				10
Weighted average common shares including potential dilutive shares			18,994				19,033				19,019				19,033
Basic EPS		$	0.79			$	0.66			$	1.54			$	1.30
Diluted EPS		$	0.79			$	0.66			$	1.54			$	1.30

For both the three and six months ended June 30, 2025 there were approximately 8 thousand weighted average anti-dilutive stock options excluded from diluted earnings per share. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented.

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Index

(3) Benefit Plans

The table below outlines the components of the Company’s net periodic benefit recognized during the three and six months ended June 30, 2025 and 2024 for its pension and other post-retirement benefit plans:

	Three months ended June 30,
	Pension Benefits								Other Postretirement Benefits
(dollars in thousands)	2025				2024				2025				2024
Service cost		$	-			$	-			$	4			$	4
Interest cost			304				289				87				72
Expected return on plan assets			(960	)			(762	)			(381	)			(332	)
Amortization of net gain			(461	)			(19	)			(276	)			(183	)
Amortization of prior service cost			-				-				4				3
Net periodic benefit		$	(1,117	)		$	(492	)		$	(562	)		$	(436	)

	Six months ended June 30,
	Pension Benefits								Other Postretirement Benefits
(dollars in thousands)	2025				2024				2025				2024
Service cost		$	-			$	-			$	9			$	9
Interest cost			593				578				173				144
Expected return on plan assets			(1,723	)			(1,524	)			(762	)			(663	)
Amortization of net gain			(482	)			(38	)			(552	)			(367	)
Amortization of prior service cost			-				-				7				6
Net periodic benefit		$	(1,612	)		$	(984	)		$	(1,125	)		$	(871	)

The Company does not expect to contribute to its pension and post-retirement benefit plans in 2025. As of June 30, 2025, no contributions have been made; however, this decision is reviewed each quarter and is subject to change based upon market conditions.

Since 2003, the Company has not subsidized retiree medical insurance premiums.  However, it continues to provide medical benefits and post-retirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts.

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Index

(4) Investment Securities

(a) Debt securities available for sale

The amortized cost and fair value of the debt securities available for sale are as follows:

		June 30, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
U.S. government sponsored enterprises		$	71,889			$	13			$	661			$	71,241
State and political subdivisions			18				-				-				18
Mortgage backed securities and collateralized mortgage obligations - residential			240,915				477				19,671				221,721
Corporate bonds			29,990				29				76				29,943
Small Business Administration - guaranteed participation securities			13,858				-				913				12,945
Other			689				9				-				698
Total Securities Available for Sale		$	357,359			$	528			$	21,321			$	336,566

		December 31, 2024
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
U.S. government sponsored enterprises		$	86,833			$	4			$	1,220			$	85,617
State and political subdivisions			18				-				-				18
Mortgage backed securities and collateralized mortgage obligations - residential			239,420				114				26,406				213,128
Corporate bonds			45,033				-				452				44,581
Small Business Administration - guaranteed participation securities			15,471				-				1,330				14,141
Other			688				12				-				700
Total Securities Available for Sale		$	387,463			$	130			$	29,408			$	358,185

The following table categorizes the debt securities included in the available for sale portfolio as of June 30 2025, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:

		Amortized				Fair
(dollars in thousands)		Cost				Value
Due in one year or less		$	35,045			$	34,653
Due after one year through five years			55,541				55,280
Due after five years through ten years			12,000				11,967
Mortgage backed securities and collateralized mortgage obligations - residential			240,915				221,721
Small Business Administration - guaranteed participation securities			13,858				12,945
		$	357,359			$	336,566

14

Index

Gross unrealized losses on debt securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

		June 30, 2025
		Less than								12 months
		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(dollars in thousands)		Value				Loss				Value				Loss				Value				Loss
U.S. government sponsored enterprises		$	16,965			$	35			$	44,260			$	626			$	61,225			$	661
Mortgage backed securities and collateralized mortgage obligations - residential			5,031				148				185,385				19,523				190,416				19,671
Corporate bonds			4,980				19				9,943				57				14,923				76
Small Business Administration - guaranteed participation securities			-				-				12,945				913				12,945				913
Total		$	26,976			$	202			$	252,533			$	21,119			$	279,509			$	21,321

		December 31, 2024
		Less than								12 months
		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(dollars in thousands)		Value				Loss				Value				Loss				Value				Loss
U.S. government sponsored enterprises		$	11,961				38			$	68,651			$	1,182			$	80,612			$	1,220
Mortgage backed securities and collateralized mortgage obligations - residential			12,346				280				194,636				26,126				206,982				26,406
Corporate bonds			-				-				44,581				452				44,581				452
Small Business Administration - guaranteed participation securities			-				-				14,141				1,330				14,141				1,330
Total		$	24,307				318			$	322,009			$	29,090			$	346,316			$	29,408

There were no allowance for credit losses recorded for debt securities available for sale during the three and six months ended June 30, 2025 and 2024.

15

Index

The proceeds from sales and calls and maturities of debt securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and six months ended June 30, 2025 and 2024 are as follows:

		Three months ended June 30,
(dollars in thousands)		2025				2024
Proceeds from sales		$	-			$	-
Proceeds from calls/paydowns			10,641				11,653
Proceeds from maturities			25,050				20,000
Gross realized gains			-				-
Gross realized losses			-				-

		Six months ended June
		2025				2024
(dollars in thousands)
Proceeds from sales		$	-			$	-
Proceeds from calls/paydowns			24,364				20,494
Proceeds from maturities			60,050				55,000
Gross realized gains			-				-
Gross realized losses			-				-

There were no transfers of securities available for sale during the three and six months ended June 30, 2025 and 2024.

(b) Held to maturity securities

The amortized cost and fair value of the held to maturity securities are as follows:

		June 30, 2025
						Gross				Gross
		Amortized				Unrecognized				Unrecognized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	4,836			$	69			$	61			$	4,844
Total held to maturity		$	4,836			$	69			$	61			$	4,844

		December 31, 2024
						Gross				Gross
		Amortized				Unrecognized				Unrecognized				Fair
(dollars in thousands)		Cost				Gains				Losses				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	5,365			$	45			$	104			$	5,306
Total held to maturity		$	5,365			$	45			$	104			$	5,306

16

Index

The following table categorizes the debt securities included in the held to maturity portfolio as of  June 30, 2025, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:

(dollars in thousands)		Amortized				Fair
		Cost				Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	4,836			$	4,844
		$	4,836			$	4,844

Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

		June 30, 2025
		Less than								12 months
(dollars in thousands)		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrec.				Fair				Unrec.				Fair				Unrec.
		Value				Loss				Value				Loss				Value				Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	398			$	4			$	1,776			$	57			$	2,174			$	61
Total		$	398			$	4			$	1,776			$	57			$	2,174			$	61

		December 31, 2024
		Less than								12 months
(dollars in thousands)		12 months								or more								Total
						Gross								Gross								Gross
		Fair				Unrec.				Fair				Unrec.				Fair				Unrec.
		Value				Loss				Value				Loss				Value				Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	592			$	7			$	2,047			$	97			$	2,639			$	104
Total		$	592			$	7			$	2,047			$	97			$	2,639			$	104

There were no sales or transfers of held to maturity securities during the three and six months ended June 30, 2025 and 2024.

There were no allowance for credit losses recorded for held to maturity securities during the three and six months ended June 30, 2025. There were  no securities on non-accrual status and all securities were performing in accordance with contractual terms.

(c) Equity Securities

During the second quarter of 2024, Visa Inc. accepted the Company’s tender of its 6,528 shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock.  As a result of the exchange, the Company marked its Visa Class C common stock to fair value and recorded a gain of $1.4 million based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock on June 28, 2024 of $262.47 per share. In 2024, Company’s Visa Class C shares were marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa.  The Company originally obtained the shares in 2008. The carrying value of the Visa Class B-2 shares is nominal as of June 30, 2025.

17

Index

(d) Securities in an unrealized loss position

As of June 30, 2025, the Company’s securities portfolio included certain securities which were in an unrealized loss position, and are discussed below.

U.S. government sponsored enterprises: 

In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the second quarter of 2025. As of June 30, 2025, 11 out of 12 securities were in an unrealized loss position.  All securities are performing.

Mortgage backed securities and collateralized mortgage obligations – residential:

As of June 30, 2025, all mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the second quarter of 2025. As of June 30, 2025, 109 out of 119 securities were in an unrealized loss position.  All securities are performing.

Small Business Administration (SBA) - guaranteed participation securities:

As of June 30, 2025, all of the SBA securities held by the Company were issued and guaranteed by the U.S. Small Business Administration.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the second quarter of 2025. As of June 30, 2025, 8 out of 8 securities were in an unrealized loss position. All securities are performing.

Corporate Bonds: 

As of June 30, 2025, corporate bonds held by the Company are investment grade quality.  Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the second quarter of 2025. As of June 30, 2025, 3 out of 6 securities were in an unrealized loss position. All securities are performing.

18

Index

(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:

		June 30, 2025
(dollars in thousands)		New York and
		other states*				Florida				Total
Commercial:
Commercial real estate		$	252,211			$	40,360			$	292,571
Other			21,289				413				21,702
Real estate mortgage - 1 to 4 family:
First mortgages			2,741,357				1,595,352				4,336,709
Home equity loans			43,312				14,296				57,608
Home equity lines of credit			250,752				184,681				435,433
Installment			9,164				3,514				12,678
Total loans, net		$	3,318,085			$	1,838,616				5,156,701
Less: Allowance for credit losses											51,265
Net loans										$	5,105,436

*Includes New York, New Jersey, Vermont and Massachussetts.

		December 31, 2024
(dollars in thousands)		New York and
		other states*				Florida				Total
Commercial:
Commercial real estate		$	227,771			$	39,529			$	267,300
Other			19,144				413				19,557
Real estate mortgage - 1 to 4 family:
First mortgages			2,741,334				1,590,229				4,331,563
Home equity loans			43,096				13,643				56,739
Home equity lines of credit			235,939				173,322				409,261
Installment			9,885				3,753				13,638
Total loans, net		$	3,277,169			$	1,820,889				5,098,058
Less: Allowance for credit losses											50,248
Net loans										$	5,047,810

*Includes New York, New Jersey, Vermont and Massachussetts.

Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $144 thousand and $241 thousand as of June 30, 2025 and December 31, 2024, respectively.

19

Index

At June 30, 2025 and December 31, 2024, the Company had approximately $37.2 million and $29.7 million of real estate construction loans, respectively.  Of the $37.2 million in real estate construction loans at June 30, 2025, approximately $9.9 million are secured by first mortgages to residential borrowers while approximately $27.3 million are to commercial borrowers for residential construction projects.  Of the $29.7 million in real estate construction loans at December 31, 2024, approximately $10.7 million were secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects.  The vast majority of construction loans were in the Company’s New York market.

Allowance for credit losses on loans

The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended June 30, 2025. The Company selected the baseline economic forecast for the allowance for credit losses based on current market conditions and portfolio trends. In addition, the Company’s four quarter forecast period and four quarter straight line reversion has not changed for the period ended June 30, 2025.

The Company recorded a provision for credit losses of $650 thousand for the three months ended June 30, 2025, which is the result of a provision for credit losses on loans of $650 thousand.  There was no provision for unfunded commitments during the three months ended June 30, 2025.  The Company recorded a provision for credit losses of $950 thousand for the six months ended June 30, 2025, which is the result of a provision for credit losses on loans of $750 thousand and a $200 thousand provision for unfunded commitments during the six months ended June 30, 2025.

The Company recorded a provision for credit losses of $500 thousand for the three months ended June 30, 2024, which is the result of a provision for credit losses on loans of $500 thousand.  There was no provision for unfunded commitments during the three months ended June 30, 2024.  The Company recorded a provision for credit losses of $1.1 million for the six months ended June 30, 2024, which is the result of a provision for credit losses on loans of $1.1 million. There was no provision for unfunded commitments during the six months ended June 30, 2024.

20

Index

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended June 30, 2025 and 2024 is summarized as follows:

		For the three months ended June 30, 2025
(dollars in thousands)						Real Estate
						Mortgage-
		Commercial				1 to 4 Family				Installment				Total
Balance at beginning of period		$	3,023			$	47,307			$	276			$	50,606
Loans charged off:
New York and other states*			-				17				22				39
Florida			-				-				94				94
Total loan chargeoffs			-				17				116				133
Recoveries of loans previously charged off:
New York and other states*			-				138				4				142
Florida			-				-				-				-
Total recoveries			-				138				4				142
Net loans (recoveries) charged off			-				(121	)			112				(9	)
Provision for credit losses			111				449				90				650
Balance at end of period		$	3,134			$	47,877			$	254			$	51,265

* Includes New York, New Jersey, Vermont and Massachusetts.

		For the three months ended June 30, 2024
(dollars in thousands)						Real Estate
						Mortgage-
		Commercial				1 to 4 Family				Installment				Total
Balance at beginning of period		$	2,742			$	46,295			$	183			$	49,220
Loans charged off:
New York and other states*			-				-				10				10
Florida			-				17				7				24
Total loan chargeoffs			-				17				17				34
Recoveries of loans previously charged off:
New York and other states*			-				74				12				86
Florida			-				-				-				-
Total recoveries			-				74				12				86
Net loan (recoveries) charged off			-				(57	)			5				(52	)
Provision for credit losses			687				592				36				500
Balance at end of period		$	3,429			$	46,129			$	214			$	49,772

* Includes New York, New Jersey, Vermont and Massachusetts.

21

Index

Activity in the allowance for credit losses on loans by portfolio segment for the six months ended June 30, 2025 and 2024 is summarized as follows:

		For the six months ended June 30, 2025
(dollars in thousands)						Real Estate
						Mortgage-
		Commercial				1 to 4 Family				Installment				Total
Balance at beginning of period		$	3,420			$	46,636			$	192			$	50,248
Loans charged off:
New York and other states*			4				99				47				150
Florida			-				-				109				109
Total loan chargeoffs			4				99				156				259
Recoveries of loans previously charged off:
New York and other states*			7				179				25				211
Florida			315				-				-				315
Total recoveries			322				179				25				526
Net loans (recoveries) charged off			(318	)			(80	)			131				(267	)
(Credit) Provision for credit losses			(604	)			1,161				193				750
Balance at end of period		$	3,134			$	47,877			$	254			$	51,265

* Includes New York, New Jersey, Vermont and Massachusetts.

		For the six months ended June 30, 2024
(dollars in thousands)						Real Estate
						Mortgage-
		Commercial				1 to 4 Family				Installment				Total
Balance at beginning of period		$	2,735			$	45,625			$	218			$	48,578
Loans charged off:
New York and other states*			-				117				54				171
Florida			-				17				7				24
Total loan chargeoffs			-				134				61				195
Recoveries of loans previously charged off:
New York and other states*			-				269				20				289
Florida			-				-				-				-
Total recoveries			-				269				20				289
Net loan (recoveries) charged off			-				(135	)			41				(94	)
Provision for credit losses			694				369				37				1,100
Balance at end of period		$	3,429			$	46,129			$	214			$	49,772

* Includes New York, New Jersey, Vermont and Massachussetts.

22

Index

The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of June 30, 2025 and December 31, 2024:

		As of June 30, 2025
(dollars in thousands)						1-to-4 Family
		Commercial				Residential				Installment
		Loans				Real Estate				Loans				Total
Allowance for credit losses on loans:
Ending allowance balance attributable to loans:
Individually evaluated for impairment		$	-			$	-			$	-			$	-
Collectively evaluated for impairment			3,134				47,877				254				51,265
Total ending allowance balance		$	3,134			$	47,877			$	254			$	51,265
Loans:
Individually evaluated for impairment		$	780			$	23,461			$	36			$	24,277
Collectively evaluated for impairment			313,493				4,806,289				12,642				5,132,424
Total ending loans balance		$	314,273			$	4,829,750			$	12,678			$	5,156,701

		As of December 31, 2024
(dollars in thousands)						1-to-4 Family
		Commercial				Residential				Installment
		Loans				Real Estate				Loans				Total
Allowance for credit losses on loans:
Ending allowance balance attributable to loans:
Individually evaluated for impairment		$	-				-				-				-
Collectively evaluated for impairment			3,420				46,636				192				50,248
Total ending allowance balance		$	3,420				46,636				192				50,248
Loans:
Individually evaluated for impairment		$	443				23,835				112				24,390
Collectively evaluated for impairment			286,414				4,773,728				13,526				5,073,668
Total ending loans balance		$	286,857				4,797,563				13,638				5,098,058

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in provision for credit losses in the consolidated income statement.

23

Index

The Company’s activity in the allowance for credit losses on unfunded commitments for the three and six months ended June 30, 2025 and 2024 were as follows:

(In thousands)		For the three months ended June 30, 2025
Balance at March 31, 2025		$	1,962
Provision for credit losses			-
Balance at June 30, 2025		$	1,962

(In thousands)		For the six months ended June 30, 2025
Balance at January 1, 2025		$	1,762
Provision for credit losses			200
Balance at June 30, 2025		$	1,962

(In thousands)		For the three months ended June 30, 2024
Balance at March 31, 2024		$	1,662
Provision for credit losses			-
Balance at June 30, 2024		$	1,662

(In thousands)		For the six months ended June 30,2024
Balance at January 1, 2024		$	1,662
Provision for credit losses			-
Balance at June 30, 2024		$	1,662

Loan Credit Quality

The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk.  The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy.

24

Index

The Company uses the following definitions for classified loans:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be “pass” rated loans.

For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of June 30, 2025 and December 31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.

25

Index

As of June 30, 2025, and December 31, 2024 and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows:

Loan Credit Quality

(in thousands)		As of June 30, 2025
		Term Loans Amortized Cost Basis by Origination Year
		2025				2024				2023				2022				2021				Prior				Revolving Loans Amortized Cost Basis				Revolving Loan Converted to Term				Total
Commercial :
Risk rating
Pass		$	30,673			$	48,801			$	51,978			$	70,571			$	21,751			$	60,711			$	5,644			$	-			$	290,129
Special Mention			-				-				-				240				-				-				-				-				240
Substandard			-				-				-				1,352				-				811				-				-				2,163
Doubtful			-				-				-				-				-				39				-				-				39
Total Commercial Loans		$	30,673			$	48,801			$	51,978			$	72,163			$	21,751			$	61,561			$	5,644			$	-			$	292,571
Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	4			$	-			$	-			$	-			$	4
		$	-			$	-			$	-			$	-			$	4			$	-			$	-			$	-			$	4
Commercial Other:
Risk rating
Pass		$	1,563			$	1,959			$	6,897			$	1,352			$	260			$	1,854			$	7,764			$	-			$	21,649
Special mention			-				-				-				-				-				-				-				-				-
Substandard			-				12				-				-				4				-				37				-				53
Doubtful			-				-				-				-				-				-				-				-				-
Total Commercial Real Estate Loans		$	1,563			$	1,971			$	6,897			$	1,352			$	264			$	1,854			$	7,801			$	-			$	21,702
Other Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Residential First Mortgage:
Risk rating
Performing		$	143,583			$	319,376			$	384,888			$	519,248			$	791,544			$	2,162,585			$	1,368			$	-			$	4,322,592
Nonperforming			-				-				553				182				1,121				12,261				-				-				14,117
Total First Mortgage:		$	143,583			$	319,376			$	385,441			$	519,430			$	792,665			$	2,174,846			$	1,368			$	-			$	4,336,709
Residential First Mortgage Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	99			$	-			$	-			$	99
		$	-			$	-			$	-			$	-			$	-			$	99			$	-			$	-			$	99
Home Equity Loans:
Risk rating
Performing		$	5,775			$	5,827			$	7,989			$	4,972			$	6,059			$	26,578			$	-			$	-			$	57,200
Nonperforming			-				-				-				66				-				342				-				-				408
Total Home Equity Loans:		$	5,775			$	5,827			$	7,989			$	5,038			$	6,059			$	26,920			$	-			$	-			$	57,608
Home Equity Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home Equity Lines of Credit:
Risk rating
Performing		$	1,211			$	3,800			$	1,520			$	1,771			$	1,870			$	16,808			$	405,798			$	-			$	432,778
Nonperforming			-				-				-				70				-				2,384				201				-				2,655
Total Home Equity Credit Lines:		$	1,211			$	3,800			$	1,520			$	1,841			$	1,870			$	19,192			$	405,999			$	-			$	435,433
Home Equity Lines of Credit:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Installments:
Risk rating
Performing		$	1,780			$	2,501			$	4,215			$	2,164			$	433			$	608			$	931			$	-			$	12,632
Nonperforming			-				-				4				34				7				1				-				-				46
Total Installments		$	1,780			$	2,501			$	4,219			$	2,198			$	440			$	609			$	931			$	-			$	12,678
Installments Loans:
Current-period Gross writeoffs		$	-			$	76			$	7			$	15			$	20			$	38			$	-			$	-			$	156
		$	-			$	76			$	7			$	15			$	20			$	38			$	-			$	-			$	156

26

Index

Loan Credit Quality

(in thousands)		As of December 31, 2024
		Term Loans Amortized Cost Basis by Origination Year
Commercial :		2024				2023				2022				2021				2020				Prior				Revolving Loans Amortized Cost Basis				Revolving Loan Converted to Term				Total
Risk rating
Pass		$	47,687			$	54,877			$	73,094			$	22,215			$	15,014			$	50,052			$	2,169			$	-			$	265,108
Special Mention			-				-				242				-				-				-				-				-				242
Substandard			-				-				1,003				-				22				887				-				-				1,912
Doubtful			-				-				-				-				-				38				-				-				38
Total Commercial Loans		$	47,687			$	54,877			$	74,339			$	22,215			$	15,036			$	50,977			$	2,169			$	-			$	267,300
Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	10			$	431			$	-			$	-			$	-			$	-			$	441
		$	-			$	-			$	10			$	431			$	-			$	-			$	-			$	-			$	441
Commercial Other:
Risk rating
Pass		$	1,842			$	7,417			$	1,796			$	407			$	184			$	2,108			$	5,634			$	-			$	19,388
Special mention			-				-				-				-				-				-				-				-				-
Substandard			13				-				-				22				-				134				-				-				169
Total Commercial Real Estate Loans		$	1,855			$	7,417			$	1,796			$	429			$	184			$	2,242			$	5,634			$	-			$	19,557
Other Commercial Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-				-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Residential First Mortgage:
Risk rating
Performing		$	313,944			$	398,722			$	535,702			$	821,804			$	681,840			$	1,563,659			$	938			$	-			$	4,316,609
Nonperforming			-				987				391				870				243				12,463				-				-				14,954
Total First Mortgage:		$	313,944			$	399,709			$	536,093			$	822,674			$	682,083			$	1,576,122			$	938			$	-			$	4,331,563
Residential First Mortgage Loans:
Current-period Gross writeoffs		$	194			$	-			$	-			$	-			$	-			$	18			$	-			$	-				212
		$	194			$	-			$	-			$	-			$	-			$	18			$	-			$	-			$	212
Home Equity Loans:
Risk rating
Performing		$	6,621			$	8,586			$	5,354			$	6,490			$	5,066			$	24,096			$	-			$	-			$	56,213
Nonperforming			-				-				155				-				-				371				-				-				526
Total Home Equity Loans:		$	6,621			$	8,586			$	5,509			$	6,490			$	5,066			$	24,467			$	-			$	-			$	56,739
Home Equity Lines Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-				-
		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Home Equity Credit Lines:
Risk rating
Performing		$	4,793			$	1,558			$	1,110			$	887			$	46			$	14,595			$	383,425			$	-			$	406,414
Nonperforming			-				-				70				-				-				2,532				245				-				2,847
Total Home Equity Credit Lines:		$	4,793			$	1,558			$	1,180			$	887			$	46			$	17,127			$	383,670			$	-			$	409,261
Home Equity Credit Lines Loans:
Current-period Gross writeoffs		$	-			$	-			$	-			$	-			$	-			$	116			$	-			$	-			$	116
		$	-			$	-			$	-			$	-			$	-			$	116			$	-			$	-			$	116
Installments:
Risk rating
Performing		$	2,846			$	5,513			$	2,788			$	705			$	123			$	505			$	1,028			$	-			$	13,508
Nonperforming			16				5				55				19				-				35				-				-				130
Total Installments		$	2,862			$	5,518			$	2,843			$	724			$	123			$	540			$	1,028			$	-			$	13,638
Installments Loans:
Current-period Gross writeoffs		$	-			$	53			$	47			$	35			$	4			$	31			$	-			$	-				170
		$	-			$	53			$	47			$	35			$	4			$	31			$	-			$	-			$	170

27

Index

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of June 30, 2025 and December 31, 2024:

		As of June 30, 2025
New York and other states*:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	892			$	-			$	326			$	1,218			$	250,993			$	252,211
Other			-				-				-				-				21,289				21,289
Real estate mortgage - 1 to 4 family:
First mortgages			1,685				1,448				5,839				8,972				2,732,385				2,741,357
Home equity loans			98				-				235				333				42,979				43,312
Home equity lines of credit			490				225				1,250				1,965				248,787				250,752
Installment			5				-				2				7				9,157				9,164
Total		$	3,170			$	1,673			$	7,652			$	12,495			$	3,305,590			$	3,318,085

Florida:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	40,360			$	40,360
Other			-				-				-				-				413				413
Real estate mortgage - 1 to 4 family:
First mortgages			2,399				281				1,431				4,111				1,591,241				1,595,352
Home equity loans			-				-				-				-				14,296				14,296
Home equity lines of credit			376				-				-				376				184,305				184,681
Installment			29				4				9				42				3,472				3,514
Total		$	2,804			$	285			$	1,440			$	4,529			$	1,834,087			$	1,838,616

Total:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	892			$	-			$	326			$	1,218			$	291,353			$	292,571
Other			-				-				-				-				21,702				21,702
Real estate mortgage - 1 to 4 family:
First mortgages			4,084				1,729				7,270				13,083				4,323,626				4,336,709
Home equity loans			98				-				235				333				57,275				57,608
Home equity lines of credit			866				225				1,250				2,341				433,092				435,433
Installment			34				4				11				49				12,629				12,678
Total		$	5,974			$	1,958			$	9,092			$	17,024			$	5,139,677			$	5,156,701

* Includes New York, New Jersey, Vermont and Massachusetts.

28

Index

		As of December 31, 2024
New York and other states*:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	1,189			$	-			$	329			$	1,518			$	226,253			$	227,771
Other			-				-				14				14				19,130				19,144
Real estate mortgage - 1 to 4 family:
First mortgages			2,438				773				6,091				9,302				2,732,032				2,741,334
Home equity loans			15				22				318				355				42,741				43,096
Home equity lines of credit			401				-				1,267				1,668				234,271				235,939
Installment			18				19				69				106				9,779				9,885
Total		$	4,061			$	814			$	8,088			$	12,963			$	3,264,206			$	3,277,169

Florida:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	39,529			$	39,529
Other			-				-				-				-				413				413
Real estate mortgage - 1 to 4 family:
First mortgages			2,037				629				1,773				4,439				1,585,790				1,590,229
Home equity loans			-				6				-				6				13,637				13,643
Home equity lines of credit			220				-				-				220				173,102				173,322
Installment			109				22				16				147				3,606				3,753
Total		$	2,366			$	657			$	1,789			$	4,812			$	1,816,077			$	1,820,889

Total:		30-59				60-89				90 +				Total
		Days				Days				Days				30+ days								Total
(dollars in thousands)		Past Due				Past Due				Past Due				Past Due				Current				Loans
Commercial:
Commercial real estate		$	1,189			$	-			$	329			$	1,518			$	265,782			$	267,300
Other			-				-				14				14				19,543				19,557
Real estate mortgage - 1 to 4 family:
First mortgages			4,475				1,402				7,864				13,741				4,317,822				4,331,563
Home equity loans			15				28				318				361				56,378				56,739
Home equity lines of credit			621				-				1,267				1,888				407,373				409,261
Installment			127				41				85				253				13,385				13,638
Total		$	6,427			$	1,471			$	9,877			$	17,775			$	5,080,283			$	5,098,058

* Includes New York, New Jersey, Vermont and Massachusetts.

At June 30, 2025 and December 31, 2024, there were no loans that were 90 days past due and still accruing interest.  As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status.  There are no commitments to extend further credit on non-accrual or restructured loans.

29

Index

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu).  Other real estate owned is included in other assets on the Consolidated statements of financial condition.  As of June 30, 2025 other real estate owned included $1.1 million of commercial and residential foreclosed properties.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $7.5 million as of June 30, 2025. As of December 31, 2024 other real estate owned included $2.2 million of residential and commercial foreclosed properties.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $8.1 million as of December 31, 2024.

Loans individually evaluated for impairment are non-accrual residential loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications. As of June 30, 2025 and December 31, 2024, there was no allowance for credit losses based on the loans individually evaluated for impairment.

Residential and installment non-accrual loans which are not loan modifications or greater than 180 days delinquent are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment:

		As of June 30, 2025
(dollars in thousands)		New York and
		other states*				Florida				Total
Loans in non-accrual status:
Commercial:
Commercial real estate		$	684			$	-			$	684
Other			-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			11,221				2,896				14,117
Home equity loans			403				5				408
Home equity lines of credit			2,424				231				2,655
Installment			34				12				46
Total nonperforming loans		$	14,766			$	3,144			$	17,910

* Includes New York, New Jersey, Vermont and Massachusetts.

		As of December 31, 2024
(dollars in thousands)		New York and
		other states*				Florida				Total
Loans in non-accrual status:
Commercial:
Commercial real estate		$	329			$	-			$	329
Other			14				-				14
Real estate mortgage - 1 to 4 family:
First mortgages			11,586				3,368				14,954
Home equity loans			432				94				526
Home equity lines of credit			2,653				194				2,847
Installment			108				22				130
Total non-accrual loans			15,122				3,678				18,800
Restructured real estate mortgages - 1 to 4 family			-				-				-
Total nonperforming loans		$	15,122			$	3,678			$	18,800

* Includes New York, New Jersey, Vermont and Massachusetts.

30

Index

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of June 30, 2025 and December 31, 2024:

		As of June 30, 2025
(dollars in thousands)		Non-accrual With				Non-accrual With				Loans Past Due
		No Allowance for				Allowance for				Over 89 Days
		Credit Loss				Credit Loss				Still Accruing
Commercial:
Commercial real estate		$	684			$	-				-
Other			-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			13,568				549				-
Home equity loans			408				-				-
Home equity lines of credit			2,532				123				-
Installment			36				10				-
Total loans, net		$	17,228			$	682				-

		As of December 31, 2024
(dollars in thousands)		Non-accrual With				Non-accrual With				Loans Past Due
		No Allowance for				Allowance for				Over 89 Days
		Credit Loss				Credit Loss				Still Accruing
Commercial:
Commercial real estate		$	329			$	-				-
Other			14				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			13,560				1,394				-
Home equity loans			526				-				-
Home equity lines of credit			2,724				123				-
Installment			112				18				-
Total loans, net		$	17,265			$	1,535				-

The non-accrual balance of $682 thousand and $1.5 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of June 30, 2025 and December 31, 2024, respectively.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

31

Index

 The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of June 30, 2025 and December 31, 2024:

		As of June 30, 2025
		Type of Collateral
(dollars in thousands)
		Real Estate				Investment Securities/Cash				Other
Commercial:
Commercial real estate		$	780				-				-
Other			-				-				-
Real estate mortgage - 1 to 4 family:			-				-				-
First mortgages			19,794				-				-
Home equity loans			502				-				-
Home equity lines of credit			3,165				-				-
Installment			-				-				36
Total		$	24,241				-				36

		As of December 31, 2024
		Type of Collateral
(dollars in thousands)
		Real Estate				Investment Securities/Cash				Other
Commercial:
Commercial real estate		$	429				-				-
Other			14				-				-
Real estate mortgage - 1 to 4 family:			-				-				-
First mortgages			19,928				-				-
Home equity loans			535				-				-
Home equity lines of credit			3,372				-				-
Installment			-				-				112
Total		$	24,278				-				112

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified.  Interest income recognized on loans that are individually evaluated was not material during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025 and December 31, 2024 loans individually evaluated included approximately $7.0 million and $7.0 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 bankruptcy loans.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

32

Index

The following table presents the amortized cost basis of loans at June 30, 2025 and 2024 that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2025 and 2024, by class and by type of modification.  The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the three months ended:
New York and other states*:		June 30, 2025								June 30, 2024
		Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)		Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:			-				-				-				-
First mortgages			319				0.01	%			194				0.01	%
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				111				0.05	%
Installment			-				-				-				-
Total		$	319				0.00	%		$	305				0.01	%

Florida:
		Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)		Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:							-								-
First mortgages			-				-				-				-
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				56				0.04	%
Installment			-				-				-				-
Total		$	-				-			$	56				0.00	%

Total
	Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)	Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			319				0.01	%			194				0.00	%
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				167				0.05	%
Installment			-				-				-				-
Total		$	319				0.01	%		$	361				0.01	%

* Includes New York, New Jersey, Vermont and Massachusetts.

33

Index

For the six months ended:
New York and other states*:		June 30, 2025								June 30, 2024
		Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)		Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:			-				-				-				-
First mortgages			394				0.01	%			194				0.01	%
Home equity loans			-				-				-				-
Home equity lines of credit			122				0.05	%			111				0.05	%
Installment			-				-				-				-
Total		$	516				0.02	%		$	305				0.01	%

Florida:
	Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)	Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:							-								-
First mortgages			-				-				85				0.01	%
Home equity loans			-				-				-				-
Home equity lines of credit			-				-				56				0.04	%
Installment			-				-				-				-
Total		$	-				-			$	141				0.01	%

Total
		Payment				% of Total Class				Payment				% of Total Class
(dollars in thousands)		Delay				of Loans				Delay				of Loans
Commercial:
Commercial real estate		$	-				-			$	-				-
Other			-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			394				0.01	%			279				0.01	%
Home equity loans			-								-				-
Home equity lines of credit			122				0.00	%			167				0.05	%
Installment			-				-				-				-
Total		$	516				0.01	%		$	446				0.01	%

* Includes New York, New Jersey, Vermont and Massachusetts.

34

Index

The Bank closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans that have been modified during the last 12 months:

		As of June 30, 2025
New York and other states*:							30-59				60-89				90 +
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			393				-				-				80				473
Home equity loans			18				-				-				-				18
Home equity lines of credit			122				126				-				-				248
Installment			-				-				-				-				-
Total		$	533			$	126			$	-			$	80			$	739

Florida:							30-59				60-89				90 +
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			-				-				-				-				-
Home equity loans			87				-				-				-				87
Home equity lines of credit			70				-				-				-				70
Installment			-				-				-				-				-
Total		$	157			$	-			$	-			$	-			$	157

Total							30-59				60-89				90+
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			393				-				-				80				473
Home equity loans			105				-				-				-				105
Home equity lines of credit			192				126				-				-				318
Installment			-				-				-				-				-
Total		$	690			$	126			$	-			$	80			$	896

* Includes New York, New Jersey, Vermont and Massachusetts.

35

Index

		As of June 30, 2024
New York and other states*:							30-59				60-89				90+
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			194				-				-				-				194
Home equity loans			-				-				-				-				-
Home equity lines of credit			111				-				-				-				111
Installment			-				-				-				-				-
Total		$	305			$	-			$	-			$	-			$	305

Florida:							30-59				60-89				90+
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			85				-				-				-				85
Home equity loans			-				-				-				-				-
Home equity lines of credit			56				-				-				-				56
Installment			-				-				-				-				-
Total		$	141			$	-			$	-			$	-			$	141

Total							30-59				60-89				90+
							Days				Days				Days
(dollars in thousands)		Current					Past Due				Past Due				Past Due			Total
Commercial:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
Other			-				-				-				-				-
Real estate mortgage - 1 to 4 family:
First mortgages			279				-				-				-				279
Home equity loans			-				-				-				-				-
Home equity lines of credit			167				-				-				-				167
Installment			-				-				-				-				-
Total		$	446			$	-			$	-			$	-			$	446

* Includes New York, New Jersey, Vermont and Massachusetts.

36

Index

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the Three Months Ended:
		June 30, 2025				June 30, 2024
		Weighted				Weighted
New York and other states*:		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:			-				-
First mortgages			24				12
Home equity loans			-				-
Home equity lines of credit			-				24
Installment			-				-
Total			24				36

		Weighted				Weighted
Florida:		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			-				-
Home equity loans			-				-
Home equity lines of credit			-				6
Installment			-				-
Total			-				6

		Weighted				Weighted
		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			24				12
Home equity loans			-				-
Home equity lines of credit			-				18
Installment			-				-
Total			24				30

* Includes New York, New Jersey, Vermont and Massachusetts.

37

Index

For the Six Months Ended June 30, 2025
		June 30, 2025				June 30, 2024
		Weighted				Weighted
New York and other states*:		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:			-				-
First mortgages			24				12
Home equity loans			-				-
Home equity lines of credit			24				24
Installment			-				-
Total			48				36

		Weighted				Weighted
Florida:		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			-				12
Home equity loans			-				-
Home equity lines of credit			-				6
Installment			-				-
Total			-				18

		Weighted				Weighted
		Average				Average
		Payment				Payment
(dollars in thousands)		Delay (Months)				Delay (Months)
Commercial:
Commercial real estate			-				-
Other			-				-
Real estate mortgage - 1 to 4 family:
First mortgages			24				12
Home equity loans			-				-
Home equity lines of credit			24				18
Installment			-				-
Total			48				30

* Includes New York, New Jersey, Vermont and Massachusetts.

38

Index

The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower filing for bankruptcy protection.  There was 1 loan modification totaling $80 thousand for residential mortgages and 1 home equity line of credit loan modification totaling $126 thousand that defaulted during the three months ended June 30, 2025 which had been classified as a loan modification within the prior twelve months.  There was 1 loan modification totaling $80 thousand for residential mortgages and 2 home equity line of credit loan modifications totaling $247 thousand that defaulted during the six months ended June 30, 2025 which had been classified as a loan modification within the prior twelve months. There were no loans that defaulted during the three and six months ended June 30, 2024 which had been classified as a loan modification within the prior twelve months.

In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy.

Generally, the modification of the terms of loans is the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the borrowers’ debt to the Company is discharged and they do not reaffirm the debt.

A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.

(6) Fair Value of Financial Instruments

FASB Topic 820, Fair Value Measurements (“ASC 820”) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities:

39

Index

Securities Available for Sale: The fair value of securities available for sale is determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and is included in the Consolidated Statements of Income in the respective investment class under total interest and dividend income. The Company does not have any securities that would be designated as Level 3.

Other Real Estate Owned: Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. This results in a Level 3 classification of the inputs for determining fair value.

Individually evaluated loans: Periodically the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans.  Non-recurring adjustments can also include certain adjustments for collateral-dependent loans to adjust balances to fair value and generally have had a charge-off through the allowance for credit losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. When obtained, non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Loans individually evaluated are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Indications of value for both collateral-dependent loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics.

There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2025 and 2024.

40

Index

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

	Fair Value Measurements at
	June 30, 2025 Using:
									Significant
					Quoted Prices in				Other				Significant
					Active Markets for				Observable				Unobservable
	Carrying				Identical Assets				Inputs				Inputs
(dollars in thousands)	Value				(Level 1)				(Level 2)				(Level 3)
U.S. government sponsored enterprises		$	71,241			$	-			$	71,241			$	-
State and political subdivisions			18				-				18				-
Mortgage backed securities and collateralized mortgage obligations - residential			221,721				-				221,721				-
Corporate bonds			29,943				-				29,943				-
Small Business Administration- guaranteed  participation securities			12,945				-				12,945				-
Other securities			698				-				698				-
Total securities available for sale		$	336,566			$	-			$	336,566			$	-

	Fair Value Measurements at
	December 31, 2024 Using:
									Significant
					Quoted Prices in				Other				Significant
					Active Markets for				Observable				Unobservable
	Carrying				Identical Assets				Inputs				Inputs
(dollars in thousands)	Value				(Level 1)				(Level 2)				(Level 3)
Securities available for sale:
U.S. government sponsored enterprises		$	85,617			$	-			$	85,617			$	-
State and political subdivisions			18				-				18				-
Mortgage backed securities and collateralized mortgage obligations - residential			213,128				-				213,128				-
Corporate bonds			44,581				-				44,581				-
Small Business Administration- guaranteed participation securities			14,141				-				14,141				-
Other securities			700				-				700				-
Total securities available for sale		$	358,185			$	-			$	358,185			$	-

41

Index

Assets measured at fair value on a non-recurring basis are summarized below:

Fair Value Measurements at

June 30, 2025 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

1,136

$

-

$

-

$

1,136

Sales comparison approach

Adjustments for differences between comparable sales

58% (58%

)

Fair Value Measurements at

December 31, 2024 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

2,174

$

-

$

-

$

2,174

Sales comparison approach

Adjustments for differences between comparable sales

0% - 44% (18%

)

Other real estate owned that is carried at fair value less costs to sell was approximately $1.1 million at June 30, 2025 and consisted of residential and commercial real estate properties. Valuation charges of $480 thousand and $547 thousand were included in earnings for the three and six months ended June 30, 2025, respectively.

Of the total individually evaluated loans of $24.3 million at June 30, 2025, there were no loans that were collateral dependent and were carried at fair value measured on a non-recurring basis.  Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans during the three and six months ended June 30, 2025.

Other real estate owned, which is carried at fair value less costs to sell, was approximately $2.2 million at December 31, 2024, and consisted of only residential real estate properties. A valuation charge of $350 thousand is included in earnings for the year ended December 31, 2024.

Of the total individually evaluated loans of $24.4 million at December 31, 2024, there were no loans that were collateral dependent and were carried at fair value measured on a non-recurring basis.  Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2024.

42

Index

In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at June 30, 2025 and December 31, 2024 are as follows:

(dollars in thousands)						Fair Value Measurements at
		Carrying				June 30, 2025 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	713,591			$	713,591			$	-			$	-			$	713,591
Securities available for sale			336,566				-				336,566				-				336,566
Held to maturity securities			4,836				-				4,844				-				4,844
Federal Home Loan Bank stock			6,601				N/A				N/A				N/A				N/A
Net loans			5,105,436				-				-				4,647,987				4,647,987
Accrued interest receivable			13,966				249				1,100				12,617				13,966
Financial liabilities:
Demand deposits			784,351				784,351				-				-				784,351
Interest bearing deposits			4,705,963				2,594,619				2,100,677				-				4,695,296
Short-term borrowings			82,370				-				82,370				-				82,370
Accrued interest payable			4,265				856				3,409				-				4,265

(dollars in thousands)						Fair Value Measurements at
		Carrying				December 31, 2024 Using:
		Value				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	641,812			$	641,812			$	-			$	-			$	641,812
Securities available for sale			358,185				-				358,185				-				358,185
Held to maturity securities			5,365				-				5,306				-				5,306
Federal Home Loan Bank stock			6,507				N/A				N/A				N/A				N/A
Net loans			5,047,810				-				-				4,589,822				4,589,822
Accrued interest receivable			13,194				271				1,317				11,606				13,194
Financial liabilities:
Demand deposits			762,101				762,101				-				-				762,101
Interest bearing deposits			4,628,882				2,579,123				2,038,200				-				4,617,323
Short-term borrowings			84,781				-				84,781				-				84,781
Accrued interest payable			3,817				216				3,601				-				3,817

43

Index

(7) Accumulated Other Comprehensive Income (Loss)

The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax:

		Three months ended June 30, 2025
										Amount
						Other				reclassified				Other
						Comprehensive				from Accumulated				Comprehensive income-
		Balance at				income-Before				Other Comprehensive				Three months ended				Balance at
(dollars in thousands)		4/1/2025				Reclassifications				Loss				6/30/2025				6/30/2025
Net unrealized holding gain on securities available for sale, net of tax		$	(17,765	)			2,336				-				2,336				(15,429	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			21,266				-				-				-				21,266
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax			(3,633	)			-				(541	)			(541	)			(4,174	)
Accumulated other comprehensive income (loss), net of tax		$	(132	)			2,336				(541	)			1,795				1,663

		Three months ended June 30, 2024
										Amount
						Other				reclassified				Other
						Comprehensive				from Accumulated				Comprehensive loss-
		Balance at				income-Before				Other Comprehensive				Three months ended				Balance at
(dollars in thousands)		4/1/2024				Reclassifications				Loss				6/30/2024				6/30/2024
Net unrealized holding loss on securities available for sale, net of tax		$	(25,277	)			642				-				642				(24,635	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			13,476				-				-				-				13,476
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax			(2,962	)			-				(147	)			(147	)			(3,109	)
Accumulated other comprehensive loss, net of tax		$	(14,763	)			642				(147	)			495				(14,268	)

		Six months ended June 30, 2025
										Amount
						Other				reclassified				Other Comprehensive
						Comprehensive				from Accumulated				income-
		Balance at				income-Before				Other Comprehensive				Six months ended				Balance at
(dollars in thousands)		1/1/2025				Reclassifications				Loss				6/30/2025				6/30/2025
Net unrealized holding loss on securities available for sale, net of tax		$	(21,713	)		$	6,284				-			$	6,284			$	(15,429	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			21,266				-				-				-				21,266
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax			(3,414	)			-				(760	)			(760	)			(4,174	)
Accumulated other comprehensive income (loss), net of tax		$	(3,861	)		$	6,284			$	(760	)		$	5,524			$	1,663

		Six months ended June 30, 2024
										Amount
						Other				reclassified				Other
						Comprehensive				from Accumulated				Comprehensive loss-
		Balance at				loss-Before				Other Comprehensive				Six months ended				Balance at
(dollars in thousands)		1/1/2024				Reclassifications				Loss				6/30/2024				6/30/2024
Net unrealized holding gain on securities available for sale, net of tax		$	(23,899	)		$	(736	)		$	-			$	(736	)		$	(24,635	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			13,476				-				-				-				13,476
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax			(2,814	)			-				(295	)			(295	)			(3,109	)
Accumulated other comprehensive loss, net of tax		$	(13,237	)		$	(736	)		$	(295	)		$	(1,031	)		$	(14,268	)

44

Index

The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024:

(dollars in thousands)		Three months ended								Six months ended
		June 30,								June 30,
		2025				2024				2025				2024			Affected Line Item in Financial Statements
Amortization of pension and postretirement benefit items:
Amortization of net actuarial gain		$	737			$	202			$	1,034			$	405		Salaries and employee benefits
Amortization of prior service cost			(4	)			(3	)			(7	)			(6	)	Salaries and employee benefits
Income tax benefit			(192	)			(52	)			(267	)			(104	)	Income taxes
Net of tax			541				147				760				295
Total reclassifications, net of tax		$	541			$	147			$	760			$	295

(8) Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest Income. The following table presents the Company’s sources of non-Interest Income for the three months and six months ended June 30, 2025 and 2024. Items outside the scope of ASC 606 are noted as such.

(dollars in thousands)		Three months ended								Six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Non-interest income
Service Charges on Deposits
Overdraft fees		$	667			$	654			$	1,347			$	1,317
Other			579				520				1,111				1,031
Interchange Income			1,091				1,288				2,581				2,885
Net gains on equity securities (a)			-				1,360				-				1,360
Wealth management fees			1,818				1,609				3,938				3,425
Other (a)			697				220				849				476
Total non-interest income		$	4,852			$	5,651			$	9,826			$	10,494

^(a) Not within the scope of ASC 606.

A description of how the Company’s revenue streams accounted for ASC 606 is set forth below:

Service charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction‑based, account maintenance and overdraft services. Transaction‑based fees, which include services such as stop payment charges, and wire fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Interchange Income: Interchange revenue primarily consists of interchange fees, volume‑related incentives and ATM charges. As the card‑issuing bank, interchange fees represent our portion of discount fees paid by merchants for credit/debit card transactions processed through the interchange network. The levels and structure of interchange rates are set by the card processing companies and are based on cardholder purchase volumes. The Company earns interchange income as cardholder transactions occur and interchange fees are settled on a daily basis concurrent with the transaction processing services provided to the cardholder.

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Wealth Management fees: Trustco Wealth Management provides a comprehensive suite of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, corporate retirement plan recordkeeping and administration of which a fee is charged to manage assets for investment or transact on accounts. These fees are earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed over the period in which services are performed based on a percentage of the fair value of assets under management or administration. Other services are based on a fixed fee for certain account types, or based on transaction activity and are recognized when services are rendered.  Fees are withdrawn from the customer’s account balance.

Gains/Losses on Sales of Other Real Estate Owned “OREO”: The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain/(loss) on sale if a significant financing component is present.

(9) Operating Leases

The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets.

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option.  Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of June 30, 2025 the Company did not have any leases with terms of twelve months or less.

As of June 30, 2025, the Company did not have any leases for which the construction had not yet started. At June 30, 2025 lease expiration dates ranged from four months to 19.3 years and have a weighted average remaining lease term of 8.3 years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components, which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments.

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Other information related to leases was as follows:

(dollars in thousands)		Three months ended
		June 30,
		2025				2024
Operating lease cost		$	2,045			$	2,036
Variable lease cost			519				588
Total Lease costs		$	2,564			$	2,624

(dollars in thousands)		Six months ended
		June 30,
		2025				2024
Operating lease cost		$	4,051			$	4,133
Variable lease cost			1,151				1,194
Total Lease costs		$	5,202			$	5,327

(dollars in thousands)		Six months ended
		June 30,
		2025				2024
Supplemental cash flows information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	4,412			$	4,255
Right-of-use assets obtained in exchange for lease obligations:			3,030				1,151
Weighted average remaining lease term		8.3 years				8.3 years
Weighted average discount rate			3.32	%			3.16	%

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Future minimum lease payments under non-cancellable leases as of June 30, 2025 were as follows:

(dollars in thousands)
Year ending
December 31,
2025(a)		$	4,212
2026			7,969
2027			6,687
2028			5,502
2029			4,128
Thereafter			16,724
Total lease payments		$	45,222
Less: Interest			5,872
Present value of lease liabilities		$	39,350

^(a) Excluding the six months ended June 30, 2025.

A member of the Board of Directors has an ownership interest in five entities that own commercial real estate leased by the Company for use as branch locations. Total future lease payments from the Company to those entities, which are included in the table above, owed at June 30, 2025, were $2.1 million, which includes interest in the amount of $202 thousand.

(10) Regulatory Capital Requirements

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally for banks, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. As of June 30, 2025, the Company and Bank meet all capital adequacy requirements to which they are subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If a bank is not classified as well capitalized, regulatory approval is required to accept brokered deposits. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required.  The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of June 30, 2025 and December 31, 2024, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action.  There are no conditions or events since that notification that management believes have changed the Bank’s category.

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The Bank and the Company reported the following capital ratios as of June 30, 2025 and December 31, 2024:

(Bank Only)														Minimum for
														Capital Adequacy plus
		As of June 30, 2025								Well				Capital Conservation
(dollars in thousands)		Amount				Ratio				Capitalized(1)				Buffer (1)(2)
Tier 1 leverage ratio			666,044				10.564	%			5.000	%			4.000	%
Common equity tier 1 capital			666,044				18.651				6.500				7.000
Tier 1 risk-based capital			666,044				18.651				8.000				8.500
Total risk-based capital			710,789				19.904				10.000				10.500

														Minimum for
														Capital Adequacy plus
		As of December 31, 2024								Well				Capital Conservation
(dollars in thousands)		Amount				Ratio				Capitalized(1)				Buffer (1)(2)
Tier 1 leverage ratio			652,668				10.618	%			5.000	%			4.000	%
Common equity tier 1 capital			652,668				18.542				6.500				7.000
Tier 1 risk-based capital			652,668				18.542				8.000				8.500
Total risk-based capital			696,767				19.795				10.000				10.500

(Consolidated)
										Minimum for
										Capital Adequacy plus
		As of June 30, 2025								Capital Conservation
(dollars in thousands)		Amount				Ratio				Buffer (1)(2)
Tier 1 leverage ratio			690,589				10.950	%			4.000	%
Common equity tier 1 capital			690,589				19.334				7.000
Tier 1 risk-based capital			690,589				19.334				8.500
Total risk-based capital			735,346				20.587				10.500

										Minimum for
										Capital Adequacy plus
		As of December 31, 2024								Capital Conservation
(dollars in thousands)		Amount				Ratio				Buffer (1)(2)
Tier 1 leverage ratio			679,651				11.054	%			4.000	%
Common equity Tier 1 capital			679,651				19.303				7.000
Tier 1 risk-based capital			679,651				19.303				8.500
Total risk-based capital			723,762				20.556				10.500

(1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized

(2) The June 30, 2025 and December 31, 2024 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent

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(11) Segment Reporting

The Company’s reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker (CODM), based upon information provided about the Company’s products and services offered, primarily banking operations. Consolidated net income of the company is the primary performance metric utilized by the CODM.  The chief operating decision maker will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources.

While the Company has assigned certain management responsibilities by region and business line, the Company’s chief decision-maker monitors and evaluates financial performance on a Company-wide basis. The majority of the Company’s revenue is from the business of banking and the Company’s assigned regions have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. All operations are domestic.

(12) New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. (ASU 2023-09) is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has evaluated the impact applying this standard will have on its income tax disclosures, and the adoption of ASU 2023-09 does not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (ASU 2024-03). ASU 2024-03 requires additional interim and annual disclosures that further disaggregate certain expense captions into specified categories in a separate note to the financial statements, as well as certain qualitative information describing amounts not separately disaggregated. ASU 2024-03 is effective for the Company in the annual period beginning on January 1, 2027 and interim periods beginning on January 1, 2028 and can be applied on either a prospective or retrospective basis, with early adoption permitted. The Company is evaluating the impact of ASU 2024-03 on its disclosures.

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Crowe LLP Independent Member Crowe Global

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and the Board of Directors of TrustCo Bank Corp NY

Glenville, New York

Results of Review of Interim Financial Information

We have reviewed the consolidated statement of financial condition of TrustCo Bank Corp NY (the "Company") as of June 30, 2025, and the related consolidated statements of income and comprehensive income for the three and six-month periods ended June 30, 2025 and June 30, 2024 and the related changes in shareholders’ equity and cash flows for the six-month periods ended June 30, 2025 and June 30, 2024, and the related notes (collectively referred to as the "interim financial information or statements"). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated statement of financial condition of the Company as of December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated March 14, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial condition as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of condition from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Crowe LLP

Boston, Massachusetts

August 8, 2025

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The review that follows focuses on the factors affecting the financial condition and results of operations of TrustCo during the three month and six month periods ended June 30, 2025, with comparisons to the corresponding period in 2024, as applicable.  The consolidated interim financial statements and related notes, as well as the Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 14, 2025 (the “2024 Form 10-K”), should also be read in conjunction with this review.  Amounts in the prior period consolidated interim financial statements are reclassified whenever necessary to conform to the current period's presentation.

Following this Management’s Discussion and Analysis is the table "Distribution of Assets, Liabilities and Shareholders' Equity: Interest Rates and Interest Differential" which gives a detailed breakdown of TrustCo's average interest earning assets and interest bearing liabilities for the three and six month periods ended June 30, 2025 and 2024.

Economic Overview

During the second quarter of 2025, financial markets rebounded after posting declines in financial indices during the first quarter of 2025. For the second quarter of 2025, the S&P 500 Index was up 10.57%, Nasdaq was up 17.75%, and the Dow Jones Industrial Average was up 4.98% compared to the end of the first quarter of 2025.  The 10‑year Treasury bond averaged 4.36% during Q2 2025 compared to 4.45% in Q1 2025, a decrease of 9 basis points.  The 2‑year Treasury bond average rate decreased 29 basis points to 3.86% during Q2 2025, which steepened the yield curve over the prior quarter.  The spread between the 10‑year and the 2-year Treasury bonds increased from 0.30% on average in Q1 2025 to 0.50% in Q2 2025.  Generally, steeper yield curves are favorable for portfolio mortgage lenders like TrustCo, and the table below illustrates the range of rate movements for both short term and longer-term rates.  During the first half of 2025 Federal Funds rate remained flat at a range of 4.25% to 4.50% as of June 30, 2025

			3 Month	2 Year	5 Year	10 Year	10 - 2 Year
			Yield (%)	Yield (%)	Yield (%)	Yield (%)	Spread (%)
Q2/24		Beg of Q2	5.46	4.59	4.21	4.20	-0.39
		Peak	5.52	5.04	4.72	4.70	-0.24
		Trough	5.41	4.65	4.22	4.20	-0.47
		End of Q2	5.50	4.71	4.32	4.32	-0.39
		Average in Q2	5.47	4.83	4.47	4.45	-0.38
Q3/24		Beg of Q3	5.50	4.71	4.32	4.32	-0.39
		Peak	5.47	4.77	4.44	4.48	0.26
		Trough	4.68	3.49	3.41	3.63	-0.35
		End of Q3	4.73	3.66	3.58	3.81	0.15
		Average in Q3	5.23	4.04	3.80	3.95	-0.09
Q4/24		Beg of Q4	4.73	3.66	3.58	3.81	0.15
		Peak	4.77	4.37	4.45	4.62	0.33
		Trough	4.31	3.61	3.51	3.74	0.02
		End of Q4	4.37	4.25	4.38	4.58	0.33
		Average in Q4	4.58	4.15	4.12	4.28	0.13
Q1/25		Beg of Q1	4.37	4.25	4.38	4.58	0.33
		Peak	4.37	4.40	4.61	4.79	0.41
		Trough	4.30	3.89	3.96	4.16	0.20
		End of Q1	4.32	3.89	3.96	4.23	0.34
		Average in Q1	4.34	4.15	4.25	4.45	0.30
Q2/25		Beg of Q2	4.32	3.89	3.96	4.23	0.34
		Peak	4.46	4.05	4.17	4.58	0.67
		Trough	4.28	3.60	3.72	4.01	0.29
		End of Q2	4.41	3.72	3.79	4.24	0.52
		Average in Q2	4.37	3.86	3.97	4.36	0.50

The country has entered a period of heightened economic uncertainty as markets continue to adjust to rapidly evolving changes in tariff policies. Tariffs remain fluid, with the most recent deadline to negotiate trade agreements extended until August 1, 2025 for many countries and later for other countries.  Tariffs have the potential to increase inflation, and it is unknown if that would have a transitory or longer lasting impact. The Federal Open Market Committee (“FOMC”) held the federal funds target rate range at 4.25%-4.50% following each of its five meetings to date in 2025. The FOMC stated at its most recent meeting on July 29-30, 2025 that uncertainty about the economic outlook remains elevated and that the committee was attentive to risks on both sides of its dual mandate.

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On July 4, 2025, legislation referred to as “H.R. 1: One Big Beautiful Bill Act” (the “OBBBA”) was signed into law and, among other changes, will modify the tax year in which certain business deductions, primarily depreciation of capital asset additions, are allowed and therefore will influence the time within which income tax payments must be made. While our initial review of the OBBBA indicates the legislated changes will not significantly modify our future effective income tax rate, we will continue to monitor for further changes and evaluate the enacted provisions of the new law and potential impacts on our consolidated financial statements as appropriate.

Management believes that TrustCo’s long-term focus on traditional banking services and practices historically has enabled the Company to avoid significant impact from asset quality problems, and that the Company’s strong liquidity and solid capital positions have allowed the Company to continue to conduct business in a manner consistent with its past practice.  While we continue to adhere to prudent underwriting standards, should general housing prices and other economic measures, such as unemployment in the Company’s market areas, deteriorate as a result of continued elevated interest rates, financial sector instability, a potential or actual default on the federal debt or other reasons, the Company may experience an increase in the level of credit risk and in the amount of its classified and nonperforming loans.

Financial Overview

TrustCo recorded net income of $15.0 million, or $0.79 of diluted earnings per share, for the three months ended June 30, 2025, compared to net income of $12.6 million, or $0.66 of diluted earnings per share, in the same period in 2024.  Return on average assets was 0.96% and 0.82%, respectively, for the three-months ended June 30, 2025 and 2024.  Return on average equity was 8.73% and 7.76%, respectively, for the three-months ended June 30, 2025 and 2024.

The primary factors accounting for the change in net income for the three months ended June 30, 2025 compared to the same period of the prior year were:

• An increase of $4.0 million, or 10.5%, in net interest income compared to the second quarter of 2024, primarily as a result of an increase in interest and fee income on loans.

• A decrease of $236 thousand in noninterest expense for the second quarter of 2025 compared to the second quarter 2024.

• A decrease of $799 thousand in noninterest income for the second quarter of 2025 compared to the second quarter of 2024.

TrustCo recorded net income of $29.3 million, or $1.54 of diluted earnings per share, for the six months ended June 30, 2025, compared to net income of $24.7 million, or $1.30 of diluted earnings per share, in the same period in 2024.  Return on average assets was 0.94% and 0.81%, respectively, for the six months ended June 30, 2025 and 2024.  Return on average equity was 8.61% and 7.65%, respectively, for the six months ended June 30, 2025 and 2024.

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The primary factors accounting for the change in net income for the six months ended June 30, 2025 compared to the same period of the prior year were:

• An increase of $7.8 million, or 10.4%, in net interest income compared to the first six months of 2024, primarily as a result of an increase in interest and fee income on loans.

• An increase of $1.2 million in noninterest expense for the first six months of 2025 compared to the first six months of 2024.

• A decrease of $668 thousand in noninterest income for the first six months of 2025 compared to the first six months of 2024.

Visa Exchange Offer

During the second quarter of 2024, Visa Inc. accepted the Company’s tender of its 6,528 shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock.  As a result of the exchange, the Company marked its Visa Class C common stock to fair value and recorded a gain of $1.4 million based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock on June 28, 2024 of $262.47 per share. In 2024, Company’s Visa Class C shares were marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa.  The Company originally obtained the shares in 2008. The carrying value of the Visa Class B-2 shares is nominal as of June 30, 2025.

Asset/Liability Management

The Company strives to generate its earnings capabilities through a mix of core deposits funding a prudent mix of earning assets.  Additionally, TrustCo attempts to maintain adequate liquidity and reduce the sensitivity of net interest income to changes in interest rates to an acceptable level while enhancing profitability both on a short‑term and long‑term basis.

TrustCo’s results are affected by a variety of factors including competitive and economic conditions in the specific markets in which the Company operates and, more generally, in the national economy, financial market conditions and the regulatory environment.  Each of these factors is dynamic, and changes in any area can have an impact on TrustCo’s results.  Included in the 2024 Form 10-K is a description of the effect that continued elevated interest rates had on the results for the year 2024 compared to 2023.  Many of the same market factors discussed in the 2024 Form 10-K continued to have an impact on results through the second quarter of 2025.

TrustCo competes with other financial service providers based upon many factors including quality of service, convenience of operations and rates paid on deposits and charged on loans.  In the experience of management, the absolute level of interest rates, changes in interest rates and customers’ expectations with respect to the direction of interest rates have a significant impact on the volume of loan and deposit originations in any particular period.

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Interest rates have a significant impact on the operations and financial results of all financial services companies.  One of the most important interest rates used to control national economic policy is the “Federal Funds” rate.  This is the interest rate utilized within the banking system for overnight borrowings for institutions with the highest credit rating.  During the second quarter of 2025 Federal Funds rate remained flat at a range of 4.25% to 4.50% as of June 30, 2025.

The interest rate on the 10-year Treasury bond and other long-term interest rates have significant influence on the rates for new residential real estate loans and longer term investments.  These changes in interest rates have an effect on the Company relative to the interest income on loans, securities, and Federal Funds sold and other short-term instruments as well as the interest expense on deposits and borrowings.  Residential real estate loans and longer‑term investments are most affected by the changes in longer term market interest rates such as the 10‑year Treasury.  The Federal Funds sold portfolio and other short‑term investments are affected primarily by changes in the Federal Funds target rate.  Deposit interest rates are most affected by short term market interest rates.  Also, changes in interest rates have an effect on the recorded balance of the securities available for sale portfolio, which is recorded at fair value.  Generally, as market interest rates increase, the fair value of the securities will decrease and the reverse is also generally applicable.  Interest rates on new residential real estate loan originations are also influenced by the rates established by secondary market participants such as Freddie Mac and Fannie Mae.  The Company establishes rates that management determines are appropriate in light of the long-term nature of residential real estate loans while remaining competitive.  Higher market interest rates also generally increase the value of retail deposits.

TrustCo’s principal loan products are residential real estate loans.  Most of TrustCo’s residential real estate loans carry a fixed rate of interest.  As noted above, residential real estate loans and longer‑term investments are most affected by the changes in longer term market interest rates such as the 10-year Treasury.  The 10‑year Treasury yield decreased 9 basis points, on average, during the second quarter of 2025 compared to the first quarter of 2025 and also decreased 9 basis points as compared to the second quarter of 2024.

While TrustCo has been affected by changes in financial markets over time, management believes that the impacts have been mitigated by the Company’s generally conservative approach to banking.  The Company utilizes a traditional underwriting process in evaluating loan applications, and since originated loans are retained in the portfolio, there is a strong incentive to be conservative in making credit decisions.  For additional information concerning TrustCo’s loan portfolio and nonperforming loans, please refer to the discussions under “Loans” and “Nonperforming Assets,” respectively.  Further, the Company does not rely on borrowed funds to support its assets and maintains a significant level of liquidity on the asset side of the balance sheet.  Management believes that these characteristics provide the Company with increased flexibility and stability during periods of market disruption and interest rate volatility.

A fundamental component of TrustCo’s strategy has been to grow customer relationships and the deposits and loans that are part of those relationships.  Management believes that the Company has significant capacity to grow its balance sheet given its extensive branch network.  The Company expects that growth to be profitable.  The current interest rate environment, however, has narrowed the margin on incremental balance sheet expansion.  While the Company has not changed its fundamental long term strategy in regard to utilizing its excess capacity, management continually evaluates changing conditions and may seek to limit growth or reduce the size of the balance sheet if its analysis indicates that doing so would be beneficial.

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For the second quarter of 2025, the net interest margin was 2.71%, up 18 basis points versus the prior year’s second quarter.  The quarterly results reflect the following significant factors:

• The average balance of securities available for sale decreased by $79.0 million while the average yield increased 23 basis points to 2.81%.  The increase in the average yield was a result of higher yields on investments purchased during 2024 and the first half 2025 as well as maturities of lower yielding securities over the same periods.

• The average loan portfolio grew by $115.6 million to $5.14 billion and the average yield increased 21 basis points to 4.25% in the second quarter of 2025 compared to the same period in 2024.

• The average balance of interest bearing liabilities increased $118.0 million and the average rate paid decreased 6 basis points to 1.91% in the second quarter of 2025 compared to the same period in 2024.

During the second quarter of 2025, the Company continued to focus on its strategy to expand its loan portfolio by offering competitive interest rates.  Management believes the TrustCo residential real estate loan product is very competitive compared to local and national competitors.  Competition remains strong in the Company’s market areas.

For the six months ended June 30, 2025, the net interest margin was 2.68%, up 20 basis points versus the prior year.  The six month results reflect the following significant factors:

• The average balance of securities available for sale decreased by $93.2 million while the average yield increased 19 basis points to 2.72% for the first six months of 2025 compared to the same period in 2024.  The increase in the average yield was a result of higher yields on investments purchased during 2024 and the first half 2025 as well as maturities of lower yielding securities over the same periods.

• The average loan portfolio grew by $110.2 million to $5.12 billion and the average yield increased 21 basis points to 4.22% in the first six months of 2025 compared to the same period in 2024.

• The average balance of interest bearing liabilities increased $88.0 million and the average rate paid decreased 7 basis points to 1.92% in the first six motnhs of 2025 compared to the same period in 2024.

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The strategy on the funding side of the balance sheet was to offer competitive core deposit products coupled with short term time accounts.  We believe that this strategy has sustained TrustCo’s strong liquidity position and continues to allow us to cross sell products to new and existing relationships and take advantage of opportunities as they arise.

Earning Assets

Total average interest earning assets increased from $5.98 billion in the second quarter of 2024 to $6.15 billion in the same period of 2025 with an average yield of 4.19% in the second quarter of 2025 and 4.06% in the second quarter of 2024.  The mix of assets invested in Federal Funds sold and other short-term investments and loans increased while securities available for sale and held to maturity securities decreased over the prior year period.   Interest income on average earning assets increased from $60.6 million in the second quarter of 2024 to $64.5 million in the second quarter of 2025.  This increase was primarily driven by the increase in average balances and an increase in interest income on loans due to higher interest rates on loan originations over the last year and variable rate loans repricing upwards.

Loans

The average balance of loans was $5.14 billion in the second quarter of 2025 and $5.02 billion in the comparable period in 2024.  The yield on loans was up 21 basis points to 4.25%.  Interest income on loans was $54.6 million in the second quarter of 2025 up $3.9 million from the same period in 2024.

Compared to the second quarter of 2024, the average balance of residential mortgage loans, home equity credit lines, and commercial loans, all increased, while the average balance of installment loans decreased.  We believe that the upward trend in average balances of residential mortgage loans, home equity credit lines and commercial loans reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending.

The average balance of residential mortgage loans was $4.39 billion in the second quarter of 2025 compared to $4.36 billion in 2024, an increase of 0.6%.  The average yield on residential mortgage loans increased by 19 basis points to 3.94% in the second quarter of 2025 compared to 2024, primarily as a result of the higher interest rates on new originations compared to the existing portfolio yield.

TrustCo actively markets the residential loan products within its market territories.  Mortgage loan rates are affected by a number of factors including rates on Treasury securities, the Federal Funds target rate and rates set by competitors and secondary market participants.  TrustCo aggressively markets the unique aspects of its loan products thereby attempting to create differentiation from other lenders.  These unique aspects include low closing costs, fast turn-around time on loan approvals, and no escrow or mortgage insurance requirements for qualified borrowers.  Assuming a continued decline in long-term interest rates, the Company would anticipate that the unique features of its loan products will continue to attract customers in the residential mortgage loan area.

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Commercial loans, which consist primarily of loans secured by commercial real estate, increased $25.8 million to an average balance of $306.4 million in the second quarter of 2025 compared to the same period in the prior year.  The average yield on this portfolio was up 19 basis points to 5.56% compared to the prior year period, primarily as a result of higher interest rates on new originations compared to the existing portfolio yield and variable rate loans repricing upwards. The Company has sought to remain selective in underwriting commercial loans in recent periods as the apparent risk/reward balance has been less favorable in some cases compared to that of prior periods.

The average yield on home equity credit lines decreased 3 basis points to 6.39% during the second quarter of 2025 compared to the year earlier period. The average balances of home equity credit lines increased 17.8% to $428.9 million in the second quarter of 2025 as compared to the prior year.

Securities Available for Sale

The average balance of the securities available for sale portfolio for the second quarter of 2025 was $358.6 million compared to $437.6 million for the comparable period in 2024.  The decrease in the balance reflects routine paydowns, calls and maturities, partially offset by new investment purchases.  The average yield was 2.81% for the second quarter of 2025 compared to 2.58% for the second quarter of 2024.  The increase in average yield is a result of higher yields on bonds purchased as well as lower rate bonds maturing since the prior year quarter.  This portfolio is primarily comprised of agency issued residential mortgage backed securities, bonds issued by government sponsored enterprises (such as Fannie Mae, the Federal Home Loan Bank, and Freddie Mac), Small Business Administration participation certificates, corporate bonds and municipal bonds.  These securities are recorded at fair value with any adjustment in fair value included in other comprehensive income (loss), net of tax.

The net unrealized loss in the available for sale securities portfolio was $20.8 million as of June 30, 2025 compared to a net unrealized loss of $29.3 million as of December 31, 2024.  The decrease in net unrealized losses in the portfolio is the result of the current interest rate environment.

Held to Maturity Securities

The average balance of held to maturity securities was $5.0 million for the second quarter of 2025 compared to $6.1 million in the second quarter of 2024.  The decrease in balances reflects routine paydowns.  No new securities were added to this portfolio during the period.  The average yield was 4.37% for the second quarter of 2025 compared to 4.28% for the year earlier period.  TrustCo expects to hold the securities in this portfolio until they mature or are called.

The net unrecognized gain in the held to maturity securities portfolio was $8 thousand as of June 30, 2025 compared to a net unrecognized loss of $59 thousand as of December 31, 2024.  The decrease in the net unrecognized losses in the portfolio is the result of changes in market interest rate levels.

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As of June 30, 2025, this portfolio consisted solely of residential mortgage-backed securities.  The balances for these securities are recorded at amortized cost.

Federal Funds Sold and Other Short-term Investments

The 2025 second quarter average balance of Federal Funds sold and other short-term investments was $648.5 million, a $142.0 million increase from the $506.5 million average for the same period in 2024, primarily due to an increase in deposits and funds from maturing and called securities which have not yet been deployed.  The yield was 4.46% for the second quarter of 2025 and 5.48% for the comparable period in 2024.  Interest income from this portfolio increased $318 thousand from $6.9 million in 2024 to $7.2 million in 2025.  The increase in the average balance was enough to offset the decrease in yield over the same period.

The Federal Funds sold and other short-term investments portfolio is utilized to generate additional interest income and liquidity as funds are waiting to be deployed into the loan and securities portfolios.

Funding Opportunities

TrustCo utilizes various funding sources to support its earning asset portfolio.  The vast majority of the Company’s funding comes from traditional deposit vehicles such as savings, demand deposit, interest-bearing checking, money market and time deposit accounts.

Total average interest bearing deposits (which includes interest bearing checking, money market accounts, savings and time deposits) increased $130.7 million to $4.68 billion for the second quarter of 2025 versus the second quarter in the prior year, and the average rate paid decreased from 2.00% for 2024 to 1.93% for 2025.  Total interest expense on these deposits decreased $41 thousand to $22.6 million in the second quarter of 2025 compared to the year earlier period.  From the second quarter of 2024 to the second quarter of 2025, interest bearing checking  account average balances were up 3.0%, certificates of deposit average balances were up 11.3%, non-interest demand average balances were up 5.8%, average savings balances decreased 5.1% and money market balances were down 10.2%.   Overall, average balances are up from a year ago as we continue to encourage customers to retain their funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.

As of June 30, 2025, the maturity of total time deposits was as follows:

(dollars in thousands)
Under 1 year		$	1,952,176
1 to 2 years			156,186
2 to 3 years			1,791
3 to 4 years			803
4 to 5 years			335
Over 5 years			53
		$	2,111,344

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As of June 30, 2025 and December 31, 2024, approximately $1.13 billion and $1.11 billion, respectively, of our deposit portfolio were uninsured. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.

Average short-term borrowings for the second quarter were $81.1 million in 2025 compared to $93.7 million in 2024.  The decrease in the average balance from the prior year period is primarily a result of a shift of funds into time deposits. The weighted average interest rate for short-term borrowings during the second quarter decreased during this time period from 0.89% in 2024 to 0.87% in 2025.  The short-term borrowings of the Company are cash management accounts, which represent retail accounts with customers for which the Bank has pledged certain assets as collateral.  The customer account balances changed based on the needs of the underlying retail customers.

The Company has a number of contingent funding alternatives available in addition to the large cash and cash equivalents position and the investment securities positions it maintains on its balance sheet.  The Bank is a member of the Federal Home Loan Bank of New York (“FHLBNY”) and is an eligible borrower at the Federal Reserve Bank of New York (“FRBNY”) and has the ability to borrow utilizing securities and/or loans as collateral at either institution.  The Bank does not utilize brokered deposits as a part of its funding strategy, but does incorporate them as a potential contingent funding source within its Asset/Liability Management Policy.  Like other contingent funding sources, brokered CDs may be tested from time to time to ensure operational and market readiness.  As of June 30, 2025 the Company also has borrowing capacity of $955.7 million available with the Federal Home Loan Bank of New York.  The borrowings capacity is secured by the loans pledged by the Company.  As of June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.

Net Interest Income

Net interest income increased by $4.0 million to $41.7 million in the second quarter of 2025 compared to the same period in 2024 driven by loan growth at higher interest rates and an increase in interest on federal funds sold and other short-term investments, partially offset by lower investment interest income.  The net interest spread was up 19 basis points to 2.28% in the second quarter of 2025 compared to the same period in 2024. As previously noted, the net interest margin was up 18 basis points to 2.71% for the second quarter of 2025 compared to the same period in 2024.  Yields on earning assets increased in the second quarter of 2025 compared to the second quarter of 2024, and rates on interest-bearing liabilities decreased causing margin expansion. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Company’s ability to decrease deposit costs which should help margin in future quarters. During the second quarter of 2025, the Company has been able to lower the rates offered on our time deposits while continuing to retain and grow that product. This is expected bring down the cost of time deposits over time.

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Net interest income increased by $7.8 million to $82.1 million in the first six months of 2025 compared to the same period in 2024.  The net interest spread was up 19 basis points to 2.24% in the first six months of 2025 compared to the same period in 2024.  Net interest margin increased 20 basis points to 2.68% for the first six months of 2025 compared to the same period in 2024.

Nonperforming Assets

Nonperforming assets include nonperforming loans (“NPLs”), which are those loans in a non‑accrual status and loans past due three payments or more and still accruing interest.  Also included in the total of nonperforming assets are foreclosed real estate properties, which are included in other assets and categorized as other real estate owned.

The following describes the nonperforming assets of TrustCo as of June 30, 2025:

Nonperforming loans and foreclosed real estate: Total NPLs were $17.9 million at June 30, 2025, compared to $18.8 million at December 31, 2024.  There were no loans as of June 30, 2025 and December 31, 2024 that were past due 90 days or more and still accruing interest.

At June 30, 2025, nonperforming loans primarily include a mix of commercial and residential loans.  Of total nonperforming loans of $17.9 million at June 30, 2025, $17.2 million were residential real estate loans, $684 thousand were commercial loans and mortgages and $46 thousand were installment loans, compared to $18.3 million, $343 thousand and $130 thousand, respectively, at December 31, 2024.

A significant percentage of nonperforming loans are residential real estate loans, which are historically lower-risk than most other types of loans.  Net recoveries were $121 thousand on residential real estate loans (including home equity lines of credit) for the second quarter of 2025 compared to net recoveries $57 thousand for the second quarter of 2024.  Management believes that these loans have been appropriately written down where required.

Ongoing portfolio management is intended to result in early identification and disengagement from deteriorating credits.  TrustCo has a diversified loan portfolio that includes a significant balance of residential mortgage loans to borrowers in the Capital Region of New York and Central Florida, and avoids concentrations to any one borrower or any single industry.  TrustCo has no advances to borrowers or projects located outside the United States.  TrustCo continues to identify delinquent loans as quickly as possible and to move promptly to resolve problem loans.  Efforts to resolve delinquencies begin immediately after the payment grace period expires, with repeated, automatically generated notices, as well as personalized phone calls and letters.  Loans are placed in nonaccrual status once they are 90 days past due, or earlier if management has determined that such classification is appropriate.  Once in nonaccrual status, loans are either brought current and maintained current, at which point they may be returned to accrual status, or they proceed through the foreclosure process.  The collateral on nonaccrual loans is evaluated periodically, and the loan value is written down if the collateral value is insufficient.

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The Company originates loans throughout its branch franchise area.  At June 30, 2025, 64.4% of its gross loan portfolio balances were in New York State and the immediately surrounding areas (including New Jersey, Vermont and Massachusetts), and 35.6% were in Florida.  Those figures compare to 64.3% and 35.7%, respectively at December 31, 2024.

Economic conditions vary widely by geographic location.  As a percentage of the total nonperforming loans as of June 30, 2025, 17.6% were to Florida borrowers, compared to 82.4% to borrowers in New York and surrounding areas.  For the three months ended June 30, 2025, New York and surrounding areas experienced net recoveries of approximately $103 thousand  and there were net charge-offs of $94 thousand in Florida for the second quarter of 2025.

Other than loans currently identified as nonperforming, management is aware of no other loans in the Bank’s portfolio that pose material risk of the eventual non-collection of principal and interest.  Also as of June 30, 2025, there were no other loans classified for regulatory purposes that management reasonably expects will materially impact future operating results, liquidity, or capital resources.

Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications to borrowers experiencing financial difficulty.  There were $780 thousand of commercial mortgages and commercial loans classified as individually evaluated as of June 30, 2025 compared to $443 thousand classified as individually evaluated at December 31, 2024.  There were $23.5 million of individually evaluated residential loans at June 30, 2025 compared to $23.8 million classified as individually evaluated at December 31, 2024.

As of June 30, 2025 and December 31, 2024, the Company’s loan portfolio did not include any subprime mortgages or loans acquired with deteriorated credit quality.

As of June 30, 2025 there was $1.1 million of foreclosed real estate compared to $2.2 million at December 31, 2024.

Allowance for credit losses on loans:

As of June 30, 2025, the Company utilized the Baseline scenario model of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the baseline scenario, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions and the potential impact of persistent high inflation on the economy. Outcomes in any or all of these factors could differ from the baseline scenario utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.

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In the second quarter of 2025, the Company recorded a provision for credit losses of $650 thousand, which is all related to the provision for credit losses on loans, as there was no provision for credit losses on unfunded commitments.  The increase in the ACLL during the second quarter of 2025 was primarily a result of loan growth.  In the second quarter of 2024, the Company recorded a provision for credit losses of $500 thousand, which is all related to the provision for credit losses on loans, as there was no provision for credit losses on unfunded commitments.  The Company recorded a provision for credit losses of $950 thousand for the six months ended June 30, 2025 which is the result of a provision for credit losses on loans of $750 thousand and a provision for unfunded commitments of $200 thousand. For the six months ended June 30, 2024 the Company recorded a provision for credit losses of $1.1 million which is all related to the provision for credit losses on loans, as there was no provision for credit losses on unfunded commitments.

See Note 5 of the financial statements for additional discussion related to the process for determining the provision for credit losses.

The allocation of the allowance for credit losses on loans is as follows:

(dollars in thousands)		As of June 30, 2025								As of December 31, 2024
						Percent of								Percent of
		Amount				Loans to Total Loans				Amount				Loans to Total Loans
Commercial		$	2,863				5.57	%		$	3,195				5.25	%
Real estate - construction			368				0.72	%			328				0.58	%
Real estate mortgage - 1 to 4 family			41,580				85.02	%			40,866				85.87	%
Home equity lines of credit			6,200				8.44	%			5,667				8.03	%
Installment Loans			254				0.25	%			192				0.27	%
		$	51,265				100.00	%		$	50,248				100.00	%

At June 30, 2025, the allowance for credit losses on loans was $51.3 million, compared to $50.2 million at December 31, 2024.  The allowance represents 0.99% of the loan portfolio at both June 30, 2025 and December 31, 2024.  The coverage ratio, or the allowance for credit losses on loans to NPLs, was 286.2% and 267.3% as of June 30, 2025 and December 31, 2024, respectively.

Net recoveries for the three-month period ended June 30, 2025 were $9 thousand and $52 thousand for the prior year period.

During the second quarter of 2025, there were no commercial loan charge-offs, $17 thousand of gross residential loan charge-offs, and $116 thousand of installment loan charge-offs, compared with no commercial loan charge-offs, $17 thousand of gross residential mortgage charge-offs, and $17 thousand of installment loan charge-offs in the second quarter of 2024.  During the second quarter of 2025 there were no of commercial loan recoveries, $138 thousand of residential mortgage recoveries, and $4 thousand for installment loan recoveries, compared to no commercial loan recoveries, $74 thousand of residential mortgage recoveries, and $12 thousand of installment loan recoveries in the second quarter of 2024.

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The following table presents the net charge-off ratio for the three and six months ended June 30, 2025 and 2024:

		For the three months ended June 30:
		2025				2024
Commercial			0.00	%			0.00	%
Real estate mortgage - 1 to 4 family			0.00	%			0.00	%
Installment			0.89	%			0.03	%
Total			0.00	%			0.00	%

		For the six months ended June 30:
		2025				2024
Commercial			-0.11	%			0.00	%
Real estate mortgage - 1 to 4 family			0.00	%			0.00	%
Installment			1.03	%			0.26	%
Total			-0.01	%			0.00	%

Liquidity and Interest Rate Sensitivity

TrustCo seeks to obtain favorable sources of funding and to maintain prudent levels of liquid assets in order to satisfy varied liquidity demands. Management believes that TrustCo’s earnings performance and strong capital position enable the Company to easily secure new sources of liquidity.  The Company actively manages its liquidity through target ratios established under its liquidity policies.  Continual monitoring of both historical and prospective ratios allows TrustCo to employ strategies necessary to maintain adequate liquidity.  Management has also defined various degrees of adverse liquidity situations which could potentially occur and has prepared appropriate contingency plans should such a situation arise.  As noted, the Company has a number of contingent funding alternatives available in addition to the large cash and cash equivalents position and the investment securities positions it maintains on its balance sheet.  As previously stated, the Bank is a member of the FHLBNY and is an eligible borrower at the FRBNY and has the ability to borrow utilizing securities and/or loans as collateral at either institution.  The Bank does not utilize brokered deposits as a part of its funding strategy, but does incorporate them as a contingent funding source within its Asset/Liability Management Policy.  Like other contingent funding sources, brokered certificates of deposits may be tested from time to time to ensure operational and market readiness.  Management believes that the Company has adequate sources of liquidity to cover its contractual obligations and commitments over the next twelve months and beyond.

The Company uses an industry standard external model as the primary tool to identify, quantify and project changes in interest rates and the effect on loan prepayment speeds taken both from industry sources and internally generated data based upon historical trends in the Bank’s balance sheet.  Assumptions based on the historical behavior of deposit rates and balances in relation to changes in market interest rates are also incorporated into the model.  This model calculates an economic or fair value amount with respect to non-time deposit categories since these deposits are part of the core deposit products of the Company.  The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure the fair value of capital or precisely predict the impact of fluctuations in interest rates on the fair value of capital.

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Using this model, the fair value of capital projections as of June 30, 2025 are referenced below. The base case (current rates) scenario shows the present estimate of the fair value of capital assuming no change in the operating environment or operating strategies and no change in interest rates from those existing in the marketplace as of June 30, 2025.

The following table indicates the impact on the fair value of capital assuming interest rates were to instantaneously increase or decrease by 100 bp, 200 bp, 300 bp and 400 bp.

		Estimated Percentage of
		Fair value of Capital to
As of June 30, 2025		Fair value of Assets
+400 BP			21.10	%
+300 BP			21.50
+200 BP			21.80
+100 BP			23.40
Current rates			24.10
-100 BP			23.60
-200 BP			22.30
-300 BP			20.40
-400 BP			17.00

Noninterest Income

Total noninterest income for the second quarter of 2025 was $4.9 million compared to $5.7 million for the same period in the prior year.  The decrease is primarily the result of an unrealized gain of $1.4 million recorded on the Visa Class C Common stock exchange in the second quarter of 2024. Fees for services to customers was also down $133 thousand in the second quarter of 2025 compared to the same period in the prior year. This was offset by financial services income and other income increasing $209 thousand and $485 thousand, respectively, for the second quarter of 2025 compared to the same period in the prior year. The fair value of assets under management was $1.2 billion at both June 30, 2025 and December 31, 2024, and $1.1 billion at June 30, 2024.

For the six months ended June 30, 2025 total noninterest income was $9.8 million, down $668 thousand compared to the prior year period.  The decrease is also primarily the result the unrealized gain of $1.4 million recorded on the Visa Class C Common stock exchange during the six months ended June 30, 2024.  Fees for services to customers was also down $233 thousand for the six months ended June 30, 2025 compared to the same period in the prior year. This was offset by financial services income and other income increasing $513 thousand and $412 thousand, respectively, for the first six months of 2025 compared to the same period in the prior year.

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Noninterest Expenses

Total noninterest expenses were $26.2 million for the three-months ended June 30, 2025, compared to $26.5 million for the three-months ended June 30, 2024.  Significant changes included a $644 thousand decrease in salaries and employee benefits primarily as a result of a decrease in benefits.  Full time equivalent headcount was 753 as of June 30, 2024, 737 as of December 31, 2024, and 733 as of June 30, 2025.  Changes in headcount represent normal fluctuations.  Additionally, we had a $295 thousand decrease in outsourced services, and a $367 thousand decrease in other expenses, partially offset by an increase of $316 thousand in professional services, a $339 thousand increase in FDIC and other insurance, and a $506 thousand increase in other real estate expense, net.

Total noninterest expenses were $52.6 million for the six-months ended June 30, 2025, compared to $51.4 million for the six-months ended June 30, 2024.  Significant changes included an increase of $582 thousand in professional services, a $433 thousand increase in FDIC and other insurance and a $460 thousand increase in other real estate expense, net, partially offset by a $177 thousand decrease in salaries and employee benefits and a $209 thousand decrease in advertising expense.

Income Taxes

In the second quarter of 2025, TrustCo recognized income tax expense of $4.7 million compared to $3.9 million for the second quarter of 2024.  The effective tax rates were 23.8% for both the second quarter of 2025 and 2024.  For the first six-months, income taxes were $9.1 million and $7.7 million in 2025 and 2024, respectively. The effective tax rates were 23.7% for both the six months ended 2025 and 2024.  On July 4, 2025, the OBBBA was signed into law. While the details of the legislation are still under review, the Company does not expect a significant impact on 2025 income tax expense.

Capital Resources

Consistent with its long-term goal of operating a sound and profitable financial organization, TrustCo strives to maintain strong capital ratios.

Banking regulators have moved towards higher required capital requirements due to the standards included in the “Basel III” banking capital reform measures and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as a general trend towards reducing risk in the banking system by providing a greater capital margin.

Total shareholders’ equity at June 30, 2025 was $692.8 million compared to $655.2 million at June 30, 2024. TrustCo declared a dividend of $0.36 per share in each of the second quarter of 2025 and 2024.  This results in a dividend payout ratio of 45.27% for the second quarter of 2025 based on earnings for the quarter of $15.0 million, compared to a dividend payout ratio of 54.57% for the second quarter of 2024 based on earnings for the quarter of $12.6 million.

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The capital rules, which are generally applicable to both the Company and the Bank, include several measures; specifically, a Tier 1 leverage ratio, a common equity tier 1 (“CET1”) capital ratio, a tier 1 risk-based capital ratio and a total risk-based capital ratio. The rules also impose a capital conservation buffer that requires the Company and the Bank to maintain additional levels of Tier 1 common equity over the minimum risk-based capital levels before they may pay dividends, repurchase shares or pay discretionary bonuses.

The Bank and the Company reported the following capital ratios as of June 30, 2025 and December 31, 2024:

(Bank Only)														Minimum for
														Capital Adequacy plus
		As of June 30, 2025								Well				Capital Conservation
(dollars in thousands)		Amount				Ratio				Capitalized(1)				Buffer (1)(2)
Tier 1 leverage ratio		$	666,044				10.564	%			5.000	%			4.000	%
Common equity tier 1 capital			666,044				18.651				6.500				7.000
Tier 1 risk-based capital			666,044				18.651				8.000				8.500
Total risk-based capital			710,789				19.904				10.000				10.500

														Minimum for
														Capital Adequacy plus
		As of December 31, 2024								Well				Capital Conservation
(dollars in thousands)		Amount				Ratio				Capitalized(1)				Buffer (1)(2)
Tier 1 leverage ratio		$	652,668				10.618	%			5.000	%			4.000	%
Common equity tier 1 capital			652,668				18.542				6.500				7.000
Tier 1 risk-based capital			652,668				18.542				8.000				8.500
Total risk-based capital			696,767				19.795				10.000				10.500

(Consolidated)
										Minimum for
										Capital Adequacy plus
		As of June 30, 2025								Capital Conservation
(dollars in thousands)		Amount				Ratio				Buffer (1)(2)
Tier 1 leverage ratio		$	690,589				10.950	%			4.000	%
Common equity tier 1 capital			690,589				19.334				7.000
Tier 1 risk-based capital			690,589				19.334				8.500
Total risk-based capital			735,346				20.587				10.500

										Minimum for
										Capital Adequacy plus
		As of December 31, 2024								Capital Conservation
(dollars in thousands)		Amount				Ratio				Buffer (1)(2)
Tier 1 leverage ratio		$	679,651				11.054	%			4.000	%
Common equity Tier 1 capital			679,651				19.303				7.000
Tier 1 risk-based capital			679,651				19.303				8.500
Total risk-based capital			723,762				20.556				10.500

(1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized

(2) The June 30, 2025 and December 31, 2024 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent

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In addition, at June 30, 2025, the consolidated equity to total assets ratio was 10.91%, compared to 10.85% at December 31, 2024.

As of June 30, 2025, the capital levels of both TrustCo and the Bank exceeded the minimum standards, including with the current capital conservation buffer taken into account.

Under the Office of the Comptroller of the Currency’s (“OCC”) “prompt corrective action” regulations, a bank is deemed to be “well capitalized” when its CET1, Tier 1, total risk-based and leverage capital ratios are at least 4%, 7%, 8.5%, and 10.5%, respectively.  A bank is deemed to be “adequately capitalized” or better if its capital ratios meet or exceed the minimum federal regulatory capital requirements, and “undercapitalized” if it fails to meet these minimal capital requirements.  A bank is “significantly undercapitalized” if its CET1, Tier 1, total risk-based and leverage capital ratios fall below 3%, 4%, 6% and 3%, respectively and “critically undercapitalized” if the institution has a ratio of tangible equity to total assets that is equal to or less than 2%.  As of June 30, 2025 and December 31, 2024, Trustco Bank met the definition of “well capitalized.”

As noted, the Company’s dividend payout ratio was 45.27% of net income for the second quarter of 2025 and 54.57% of net income for the second quarter of 2024. The per-share dividend paid in both the second quarter of 2025 and 2024 was $0.36.  The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements. The OCC may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statute, regulation or agreement.

TrustCo maintains a dividend reinvestment plan (DRP) with approximately 5,922 participants. The DRP allows participants to reinvest dividends in shares of the Company. The DRP also allows for additional purchases by participants and has a discount feature (up to a 5% for safe harbor provisions) that can be activated by management as a tool to raise capital. To date, the discount feature has not been utilized.

Share Repurchase Program

On March 18, 2025 the Company announced that its Board of Directors authorized another share repurchase program of up to 1,000,000 shares, or approximately 5% of its currently outstanding common stock.  During the three months ended June 30, 2025, the Company repurchased a total of 168,735 shares at an average price per share of $31.56 for a total of $5.3 million under its Board authorized share repurchase program.

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, income taxes and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.

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During the three months ended June 30, 2025, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the 2024 Form 10-K other than what is set forth immediately below.

Management considers the accounting policy relating to the allowance for credit losses to be a critical accounting policy given the measurement uncertainty and subjective judgement necessary in evaluating the levels of the allowance required to cover the life-time losses in the loan portfolio and the material effect that such judgments can have on the results of operations.

69

Index

TrustCo Bank Corp NY

Management's Discussion and Analysis

STATISTICAL DISCLOSURE

I. DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY:

INTEREST RATES AND INTEREST DIFFERENTIAL

The following table summarizes the component distribution of the average balance sheet, related interest income and expense and the average annualized yields on interest earning assets and annualized rates on interest bearing liabilities of TrustCo for each of the reported periods. Nonaccrual loans are included in loans for this analysis. The average balances of securities available for sale and held to maturity are calculated using amortized costs for these securities.  Included in the average balance of shareholders' equity is the unrealized loss, net of tax, in the available for sale portfolio of $16.4 million in 2025 and $26.8 million in 2024.  The subtotals contained in the following table are the arithmetic totals of the items contained in that category.  Increases and decreases in interest income and expense due to both rate and volume have been allocated to the categories of variances (volume and rate) based on the percentage relationship of such variances to each other.

		Three months ended												Three months ended
(dollars in thousands)		June 30, 2025												June 30, 2024
		Average				Interest				Average				Average				Interest				Average				Change in				Variance				Variance
		Balance								Rate				Balance								Rate				Interest				Balance				Rate
																										Income/				Change				Change
Assets																										Expense
Securities available for sale:
U. S. government sponsored enterprises		$	73,468			$	614				3.34	%		$	113,844			$	909				3.20	%		$	(295	)		$	(555	)		$	260
Mortgage backed securities and collateralized mortgage obligations-residential			244,628				1,613				2.62	%			250,517				1,451				2.30	%			162				(209	)			371
State and political subdivisions			18				-				6.77	%			26				1				6.75	%			(1	)			(1	)			-
Corporate bonds			25,707				210				3.26	%			55,065				362				2.63	%			(152	)			(584	)			432
Small Business Administration-guaranteed participation securities			14,083				75				2.14	%			17,436				94				2.15	%			(19	)			(18	)			(1	)
Other			697				8				4.59	%			694				2				1.15	%			6				-				6
Total securities available for sale			358,601				2,520				2.81	%			437,582				2,819				2.58	%			(299	)			(1,367	)			1,068
Federal funds sold and other short-term Investments			648,457				7,212				4.46	%			506,493				6,894				5.48	%			318				6,374				(6,056	)
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations-residential			4,970				54				4.37	%			6,054				65				4.28	%			(11	)			(20	)			9
Total held to maturity securities			4,970				54				4.37	%			6,054				65				4.28	%			(11	)			(20	)			9
Federal Reserve Bank and Federal Home Loan Bank stock			6,591				129				7.83	%			6,340				147				9.27	%			(18	)			33				(51	)
Commercial loans			306,373				4,261				5.56	%			280,559				3,765				5.37	%			496				355				141
Residential mortgage loans			4,387,181				43,236				3.94	%			4,359,232				40,819				3.75	%			2,417				263				2,154
Home equity lines of credit			428,933				6,830				6.39	%			364,210				5,814				6.42	%			1,016				1,222				(206	)
Installment loans			12,523				230				7.35	%			15,395				262				6.86	%			(32	)			(134	)			102
Loans, net of unearned income			5,135,010				54,557				4.25	%			5,019,396				50,660				4.04	%			3,897				1,706				2,191
Total interest earning assets			6,153,629				64,472				4.19	%			5,975,865				60,585				4.06	%			3,887				6,726				(2,839	)
Allowance for credit losses on loans			(50,777	)											(49,454	)
Cash & non-interest earning assets			204,006												181,688
Total assets		$	6,306,858											$	6,108,099
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts			1,039,242				536				0.21	%		$	1,009,048			$	288				0.11	%			248				9				239
Money market accounts			470,824				2,086				1.78	%			524,068				2,228				1.71	%			(142	)			(612	)			470
Savings			1,087,467				733				0.27	%			1,145,922				675				0.24	%			58				(188	)			246
Time deposits			2,085,329				19,195				3.69	%			1,873,139				19,400				4.17	%			(205	)			8,752				(8,957	)
Total interest bearing deposits			4,682,862				22,550				1.93	%			4,552,177				22,591				2.00	%			(41	)			7,961				(8,002	)
Short-term borrowings			81,055				176				0.87	%			93,703				206				0.89	%			(30	)			(26	)			(4	)
Total interest bearing liabilities			4,763,917				22,726				1.91	%			4,645,880				22,797				1.97	%			(71	)			7,935				(8,006	)
Demand deposits			777,956												735,262
Other liabilities			73,903												76,258
Shareholders' equity			691,082											$	650,699
Total liabilities and shareholders' equity		$	6,306,858												6,108,099
Net interest income							41,746												37,788							$	3,958			$	(1,209	)		$	5,167
Net interest spread											2.28	%											2.09	%
Net interest margin (net interest income to total interest earning assets)											2.71	%											2.53	%

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TrustCo Bank Corp NY

Management's Discussion and Analysis

STATISTICAL DISCLOSURE

I. DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY:

INTEREST RATES AND INTEREST DIFFERENTIAL

The following table summarizes the component distribution of the average balance sheet, related interest income and expense and the average annualized yields on interest earning assets and annualized rates on interest bearing liabilities of TrustCo (adjusted for tax equivalency) for each of the reported periods. Nonaccrual loans are included in loans for this analysis. The average balances of securities available for sale and held to maturity are calculated using amortized costs for these securities.  Included in the average balance of shareholders' equity is the unrealized loss, net of tax, in the available for sale portfolio of $17.6 million in 2025 and $26.2 million in 2024.  The subtotals contained in the following table are the arithmetic totals of the items contained in that category.  Increases and decreases in interest income and expense due to both rate and volume have been allocated to the categories of variances (volume and rate) based on the percentage relationship of such variances to each other.

		Six months ended												Six months ended
(dollars in thousands)		June 30, 2025												June 30, 2024
		Average				Interest				Average				Average				Interest				Average				Change in				Variance				Variance
		Balance								Rate				Balance								Rate				Interest				Balance				Rate
																										Income/				Change				Change
Assets																										Expense
Securities available for sale:
U. S. government sponsored enterprises		$	74,071			$	1,210				3.27	%		$	119,908			$	1,815				3.03	%		$	(605	)		$	(975	)		$	370
Mortgage backed securities and collateralized mortgage obligations-residential			242,083				3,096				2.56	%			254,665				2,945				2.31	%			151				(349	)			500
State and political subdivisions			18				-				6.77	%			26				1				6.82	%			(1	)			(1	)			-
Corporate bonds			32,823				470				2.86	%			64,345				838				2.60	%			(368	)			(583	)			215
Small Business Administration-guaranteed participation securities			14,540				156				2.15	%			17,830				194				2.18	%			(38	)			(35	)			(3	)
Mortgage backed securities and Other			698				15				4.30	%			695				5				1.44	%			10				-				10
Total securities available for sale			364,233				4,947				2.72	%			457,469				5,798				2.53	%			(851	)			(1,943	)			1,092
Federal funds sold and other short-term Investments			631,148				13,944				4.46				502,072				13,644				5.47	%			300				6,074				(5,774	)
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations-residential			5,101				111				4.35				6,192				133				4.29	%			(22	)			(28	)			6
Total held to maturity securities			5,101				111				4.35				6,192				133				4.29	%			(22	)			(28	)			6
Federal Reserve Bank and Federal Home Loan Bank stock			6,549				280				8.55				6,271				299				9.54	%			(19	)			31				(50	)
Commercial loans			302,173				8,426				5.58				278,871				7,425				5.33	%			1,001				639				362
Residential mortgage loans			4,386,418				85,851				3.92				4,359,351				81,236				3.73	%			4,615				505				4,110
Home equity lines of credit			421,498				13,265				6.35				358,607				11,277				6.32	%			1,988				1,949				39
Installment loans			12,744				465				7.36				15,761				526				6.72	%			(61	)			(176	)			115
Loans, net of unearned income			5,122,833				108,007				4.22				5,012,590				100,464				4.01	%			7,543				2,917				4,626
Total interest earning assets			6,129,864				127,289				4.16				5,984,594				120,338				4.03	%			6,951				7,051				(100	)
Allowance for credit losses on loans			(50,627	)											(49,139	)
Cash & non-interest earning assets			202,590												188,364
Total assets		$	6,281,827												$ 6,123,819
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts		$	1,038,733				1,094				0.21	%		$	$ 999,589				528				0.11	%			566				21				545
Money market accounts			469,952				4,075				1.75				534,378				4,570				1.72	%			(495	)			(705	)			210
Savings			1,088,408				1,467				0.27				1,152,241				1,387				0.24	%			80				(188	)			268
Time deposits			2,069,998				38,178				3.72				1,881,535				39,077				4.18	%			(899	)			7,791				(8,690	)
Total interest bearing deposits			4,667,091				44,814				1.94				4,567,743				45,562				2.01	%			(748	)			6,919				(7,667	)
Short-term borrowings			82,125				356				0.87				93,510				410				0.88	%			(54	)			(50	)			(4	)
Total interest bearing liabilities			4,749,216				45,170				1.92				4,661,253				45,972				1.98	%			(802	)			6,869				(7,671	)
Demand deposits			769,923												730,781
Other liabilities			76,308												83,105
Shareholders' equity			686,380												648,680
Total liabilities and shareholders' equity		$	6,281,827												$ 6,123,819
Net interest income , tax equivalent							82,119												74,366							$	7,753			$	182			$	7,571
Net interest spread											2.24	%											2.05	%
Net interest margin (net interest income to total interest earning assets)											2.68	%											2.48	%

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

The information presented in the “Liquidity and Interest Rate Sensitivity” section of Part I, Item 2 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

As detailed in the 2024 Form 10-K, the Company is subject to interest rate risk as its principal market risk.  As noted in the Management’s Discussion and Analysis for the three-month and six-month periods ended June 30, 2025 and 2024, the Company continues to respond to changes in interest rates in such a way that positions the Company to meet short term earning goals and also allows the Company to respond to changes in interest rates in the future.  Consequently, for the second quarter of 2025 and 2024, the Company had an average balance of Federal Funds sold and other short-term investments of $648.5 million and $506.5 million, respectively.  As investment opportunities present themselves, management plans to invest funds from the Federal Funds sold and other short-term investment portfolio into the securities available for sale, securities held to maturity and loan portfolios.  TrustCo does not engage in activities involving interest rate swaps, forward placement contracts, or any other instruments commonly referred to as “derivatives.” Additional disclosure of interest rate risk can be found under “Liquidity and Interest Rate Sensitivity” and “Asset/Liability Management” in the Management’s Discussion and Analysis section of this document.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.  An evaluation was carried out under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report.  Based upon this evaluation of those disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer of the Company concluded, as of the end of the period covered by this report, that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports the Company files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required.

In designing and evaluating the Company’s disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.  Further, no evaluation of a cost-effective system of controls can provide absolute assurance that all control issues and instances of fraud, if any, will be detected.

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Changes in Internal Control over Financial Reporting

There have been no changes in internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter to which this report relates that have materially affected or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II          OTHER INFORMATION

Item 1. Legal Proceedings

The nature of TrustCo’s business generates a certain amount of litigation against TrustCo and its subsidiaries involving matters arising in the ordinary course of business. In the opinion of management of TrustCo, there are no proceedings pending to which TrustCo or any of its subsidiaries is a party, or of which its property is the subject which, if determined adversely to TrustCo or such subsidiaries, would be material in relation to TrustCo’s consolidated shareholders’ equity and financial condition.

Item 1A. Risk Factors

An investment in the Company involves risks, including the risks discussed in Item 1A. “Risk Factors” of the Company’s 2024 Form 10-K, which risk factors have not materially changed except as set forth below. The risk factor below supplements the other risk factors in the 2024 Form 10-K and reflects modifications to the nature of the risks that have developed since the date on which the 2024 Form 10-K was filed.

Our business may be adversely affected by the prevalence of fraud and other financial crimes.

As a bank, we are susceptible to fraudulent activity that may be committed against us or our customers which may result in financial losses or increased costs to us or our customers, disclosure or misuse of our information or our customers’ information, misappropriation of assets, privacy breaches against our customers, litigation or damage to our reputation. Such fraudulent activity may take many forms, including check fraud, electronic fraud, wire fraud, phishing, social engineering and other dishonest acts. Consistent with industry trends, we have also experienced attempted electronic fraudulent activity in recent periods. Given such electronic fraudulent activity and the growing level of use of electronic, internet-based and networked systems to conduct business directly or indirectly with our clients, certain fraud losses may not be avoidable regardless of the preventative and detection systems in place. Nationally, reported incidents of fraud and other financial crimes have increased. While we have policies and procedures designed to prevent such losses, there can be no assurance that such losses will not occur.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchase Program

The following table provides certain information with respect to the Company’s purchases of shares of its common stock during the three months ended June 30, 2025:

						Issuer Purchases of Common Shares
Period		Total numbers of shares purchased				Average price paid per share				Total number of shares purchased as part of publicly announced plans or programs				Maximum number of shares that may yet be purchased under the plans or programs (1)
April 1, 2025 through April 30, 2025			-			$	-				-				1,000,000
May 1, 2025 through May 31, 2025			61,721				31.50				61,721				938,279
June 1, 2025 through June 30, 2025			107,014				31.60				107,014				831,265
Total			168,735			$	31.56				168,735				831,265

(1) On March 18, 2025 the Company announced that its Board of Directors authorized another share repurchase program of up to 1,000,000 shares, or approximately 5% of its currently outstanding common stock.  The share repurchase program will expire on March 4, 2026. During the three months ended June 30, 2025, the Company repurchased a total of 168,735 shares at an average price per share of $31.56 for a total of $5.3 million under its Board authorized share repurchase program.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

(a) None.

(b) None.

(c) During the period covered by this report, none of the Company’s directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

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Item 6. Exhibits

Reg S-K (Item 601)

Exhibit No.	Description
3(a)	Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, as amended, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, filed August 5, 2021.
3(b)	Amended and Restated Bylaws of TrustCo Bank Corp NY, effective October 17, 2023, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K, filed October 17, 2023.
15	Crowe LLP Letter Regarding Unaudited Interim Financial Information
31(a)	Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer.
31(b)	Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer.
32	Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer.
101	Sections of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language), submitted in the following files:
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TrustCo Bank Corp NY

By: /s/ Robert J. McCormick

Robert J. McCormick

Chairman, President and Chief Executive Officer

By: /s/ Michael M. Ozimek

Michael M. Ozimek

Executive Vice President and Chief Financial Officer

Date:  August 8, 2025

76

FAQ

What did TrustCo (TRST) report for net income and EPS in Q2 2025?

TrustCo reported net income of $15.039 million for the three months ended June 30, 2025, and basic and diluted EPS of $0.79.

How did net interest income perform for TrustCo in the quarter?

Net interest income was $41.746 million for the quarter ended June 30, 2025, up from $37.788 million in the comparable prior-year quarter.

What are TrustCo's key balance sheet totals at June 30, 2025?

At June 30, 2025 TrustCo reported total assets of $6.348 billion, net loans of $5.105 billion, and total deposits of $5.490 billion.

What is the allowance for credit losses on loans and recent provisions?

The allowance for credit losses on loans was $51.265 million at June 30, 2025. The provision for credit losses was $650 thousand for the quarter and $950 thousand for six months.

Does TrustCo have unrealized losses in its securities portfolio?

Yes. Securities available for sale had gross unrealized losses of $21.321 million at June 30, 2025, mainly in mortgage-backed securities; management attributes these to interest-rate effects, not credit deterioration.

How much cash and short-term investments did TrustCo hold?

Cash and cash equivalents totaled $713.591 million at June 30, 2025, including federal funds sold and other short-term investments of $668.373 million.