Executive Snapshot:

• Financial results:
  • Key metrics for the first quarter 2026 compared to the first quarter of 2025:
    • Net income of $16.3 million increased 14.1% compared to $14.3 million
    • Diluted earnings per share of $0.91 increased 21.3% compared to $0.75
    • Net interest margin of 2.84%, up 20 basis points from 2.64%
    • Return on Average Assets of 1.02%, up 9.7% from 0.93%
    • Return on Average Equity of 9.66%, up 13.8% from 8.49%
    • Net interest income of $44.7 million, up 10.7% from $40.4 million

• Capital position and Stock Repurchase Program:
  • Book value per share as of March 31, 2026 was $38.32, up from $36.16 as of March 31, 2025
  • More than a half million shares (522,226), or 2.9%, of TrustCo common stock were purchased under the Stock Repurchase Program during the first quarter of 2026
  • On pace to complete the repurchase of two million shares or 11.1% of TrustCo common stock during 2026

GLENVILLE, N.Y., April 21, 2026 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the first quarter of 2026 highlighted by a substantial increase in net interest income, continued margin expansion, and sustained loan and deposit growth across core lending and deposit categories. For the three months ended March 31, 2026, net interest income increased 10.7% year over year to $44.7 million, supported by the ongoing asset repricing across our loan portfolio at higher yields and effective execution of deposit pricing strategies, which together more than offset competitive pressures on deposit pricing. For the three months ended March 31, 2026, net interest margin expanded to 2.84% from 2.64% in the prior year period, driven by enhanced asset yields and disciplined deposit pricing strategies. This resulted in first quarter 2026 net income of $16.3 million, or $0.91 diluted earnings per share, compared to net income of $14.3 million, or $0.75 diluted earnings per share, for the first quarter 2025. Loan balances expanded throughout the quarter, with total average loans increasing $158.9 million for the first quarter 2026 over the same period in 2025. Following this period of sustained growth, TrustCo remains confident in the quality of its loan portfolio amid broader market concerns. We believe that our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment.

Overview

Chairman, President, and CEO, Robert J. McCormick said, “Our shareholders can be proud of the net income of $16.3 million we posted for the quarter, a 14% increase year-over-year. As expected, this performance is due in significant part to repricing in our loan portfolio, which now exceeds $5.29 billion. Our trademark discipline with respect to deposit pricing resulted in a 4% year-over-year improvement in interest expense. Together, these successes contributed to margin expansion of 7.6% over the year. Nonperforming loans remain immaterial as we continue to prioritize high-quality credit and maintain a clean asset profile, while reaching another all-time high in our loan portfolio. Over the latest one-year period, our share price is up $13 and while we realize that market valuation is always a moving target, delivering a 49% total return with dividends reinvested represents substantial value creation for our owners and is a testament to the effectiveness our team’s strategy.”

Details

We have continued to see meaningful net interest income improvement, and management expects net interest income improvement to remain sustainable. The Bank’s loan and investment portfolios continue to reprice upward as lower yielding assets mature and are replaced with higher rate loan originations and investment purchases, driving steady improvement in overall asset yields. We believe that this ongoing repricing reflects disciplined loan production aligned with current market conditions. Complementing this, the Bank maintains a strong liquidity position, providing flexibility to support future growth as funding conditions continue to evolve. We believe that, together, these factors position the Bank to continue net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $44.7 million for the first quarter of 2026, an increase of $4.3 million, or 10.7%, compared to the first quarter of 2025, driven by loan growth at higher interest rates, and a decrease in interest expense. The net interest margin for the first quarter of 2026 was 2.84%, up 20 basis points from 2.64% in the first quarter of 2025. The yield on interest earnings assets increased to 4.23% in the first quarter of 2026, up 10 basis points from 4.13% in the first quarter of 2025. The cost of interest bearing liabilities decreased to 1.79% in the first quarter of 2026, down from 1.92% in the first quarter of 2025.

Average loans were up $158.9 million, or 3.1%, in the first quarter of 2026 over the same period in 2025. Average residential loans and Home Equity Credit Lines (HECLs), our primary lending focus, were up $93.2 million, or 2.1%, and $50.8 million, or 12.3%, respectively, in the first quarter 2026 over the same period in 2025. Average commercial loans also increased $17.1 million, or 5.8%, in the first quarter 2026 over the same period in 2025. Loan growth in the first quarter of 2026 remained steady, driven by continued strength in core relationship lending. Credit quality metrics were stable, while the Bank increased reserves modestly to reflect a more cautious economic outlook. Interest rates and selective underwriting standards contributed to the measured pace of originations during the quarter. The consistent growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $157.7 million, or 2.9%, for the first quarter of 2026 compared to the first quarter of 2025, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s ongoing emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a broadening deposit base that supports ongoing loan growth and expansion.

During the first quarter of 2026, the Bank remained focused on capital deployment and allocation, guided by a disciplined framework, with share repurchases continuing to serve as a key tool to enhance shareholder value. This reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. For the three months ended March 31, 2026, TrustCo repurchased 522 thousand shares, or 2.9%, of TrustCo’s outstanding common stock under its previously announced stock repurchase program that allows the Company to repurchase up to two million shares, or 11.1%, of TrustCo common stock in 2026. We continue to believe that our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of March 31, 2026, our equity to asset ratio was 10.31%, compared to 10.85% as of March 31, 2025. Book value per share as of March 31, 2026 was $38.32, up 6.0% compared to $36.16 as of a year earlier.

Asset quality remains strong and has been consistent over the past twelve months. TrustCo recorded a provision for credit losses of $950 thousand in the first quarter of 2026, an increase of $650 thousand compared to the same period in 2025. For the three months ended March 31, 2026, the provision for credit losses was the result of a provision for credit losses on loans of $750 thousand and a provision for credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 1.00% and 0.99% as of March 31, 2026 and 2025, respectively. The allowance for credit losses on loans was $53.0 million as of March 31, 2026, compared to $50.6 million as of March 31, 2025. Nonperforming loans (NPLs) were $21.5 million as of March 31, 2026, compared to $18.8 million as of March 31, 2025. NPLs were 0.41% and 0.37% of total loans as of March 31, 2026 and 2025, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 246.9% as of March 31, 2026, compared to 269.8% as of March 31, 2025. Nonperforming assets (NPAs) were $22.8 million as of March 31, 2026, compared to $20.9 million as of March 31, 2025. While NPLs increased modestly during the quarter, asset quality metrics remain stable and well covered by reserves, reflecting the Bank’s conservative underwriting standards.

A conference call to discuss first quarter 2026 results will be held at 9:00 a.m. Eastern Time on April 22, 2026. Those wishing to participate in the call may dial toll-free for the United States and Canada at 1-888-672-2415, Conference ID 4207347. A replay of the call will be available for thirty days by dialing toll-free for the United States and Canada at 1-800-770-2030, Playback ID 4207347. The call will also be audio webcast at https://events.q4inc.com/attendee/269280990, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.5 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 133 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2026.

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

Forward-Looking Statements

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

TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	3/31/2026				12/31/2025				3/31/2025
Summary of operations
Net interest income	$	44,708			$	43,735			$	40,373
Provision for credit losses		950				400				300
Noninterest income		4,841				4,430				4,974
Noninterest expense		26,982				26,710				26,329
Net income		16,285				15,565				14,275
Per share
Net income per share:
- Basic	$	0.91			$	0.85			$	0.75
- Diluted		0.91				0.85				0.75
Cash dividends		0.38				0.38				0.36
Book value at period end		38.32				38.08				36.16
Market price at period end		43.78				41.33				30.48
At period end
Full time equivalent employees		740				743				740
Full service banking offices		133				134				136
Performance ratios
Return on average assets		1.02	%			0.97	%			0.93	%
Return on average equity		9.66				8.99				8.49
Efficiency ratio (GAAP)		54.46				55.46				58.06
Adjusted Efficiency ratio (1)		54.35				55.12				58.00
Net interest spread		2.44				2.40				2.21
Net interest margin		2.84				2.82				2.64
Dividend payout ratio		41.40				44.14				47.97
Capital ratios at period end
Consolidated equity to assets (GAAP)		10.31	%			10.66	%			10.85	%
Consolidated tangible equity to tangible assets (1)		10.30	%			10.65	%			10.84	%
Asset quality analysis at period end
Nonperforming loans to total loans		0.41	%			0.39	%			0.37	%
Nonperforming assets to total assets		0.35				0.34				0.33
Allowance for credit losses on loans to total loans		1.00				0.99				0.99
Coverage ratio (2)		2.5x				2.5x				2.7x
(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025
Interest and dividend income:
Interest and fees on loans	$	57,565			$	56,886			$	55,953			$	54,557			$	53,450
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		149				350				599				614				596
State and political subdivisions		-				-				1				-				-
Mortgage-backed securities and collateralized mortgage
obligations - residential		1,469				1,490				1,583				1,613				1,483
Corporate bonds		694				536				265				210				260
Small Business Administration - guaranteed
participation securities		63				68				72				75				81
Other securities		8				8				7				8				7
Total interest and dividends on securities available for sale		2,383				2,452				2,527				2,520				2,427
Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations - residential		47				50				52				54				57
Total interest on held to maturity securities		47				50				52				54				57
Federal Home Loan Bank stock		126				126				125				129				151
Interest on federal funds sold and other short-term investments		6,105				6,580				7,376				7,212				6,732
Total interest income		66,226				66,094				66,033				64,472				62,817
Interest expense:
Interest on deposits:
Interest-bearing checking		533				501				483				536				558
Savings		675				715				741				733				734
Money market deposit accounts		1,552				1,810				2,065				2,086				1,989
Time deposits		18,357				18,993				19,427				19,195				18,983
Interest on short-term borrowings		401				340				198				176				180
Total interest expense		21,518				22,359				22,914				22,726				22,444
Net interest income		44,708				43,735				43,119				41,746				40,373
Less: Provision for credit losses		950				400				250				650				300
Net interest income after provision for credit losses		43,758				43,335				42,869				41,096				40,073
Noninterest income:
Trustco Financial Services income		2,135				1,950				1,967				1,818				2,120
Fees for services to customers		2,340				2,192				2,429				2,266				2,645
Other		366				288				293				768				209
Total noninterest income		4,841				4,430				4,689				4,852				4,974
Noninterest expenses:
Salaries and employee benefits		12,219				12,242				12,727				11,876				11,894
Net occupancy expense		4,542				4,592				4,470				4,518				4,554
Equipment expense		2,022				2,219				1,938				1,918				1,944
Professional services		1,526				1,083				1,571				1,886				1,726
Outsourced services		2,700				2,100				2,492				2,460				2,700
Advertising expense		394				629				290				304				361
FDIC and other insurance		1,153				1,135				1,052				1,136				1,188
Other real estate expense, net		50				161				8				522				28
Other		2,376				2,549				1,694				1,603				1,934
Total noninterest expenses		26,982				26,710				26,242				26,223				26,329
Income before taxes		21,617				21,055				21,316				19,725				18,718
Income taxes		5,332				5,490				5,058				4,686				4,443
Net income	$	16,285			$	15,565			$	16,258			$	15,039			$	14,275
Net income per common share:
- Basic	$	0.91			$	0.85			$	0.87			$	0.79			$	0.75
- Diluted		0.91				0.85				0.86				0.79				0.75
Weighted average basic shares (in thousands)		17,813				18,275				18,755				18,965				19,020
Weighted average diluted shares (in thousands)		17,876				18,327				18,805				18,994				19,044
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
(Unaudited)
	3/31/2026				12/31/2025				9/30/2025				6/30/2025				3/31/2025
ASSETS:
Cash and due from banks	$	43,165			$	50,569			$	42,026			$	45,218			$	48,782
Federal funds sold and other short term investments		724,943				679,858				653,530				668,373				707,355
Total cash and cash equivalents		768,108				730,427				695,556				713,591				756,137
Securities available for sale:
U. S. government sponsored enterprises		14,887				31,772				51,557				71,241				65,942
States and political subdivisions		9				9				18				18				18
Mortgage-backed securities and collateralized mortgage
obligations - residential		205,209				206,290				215,466				221,721				219,333
Small Business Administration - guaranteed
participation securities		10,796				11,710				12,330				12,945				13,683
Corporate bonds		69,137				59,932				39,800				29,943				24,779
Other securities		708				705				701				698				698
Total securities available for sale		300,746				310,418				319,872				336,566				324,453
Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential		4,097				4,339				4,593				4,836				5,090
Total held to maturity securities		4,097				4,339				4,593				4,836				5,090
Federal Reserve Bank and Federal Home Loan Bank stock		6,601				6,601				6,601				6,601				6,507
Loans:
Commercial		316,763				313,443				311,491				314,273				302,753
Residential mortgage loans		4,497,911				4,463,260				4,420,813				4,394,317				4,380,561
Home equity line of credit		464,887				464,201				447,235				435,433				419,806
Installment loans		10,617				11,556				12,231				12,678				13,017
Loans, net of deferred net costs		5,290,178				5,252,460				5,191,770				5,156,701				5,116,137
Less: Allowance for credit losses on loans		52,994				52,205				51,891				51,265				50,606
Net loans		5,237,184				5,200,255				5,139,879				5,105,436				5,065,531
Bank premises and equipment, net		41,071				40,707				39,718				38,129				37,178
Operating lease right-of-use assets		33,305				33,638				35,291				36,322				34,968
Other assets		116,767				114,315				107,514				106,894				108,681
Total assets	$	6,507,879			$	6,440,700			$	6,349,024			$	6,348,375			$	6,338,545
LIABILITIES:
Deposits:
Demand	$	811,637			$	814,908			$	795,508			$	784,351			$	793,306
Interest-bearing checking		1,078,520				1,077,141				1,025,582				1,045,043				1,067,948
Savings accounts		1,070,319				1,069,564				1,063,763				1,082,489				1,094,968
Money market deposit accounts		442,760				457,389				455,488				467,087				478,872
Time deposits		2,249,117				2,138,415				2,140,932				2,111,344				2,061,576
Total deposits		5,652,353				5,557,417				5,481,273				5,490,314				5,496,670
Short-term borrowings		112,930				120,054				97,749				82,370				82,275
Operating lease liabilities		35,920				36,391				38,180				39,350				38,324
Accrued expenses and other liabilities		35,756				40,249				39,809				43,536				33,468
Total liabilities		5,836,959				5,754,111				5,657,011				5,655,570				5,650,737
SHAREHOLDERS' EQUITY:
Capital stock		20,119				20,119				20,103				20,097				20,097
Surplus		260,808				260,333				259,980				259,490				259,182
Undivided profits		489,540				479,996				471,314				462,158				453,931
Accumulated other comprehensive income (loss), net of tax		8,241				10,024				2,955				1,663				(132	)
Treasury stock at cost		(107,788	)			(83,883	)			(62,339	)			(50,603	)			(45,270	)
Total shareholders' equity		670,920				686,589				692,013				692,805				687,808
Total liabilities and shareholders' equity	$	6,507,879			$	6,440,700			$	6,349,024			$	6,348,375			$	6,338,545
Outstanding shares (in thousands)		17,507				18,029				18,554				18,851				19,020

NONPERFORMING ASSETS
(dollars in thousands)
(Unaudited)
	3/31/2026			12/31/2025			9/30/2025			6/30/2025			3/31/2025
Nonperforming Assets
New York and other states*
Loans in nonaccrual status:
Commercial	$	1,968		$	1,990		$	292		$	684		$	688
Real estate mortgage - 1 to 4 family		15,212			14,584			14,568			14,048			14,795
Installment		43			29			30			34			139
Total nonperforming loans		17,223			16,603			14,890			14,766			15,622
Other real estate owned		1,364			1,394			1,234			1,136			2,107
Total nonperforming assets	$	18,587		$	17,997		$	16,124		$	15,902		$	17,729
Florida
Loans in nonaccrual status:
Commercial	$	-		$	-		$	-		$	-		$	-
Real estate mortgage - 1 to 4 family		4,222			4,047			3,574			3,132			3,135
Installment		20			22			13			12			3
Total nonperforming loans		4,242			4,069			3,587			3,144			3,138
Other real estate owned		-			-			-			-			-
Total nonperforming assets	$	4,242		$	4,069		$	3,587		$	3,144		$	3,138
Total
Loans in nonaccrual status:
Commercial	$	1,968		$	1,990		$	292		$	684		$	688
Real estate mortgage - 1 to 4 family		19,434			18,631			18,142			17,180			17,930
Installment		63			51			43			46			142
Total nonperforming loans		21,465			20,672			18,477			17,910			18,760
Other real estate owned		1,364			1,394			1,234			1,136			2,107
Total nonperforming assets	$	22,829		$	22,066		$	19,711		$	19,046		$	20,867
Quarterly Net (Recoveries) Chargeoffs
New York and other states*
Commercial	$	19		$	-		$	-		$	-		$	(3	)
Real estate mortgage - 1 to 4 family		(43	)		(33	)		(194	)		(121	)		41
Installment		11			(13	)		(2	)		18			4
Total net chargeoffs (recoveries)	$	(13	)	$	(46	)	$	(196	)	$	(103	)	$	42
Florida
Commercial	$	(40	)	$	-		$	-		$	-		$	(315	)
Real estate mortgage - 1 to 4 family		-			-			-			-			-
Installment		14			32			20			94			15
Total net (recoveries) chargeoffs	$	(26	)	$	32		$	20		$	94		$	(300	)
Total
Commercial	$	(21	)	$	-		$	-		$	-		$	(318	)
Real estate mortgage - 1 to 4 family		(43	)		(33	)		(194	)		(121	)		41
Installment		25			19			18			112			19
Total net (recoveries) chargeoffs	$	(39	)	$	(14	)	$	(176	)	$	(9	)	$	(258	)
Asset Quality Ratios
Total nonperforming loans (1)	$	21,465		$	20,672		$	18,477		$	17,910		$	18,760
Total nonperforming assets (1)		22,829			22,066			19,711			19,046			20,867
Total net (recoveries) chargeoffs (2)		(39	)		(14	)		(176	)		(9	)		(258	)
Allowance for credit losses on loans (1)		52,994			52,205			51,891			51,265			50,606
Nonperforming loans to total loans		0.41	%		0.39	%		0.36	%		0.35	%		0.37	%
Nonperforming assets to total assets		0.35	%		0.34	%		0.31	%		0.30	%		0.33	%
Allowance for credit losses on loans to total loans		1.00	%		0.99	%		1.00	%		0.99	%		0.99	%
Coverage ratio (1)		246.9	%		252.5	%		280.8	%		286.2	%		269.8	%
Annualized net (recoveries) chargeoffs to average loans (2)		0.00	%		0.00	%		-0.01	%		0.00	%		-0.02	%
Allowance for credit losses on loans to annualized net chargeoffs (2)	N/A			N/A			N/A			N/A			N/A
* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

INTEREST RATES AND INTEREST DIFFERENTIAL
(dollars in thousands)
(Unaudited)	Three months ended									Three months ended
	March 31, 2026									March 31, 2025
	Average				Interest		Average			Average				Interest		Average
	Balance						Rate			Balance						Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises	$	27,264			$	149	2.19	%		$	74,680			$	596	3.19	%
Mortgage backed securities and collateralized mortgage
obligations - residential		220,628				1,469	2.64				239,509				1,483	2.46
State and political subdivisions		9				0	6.77				18				0	6.77
Corporate bonds		63,528				694	4.37				40,019				260	2.60
Small Business Administration - guaranteed
participation securities		11,740				63	2.14				15,003				81	2.15
Other		707				8	4.53				699				7	4.01
Total securities available for sale		323,876				2,383	2.94				369,928				2,427	2.62
Federal funds sold and other short-term Investments		669,961				6,105	3.70				613,646				6,732	4.45
Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations - residential		4,215				47	4.47				5,233				57	4.34
Total held to maturity securities		4,215				47	4.47				5,233				57	4.34
Federal Home Loan Bank stock		6,601				126	7.64				6,507				151	9.28
Commercial loans		315,065				4,405	5.59				297,926				4,165	5.59
Residential mortgage loans		4,478,837				45,767	4.09				4,385,646				42,614	3.89
Home equity lines of credit		464,778				7,173	6.26				413,981				6,435	6.30
Installment loans		10,741				220	8.31				12,967				236	7.37
Loans, net of unearned income		5,269,421				57,565	4.38				5,110,520				53,450	4.19
Total interest earning assets		6,274,074			$	66,226	4.23				6,105,834			$	62,817	4.13
Allowance for credit losses on loans		(52,583	)								(50,475	)
Cash & non-interest earning assets		222,763									201,154
Total assets	$	6,444,254								$	6,256,513
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts	$	1,060,232			$	533	0.20	%		$	1,038,218			$	558	0.22	%
Money market accounts		450,548				1,552	1.40				469,070				1,989	1.72
Savings		1,066,835				675	0.26				1,089,358				734	0.27
Time deposits		2,191,810				18,357	3.40				2,054,494				18,984	3.75
Total interest bearing deposits		4,769,425				21,117	1.80				4,651,140				22,265	1.94
Short-term borrowings		116,476				401	1.40				83,207				180	0.88
Total interest bearing liabilities		4,885,901			$	21,518	1.79				4,734,347			$	22,445	1.92
Demand deposits		801,238									761,800
Other liabilities		73,700									78,748
Shareholders' equity		683,415									681,618
Total liabilities and shareholders' equity	$	6,444,254								$	6,256,513
Net interest income					$	44,708								$	40,372
Net interest spread							2.44	%								2.21	%
Net interest margin (net interest income to
total interest earning assets)							2.84	%								2.64	%

Non-GAAP Financial Measures Reconciliation

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

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

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

NON-GAAP FINANCIAL MEASURES RECONCILIATION
(dollars in thousands)
(Unaudited)
		3/31/2026				12/31/2025				3/31/2025
Tangible Equity to Tangible Assets
Equity (GAAP)		$	670,920			$	686,589			$	687,808
Less: Intangible assets			553				553				553
Tangible equity (Non-GAAP)		$	670,367			$	686,036			$	687,255
Total Assets (GAAP)		$	6,507,879			$	6,440,700			$	6,338,545
Less: Intangible assets			553				553				553
Tangible assets (Non-GAAP)		$	6,507,326			$	6,440,147			$	6,337,992
Consolidated Equity to Assets (GAAP)			10.31	%			10.66	%			10.85	%
Consolidated Tangible Equity to Tangible Assets (Non-GAAP)			10.30	%			10.65	%			10.84	%
		Three months ended
Efficiency and Adjusted Efficiency Ratios		3/31/2026				12/31/2025				3/31/2025
Net interest income (GAAP)	A	$	44,708			$	43,735			$	40,373
Non-interest income (GAAP)	B		4,841				4,430				4,974
Revenue used for efficiency ratio (Non-GAAP)	C	$	49,549			$	48,165			$	45,347
Total noninterest expense (GAAP)	D	$	26,982			$	26,710			$	26,329
Less: Other real estate expense, net	E		50				161				28
Expense used for efficiency ratio (Non-GAAP)	F	$	26,932			$	26,549			$	26,301
Efficiency Ratio (GAAP)	D/(A+B)		54.46	%			55.46	%			58.06	%
Adjusted Efficiency Ratio (Non-GAAP)	F/C		54.35	%			55.12	%			58.00	%

Subsidiary: Trustco Bank   Nasdaq -- TRST
Contact:	Robert Leonard
	Executive Vice President
	(518) 381-3693
	Lauren A. McCormick
	Vice President, Treasurer, and
	Assistant Corporate Secretary
	(518) 381-3673

Source: TrustCo Bank Corp NY