TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

Executive Snapshot: Bank-wide financial results: Key metrics for the first quarter 2025: Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024 Capital position and key ratios: Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock Trustco Financial Services and Wealth Management income: Fees increased to $2.1 million or 16.7% compared to first quarter 2024Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024 GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024. Overview Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of $14.3 million and boosted all return metrics significantly year-over-year. Credit quality remains exceptional, with non-performing loans holding steady at a negligible 0.37%. The Bank also grew capital and thus maintains its position of strength. Based upon what we have seen in the first quarter, we anticipate that good things are likely in the future.” Details Average loans were up $104.7 million, or 2.1%, in the first quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $26.2 million, or 0.6%, and $61.0 million, or 17.3%, respectively, in the first quarter 2025 over the same period in 2024. Average commercial loans also increased $20.7 million, or 7.5%, in the first quarter 2025 over the same period in 2024. This uptick reflects a strong local economy and increased demand for credit. Average deposits were up $103.3 million, or 1.9%, for the first quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the Bank’s competitive deposit offerings. As we move forward, despite a complex economic environment, we believe that our strategic focus on relationship banking and solid financial practices has positioned us for continued success. During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately 5% of TrustCo’s current outstanding shares of common stock. This repurchase initiative is part of the Bank’s broader capital management strategy and is intended to enhance shareholder value while maintaining flexibility to support future growth. As of March 31, 2025, our equity to asset ratio was 10.85%, compared to 10.51% as of March 31, 2024. Book value per share as of March 31, 2025 was $36.16, up 6.0% compared to $34.12 a year earlier. Net interest income was $40.4 million for the first quarter 2025, an increase of $3.8 million, or 10.4%, compared to the first quarter of 2024, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the first quarter 2025 was 2.64%, up 20 basis points from 2.44% in the first quarter of 2024. The yield on interest earnings assets increased to 4.13% in the first quarter of 2025, up 14 basis points from 3.99% in the first quarter of 2024. The cost of interest bearing liabilities decreased to 1.92% in the first quarter 2025, down from 1.99% in the first quarter 2024. As the Federal Reserve signals potential interest rate reductions in 2025, the Bank is proactively preparing to navigate the evolving rate environment. In this context, the Bank anticipates that a lower interest rate environment will provide opportunities to manage deposit costs more effectively, thereby supporting net interest margin. The Bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities’ banking needs. Non-interest income increased to $5.0 million as compared to $4.8 million for the first quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 16.7% to $2.1 million, driven by strong client demand and higher assets under management. These revenues now represent 42.6% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $1.4 million over the first quarter of 2024 due to increases in several areas of expenses. Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $300 thousand in the first quarter of 2025, which is the result of a provision for credit losses on loans of $100 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 0.99% and 0.98% as of March 31, 2025 and 2024, respectively. The allowance for credit losses on loans was $50.6 million as of March 31, 2025, compared to $49.2 million as of March 31, 2024. Nonperforming loans (NPLs) were $18.8 million as of March 31, 2025, compared to $18.3 million as of March 31, 2024. NPLs were 0.37% of total loans as of March 31, 2025 and 2024. The coverage ratio, or allowance for credit losses on loans to NPLs, was 269.8% as of March 31, 2025, compared to 269.3% as of March 31, 2024. Nonperforming assets (NPAs) were $20.9 million as of March 31, 2025, compared to $20.6 million as of March 31, 2024. A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year. About TrustCo Bank Corp NY TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2025. In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST. Forward-Looking Statements All statements in this news release 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 the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, 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, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). 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; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on 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; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. 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 3/31/2025 12/31/2024 3/31/2024 Summary of operations Net interest income$40,373 $38,902 $36,578 Provision for credit losses 300 400 600 Noninterest income 4,974 4,409 4,843 Noninterest expense 26,329 28,165 24,903 Net income 14,275 11,281 12,126 Per share Net income per share: - Basic$0.75 $0.59 $0.64 - Diluted 0.75 0.59 0.64 Cash dividends 0.36 0.36 0.36 Book value at period end 36.16 35.56 34.12 Market price at period end 30.48 33.31 28.16 At period end Full time equivalent employees 740 737 761 Full service banking offices 136 136 140 Performance ratios Return on average assets 0.93% 0.73% 0.80%Return on average equity 8.49 6.70 7.54 Efficiency ratio (GAAP) 58.06 65.03 59.94 Adjusted Efficiency ratio (1) 58.00 63.93 59.94 Net interest spread 2.21 2.15 2.00 Net interest margin 2.64 2.60 2.44 Dividend payout ratio47.97 60.70 56.48 Capital ratios at period end Consolidated equity to assets 10.85% 10.84% 10.51%Consolidated tangible equity to tangible assets (1) 10.84% 10.83% 10.50% Asset quality analysis at period end Nonperforming loans to total loans 0.37% 0.37% 0.37%Nonperforming assets to total assets 0.33 0.34 0.33 Allowance for credit losses on loans to total loans 0.99 0.99 0.98 Coverage ratio (2)2.7x 2.7x 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 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024Interest and dividend income: Interest and fees on loans$53,450 $53,024 $52,112 $50,660 $49,804Interest and dividends on securities available for sale: U. S. government sponsored enterprises 596 680 718 909 906State and political subdivisions - - - 1 -Mortgage-backed securities and collateralized mortgage obligations - residential 1,483 1,418 1,397 1,451 1,494Corporate bonds 260 358 361 362 476Small Business Administration - guaranteed participation securities 81 84 90 94 100Other securities 7 6 2 2 3Total interest and dividends on securities available for sale 2,427 2,546 2,568 2,819 2,979 Interest on held to maturity securities: obligations - residential 57 59 62 65 68Total interest on held to maturity securities 57 59 62 65 68 Federal Home Loan Bank stock 151 152 153 147 152 Interest on federal funds sold and other short-term investments 6,732 6,128 6,174 6,894 6,750Total interest income 62,817 61,909 61,069 60,585 59,753 Interest expense: Interest on deposits: Interest-bearing checking 558 397 311 288 240Savings 734 719 770 675 712Money market deposit accounts 1,989 2,024 2,154 2,228 2,342Time deposits 18,983 19,680 18,969 19,400 19,677Interest on short-term borrowings 180 187 194 206 204Total interest expense 22,444 23,007 22,398 22,797 23,175 Net interest income 40,373 38,902 38,671 37,788 36,578 Less: Provision for credit losses 300 400 500 500 600Net interest income after provision for credit losses 40,073 38,502 38,171 37,288 35,978 Noninterest income: Trustco Financial Services income 2,120 1,778 2,044 1,609 1,816Fees for services to customers 2,645 2,226 2,482 2,399 2,745Net gains on equity securities - - 23 1,360 -Other 209 405 382 283 282Total noninterest income 4,974 4,409 4,931 5,651 4,843 Noninterest expenses: Salaries and employee benefits 11,894 12,068 12,134 12,520 11,427Net occupancy expense 4,554 4,563 4,271 4,375 4,611Equipment expense 1,944 2,404 1,757 1,990 1,738Professional services 1,726 1,782 1,863 1,570 1,460Outsourced services 2,700 3,051 2,551 2,755 2,501Advertising expense 361 590 339 466 408FDIC and other insurance 1,188 1,113 1,112 797 1,094Other real estate expense, net 28 476 204 16 74Other 1,934 2,118 1,969 1,970 1,590Total noninterest expenses 26,329 28,165 26,200 26,459 24,903 Income before taxes 18,718 14,746 16,902 16,480 15,918Income taxes 4,443 3,465 4,027 3,929 3,792 Net income$14,275 $11,281 $12,875 $12,551 $12,126 Net income per common share: - Basic$0.75 $0.59 $0.68 $0.66 $0.64 - Diluted 0.75 0.59 0.68 0.66 0.64 Average basic shares (in thousands) 19,020 19,015 19,010 19,022 19,024Average diluted shares (in thousands) 19,044 19,045 19,036 19,033 19,032 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands)(Unaudited) 3/31/202512/31/20249/30/20246/30/3024 3/31/2024 ASSETS: Cash and due from banks$48,782 $47,364 $49,659 $42,193 $44,868 Federal funds sold and other short term investments 707,355 594,448 473,306 493,920 564,815 Total cash and cash equivalents 756,137 641,812 522,965 536,113 609,683 Securities available for sale: U. S. government sponsored enterprises 65,942 85,617 90,588 106,796 128,854 States and political subdivisions 18 18 26 26 26 Mortgage-backed securities and collateralized mortgage obligations - residential 219,333 213,128 222,841 218,311 227,078 Small Business Administration - guaranteed participation securities 13,683 14,141 15,171 15,592 16,260 Corporate bonds 24,779 44,581 54,327 53,764 53,341 Other securities 698 700 701 688 682 Total securities available for sale 324,453 358,185 383,654 395,177 426,241 Held to maturity securities: Mortgage-backed securities and collateralized mortgage obligations-residential 5,090 5,365 5,636 5,921 6,206 Total held to maturity securities 5,090 5,365 5,636 5,921 6,206 Federal Reserve Bank and Federal Home Loan Bank stock 6,507 6,507 6,507 6,507 6,203 Loans: Commercial 302,753 286,857 280,261 282,441 279,092 Residential mortgage loans 4,380,561 4,388,302 4,382,674 4,370,640 4,354,369 Home equity line of credit 419,806 409,261 393,418 370,063 355,879 Installment loans 13,017 13,638 14,503 15,168 16,166 Loans, net of deferred net costs 5,116,137 5,098,058 5,070,856 5,038,312 5,005,506 Less: Allowance for credit losses on loans 50,606 50,248 49,950 49,772 49,220 Net loans 5,065,531 5,047,810 5,020,906 4,988,540 4,956,286 Bank premises and equipment, net 37,178 33,782 33,324 33,466 33,423 Operating lease right-of-use assets 34,968 36,627 37,958 38,376 39,647 Other assets 108,681 108,656 98,730 102,544 101,881 Total assets$6,338,545 $6,238,744 $6,109,680 $6,106,644 $6,179,570 LIABILITIES: Deposits: Demand$793,306 $762,101 $753,878 $745,227 $742,997 Interest-bearing checking 1,067,948 1,027,540 988,527 1,029,606 1,020,136 Savings accounts 1,094,968 1,086,534 1,092,038 1,144,427 1,155,517 Money market deposit accounts 478,872 465,049 477,113 517,445 532,611 Time deposits 2,061,576 2,049,759 1,952,635 1,840,262 1,903,908 Total deposits 5,496,670 5,390,983 5,264,191 5,276,967 5,355,169 Short-term borrowings 82,275 84,781 91,450 89,720 94,374 Operating lease liabilities 38,324 40,159 41,469 42,026 43,438 Accrued expenses and other liabilities 33,468 46,478 43,549 42,763 37,399 Total liabilities 5,650,737 5,562,401 5,440,659 5,451,476 5,530,380 SHAREHOLDERS' EQUITY: Capital stock 20,097 20,097 20,058 20,058 20,058 Surplus 259,182 258,874 257,644 257,490 257,335 Undivided profits 453,931 446,503 442,079 436,048 430,346 Accumulated other comprehensive loss, net of tax (132) (3,861) (6,600) (14,268) (14,763)Treasury stock at cost (45,270) (45,270) (44,160) (44,160) (43,786) Total shareholders' equity 687,808 676,343 669,021 655,168 649,190 Total liabilities and shareholders' equity$6,338,545 $6,238,744 $6,109,680 $6,106,644 $6,179,570 Outstanding shares (in thousands) 19,020 19,020 19,010 19,010 19,024 NONPERFORMING ASSETS (dollars in thousands) (Unaudited) 3/31/202512/31/20249/30/20246/30/20243/31/2024 Nonperforming Assets New York and other states* Loans in nonaccrual status: Commercial$688 $343 $466 $741 $532 Real estate mortgage - 1 to 4 family 14,795 14,671 15,320 14,992 14,359 Installment 139 108 163 131 149 Total non-accrual loans 15,622 15,122 15,949 15,864 15,040 Other nonperforming real estate mortgages - 1 to 4 family - - - - - Total nonperforming loans 15,622 15,122 15,949 15,864 15,040 Other real estate owned 2,107 2,175 2,503 2,334 2,334 Total nonperforming assets$17,729 $17,297 $18,452 $18,198 $17,374 Florida Loans in nonaccrual status: Commercial$- $- $314 $314 $314 Real estate mortgage - 1 to 4 family 3,135 3,656 3,176 2,985 2,921 Installment 3 22 5 22 - Total non-accrual loans 3,138 3,678 3,495 3,321 3,235 Other nonperforming real estate mortgages - 1 to 4 family - - - - - Total nonperforming loans 3,138 3,678 3,495 3,321 3,235 Other real estate owned - - - - - Total nonperforming assets$3,138 $3,678 $3,495 $3,321 $3,235 Total Loans in nonaccrual status: Commercial$688 $343 $780 $1,055 $846 Real estate mortgage - 1 to 4 family 17,930 18,327 18,496 17,977 17,280 Installment 142 130 168 153 149 Total non-accrual loans 18,760 18,800 19,444 19,185 18,275 Other nonperforming real estate mortgages - 1 to 4 family - - - - - Total nonperforming loans 18,760 18,800 19,444 19,185 18,275 Other real estate owned 2,107 2,175 2,503 2,334 2,334 Total nonperforming assets$20,867 $20,975 $21,947 $21,519 $20,609 Quarterly Net (Recoveries) Chargeoffs New York and other states* Commercial$(3)$62 $65 $- $- Real estate mortgage - 1 to 4 family 41 (316) 104 (74) (78) Installment 4 41 11 (2) 36 Total net chargeoffs (recoveries)$42 $(213)$180 $(76)$(42) Florida Commercial$(315)$314 $- $- $- Real estate mortgage - 1 to 4 family - - - 17 - Installment 15 1 42 7 - Total net (recoveries) chargeoffs$(300) $315 $42 $24 $- Total Commercial$(318) $376 $65 $- $- Real estate mortgage - 1 to 4 family 41 (316) 104 (57) (78) Installment 19 42 53 5 36 Total net (recoveries) chargeoffs$(258) $102 $222 $(52)$(42) Asset Quality Ratios Total nonperforming loans (1)$18,760 $18,800 $19,444 $19,185 $18,275 Total nonperforming assets (1) 20,867 20,975 21,947 21,519 20,609 Total net (recoveries) chargeoffs (2) (258) 102 222 (52) (42) Allowance for credit losses on loans (1) 50,606 50,248 49,950 49,772 49,220 Nonperforming loans to total loans 0.37% 0.37% 0.38% 0.38% 0.37% Nonperforming assets to total assets 0.33% 0.34% 0.36% 0.35% 0.33% Allowance for credit losses on loans to total loans 0.99% 0.99% 0.99% 0.99% 0.98% Coverage ratio (1) 269.8% 267.3% 256.9% 259.4% 269.3% Annualized net (recoveries) chargeoffs to average loans (2) -0.02% 0.01% 0.02% 0.00% 0.00% Allowance for credit losses on loans to annualized net chargeoffs (2) N/A 123.2x 56.3x N/A N/A * Includes New York, New Jersey, Vermont and Massachusetts. (1) At period-end (2) For the three-month period ended DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY -INTEREST RATES AND INTEREST DIFFERENTIAL (dollars in thousands) (Unaudited)Three months ended Three months ended March 31, 2025 March 31, 2024 Average InterestAverage Average InterestAverage Balance Rate Balance Rate Assets Securities available for sale: U. S. government sponsored enterprises$74,680 $5963.19% $125,973 $9062.88%Mortgage backed securities and collateralized mortgage obligations - residential 239,509 1,4832.46 258,814 1,4942.30 State and political subdivisions 18 -6.77 26 06.90 Corporate bonds 40,019 2602.60 73,625 4762.59 Small Business Administration - guaranteed participation securities 15,003 812.15 18,224 1002.20 Other 699 74.01 696 31.72 Total securities available for sale 369,928 2,4272.62 477,358 2,9792.50 Federal funds sold and other short-term Investments 613,646 6,7324.45 497,652 6,7505.45 Held to maturity securities: Mortgage backed securities and collateralized mortgage obligations - residential 5,233 574.34 6,329 684.30 Total held to maturity securities 5,233 574.34 6,329 684.30 Federal Home Loan Bank stock 6,507 1519.28 6,203 1529.80 Commercial loans 297,926 4,1655.59 277,183 3,6615.28 Residential mortgage loans 4,385,646 42,6143.89 4,359,476 40,4153.71 Home equity lines of credit 413,981 6,4356.30 353,004 5,4646.22 Installment loans 12,967 2367.37 16,128 2646.58 Loans, net of unearned income 5,110,520 53,4504.19 5,005,791 49,8043.98 Total interest earning assets 6,105,834 $62,8174.13 5,993,333 $59,7533.99 Allowance for credit losses on loans (50,475) (48,824) Cash & non-interest earning assets 201,154 185,230 Total assets$6,256,513 $6,129,739 Liabilities and shareholders' equity Deposits: Interest bearing checking accounts$1,038,218 $5580.22% $990,130 $2400.10%Money market accounts 469,070 1,9891.72 544,687 2,3421.73 Savings 1,089,358 7340.27 1,158,558 7120.25 Time deposits 2,054,494 18,9843.75 1,889,929 19,6774.19 Total interest bearing deposits 4,651,140 22,2651.94 4,583,304 22,9712.02 Short-term borrowings 83,207 1800.88 93,316 2040.88 Total interest bearing liabilities 4,734,347 $22,4451.92 4,676,620 $23,1751.99 Demand deposits 761,800 726,299 Other liabilities 78,748 80,158 Shareholders' equity 681,618 646,662 Total liabilities and shareholders' equity$6,256,513 $6,129,739 Net interest income $40,372 $36,578 Net interest spread 2.21% 2.00% Net interest margin (net interest income to total interest earning assets) 2.64% 2.44% Non-GAAP Financial Measures Reconciliation Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets. Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets. Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent. We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. NON-GAAP FINANCIAL MEASURES RECONCILIATION (dollars in thousands) (Unaudited) 3/31/202512/31/20243/31/2024Tangible Book Value Per Share Equity (GAAP) $687,808 $676,343 $649,190 Less: Intangible assets 553 553 553 Tangible equity (Non-GAAP) $687,255 $675,790 $648,637 Shares outstanding 19,020 19,020 19,024 Tangible book value per share 36.13 35.53 34.10 Book value per share 36.16 35.56 34.12 Tangible Equity to Tangible Assets Total Assets (GAAP) $6,338,545 $6,238,744 $6,179,570 Less: Intangible assets 553 553 553 Tangible assets (Non-GAAP) $6,337,992 $6,238,191 $6,179,017 Equity to Assets (GAAP) 10.85% 10.84% 10.51%Tangible Equity to Tangible Assets (Non-GAAP) 10.84% 10.83% 10.50% Three months endedEfficiency and Adjusted Efficiency Ratios 3/31/202512/31/20243/31/2024 Net interest income (GAAP)A$40,373 $38,902 $36,578 Non-interest income (GAAP)B 4,974 4,409 4,843 Revenue used for efficiency ratio (GAAP)C$45,347 $43,311 $41,421 Total noninterest expense (GAAP)D$26,329 $28,165 $24,903 Less: Other real estate expense, netE 28 476 74 Expense used for efficiency ratio (Non-GAAP)F$26,301 $27,689 $24,829 Efficiency Ratio (GAAP)D/C 58.06% 65.03% 59.94%Adjusted Efficiency Ratio (Non-GAAP)F/C 58.00% 63.93% 59.94% Subsidiary: Trustco Bank Contact: Robert Leonard Executive Vice President (518) 381-3693

TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

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