Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported):  January 21, 2025

TrustCo Bank Corp NY

(Exact name of registrant as specified in its charter)

New York	0-10592	14-1630287
State or Other Jurisdiction of Incorporation or Organization	Commission File No.	I.R.S. Employer Identification Number

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK 12302

(Address of principal executive offices)

[phone]

(Registrant’s Telephone Number,

Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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TrustCo Bank Corp NY

Item 2.02.

Results of Operations and Financial Condition

 

On January 21, 2025 TrustCo Bank Corp NY (“TrustCo”) issued a press release with results for the quarter ending December 31, 2024. Attached is a copy of the press release labeled as Exhibit 99(a).

Item 9.01.

Financial Statements and Exhibits

 

(d)          Exhibits

 

Reg S-K Exhibit No.		Description
99(a)		Press release dated January 21, 2025 for the period ending December 31, 2024, regarding quarterly results.
104		Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

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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.

Dated: January 21, 2025
	TrustCo Bank Corp NY
	(Registrant)
	By:	/s/ Michael M. Ozimek
		Michael M. Ozimek
		Executive Vice President and
		Chief Financial Officer

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Exhibit 99(a)

		News Release
5 Sarnowski Drive, Glenville, New York, 12302 [phone]          Fax:  [phone]
Subsidiary:	Trustco Bank	Nasdaq -- TRST
Contact:	Robert Leonard Executive Vice President [phone]

FOR IMMEDIATE RELEASE:

Trustco Caps Year of Efficiency, Strength, and Value -

Reports Fourth Quarter 2024 Net Income of $11.3 Million; $48.8 Million for the Year

Executive Snapshot:

•

Continued solid financial results:

o

Key metrics for the fourth quarter 2024:

■

Net income of $11.3 million versus $9.8 million for the fourth quarter 2023

■

Net interest income of $38.9 million, up from $38.6 million compared to the fourth quarter 2023

■

Return on average assets (ROAA) of 0.73% versus 0.64% for the fourth quarter 2023

■

Return on average equity (ROAE) of 6.70% versus 6.21% for the fourth quarter 2023

•

Capital continues to grow:

o

Consolidated equity to assets increased 3.6% to 10.84% as of December 31, 2024 from 10.46% as of December 31, 2023

o

Book value per share as of December 31, 2024 was $35.56, up from $33.92 as of December 31, 2023

•

Average Loan and Deposit portfolios continue to grow:

o

On average, total loans were up $104.9 million or 2.1% for the fourth quarter 2024 compared to the fourth quarter 2023

o

On average, total deposits were up $31.7 million or 0.6% for the fourth quarter 2024 compared to the fourth quarter 2023

Glenville, New York – January 21, 2025

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced fourth quarter 2024 net income of $11.3 million or $0.59 diluted earnings per share, compared to net income of $9.8 million or $0.52 diluted earnings per share for the fourth quarter 2023; and net income of $48.8 million or $2.57 diluted earnings per share for the full year 2024, compared to net income of $58.6 million or $3.08 diluted earnings per share for the full year 2023.  Average loans increased $104.9 million or 2.1% for the fourth quarter 2024 over the same period in 2023.  TrustCo continued to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of higher rate loan products.  The objective is to meet customer needs and encourage increased utilization through existing HECLs.

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Overview

Chairman, President, and CEO, Robert J. McCormick said “The story of Trustco Bank for 2024 is one of efficiency, strength, and shareholder value.  For the year, we controlled costs, resisted the temptation to chase deposits with rate, improved our already strong capital position, and delivered a meaningful return to our owners in the form of dividends and price appreciation.  Year over year, the Company’s quarterly net income, net interest income, return on average assets, and return on average equity all grew.  Likewise, credit quality remained impressive and, in classic Home Town Bank fashion, we leveraged customer relationships to create lending volume in the form of home equity loans.  We come into 2025 well-capitalized, liquid, and ready to lend.”

Details

Average loans were up $104.9 million, or 2.1%, in the fourth quarter 2024 over the same period in 2023.  Average residential loans and home equity lines of credit, our primary lending focus, were up $34.9 million, or 0.8%, and $61.0 million, or 17.9%, respectively, in the fourth quarter 2024 over the same period in 2023.  Average commercial loans also increased $11.7 million, or 4.3%, in the fourth quarter 2024 over the same period in 2023.  Average deposits were up $31.7 million, or 0.6%, for the fourth quarter 2024 over the same period in 2023 primarily as a result of an increase in time deposits. We believe the increase in time deposits compared to the same period in 2023 continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate.  As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

Net interest income was $38.9 million for the fourth quarter 2024, an increase of $296 thousand, or 0.8%, compared to the fourth quarter of 2023, driven by loan growth at higher interest rates, 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 fourth quarter 2024 was 2.15%, down 6 basis points from 2.21% in the fourth quarter of 2023.  The yield on interest earnings assets increased to 4.12%, up 1 basis point from 4.11% in the third quarter of 2024, and up 19 basis points from 3.93% in the fourth quarter of 2023.  The cost of interest bearing liabilities increased to 1.97% in the fourth quarter 2024, up only 3 basis points from 1.94% in the third quarter of 2024, and up from 1.72% in the fourth quarter 2023.  The Federal Reserve’s decision in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters.  Non-interest expense decreased $666 thousand over the fourth quarter of 2023, consistent with the decline in FTE’s over the last year.

Asset quality remains strong and has been consistent over the past twelve months.  The Company recorded a provision for credit losses of $400 thousand in the fourth quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand.  The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.97% as of December 31, 2024 and 2023, respectively.  The allowance for credit losses on loans was $50.2 million at December 31, 2024, compared to $48.6 million at December 31, 2023.  Nonperforming loans (NPLs) were $18.8 million at December 31, 2024, compared to $17.7 million at December 31, 2023.  NPLs were 0.37% and 0.35% of total loans at December 31, 2024 and 2023, respectively.  The coverage ratio, or allowance for credit losses on loans to NPLs, was 267.3% at December 31, 2024, compared to 275.0% at December 31, 2023.  Nonperforming assets (NPAs) were $21.0 million at December 31, 2024, compared to $21.9 million at September 30, 2024 and $17.9 million at December 31, 2023.

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At December 31, 2024, our equity to asset ratio was 10.84%, compared to 10.46% at December 31, 2023.  Book value per share at December 31, 2024 was $35.56, up 4.8% compared to $33.92 a year earlier.

 

A conference call to discuss fourth quarter 2024 results will be held at 9:00 a.m. Eastern Time on January 22, 2024.  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 645488.  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 619481.  The call will also be audio webcast at https://events.q4inc.com/attendee/773359679, and will be available for one year.

 

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at December 31, 2024.

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.

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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 growth of loans and deposits throughout our branch network.  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, 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; 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; 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; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; 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 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 adoption of artificial intelligence tools by us and/or our third-party vendors and service providers; 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, including our upcoming annual report on Form 10-K for fiscal 2024. 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.

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TRUSTCO BANK CORP NY

GLENVILLE, NY

 

FINANCIAL HIGHLIGHTS

 

(dollars in thousands, except per share data)

(Unaudited)

		Three months ended
		12/31/2024				9/30/2024				12/31/2023
Summary of operations
Net interest income		$	38,902			$	38,671			$	38,607
Provision for credit losses			400				500				1,350
Net gains on equity securities			-				23				-
Noninterest income, excluding net gains on equity securities			4,409				4,908				4,474
Noninterest expense			28,165				26,200				28,831
Net income			11,281				12,875				9,848
Per share
Net income per share:
- Basic		$	0.59			$	0.68			$	0.52
- Diluted			0.59				0.68				0.52
Cash dividends			0.36				0.36				0.36
Book value at period end			35.56				35.19				33.92
Market price at period end			33.31				33.07				31.05
At period end
Full time equivalent employees			737				735				750
Full service banking offices			136				138				140
Performance ratios
Return on average assets			0.73	%			0.84	%			0.64	%
Return on average equity			6.70				7.74				6.21
Efficiency ratio (1)			65.03				60.09				66.92
Adjusted Efficiency ratio (1)			63.93				59.65				60.16
Net interest spread			2.15				2.17				2.21
Net interest margin			2.60				2.61				2.60
Dividend payout ratio			60.70				53.16				69.54
Capital ratios at period end
Consolidated equity to assets			10.84	%			10.95	%			10.46	%
Consolidated tangible equity to tangible assets (1)			10.83	%			10.94	%			10.45	%
Asset quality analysis at period end
Nonperforming loans to total loans			0.37	%			0.38	%			0.35	%
Nonperforming assets to total assets			0.34				0.36				0.29
Allowance for credit losses on loans to total loans			0.99				0.99				0.97
Coverage ratio (2)			2.7	x			2.6	x			2.7	x

(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.

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FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)

(Unaudited)

		Year Ended
		12/31/24				12/31/23
Summary of operations
Net interest income		$	151,939				171,845
Provision for credit losses			2,000				1,250
Net gains on equity securities			1,383				-
Noninterest income, excluding net gains on equity securities			18,451				18,315
Noninterest expense			105,727				111,297
Net income			48,833				58,646
Per share
Net income per share:
- Basic		$	2.57				3.08
- Diluted			2.57				3.08
Cash dividends			1.44				1.44
Book value at period end			35.56				33.92
Market price at period end			33.31				31.05
Performance ratios
Return on average assets			0.80	%			0.97
Return on average equity			7.43				9.46
Efficiency ratio (1)			61.55				58.53
Adjusted Efficiency ratio (1)			61.60				56.72
Net interest spread			2.10				2.64
Net interest margin			2.54				2.91
Dividend payout ratio			56.09				46.71

(1)  Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.

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CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

		Three months ended
		12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
Interest and dividend income:
Interest and fees on loans		$	53,024			$	52,112			$	50,660			$	49,804			$	49,201
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			680				718				909				906				750
State and political subdivisions			-				-				1				-				1
Mortgage-backed securities and collateralized mortgage obligations - residential			1,418				1,397				1,451				1,494				1,533
Corporate bonds			358				361				362				476				477
Small Business Administration - guaranteed participation securities			84				90				94				100				102
Other securities			6				2				2				3				3
Total interest and dividends on securities available for sale			2,546				2,568				2,819				2,979				2,866
Interest on held to maturity securities:
obligations - residential			59				62				65				68				70
Total interest on held to maturity securities			59				62				65				68				70
Federal Home Loan Bank stock			152				153				147				152				149
Interest on federal funds sold and other short-term investments			6,128				6,174				6,894				6,750				6,354
Total interest income			61,909				61,069				60,585				59,753				58,640
Interest expense:
Interest on deposits:
Interest-bearing checking			397				311				288				240				165
Savings			719				770				675				712				707
Money market deposit accounts			2,024				2,154				2,228				2,342				2,500
Time deposits			19,680				18,969				19,400				19,677				16,460
Interest on short-term borrowings			187				194				206				204				201
Total interest expense			23,007				22,398				22,797				23,175				20,033
Net interest income			38,902				38,671				37,788				36,578				38,607
Less: Provision for credit losses			400				500				500				600				1,350
Net interest income after provision for credit losses			38,502				38,171				37,288				35,978				37,257
Noninterest income:
Trustco Financial Services income			1,778				2,044				1,609				1,816				1,612
Fees for services to customers			2,226				2,482				2,399				2,745				2,563
Net gains on equity securities			-				23				1,360				-				-
Other			405				382				283				282				299
Total noninterest income			4,409				4,931				5,651				4,843				4,474
Noninterest expenses:
Salaries and employee benefits			12,068				12,134				12,520				11,427				12,444
Net occupancy expense			4,563				4,271				4,375				4,611				4,209
Equipment expense			2,404				1,757				1,990				1,738				1,852
Professional services			1,782				1,863				1,570				1,460				1,561
Outsourced services			3,051				2,551				2,755				2,501				2,532
Advertising expense			590				339				466				408				384
FDIC and other insurance			1,113				1,112				797				1,094				1,085
Other real estate expense (income), net			476				204				16				74				(12	)
Other			2,118				1,969				1,970				1,590				4,776
Total noninterest expenses			28,165				26,200				26,459				24,903				28,831
Income before taxes			14,746				16,902				16,480				15,918				12,900
Income taxes			3,465				4,027				3,929				3,792				3,052
Net income		$	11,281			$	12,875			$	12,551			$	12,126			$	9,848
Net income per common share:
- Basic		$	0.59			$	0.68			$	0.66			$	0.64			$	0.52
- Diluted			0.59				0.68				0.66				0.64				0.52
Average basic shares (in thousands)			19,015				19,010				19,022				19,024				19,024
Average diluted shares (in thousands)			19,045				19,036				19,033				19,032				19,026

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CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)

(Unaudited)

		Year Ended
		12/31/24				12/31/23
Interest and dividend income:
Interest and fees on loans		$	205,600				187,456
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises			3,213				2,805
State and political subdivisions			1				2
Mortgage-backed securities and collateralized mortgage obligations - residential			5,760				6,146
Corporate bonds			1,557				1,987
Small Business Administration - guaranteed participation securities			368				437
Other securities			13				10
Total interest and dividends on securities available for sale			10,912				11,387
Interest on held to maturity securities:
Mortgage-backed securities-residential			254				296
Total interest on held to maturity securities			254				296
Federal Home Loan Bank stock			604				500
Interest on federal funds sold and other short-term investments			25,946				26,567
Total interest income			243,316				226,206
Interest expense:
Interest on deposits:
Interest-bearing checking			1,236				382
Savings			2,876				2,531
Money market deposit accounts			8,748				7,454
Time deposits			77,726				42,985
Interest on short-term borrowings			791				1,009
Total interest expense			91,377				54,361
Net interest income			151,939				171,845
Less: Provision for credit losses			2,000				1,250
Net interest income after provision for credit losses			149,939				170,595
Noninterest income:
Trustco Financial Services income			7,247				6,425
Fees for services to customers			9,852				10,648
Net gains on equity securities			1,383				-
Other			1,352				1,242
Total noninterest income			19,834				18,315
Noninterest expenses:
Salaries and employee benefits			48,149				51,242
Net occupancy expense			17,820				17,427
Equipment expense			7,889				7,610
Professional services			6,675				6,245
Outsourced services			10,858				10,039
Advertising expense			1,803				1,878
FDIC and other insurance			4,116				4,300
Other real estate expense, net			770				524
Other			7,647				12,032
Total noninterest expenses			105,727				111,297
Income before taxes			64,046				77,613
Income taxes			15,213				18,967
Net income		$	48,833				58,646
Net income per common share:
- Basic		$	2.57				3.08
- Diluted			2.57				3.08
Average basic shares (in thousands)			19,018				19,024
Average diluted shares (in thousands)			19,037				19,025

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

(Unaudited)

		12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
ASSETS:
Cash and due from banks		$	47,364			$	49,659			$	42,193			$	44,868			$	49,274
Federal funds sold and other short term investments			594,448				473,306				493,920				564,815				528,730
Total cash and cash equivalents			641,812				522,965				536,113				609,683				578,004
Securities available for sale:
U. S. government sponsored enterprises			85,617				90,588				106,796				128,854				118,668
States and political subdivisions			18				26				26				26				26
Mortgage-backed securities and collateralized mortgage obligations - residential			213,128				222,841				218,311				227,078				237,677
Small Business Administration - guaranteed participation securities			14,141				15,171				15,592				16,260				17,186
Corporate bonds			44,581				54,327				53,764				53,341				78,052
Other securities			700				701				688				682				680
Total securities available for sale			358,185				383,654				395,177				426,241				452,289
Held to maturity securities:
Mortgage-backed securities and collateralized mortgage obligations-residential			5,365				5,636				5,921				6,206				6,458
Total held to maturity securities			5,365				5,636				5,921				6,206				6,458
Federal Reserve Bank and Federal Home Loan Bank stock			6,507				6,507				6,507				6,203				6,203
Loans:
Commercial			286,857				280,261				282,441				279,092				273,515
Residential mortgage loans			4,388,302				4,382,674				4,370,640				4,354,369				4,365,063
Home equity line of credit			409,261				393,418				370,063				355,879				347,415
Installment loans			13,638				14,503				15,168				16,166				16,886
Loans, net of deferred net costs			5,098,058				5,070,856				5,038,312				5,005,506				5,002,879
Less: Allowance for credit losses on loans			50,248				49,950				49,772				49,220				48,578
Net loans			5,047,810				5,020,906				4,988,540				4,956,286				4,954,301
Bank premises and equipment, net			33,782				33,324				33,466				33,423				34,007
Operating lease right-of-use assets			36,627				37,958				38,376				39,647				40,542
Other assets			108,656				98,730				102,544				101,881				96,387
Total assets		$	6,238,744			$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191
LIABILITIES:
Deposits:
Demand		$	762,101			$	753,878			$	745,227			$	742,997			$	754,532
Interest-bearing checking			1,027,540				988,527				1,029,606				1,020,136				1,015,213
Savings accounts			1,086,534				1,092,038				1,144,427				1,155,517				1,179,241
Money market deposit accounts			465,049				477,113				517,445				532,611				565,767
Time deposits			2,049,759				1,952,635				1,840,262				1,903,908				1,836,024
Total deposits			5,390,983				5,264,191				5,276,967				5,355,169				5,350,777
Short-term borrowings			84,781				91,450				89,720				94,374				88,990
Operating lease liabilities			40,159				41,469				42,026				43,438				44,471
Accrued expenses and other liabilities			46,478				43,549				42,763				37,399				38,668
Total liabilities			5,562,401				5,440,659				5,451,476				5,530,380				5,522,906
SHAREHOLDERS’ EQUITY:
Capital stock			20,097				20,058				20,058				20,058				20,058
Surplus			258,874				257,644				257,490				257,335				257,181
Undivided profits			446,503				442,079				436,048				430,346				425,069
Accumulated other comprehensive loss, net of tax			(3,861	)			(6,600	)			(14,268	)			(14,763	)			(13,237	)
Treasury stock at cost			(45,270	)			(44,160	)			(44,160	)			(43,786	)			(43,786	)
Total shareholders’ equity			676,343				669,021				655,168				649,190				645,285
Total liabilities and shareholders’ equity		$	6,238,744			$	6,109,680			$	6,106,644			$	6,179,570			$	6,168,191
Outstanding shares (in thousands)			19,020				19,010				19,010				19,024				19,024

Page | 9

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NONPERFORMING ASSETS

(dollars in thousands)

(Unaudited)

		12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
Nonperforming Assets
New York and other states*
Loans in nonaccrual status:
Commercial		$	343			$	466			$	741			$	532			$	536
Real estate mortgage - 1 to 4 family			14,671				15,320				14,992				14,359				14,375
Installment			108				163				131				149				151
Total non-accrual loans			15,122				15,949				15,864				15,040				15,062
Other nonperforming real estate mortgages - 1 to 4 family			-				-				-				-				3
Total nonperforming loans			15,122				15,949				15,864				15,040				15,065
Other real estate owned			2,175				2,503				2,334				2,334				194
Total nonperforming assets		$	17,297			$	18,452			$	18,198			$	17,374			$	15,259
Florida
Loans in nonaccrual status:
Commercial		$	-			$	314			$	314			$	314			$	314
Real estate mortgage - 1 to 4 family			3,656				3,176				2,985				2,921				2,272
Installment			22				5				22				-				15
Total non-accrual loans			3,678				3,495				3,321				3,235				2,601
Other nonperforming real estate mortgages - 1 to 4 family			-				-				-				-				-
Total nonperforming loans			3,678				3,495				3,321				3,235				2,601
Other real estate owned			-				-				-				-				-
Total nonperforming assets		$	3,678			$	3,495			$	3,321			$	3,235			$	2,601
Total
Loans in nonaccrual status:
Commercial		$	343			$	780			$	1,055			$	846			$	850
Real estate mortgage - 1 to 4 family			18,327				18,496				17,977				17,280				16,647
Installment			130				168				153				149				166
Total non-accrual loans			18,800				19,444				19,185				18,275				17,663
Other nonperforming real estate mortgages - 1 to 4 family			-				-				-				-				3
Total nonperforming loans			18,800				19,444				19,185				18,275				17,666
Other real estate owned			2,175				2,503				2,334				2,334				194
Total nonperforming assets		$	20,975			$	21,947			$	21,519			$	20,609			$	17,860
Quarterly Net Chargeoffs (Recoveries)
New York and other states*
Commercial		$	62			$	65			$	-			$	-			$	-
Real estate mortgage - 1 to 4 family			(316	)			104				(74	)			(78	)			219
Installment			41				11				(2	)			36				23
Total net (recoveries) chargeoffs		$	(213	)		$	180			$	(76	)		$	(42	)		$	242
Florida
Commercial		$	314			$	-			$	-			$	-			$	-
Real estate mortgage - 1 to 4 family			-				-				17				-				-
Installment			1				42				7				-				6
Total net chargeoffs		$	315			$	42			$	24			$	-			$	6
Total
Commercial		$	376			$	65			$	-			$	-			$	-
Real estate mortgage - 1 to 4 family			(316	)			104				(57	)			(78	)			219
Installment			42				53				5				36				29
Total net chargeoffs (recoveries)		$	102			$	222			$	(52	)		$	(42	)		$	248
Asset Quality Ratios
Total nonperforming loans (1)		$	18,800			$	19,444			$	19,185			$	18,275			$	17,666
Total nonperforming assets (1)			20,975				21,947				21,519				20,609				17,860
Total net chargeoffs (recoveries) (2)			102				222				(52	)			(42	)			248
Allowance for credit losses on loans (1)			50,248				49,950				49,772				49,220				48,578
Nonperforming loans to total loans			0.37	%			0.38	%			0.38	%			0.37	%			0.35	%
Nonperforming assets to total assets			0.34	%			0.36	%			0.35	%			0.33	%			0.29	%
Allowance for credit losses on loans to total loans			0.99	%			0.99	%			0.99	%			0.98	%			0.97	%
Coverage ratio (1)			267.3	%			256.9	%			259.4	%			269.3	%			275.0	%
Annualized net (recoveries) chargeoffs to average loans (2)			0.01	%			0.02	%			0.00	%			0.00	%			0.02	%
Allowance for credit losses on loans to annualized net chargeoffs (2)			123.2	x			56.3	x			N/A				N/A				49.0	x

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

(1)  At period-end

(2)  For the three-month period ended

Page | 10

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DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY -

INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)

(Unaudited)

		Three months ended December 31, 2024												Three months ended December 31, 2023
		Average				Interest				Average				Average				Interest				Average
		Balance								Rate				Balance								Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	88,125			$	680				3.09	%		$	125,572			$	750				2.39	%
Mortgage backed securities and collateralized mortgage obligations - residential			238,771				1,418				2.36				267,341				1,533				2.28
State and political subdivisions			23				-				6.35				32				1				6.62
Corporate bonds			50,025				358				2.86				80,207				477				2.38
Small Business Administration - guaranteed participation securities			15,693				84				2.15				18,990				102				2.15
Other			700				6				3.43				689				3				1.74
Total securities available for sale			393,337				2,546				2.59				492,831				2,866				2.33
Federal funds sold and other short-term Investments			504,458				6,128				4.83				461,889				6,354				5.46
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations - residential			5,501				59				4.31				6,591				70				4.25
Total held to maturity securities			5,501				59				4.31				6,591				70				4.25
Federal Home Loan Bank stock			6,507				152				9.34				6,203				149				9.61
Commercial loans			285,303				3,869				5.42				273,622				3,589				5.25
Residential mortgage loans			4,388,567				42,486				3.87				4,353,660				40,009				3.68
Home equity lines of credit			401,636				6,422				6.36				340,670				5,338				6.22
Installment loans			13,741				247				7.14				16,359				265				6.44
Loans, net of unearned income			5,089,247				53,024				4.16				4,984,311				49,201				3.94
Total interest earning assets			5,999,050			$	61,909				4.12				5,951,825			$	58,640				3.93
Allowance for credit losses on loans			(50,342	)											(47,458	)
Cash & non-interest earning assets			190,341												169,791
Total assets		$	6,139,049											$	6,074,158
Liabilities and shareholders’ equity
Deposits:
Interest bearing checking accounts		$	994,786			$	397				0.16	%		$	1,004,744			$	165				0.07	%
Money market accounts			469,784				2,024				1.71				586,025				2,500				1.69
Savings			1,085,952				719				0.26				1,205,388				707				0.23
Time deposits			2,000,563				19,680				3.91				1,720,871				16,460				3.79
Total interest bearing deposits			4,551,085				22,820				1.99				4,517,028				19,832				1.74
Short-term borrowings			84,136				187				0.88				92,529				201				0.86
Total interest bearing liabilities			4,635,221			$	23,007				1.97				4,609,557			$	20,033				1.72
Demand deposits			751,747												754,078
Other liabilities			82,738												81,297
Shareholders’ equity			669,343												629,226
Total liabilities and shareholders’ equity		$	6,139,049											$	6,074,158
Net interest income						$	38,902											$	38,607
Net interest spread											2.15	%											2.21	%
Net interest margin (net interest income to total interest earning assets)											2.60	%											2.60	%

Page | 11

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DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY -

INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)

(Unaudited)

		Year Ended												Year Ended
		December 31, 2024												December 31, 2023
		Average				Interest				Average				Average				Interest				Average
		Balance								Rate				Balance								Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	105,729				3,213				3.04	%		$	121,574				2,805				2.31	%
Mortgage backed securities and collateralized mortgage obligations - residential			247,466				5,760				2.33				275,565				6,146				2.23
State and political subdivisions			25				1				6.69				33				2				6.71
Corporate bonds			58,447				1,557				2.66				82,865				1,987				2.40
Small Business Administration - guaranteed participation securities			17,003				368				2.17				20,410				437				2.14
Other			698				13				1.86				686				10				1.46
Total securities available for sale			429,368				10,912				2.54				501,133				11,387				2.27
Federal funds sold and other short-term Investments			493,546				25,946				5.26				521,021				26,567				5.10
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations - residential			5,916				254				4.29				7,053				296				4.20
Total held to maturity securities			5,916				254				4.29				7,053				296				4.20
Federal Home Loan Bank stock			6,389				604				9.45				6,018				500				8.31
Commercial loans			280,566				15,101				5.38				255,666				13,306				5.20
Residential mortgage loans			4,370,582				165,533				3.79				4,290,241				154,235				3.60
Home equity lines of credit			374,841				23,944				6.39				313,914				18,936				6.03
Installment loans			14,926				1,022				6.85				15,345				979				6.38
Loans, net of unearned income			5,040,915				205,600				4.08				4,875,166				187,456				3.84
Total interest earning assets			5,976,134				243,316				4.07				5,910,391				226,206				3.83
Allowance for credit losses on loans			(49,648	)											(46,971	)
Cash & non-interest earning assets			188,748												172,641
Total assets		$	6,115,234											$	6,036,061
Liabilities and shareholders’ equity
Deposits:
Interest bearing checking accounts		$	998,501				1,236				0.12	%		$	1,067,972				382				0.04	%
Money market accounts			509,409				8,748				1.72				606,230				7,454				1.23
Savings			1,128,190				2,876				0.25				1,323,995				2,531				0.19
Time deposits			1,911,116				77,726				4.07				1,437,336				42,985				2.99
Total interest bearing deposits			4,547,216				90,586				1.99				4,435,533				53,352				1.20
Short-term borrowings			89,707				791				0.88				114,639				1,009				0.88
Total interest bearing liabilities			4,636,923				91,377				1.97				4,550,172				54,361				1.19
Demand deposits			738,816												784,021
Other liabilities			82,398												81,656
Shareholders’ equity			657,097												620,212
Total liabilities and shareholders’ equity		$	6,115,234											$	6,036,061
Net interest income							151,939												171,845
Net interest spread											2.10	%											2.64	%
Net interest margin (net interest income to total interest earning assets)											2.54	%											2.91	%

Page | 12

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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.

Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets.  Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets.  We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

The efficiency ratio and adjusted efficiency ratio are 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, strategic branch closing costs, and a non-recurring expense related to the settlement of a class action lawsuit, by net interest income and total noninterest income as determined under GAAP, excluding gain/loss on the disposal of assets from strategic branch closures from this calculation and net gains on equity securities.  We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue.  Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures.  However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

Page | 13

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NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)

(Unaudited)

		12/31/2024				9/30/2024				12/31/2023
Tangible Book Value Per Share
Equity (GAAP)		$	676,343			$	669,021			$	645,285
Less: Intangible assets			553				553				553
Tangible equity (Non-GAAP)		$	675,790			$	668,468			$	644,732
Shares outstanding			19,020				19,010				19,024
Tangible book value per share			35.53				35.16				33.89
Book value per share			35.56				35.19				33.92
Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,238,744			$	6,109,680			$	6,168,191
Less: Intangible assets			553				553				553
Tangible assets (Non-GAAP)		$	6,238,191			$	6,109,127			$	6,167,638
Tangible Equity to Tangible Assets (Non-GAAP)			10.83	%			10.94	%			10.45	%
Equity to Assets (GAAP)			10.84	%			10.95	%			10.46	%

				Three months ended																Year Ended
Efficiency and Adjusted Efficiency Ratios				12/31/2024				9/30/2024				6/30/2024				12/31/2023				12/31/2024				12/31/2023
Net interest income (GAAP)		A		$	38,902			$	38,671			$	37,788			$	38,607			$	151,939			$	171,845
Non-interest income (GAAP)		B			4,409				4,931				5,651				4,474				19,834				18,315
Add:  Non-recurring loss		C			-				-				-				101				-				101
Less:  Net gains on equity securities		D			-				23				1,360				-				1,383				-
Revenue used for efficiency ratio (Non-GAAP)		E		$	43,311			$	43,579			$	42,079			$	43,182			$	170,390			$	190,261
Total noninterest expense (GAAP)		F		$	28,165			$	26,200			$	26,459			$	28,831			$	105,727			$	111,297
Less:  Branch closure expense		G			-				-				-				114				-				114
Less:  Non-recurring expenses		H			-				-				-				2,750				-				2,750
Less:  Other real estate expense (income), net		I			476				204				16				(12	)			770				524
Expense used for efficiency ratio (Non-GAAP)		J		$	27,689			$	25,996			$	26,443			$	25,979			$	104,957			$	107,909
Efficiency Ratio		F/(A+B)			65.03	%			60.09	%			60.91	%			66.92	%			61.55	%			58.53	%
Adjusted Efficiency Ratio		J/E			63.93	%			59.65	%			62.84	%			60.16	%			61.60	%			56.72	%

Page | 14

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Document and Entity Information	Jan. 21, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 21, 2025
Entity File Number	0-10592
Entity Registrant Name	TrustCo Bank Corp NY
Entity Central Index Key	0000357301
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	14-1630287
Entity Address, Address Line One	5 SARNOWSKI DRIVE
Entity Address, City or Town	GLENVILLE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12302
City Area Code	518
Local Phone Number	377-3311
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TRST
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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