TRST

TrustCo Bank Corp NY stock edged 2.4% higher to US$55.47 after the Q3 2026 report, a gain that might look modest for a bank posting steady progress. The headline is simple. Net income reached US$17.3 million and net interest margin, the crucial spread between lending yields and funding costs, came in at 2.95%. That is where the real story starts. Short term traders see a small pop. Long term holders see a regional lender working to generate wider spreads and protect profitability while the valuation already leans above a discounted cash flow estimate and sector multiples. Love TrustCo Bank Corp NY's steady net interest margin but concerned that the stock already trades above cash flow estimates and sector multiples? See how it stacks up against banks and financials in our 30 high quality undervalued stocks. - Total Revenue, Q3 2026 vs Q3 2025: US$51.01 million vs. US$47.56 million (up 7.3%) - Net Income, Q3 2026 vs Q3 2025: US$17.32 million vs. US$16.26 million (up 6.5%) - Basic EPS, Q3 2026 vs Q3 2025: US$1.03 vs. US$0.87 (up 18.6%) - Net Interest Margin, Q3 2026 vs Q3 2025: 2.95% vs. 2.79% (improved by 0.16 percentage points) Earnings in Q3 2026 tell part of TrustCo Bank Corp NY's story, but investors who care about what they are paying for the business often focus on the cash being generated rather than the accounting result alone. Cash flows can paint a different picture of value than headline profit. Looking at TrustCo Bank Corp NY's cash generation and the future cash flow estimates that sit behind the current valuation work, the stock could be a narrow 13% overvalued. For investors leaning positive on TrustCo Bank Corp NY, the quarter backs up the idea of a conservative lender grinding forward. Revenue and net income both moved higher year on year, helped by net interest income growth and a 2.95% net interest margin that widened against funding costs. Loan balances, especially residential mortgages and home equity, expanded alongside deposits, which supports the relationship banking pitch. Wealth management assets of about US$1.37b add a recurring fee stream. That mix fits the narrative of a traditional bank using spread income plus steady fees to support returns. There is still plenty for cautious investors to watch. Equity to assets edged down to 9.72% while the bank continued buybacks and a higher dividend, which can raise questions about capital flexibility. Nonperforming loans ticked up to US$21.1m and nonperforming assets increased, even if levels remain low and charge offs were actually net recoveries. Provision expense rose as the allowance for credit losses stayed above 1% of loans. That pattern suggests management is keeping a buffer for economic risk, so the cautious narrative around real estate focused loan books still has some grounding. After equity gradually thins and nonperformers edge up, are these signals isolated or early flags? Review our independent risk analysis for TrustCo Bank Corp NY which shows 1 important warning sign TrustCo Bank Corp NY just showed how a steady lender can still move the share price. The real opportunity is finding stocks that could be undervalued before the market reassesses their cash generation. - Company 1 - 31% below our estimate - anchors digital infrastructure at data chokepoints to move, connect, secure and process information. - Company 2 - 35% below our estimate - pushes margin expansion through a disciplined operating system and higher value aftermarket service on critical flow equipment. - Company 3 - 24% below our estimate - meters usage across productivity tools, cloud workloads and AI services as software becomes core infrastructure. That is three of the list. See the full list of 30 companies trading below our fair value estimates → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TRST. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Interested in TrustCo Bank Corp NY? Here are five stocks we like better. - Third-quarter net income rose 6.5% to $17.3 million, supported by a 9.1% increase in net interest income to $47 million and a 16-basis-point expansion in net interest margin to 2.95%. - Average loans grew 4.6% year over year to $5.4 billion, led by residential lending, while deposits increased $203 million from the prior quarter to $5.7 billion. - Credit quality remained stable, with a 0.39% nonperforming-loan ratio and net charge-off recoveries for the seventh consecutive quarter. TrustCo also raised its quarterly dividend 5.3% to $0.40 per share and repurchased more than 1.5 million shares during 2026. TrustCo Bank Corp NY (NASDAQ:TRST) reported third-quarter 2026 net income of $17.3 million, up 6.5% from the prior-year period, as higher net interest income, loan growth and deposit growth supported results. Chairman, President and Chief Executive Officer Robert J. McCormack described the quarter as reflecting "positive financial momentum," citing sequential year-over-year improvement in deposits, average loans, net income, return on average assets, return on average equity and net interest margin. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over McCormack said the bank has sought to deepen customer relationships by encouraging deposit customers without loans to consider home equity borrowing and refinancing, while offering incentives for loan customers to use its deposit products. The company has also reviewed its loan and deposit offerings, delivery systems and customer-service experience, he said. "With all those factors coming together and trending favorably, we are optimistic about the company's ability to maintain positive momentum into 2027," McCormack said. He added that the bank expects to make an announcement concerning its lending operation in the coming months. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? Executive Vice President and Chief Financial Officer Mike Ozimek said net interest income totaled $47 million in the third quarter, rising $3.9 million, or 9.1%, from a year earlier. Net interest margin increased 16 basis points year over year to 2.95%. The yield on interest-earning assets rose 10 basis points to 4.35%, while the cost of interest-bearing liabilities declined to 1.79% from 1.90% in the third quarter of 2025, according to Ozimek. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price The company reported return on average assets of 1.05% and return on average equity of 10.57%. Its consolidated equity-to-assets ratio was 9.72%, compared with 10.9% a year earlier. Book value per share was $38.20 at Sept. 30, 2026, up 2.4% from $37.30 a year earlier. Ozimek said TrustCo repurchased more than 1.5 million shares during 2026 under its 2025 and 2026 repurchase programs, following the purchase of 1 million shares in 2025. Through those programs, the company repurchased 13.2% of outstanding common stock, he said. The bank also increased its quarterly cash dividend to $0.40 per share, or $1.60 on an annualized basis. The increase was 5.3% above the prior dividend amount. Average loans rose $238 million, or 4.6%, from the year-earlier quarter to $5.4 billion. Chief Banking Officer Kevin Curley said growth was led by the residential portfolio. - First mortgages increased $177.3 million, or 4%, year over year. - Home equity loans rose $50 million, or 11.4%. - Commercial loans increased $13.5 million, or 4.3%. Actual loans increased $77.1 million from the second quarter, Curley said. Purchase mortgage loans, including refinancings, rose $53.6 million; home equity loans increased $13.9 million; and commercial loans rose $10 million. Curley said mortgage rates began the quarter below 6.5% before rising above 7% at quarter-end. Nevertheless, he said mortgage origination activity and purchase-loan volume remained steady. He also said the bank's home equity products continued to see consistent demand. During the question-and-answer session, McCormack said the rise in rates had affected the business in some respects, with some customers opting for longer-term certificates of deposit and some loan volume declining. However, he said TrustCo had not observed a meaningful change in customer behavior in its markets, particularly in upstate New York. McCormack said the bank has used its liquidity and capital position to allow certain higher-priced funding to run off, while focusing on home equity lending as an area of opportunity. Total deposits ended the quarter at $5.7 billion, up $203 million from the prior quarter. Ozimek said relationship banking, competitive product offerings and digital capabilities supported a stable deposit base and ongoing loan growth. Credit quality remained stable, though nonperforming loans increased from the year-earlier period. Nonperforming loans were $21.1 million at quarter-end, compared with $21.8 million in the second quarter and $18.5 million a year earlier. The nonperforming-loans-to-total-loans ratio was 0.39%, compared with 0.40% in the preceding quarter and 0.36% a year earlier. TrustCo recorded a provision for credit losses of $850,000 during the quarter. Ozimek said the provision increase reflected loan growth and changes in economic forecasts rather than deterioration in underlying credit performance. Curley said net charge-offs were a recovery of $30,000, following a recovery of $88,000 in the second quarter. The bank has posted seven consecutive quarters of net recoveries, he said. The allowance for credit losses was $55.2 million at quarter-end, representing coverage of 262% of nonperforming loans. The allowance equaled 1.01% of total loans, compared with 1.00% a year earlier. Non-interest expense, net of other real estate owned income, totaled $28 million, down $300,000 from the prior quarter. Ozimek said TrustCo expects recurring quarterly non-interest expense, net of other real estate owned expense, to range from $27.8 million to $28.2 million through 2026. TrustCo's wealth management division held approximately $1.37 billion in assets under management as of Sept. 30, with the majority of related fee income recurring, Ozimek said. McCormack also announced the addition of two directors: Patty Fusco, who brings human-resources expertise, and Florida real estate professional Brian Gunther, whose appointment expands the board's geographic diversity. TrustCo Bank Corp NY is the holding company for Trustco Bank, a community-focused savings bank headquartered in Glenville, New York. Founded in 1902, the company provides banking and financial services to individuals, families, and businesses through a network of branches and digital banking channels. Trustco Bank's products and services include checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity loans and lines of credit, and commercial real estate financing. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What TrustCo Bank Corp NY (TRST) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Image source: The Motley Fool. Thursday, Oct. 22, 2026 - Chairman, President and Chief Executive Officer - Robert J. McCormick - Chief Financial Officer - Michael Ozimek - Chief Banking Officer - Kevin Curley Operator: Good day, and welcome to the TrustCo Bank Corp Earnings Call and webcast. [Operator Instructions] Before proceeding, we would like to mention that this presentation may contain forward-looking information about TrustCo Bank Corp NY that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those expressed in or implied by such statements due to various risks, uncertainties and other factors. More detailed information about these and other risk factors can be found in our press release that preceded this call and in the Risk Factors and Forward-Looking Statements section of our annual report on Form 10-K and as updated by our quarterly reports on Form 10-Q. The forward-looking statements made on this call are valid only as of the date hereof, and the company disclaims any obligation to update this information to reflect events or developments after the date of this call, except as may be required by applicable law. During today's call, we will discuss certain financial measures derived from our financial statements that are not determined in accordance with U.S. GAAP. The reconciliations of such non-GAAP financial measures to the most comparable GAAP figures are included in our earnings press release, which is available under the Investor Relations tab of our website at trustcobank.com. Please also note that today's event is being recorded. A replay of the call will be available for 30 days, and an audio webcast will be available for 1 year as described in our earnings press release. At this time, I would like to turn the conference over to Mr. Robert J. McCormick, Chairman, President and CEO. Please go ahead. Robert McCormick: Good morning, everyone, and thank you for joining the call. As Chase said, I'm Rob McCormick, President of TrustCo Bank. I'm joined today as usual by Mike Ozimek, our CFO, who will go through the numbers; and Kevin Curley, our Chief Banking Officer, will talk about lending. We think it's best to describe the results this quarter as a result of positive financial momentum. Looking at year-over-year results, deposits have grown each quarter, average loans have grown each quarter and net income has grown each quarter. For the same period, return on average assets has improved each quarter, return on average equity has improved each quarter and net interest margin has improved each quarter. This is not happening by accident. Our team has worked diligently in all areas to solidify customer relationships. We have reached out to customers with deposits and no loans to encourage equity borrowing and refinancing. We have provided incentives to loan customers to utilize our deposit products and become real customers of TrustCo Bank. And we've taken a fresh look at our loan and deposit offerings and the systems that deliver them. We've made enhancements to improve the customer service experience as well. With all those factors coming together and trending favorably, we are optimistic about the company's ability to maintain positive momentum into 2027. Investors and customers can be on the lookout for exciting announcement about our lending operation in the coming months. We are also very pleased to have 2 new directors on board. Patty Fusco is likely known to many people in the New York market, provides expertise in human resources, and Brian Gunter is a highly experienced real estate professional from the West Coast of Florida. His addition to the Board expands our geographic diversity. Now Mike is going to talk about the numbers. Kevin will touch on the loan portfolio, and then we can take your questions. Michael Ozimek: Thank you, Rob, and good morning, everyone. I will now review TrustCo's financial results for the third quarter of 2026. As we noted in the press release, the company continued to see strong financial results from the third quarter of 2026, marked by increases in both net income and net interest income during the third quarter of 2026 compared to the third quarter of 2025. This performance is underscored by rising net interest income and sustained loan and deposit growth across core lending and deposit categories. This resulted in the third quarter net income of $17.3 million, an increase of 6.5% over the prior year quarter, which yielded a return on average assets and average equity of 1.05% and 10.57%, respectively. Capital remains strong. Consolidated equity to asset ratio was 9.72% for the third quarter of 2026 compared to 10.9% in the third quarter of 2025. Book value per share at September 30, '26, was $38.20, up 2.4% compared to $37.30 a year earlier. Driving these changes, TrustCo repurchased 13.2% of outstanding common stock under the 2025 and 2026 stock repurchase programs through the acquisition of over 1.5 million shares in 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy. We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of our franchise and the focus on capital optimization. Additionally, during the third quarter, the bank declared an increased quarterly cash dividend of $0.40 per share or $1.60 per share on an annualized basis. The declared dividend represents an increase of 5.3% over the prior dividend amount, which continues the bank's commitment in paying dividends for over a century. Credit quality continues to be stable as we saw nonperforming loans modestly increased to $21.1 million in the third quarter of '26 from $18.5 million in the third quarter of '25. 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. Average loans for the third quarter of '26 grew 4.6% or $238 million to $5.4 billion from the third quarter of '25. This loan growth continues to reflect the strength of our local markets and ongoing demand for credit. For the third quarter of '26, the provision for credit losses was $850,000. The increase in the overall provision expense is being driven by loan growth and changes in economic forecast rather than the softening in the underlying credit performance. The ratio for the allowance for loan losses to total loans was 1.01% as of September 30, '26, and 1% as of September 2025. Our focus continues to be on traditional lending and conservative balance sheet management, which has continued to enable us to produce consistent high-quality recurring earnings. Retaining and growing deposits has been a key focus as we finish up 2026. Total deposits ended the quarter at $5.7 billion, was up $203 million compared to the prior year quarter. We believe the increase in these deposits compared to the same period in '25 continues to indicate strong customer confidence in the bank's competitive deposit offerings. The bank's continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, have contributed to a stable deposit base that supports ongoing loan growth and expansion. Net interest income was $47 million for the third quarter of '26, an increase of $3.9 million or 9.1% compared to the prior year quarter. The net interest margin for the quarter -- third quarter of '26 was 2.95%, up 16 basis points from the prior year quarter. Yield on interest-earning assets increased to 4.35%, up 10 basis points from the prior year quarter. The cost of interest-bearing liabilities decreased to 1.79% in the third quarter of '26 from 1.9% in the third quarter of '25. The bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve contemplates further rate changes in the months ahead. The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our community banking needs. Our Wealth Management division continues to be a significant recurring source of noninterest income. They had approximately $1.37 billion of assets under management as of September 30, '26. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to noninterest expense. Total noninterest expense net of ORE income came in at $28 million, down $300,000 from the prior quarter. ORE income net came in at a credit of $12,000 for the quarter as compared to an expense of $8,000 in the prior year quarter. We're going to continue to guide the anticipated level of expense not to exceed $200,000 per quarter. All the other categories of noninterest expense were in line with our expectations for the third quarter. We would expect 2026 total recurring noninterest expense net of ORE expense to be in the range of $27.8 million to $28.2 million per quarter. Now Kevin will review the loan portfolio and nonperforming loans. Kevin Curley: Thanks, Mike, and good morning to everyone. Our average loans grew by $238.1 million or 4.6% year-over-year. This is an improvement over last quarter's report of year-over-year growth of $197.5 million. The growth was centered in our residential loan portfolio with our first mortgage segment growing by $177.3 million or 4% and our home equity loans growing $50 million or 11.4% over last year. In addition, our commercial loans grew by $13.5 million or 4.3% over last year. For the third quarter, actual loans increased $77.1 million compared to the second quarter. Purchase mortgage loans, including refinances grew by $53.6 million. Home equity loans grew by $13.9 million and commercial loans were higher by $10 million for the quarter. During the third quarter, mortgage rates were below 6.5% at the beginning of the quarter and then increased to over 7% by the end of the quarter. As noted previously, we have the flexibility to strategically manage pricing and introduce targeted promotions to drive lending volume. Our mortgage origination activity as well as our purchase loan volume was steady throughout the quarter. In addition, our home equity products continue to produce consistent demand as customers are able to use their equity to meet their borrowing needs. Overall, we are pleased with the loan growth during the quarter and remain committed to delivering strong results moving forward. Moving to asset quality. As a portfolio lender, we originate loans through maturity. This reinforces our disciplined approach to underwriting and risk management. Asset quality at the bank remains very strong. Our early-stage delinquencies in our portfolio continue to remain within the normal range. Charge-offs for the quarter amounted to a net recovery of $30,000, which follows a net recovery of $88,000 in the second quarter and a total of $171,000 in recoveries over the past year. Overall, we have had 7 straight quarters of net recoveries. Nonperforming loans were $21.1 million at this quarter end, $21.8 million last quarter and $18.5 million a year ago. Nonperforming loans to total loans was 0.39% for quarter end compared to 0.4% last quarter and 0.36% a year ago. Nonperforming assets were $22.3 million at quarter end, $23 million last quarter and $19.7 million a year ago. At quarter end, our allowance for credit losses remained solid at $55.2 million with a coverage ratio of 262% compared to $54.1 million with a coverage ratio of 249% at the end of the second quarter and $51.9 million and a coverage ratio of 281% a year ago. Rob? Robert McCormick: Thanks, Kevin. That's our story. We're happy to answer any questions anybody might have. Operator: Your first question comes from the line of Ian Lapey from Gabelli Funds. John Lapey: Congratulations on another strong quarter. Can you just talk about, obviously, during the quarter, there was a sharp increase in interest rates, particularly the 10-year mortgage rates. Can you just talk about the impact that, that had on the -- both the loan and deposit business? Robert McCormick: Certainly, the change affected us in some ways, Ian, but we've always maintained a pretty liquid position and stay well capitalized. So we kind of let some of it run off a little bit and work our way the higher-priced stuff and work our way back into it. So I think it's been a very effective thing for us. Some people are going a little bit longer on CDs and some of the loan volumes are down. But as I said in my introduction was that we're trying to pick up more equity loans and do more business that way. And we've been successful at it so far. John Lapey: Did you see sort of just a in terms of customer behavior, just any type of like freezing in terms of plans to either refi or purchase a new home? Robert McCormick: No. You're talking about encouraging people to refi or... John Lapey: Yes. What you're seeing in terms of customer behavior given the sharp increase in rates. Robert McCormick: We operate in pretty conservative areas, especially in upstate New York. So we have not seen a real change in customer behavior. John Lapey: Okay. And then next, on credit. First, congratulations on another quarter of net recoveries. Very impressive. Just given -- and you mentioned the allowance -- the increase in the allowance was driven mostly by sort of a deteriorating economic outlook. Can you just talk about sort of how you're positioning the loan portfolio for a more challenging environment and what you're sort of focused most on in terms of potential risk there? Robert McCormick: I mean, our underwriting is always conservative, Ian. So we're staying the course and trying not to get crazy with regard to any of the loans are being made. We're watching everybody around us kind of change their stripes to kind of do think different things. We're trying to stay the course. And part of that allowance increase is driven by loan growth so that we're back funding that through the CECL model. So between the combination of the 2 factors, and Mike can tell you 100x more than I can tell you about it. But between a combination of a few factors and the loan growth, that's how we ended up. But our customers have come to know us and come to know what to expect of us, and we're pretty comfortable with where we're at. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Robert J. McCormick for any closing remarks. Robert McCormick: Thank you for your interest in our company. I hope you have a great day. Operator: This concludes today's call. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in TrustCo Bank Ny, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and TrustCo Bank Ny wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $350,756!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,363,905!* Now, it's worth noting Stock Advisor's total average return is 922% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of October 22, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. TrustCo Bank (TRST) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Performance was characterized by 'positive financial momentum,' with year-over-year growth in deposits, average loans, and net income for each consecutive quarter. - Management attributed margin and income improvements to a deliberate strategy of cross-selling, specifically targeting deposit-only customers for equity borrowing and refinancing. - The bank implemented incentives for loan customers to adopt deposit products, aiming to convert single-service users into full-relationship clients. - Net interest margin expansion of 16 basis points year-over-year was driven by a 10-basis-point increase in asset yields combined with a decrease in the cost of interest-bearing liabilities. - Loan growth was primarily centered in the residential portfolio, with home equity loans showing significant double-digit growth of 11.4% over the prior year. - The company maintained a conservative underwriting stance as a portfolio lender, which supported a seventh consecutive quarter of net recoveries despite a modest increase in nonperforming loans. - Management expressed optimism regarding the company's ability to maintain positive financial momentum through 2027. - The bank teased an 'exciting announcement' regarding lending operations expected in the coming months to further drive volume. - Guidance for recurring noninterest expense is set between $27.8 million and $28.2 million per quarter for the remainder of 2026. - The bank remains positioned to deliver strong net interest income even as the Federal Reserve contemplates further interest rate changes. - Capital optimization remains a priority, with a commitment to continued share repurchases following the buyback of 13.2% of common stock under current programs. - The provision for credit losses increased to $850,000, driven by loan growth and shifts in economic forecasting models rather than a decline in underlying credit quality. - The consolidated equity to asset ratio decreased to 9.72% from 10.9% year-over-year, reflecting the impact of a disciplined long-term share repurchase program. - The Board of Directors was expanded with two new members to add expertise in human resources and geographic diversity in the West Coast Florida market. - Management noted that mortgage rates fluctuated significantly during the quarter, starting below 6.5% and ending over 7%. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management stated they maintained a liquid position and allowed some higher-priced deposits to run off while focusing on equity loans. - The bank has not observed a significant change in customer behavior or a 'freezing' of refinance and purchase plans in their conservative operating areas. - The bank is 'staying the course' with conservative underwriting standards while competitors are perceived to be changing their strategies. - Management clarified that the increase in the allowance for credit losses is partially a function of back-funding loan growth through the CECL model.

This article first appeared on GuruFocus. - Net Income: $17.3 million in Q3 2026, up 6.5% year-over-year. - Return on Average Assets: 1.05% for Q3 2026. - Return on Average Equity: 10.57% for Q3 2026. - Net Interest Income: $47 million, up $3.9 million or 9.1% year-over-year. - Net Interest Margin: 2.95%, up 16 basis points year-over-year. - Yield on Interest-Earning Assets: 4.35%, up 10 basis points year-over-year. - Cost of Interest-Bearing Liabilities: 1.79%, down from 1.90% a year earlier. - Average Loans: $5.4 billion, up 4.6% or $238 million year-over-year. - First Mortgage Segment: Grew $177.3 million or 4% year-over-year. - Home Equity Loans: Grew $50 million or 11.4% year-over-year. - Commercial Loans: Grew $13.5 million or 4.3% year-over-year. - Total Deposits: $5.7 billion, up $203 million year-over-year. - Provision for Credit Losses: $850,000 in Q3 2026. - Non-Performing Loans: $21.1 million, up from $18.5 million a year earlier; 0.39% of total loans. - Non-Performing Assets: $22.3 million, up from $19.7 million a year earlier. - Allowance for Credit Losses: $55.2 million with a coverage ratio of 262%. - Net Charge-Offs: Net recovery of $30,000; seventh straight quarter of net recoveries. - Non-Interest Expense: $28 million net of ORE income, down $300,000 from the prior quarter; guidance of $27.8 million$28.2 million per quarter. - Wealth Management AUM: Approximately $1.37 billion as of September 30, 2026. - Book Value Per Share: $38.20, up 2.4% from $37.33 a year earlier. - Consolidated Equity to Asset Ratio: 9.72%, down from 10.90% a year earlier. - Share Repurchases: 13.2% of outstanding common stock repurchased under 2025 and 2026 programs; over 1.5 million shares acquired in 2026 following 1 million shares in 2025. - Dividend: Quarterly cash dividend raised to $0.40 per share ($1.60 annualized), up 5.3% over the prior amount. - Warning! GuruFocus has detected 10 Warning Signs with TRST. - High Yield Dividend Stocks in Gurus' Portfolio - This Powerful Chart Made Peter Lynch 29% A Year For 13 Years - How to calculate the intrinsic value of a stock? - Is TRST fairly valued? Test your thesis with our free DCF calculator. Release Date: October 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Net income increased 6.5% year-over-year to $17.3 million, with return on average assets of 1.05% and return on average equity of 10.57%. - Net interest income grew 9.1% year-over-year to $47 million, and net interest margin expanded 16 basis points to 2.95%. - Average loans grew 4.6% year-over-year to $5.4 billion, driven by residential, home equity, and commercial loan growth. - Total deposits increased $203 million year-over-year to $5.7 billion, reflecting strong customer confidence and relationship banking. - Credit quality remains strong with seven consecutive quarters of net recoveries and a low non-performing loans to total loans ratio of 0.39%. - Non-performing loans increased to $21.1 million from $18.5 million a year ago, and non-performing assets rose to $22.3 million from $19.7 million. - Provision for credit losses was $850,000, driven by loan growth and changes in economic forecasts, indicating potential credit risk. - Consolidated equity to asset ratio declined to 9.72% from 10.9% in the prior year quarter. - Non-interest expense net of ORE income was $28 million, and the company expects recurring non-interest expense to be in the range of $27.8 million to $28.2 million per quarter. - The company repurchased 13.2% of outstanding common stock, which may reduce capital flexibility. Q: Ian Lapey of Gabelli Funds asked how the sharp increase in interest rates during the quarter, particularly the move in 10-year mortgage rates, affected both the loan and deposit business.A: CEO Robert McCormack explained that TrustCo maintains a liquid position and stays well capitalized, allowing it to let some higher-priced business run off and work back in. He noted some customers are going a bit longer on CDs and some loan volumes are down, but the bank has been successful in picking up more home equity loans to offset this. Q: The analyst followed up asking whether the bank has seen any freezing in customer behavior, such as plans to refinance or purchase a new home, given the sharp rate increase.A: McCormack stated that TrustCo operates in conservative areas, especially upstate New York, and has not seen a real change in customer behavior despite the rate moves. Q: Ian Lapey congratulated the team on another quarter of net recoveries and asked how the bank is positioning its loan portfolio for a more challenging environment, given that the allowance increase was driven mostly by a deteriorating economic outlook, and what risks it is focused on.A: McCormack said underwriting remains conservative and the bank is staying the course rather than following peers who are changing their stripes. He noted the allowance increase was driven by a combination of loan growth, which requires funding the CECL model, and Q factors, adding that customers know what to expect from TrustCo and the bank is comfortable with its position. Q: The analyst opened by congratulating Rob and the team on another strong quarter before moving into questions on rates and credit.A: McCormack thanked him and the discussion proceeded, with the CEO later summarizing the quarter as the result of positive financial momentum, citing year-over-year growth in deposits, average loans and net income each quarter, along with improving return on average assets, return on average equity and net interest margin. Q: On credit quality, the analyst noted the increase in the allowance and asked about portfolio positioning for a tougher environment.A: CFO Michael Ozimek had earlier reported that the third quarter provision for credit losses was $850,000, with the increase driven by loan growth and changes in economic forecasts rather than softening in underlying credit performance. The allowance for loan losses to total loans was 1.01% at September 30, 2026, versus 1.00% a year earlier. Q: Regarding asset quality trends, the call addressed the modest rise in non-performing loans.A: Ozimek reported non-performing loans increased to $21.1 million in Q3 2026 from $18.5 million a year earlier, while emphasizing that solid underwriting and conservative lending standards position the bank to manage credit risk effectively. EVP of Retail Banking Kevin Curley added that non-performing loans to total loans were 0.39% for the quarter, and the allowance for credit losses was $55.2 million with a coverage ratio of 262%. Q: The call addressed deposit trends and the bank's funding base.A: Ozimek reported total deposits ended the quarter at $5.7 billion, up $203 million versus the prior year quarter, which he attributed to strong customer confidence in competitive deposit offerings, relationship banking and digital capabilities supporting a stable deposit base for loan growth. Q: Net interest income and margin performance were reviewed.A: Ozimek reported net interest income of $47 million for Q3 2026, up $3.9 million or 9.1% year-over-year, with net interest margin at 2.95%, up 16 basis points. Yield on interest-earning assets rose to 4.35%, up 10 basis points, while the cost of interest-bearing liabilities decreased to 1.79% from 1.90%. He said the bank is well positioned even as the Federal Reserve contemplates further rate changes. Q: Capital return and dividend policy were highlighted.A: Ozimek noted TrustCo repurchased 13.2% of outstanding common stock under the 2025 and 2026 programs, acquiring over 1.5 million shares in 2026 following 1 million shares in 2025. The bank also declared an increased quarterly cash dividend of $0.40 per share, or $1.60 annualized, a 5.3% increase, continuing a dividend history of over a century. Book value per share was $38.20, up 2.4% from $37.33. Q: Non-interest income and expense guidance were discussed.A: Ozimek said the Wealth Management Division had approximately $1.37 billion in assets under management as of September 30, 2026, with mostly recurring fee income. Total non-interest expense net of ORE income was $28 million, down $300,000 from the prior quarter, and he guided 2026 recurring non-interest expense to a range of $27.8 million to $28.2 million per quarter. Q: Management offered its outlook for the remainder of 2026 and into 2027.A: McCormack said that with all factors trending favorably, the company is optimistic about maintaining positive momentum into 2027, and investors and customers should watch for an exciting announcement about the lending operation in the coming months. He also welcomed new directors Patty Fusco, with human resources expertise in the New York market, and Brian Gunther, a real estate professional from the West Coast to Florida who expands the board's geographic diversity. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Executive Snapshot: Financial results: - Key metrics for the third quarter of 2026 compared to the third quarter of 2025: - Diluted earnings per share of $1.02 increased 18.6% compared to $0.86 - Net interest income of $47.0 million, up 9.1% from $43.1 million - Net interest margin of 2.95%, up 16 basis points from 2.79% - Net income of $17.3 million increased 6.5% compared to $16.3 million - Average loans increased $238.1 million, or 4.6% - Average deposits increased $229.6 million, or 4.2% - Capital allocation and Stock Repurchase Program: - Increased dividend 5.3% to $0.40 per share, or $1.60 per share on an annualized basis - Purchased 13.2% of TrustCo outstanding common stock under the 2026 and 2025 Stock Repurchase Programs through the acquisition of over 1.5 million shares in the first nine months of 2026, following the purchase of 1 million shares in 2025, reinforcing a disciplined long-term capital allocation strategy - On pace to complete the repurchase of a total of three million shares, or 15.8%, of TrustCo common stock by the end of 2026 GLENVILLE, N.Y., Oct. 21, 2026 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced financial results for the third quarter of 2026 highlighted by a continued increase in net interest income and sustained loan and deposit growth across core lending and deposit categories. For the three months ended September 30, 2026, net interest income increased 9.1% year over year to $47.0 million. This was driven by the ongoing asset repricing across our loan portfolio at higher yields and effective execution of deposit growth and pricing strategies. For the three months ended September 30, 2026, net interest margin expanded to 2.95% from 2.79% in the prior year period. This resulted in third quarter 2026 net income of $17.3 million, or $1.02 diluted earnings per share, compared to net income of $16.3 million, or $0.86 diluted earnings per share, for the third quarter 2025; and contributed to net income of $50.6 million, or $2.91 diluted earnings per share, for the nine months ended September 30, 2026, compared to net income of $45.6 million, or $2.41 diluted earnings per share, for the nine months ended September 30, 2025. Overview Chairman, President, and CEO, Robert J. McCormick, said "Another quarter of solid financial performance is the product of TrustCo's continued execution of tried and true banking principles that, quarter after quarter, continue to build positive momentum. Steady growth in both loans and deposits, coupled with favorable repricing of the Bank's nearly $5.5 billion loan portfolio, have boosted net interest income to $47 million for the quarter, increased margin by 16 basis points, and driven return on average equity up 1.28% year over year, a 14% increase. Our management team has built a resilient balance sheet that can perform well in the current dynamic interest-rate environment, which efforts are supported by the entire organization's focus on our relationship-based banking strategy. The ongoing repurchase of shares and regular payment of our recently-increased quarterly dividend work together to enhance shareholder value. With all of these factors coming together and trending favorably, we are optimistic about the Company's ability to maintain positive momentum into 2027." Details We have continued to see meaningful net income and net interest income improvement. The loan and investment portfolios of Trustco Bank (the "Bank") 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, driven by deposit growth while decreasing funding costs which underscores the Bank's disciplined relationship banking strategy and the value customers place on stability and service. We believe that these factors position the Bank to generate continued net income and net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $47.0 million for the third quarter of 2026, an increase of $3.9 million, or 9.1%, compared to the third quarter of 2025, driven by loan growth at higher interest rates and a decrease in interest expense. The net interest margin for the third quarter of 2026 was 2.95%, up 16 basis points from 2.79% in the third quarter of 2025. The yield on interest-earning assets increased to 4.35% in the third quarter of 2026, up 10 basis points from 4.25% in the third quarter of 2025. The cost of interest bearing liabilities decreased to 1.79% in the third quarter of 2026, down 11 basis points from 1.90% in the third quarter of 2025. Average loans were up $238.1 million, or 4.6%, in the third quarter of 2026 over the same period in 2025. Average residential loans and Home Equity Credit Lines (HECLs), our primary lending focus, were up $177.3 million, or 4.0%, and $50.0 million, or 11.4%, respectively, in the third quarter of 2026 over the same period in 2025. Average commercial loans also increased $13.5 million, or 4.3%, in the third quarter of 2026 over the same period in 2025. Loan growth in the third quarter of 2026 remained steady, driven by continued strength in core relationship lending. Credit quality metrics were stable. 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 strong underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. The consistent growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $229.6 million, or 4.2%, for the third quarter of 2026 compared to the third 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 third quarter of 2026, the Bank remained focused on capital deployment and allocation, guided by a disciplined framework, with a dividend increase, and share repurchases, these serve as key tools to enhance shareholder value. This reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. During the third quarter, the Bank declared an increased quarterly cash dividend of $0.40 per share, or $1.60 per share on an annualized basis. The declared dividend represents an increase of 5.3% over the prior dividend amount which continues the Banks commitment in paying dividends for over a century. For the three and nine months ended September 30, 2026, TrustCo repurchased 500 thousand and 1.5 million shares, or 2.9% and 8.3%, respectively, of TrustCo's outstanding common stock under its previously announced stock repurchase program, which authorizes TrustCo to repurchase up to two million shares, or 11.1%, of TrustCo's outstanding 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 September 30, 2026, our equity to asset ratio was 9.72%, compared to 10.90% as of September 30, 2025. Book value per share as of September 30, 2026 was $38.20, up 2.4% compared to $37.30 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 $850 thousand in the third quarter of 2026, an increase of $600 thousand compared to the same period in 2025. For the three months ended September 30, 2026, the provision for credit losses was the result of a provision for credit losses on loans of $1.05 million due to loan growth and changes in forward looking economic assumptions, and a benefit for credit losses on unfunded commitments of $200 thousand due to the seasonal decrease in the loan pipeline. Accordingly, increases in the overall provision expense are being driven by loan growth and changes in economic forecasts rather than the deterioration in underlying credit performance. The ratio of allowance for credit losses on loans to total loans was 1.01% and 1.00% as of September 30, 2026 and September 30, 2025, respectively. The allowance for credit losses on loans was $55.2 million as of September 30, 2026, compared to $51.9 million as of September 30, 2025. Nonperforming loans (NPLs) were $21.1 million as of September 30, 2026, compared to $18.5 million as of September 30, 2025. NPLs were 0.39% and 0.36% of total loans as of September 30, 2026 and September 30, 2025, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 261.8% as of September 30, 2026, compared to 280.8% as of September 30, 2025. Nonperforming assets (NPAs) were $22.3 million as of September 30, 2026, compared to $19.7 million as of September 30, 2025. Asset quality metrics remain stable and well covered by reserves, reflecting the Bank's conservative underwriting standards. A conference call to discuss third quarter 2026 results will be held at 9:00 a.m. Eastern Time on October 22, 2026. Those wishing to participate in the call may dial toll-free for North America 1-833-461-5787, Meeting ID 638 789 515. The call will also be audio webcast at https://events.q4inc.com/attendee/638789515. The webcast replay will be available for one year at the same link. 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 September 30, 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," "can" 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 income, net interest income and shareholder value for future quarters; expectations regarding our future momentum; the anticipated impact of our focus on underwriting within our loan portfolio and conservative lending standards; the expected impact of the continued repricing of our loan and investment portfolios, as well as our liquidity position, on our future net interest and net interest income; our balance sheet's performance in future interest-rate environments; future 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 TrustCo's actual results to differ materially 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 to 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 Community Reinvestment Act 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, our Quarterly Report on Form 10-Q for the first and second quarters of 2026, our upcoming quarterly report on Form 10-Q for the third 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 | | 9/30/2026 | | 6/30/2026 | | 9/30/2025 Summary of operations | | | | | | Net interest income | | $ | 47,039 | | | $ | 45,590 | | | $ | 43,119 | Provision for credit losses | | | 850 | | | | 650 | | | | 250 | Net gains on equity securities | | | 56 | | | | 844 | | | | - | Noninterest income, excluding net gains on equity securities | | | 4,762 | | | | 5,068 | | | | 4,689 | Noninterest expense | | | 28,019 | | | | 28,333 | | | | 26,242 | Net income | | | 17,318 | | | | 16,965 | | | | 16,258 | | | | | | | Per share | | | | | | Net income per share: | | | | | | - Basic | | $ | 1.03 | | | $ | 0.98 | | | $ | 0.87 | - Diluted | | | 1.02 | | | | 0.98 | | | | 0.86 | Cash dividends | | | 0.40 | | | | 0.38 | | | | 0.38 | Book value at period end | | | 38.20 | | | | 38.53 | | | | 37.30 | Market price at period end | | | 54.29 | | | | 54.91 | | | | 36.30 | | | | | | | At period end | | | | | | Full time equivalent employees | | | 740 | | | | 742 | | | | 738 | Full service banking offices | | | 133 | | | | 132 | | | | 136 | | | | | | | Performance ratios | | | | | | Return on average assets | | | 1.05 | % | | | 1.04 | % | | | 1.02 | % Return on average equity | | | 10.57 | | | | 10.22 | | | | 9.29 | Efficiency ratio (GAAP) | | | 54.03 | | | | 55.01 | | | | 54.89 | Adjusted Efficiency ratio (1) | | | 54.11 | | | | 55.71 | | | | 54.87 | Net interest spread | | | 2.56 | | | | 2.48 | | | | 2.35 | Net interest margin | | | 2.95 | | | | 2.87 | | | | 2.79 | Dividend payout ratio | | | 38.58 | | | | 38.36 | | | | 43.68 | | | | | | | Capital ratios at period end | | | | | | Consolidated equity to assets (GAAP) | | | 9.72 | % | | | 10.05 | % | | | 10.90 | % Consolidated tangible equity to tangible assets (1) | | | 9.71 | % | | | 10.05 | % | | | 10.89 | % | | | | | | Asset quality analysis at period end | | | | | | Nonperforming loans to total loans | | | 0.39 | % | | | 0.40 | % | | | 0.36 | % Nonperforming assets to total assets | | | 0.34 | | | | 0.35 | | | | 0.31 | Allowance for credit losses on loans to total loans | | | 1.01 | | | | 1.01 | | | | 1.00 | Coverage ratio (2) | | | 2.6 | x | | | 2.5 | x | | | 2.8 | 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. FINANCIAL HIGHLIGHTS, Continued (dollars in thousands, except per share data) (Unaudited) | | Nine months ended | | 09/30/26 | | 09/30/25 Summary of operations | | | | Net interest income | | $ | 137,337 | | | $ | 125,238 | Provision for credit losses | | | 2,450 | | | | 1,200 | Net gains on equity securities | | | 900 | | | | - | Noninterest income, excluding net gains on equity securities | | | 14,671 | | | | 14,515 | Noninterest expense | | | 83,334 | | | | 78,794 | Net income | | | 50,568 | | | | 45,572 | | | | | Per share | | | | Net income per share: | | | | - Basic | | $ | 2.92 | | | $ | 2.41 | - Diluted | | | 2.91 | | | | 2.41 | Cash dividends | | | 1.16 | | | | 1.10 | Book value at period end | | | 38.20 | | | | 37.30 | Market price at period end | | | 54.29 | | | | 36.30 | | | | | Performance ratios | | | | Return on average assets | | | 1.04 | % | | | 0.97 | % Return on average equity | | | 10.15 | | | | 8.84 | Efficiency ratio (GAAP) | | | 54.50 | | | | 56.38 | Adjusted Efficiency ratio (1) | | | 54.72 | | | | 55.98 | Net interest spread | | | 2.49 | | | | 2.28 | Net interest margin | | | 2.89 | | | | 2.71 | Dividend payout ratio | | | 39.41 | | | | 45.55 | (dollars in thousands, except per share data) (Unaudited) | | Three months ended | | 9/30/2026 | | 6/30/2026 | | 3/31/2026 | | 12/31/2025 | | 9/30/2025 Interest and dividend income: | | | | | | | | | | Interest and fees on loans | | $ | 60,875 | | | $ | 58,757 | | | $ | 57,565 | | | $ | 56,886 | | | $ | 55,953 | Interest and dividends on securities available for sale: | | | | | | | | | | U. S. government sponsored enterprises | | | 86 | | | | 111 | | | | 149 | | | | 350 | | | | 599 | State and political subdivisions | | | - | | | | - | | | | - | | | | - | | | | 1 | Mortgage-backed securities and collateralized mortgage obligations - residential | | | 1,509 | | | | 1,486 | | | | 1,469 | | | | 1,490 | | | | 1,583 | Corporate bonds | | | 820 | | | | 776 | | | | 694 | | | | 536 | | | | 265 | Small Business Administration - guaranteed participation securities | | | 56 | | | | 59 | | | | 63 | | | | 68 | | | | 72 | Other securities | | | 8 | | | | 7 | | | | 8 | | | | 8 | | | | 7 | Total interest and dividends on securities available for sale | | | 2,479 | | | | 2,439 | | | | 2,383 | | | | 2,452 | | | | 2,527 | | | | | | | | | | | Interest on held to maturity securities: | | | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations - residential | | | 43 | | | | 44 | | | | 47 | | | | 50 | | | | 52 | Total interest on held to maturity securities | | | 43 | | | | 44 | | | | 47 | | | | 50 | | | | 52 | | | | | | | | | | | Federal Home Loan Bank stock | | | 112 | | | | 123 | | | | 126 | | | | 126 | | | | 125 | | | | | | | | | | | Interest on federal funds sold and other short-term investments | | | 6,098 | | | | 6,344 | | | | 6,105 | | | | 6,580 | | | | 7,376 | Total interest income | | | 69,607 | | | | 67,707 | | | | 66,226 | | | | 66,094 | | | | 66,033 | | | | | | | | | | | Interest expense: | | | | | | | | | | Interest on deposits: | | | | | | | | | | Interest-bearing checking | | | 642 | | | | 551 | | | | 533 | | | | 501 | | | | 483 | Savings | | | 730 | | | | 703 | | | | 675 | | | | 715 | | | | 741 | Money market deposit accounts | | | 1,597 | | | | 1,631 | | | | 1,552 | | | | 1,810 | | | | 2,065 | Time deposits | | | 19,245 | | | | 18,863 | | | | 18,357 | | | | 18,993 | | | | 19,427 | Interest on short-term borrowings | | | 354 | | | | 369 | | | | 401 | | | | 340 | | | | 198 | Total interest expense | | | 22,568 | | | | 22,117 | | | | 21,518 | | | | 22,359 | | | | 22,914 | | | | | | | | | | | Net interest income | | | 47,039 | | | | 45,590 | | | | 44,708 | | | | 43,735 | | | | 43,119 | | | | | | | | | | | Less: Provision for credit losses | | | 850 | | | | 650 | | | | 950 | | | | 400 | | | | 250 | Net interest income after provision for credit losses | | | 46,189 | | | | 44,940 | | | | 43,758 | | | | 43,335 | | | | 42,869 | | | | | | | | | | | Noninterest income: | | | | | | | | | | Trustco Financial Services income | | | 2,059 | | | | 1,980 | | | | 2,135 | | | | 1,950 | | | | 1,967 | Fees for services to customers | | | 2,409 | | | | 2,487 | | | | 2,340 | | | | 2,192 | | | | 2,429 | Net gains on equity securities | | | 56 | | | | 844 | | | | - | | | | - | | | | - | Other | | | 294 | | | | 601 | | | | 366 | | | | 288 | | | | 293 | Total noninterest income | | | 4,818 | | | | 5,912 | | | | 4,841 | | | | 4,430 | | | | 4,689 | | | | | | | | | | | Noninterest expenses: | | | | | | | | | | Salaries and employee benefits | | | 12,776 | | | | 13,047 | | | | 12,219 | | | | 12,242 | | | | 12,727 | Net occupancy expense | | | 4,526 | | | | 4,381 | | | | 4,542 | | | | 4,592 | | | | 4,470 | Equipment expense | | | 2,306 | | | | 2,082 | | | | 2,022 | | | | 2,219 | | | | 1,938 | Professional services | | | 1,744 | | | | 1,968 | | | | 1,526 | | | | 1,083 | | | | 1,571 | Outsourced services | | | 2,800 | | | | 2,704 | | | | 2,700 | | | | 2,100 | | | | 2,492 | Advertising expense | | | 468 | | | | 586 | | | | 394 | | | | 629 | | | | 290 | FDIC and other insurance | | | 1,104 | | | | 1,101 | | | | 1,153 | | | | 1,135 | | | | 1,052 | Other real estate (income) expense, net | | | (12 | ) | | | 112 | | | | 50 | | | | 161 | | | | 8 | Other | | | 2,307 | | | | 2,352 | | | | 2,376 | | | | 2,549 | | | | 1,694 | Total noninterest expenses | | | 28,019 | | | | 28,333 | | | | 26,982 | | | | 26,710 | | | | 26,242 | | | | | | | | | | | Income before taxes | | | 22,988 | | | | 22,519 | | | | 21,617 | | | | 21,055 | | | | 21,316 | Income taxes | | | 5,670 | | | | 5,554 | | | | 5,332 | | | | 5,490 | | | | 5,058 | | | | | | | | | | | Net income | | $ | 17,318 | | | $ | 16,965 | | | $ | 16,285 | | | $ | 15,565 | | | $ | 16,258 | | | | | | | | | | | Net income per common share: | | | | | | | | | | - Basic | | $ | 1.03 | | | $ | 0.98 | | | $ | 0.91 | | | $ | 0.85 | | | $ | 0.87 | | | | | | | | | | | - Diluted | | | 1.02 | | | | 0.98 | | | | 0.91 | | | | 0.85 | | | | 0.86 | | | | | | | | | | | Weighted average basic shares (in thousands) | | | 16,842 | | | | 17,304 | | | | 17,813 | | | | 18,275 | | | | 18,755 | Weighted average diluted shares (in thousands) | | | 16,939 | | | | 17,386 | | | | 17,876 | | | | 18,327 | | | | 18,805 | CONSOLIDATED STATEMENTS OF INCOME, Continued (dollars in thousands, except per share data) (Unaudited) | | Nine months ended | | 09/30/26 | | 09/30/25 Interest and dividend income: | | | | Interest and fees on loans | | $ | 177,197 | | | $ | 163,960 | Interest and dividends on securities available for sale: | | | | U. S. government sponsored enterprises | | | 346 | | | | 1,809 | State and political subdivisions | | | - | | | | 1 | Mortgage-backed securities and collateralized mortgage obligations - residential | | | 4,464 | | | | 4,679 | Corporate bonds | | | 2,290 | | | | 735 | Small Business Administration - guaranteed participation securities | | | 178 | | | | 228 | Other securities | | | 23 | | | | 22 | Total interest and dividends on securities available for sale | | | 7,301 | | | | 7,474 | | | | | Interest on held to maturity securities: | | | | Mortgage-backed securities-residential | | | 134 | | | | 163 | Total interest on held to maturity securities | | | 134 | | | | 163 | | | | | Federal Home Loan Bank stock | | | 361 | | | | 405 | | | | | Interest on federal funds sold and other short-term investments | | | 18,547 | | | | 21,320 | Total interest income | | | 203,540 | | | | 193,322 | | | | | Interest expense: | | | | Interest on deposits: | | | | Interest-bearing checking | | | 1,726 | | | | 1,577 | Savings | | | 2,108 | | | | 2,208 | Money market deposit accounts | | | 4,780 | | | | 6,140 | Time deposits | | | 56,465 | | | | 57,605 | Interest on short-term borrowings | | | 1,124 | | | | 554 | Total interest expense | | | 66,203 | | | | 68,084 | | | | | Net interest income | | | 137,337 | | | | 125,238 | | | | | Less: Provision for credit losses | | | 2,450 | | | | 1,200 | Net interest income after provision for credit losses | | | 134,887 | | | | 124,038 | | | | | Noninterest income: | | | | Trustco Financial Services income | | | 6,174 | | | | 5,905 | Fees for services to customers | | | 7,236 | | | | 7,340 | Net gains on equity securities | | | 900 | | | | - | Other | | | 1,261 | | | | 1,270 | Total noninterest income | | | 15,571 | | | | 14,515 | | | | | Noninterest expenses: | | | | Salaries and employee benefits | | | 38,042 | | | | 36,497 | Net occupancy expense | | | 13,449 | | | | 13,542 | Equipment expense | | | 6,410 | | | | 5,800 | Professional services | | | 5,238 | | | | 5,183 | Outsourced services | | | 8,204 | | | | 7,652 | Advertising expense | | | 1,448 | | | | 955 | FDIC and other insurance | | | 3,358 | | | | 3,376 | Other real estate expense, net | | | 150 | | | | 558 | Other | | | 7,035 | | | | 5,231 | Total noninterest expenses | | | 83,334 | | | | 78,794 | | | | | Income before taxes | | | 67,124 | | | | 59,759 | Income taxes | | | 16,556 | | | | 14,187 | | | | | Net income | | $ | 50,568 | | | $ | 45,572 | | | | | Net income per common share: | | | | - Basic | | $ | 2.92 | | | $ | 2.41 | | | | | - Diluted | | | 2.91 | | | | 2.41 | | | | | Weighted average basic shares (in thousands) | | | 17,317 | | | | 18,912 | Weighted average diluted shares (in thousands) | | | 17,398 | | | | 18,947 | CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands) (Unaudited) | | 9/30/2026 | | 6/30/2026 | | 3/31/2026 | | 12/31/2025 | | 9/30/2025 ASSETS: | | | | | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 42,914 | | | $ | 44,503 | | | $ | 43,165 | | | $ | 50,569 | | | $ | 42,026 | Federal funds sold and other short term investments | | | 554,402 | | | | 652,136 | | | | 724,943 | | | | 679,858 | | | | 653,530 | Total cash and cash equivalents | | | 597,316 | | | | 696,639 | | | | 768,108 | | | | 730,427 | | | | 695,556 | | | | | | | | | | Securities available for sale: | | | | | | | | | U. S. government sponsored enterprises | | | 9,873 | | | | 14,956 | | | | 14,887 | | | | 31,772 | | | | 51,557 | States and political subdivisions | | | 9 | | | | 9 | | | | 9 | | | | 9 | | | | 18 | Mortgage-backed securities and collateralized mortgage obligations - residential | | | 196,688 | | | | 203,601 | | | | 205,209 | | | | 206,290 | | | | 215,466 | Small Business Administration - guaranteed participation securities | | | 9,306 | | | | 10,153 | | | | 10,796 | | | | 11,710 | | | | 12,330 | Corporate bonds | | | 77,434 | | | | 73,804 | | | | 69,137 | | | | 59,932 | | | | 39,800 | Other securities | | | 713 | | | | 718 | | | | 708 | | | | 705 | | | | 701 | Total securities available for sale | | | 294,023 | | | | 303,241 | | | | 300,746 | | | | 310,418 | | | | 319,872 | | | | | | | | | | | Held to maturity securities: | | | | | | | | | | Mortgage-backed securities and collateralized mortgage obligations-residential | | | 3,640 | | | | 3,842 | | | | 4,097 | | | | 4,339 | | | | 4,593 | Total held to maturity securities | | | 3,640 | | | | 3,842 | | | | 4,097 | | | | 4,339 | | | | 4,593 | | | | | | | | | | | Federal Reserve Bank and Federal Home Loan Bank stock | | | 6,756 | | | | 6,756 | | | | 6,601 | | | | 6,601 | | | | 6,601 | | | | | | | | | | Loans: | | | | | | | | | Commercial | | | 332,406 | | | | 322,439 | | | | 316,763 | | | | 313,443 | | | | 311,491 | Residential mortgage loans | | | 4,614,353 | | | | 4,560,717 | | | | 4,497,911 | | | | 4,463,260 | | | | 4,420,813 | Home equity line of credit | | | 498,088 | | | | 484,197 | | | | 464,887 | | | | 464,201 | | | | 447,235 | Installment loans | | | 9,439 | | | | 9,882 | | | | 10,617 | | | | 11,556 | | | | 12,231 | Loans, net of deferred net costs | | | 5,454,286 | | | | 5,377,235 | | | | 5,290,178 | | | | 5,252,460 | | | | 5,191,770 | | | | | | | | | | Less: Allowance for credit losses on loans | | | 55,162 | | | | 54,082 | | | | 52,994 | | | | 52,205 | | | | 51,891 | Net loans | | | 5,399,124 | | | | 5,323,153 | | | | 5,237,184 | | | | 5,200,255 | | | | 5,139,879 | | | | | | | | | | | Bank premises and equipment, net | | | 42,266 | | | | 42,273 | | | | 41,071 | | | | 40,707 | | | | 39,718 | Operating lease right-of-use assets | | | 32,715 | | | | 33,872 | | | | 33,305 | | | | 33,638 | | | | 35,291 | Other assets | | | 118,220 | | | | 115,137 | | | | 116,767 | | | | 114,315 | | | | 107,514 | | | | | | | | | | Total assets | | $ | 6,494,060 | | | $ | 6,524,913 | | | $ | 6,507,879 | | | $ | 6,440,700 | | | $ | 6,349,024 | | | | | | | | | | LIABILITIES: | | | | | | | | | Deposits: | | | | | | | | | Demand | | $ | 817,555 | | | $ | 824,717 | | | $ | 811,637 | | | $ | 814,908 | | | $ | 795,508 | Interest-bearing checking | | | 1,077,289 | | | | 1,089,746 | | | | 1,078,520 | | | | 1,077,141 | | | | 1,025,582 | Savings accounts | | | 1,060,493 | | | | 1,076,934 | | | | 1,070,319 | | | | 1,069,564 | | | | 1,063,763 | Money market deposit accounts | | | 429,555 | | | | 438,799 | | | | 442,760 | | | | 457,389 | | | | 455,488 | Time deposits | | | 2,299,326 | | | | 2,251,370 | | | | 2,249,117 | | | | 2,138,415 | | | | 2,140,932 | Total deposits | | | 5,684,218 | | | | 5,681,566 | | | | 5,652,353 | | | | 5,557,417 | | | | 5,481,273 | | | | | | | | | | Short-term borrowings | | | 98,108 | | | | 108,382 | | | | 112,930 | | | | 120,054 | | | | 97,749 | Operating lease liabilities | | | 35,075 | | | | 36,361 | | | | 35,920 | | | | 36,391 | | | | 38,180 | Accrued expenses and other liabilities | | | 45,334 | | | | 42,595 | | | | 35,756 | | | | 40,249 | | | | 39,809 | | | | | | | | | | Total liabilities | | | 5,862,735 | | | | 5,868,904 | | | | 5,836,959 | | | | 5,754,111 | | | | 5,657,011 | | | | | | | | | | SHAREHOLDERS' EQUITY: | | | | | | | | | Capital stock | | | 20,119 | | | | 20,119 | | | | 20,119 | | | | 20,119 | | | | 20,103 | Surplus | | | 261,758 | | | | 261,283 | | | | 260,808 | | | | 260,333 | | | | 259,980 | Undivided profits | | | 510,684 | | | | 499,997 | | | | 489,540 | | | | 479,996 | | | | 471,314 | Accumulated other comprehensive income, net of tax | | | 76 | | | | 6,967 | | | | 8,241 | | | | 10,024 | | | | 2,955 | Treasury stock at cost | | | (161,312 | ) | | | (132,357 | ) | | | (107,788 | ) | | | (83,883 | ) | | | (62,339 | ) | | | | | | | | | Total shareholders' equity | | | 631,325 | | | | 656,009 | | | | 670,920 | | | | 686,589 | | | | 692,013 | | | | | | | | | | | Total liabilities and shareholders' equity | | $ | 6,494,060 | | | $ | 6,524,913 | | | $ | 6,507,879 | | | $ | 6,440,700 | | | $ | 6,349,024 | | | | | | | | | | | Outstanding shares (in thousands) | | | 16,528 | | | | 17,028 | | | | 17,507 | | | | 18,029 | | | | 18,554 | NONPERFORMING ASSETS | | | | | | | | | | (dollars in thousands) (Unaudited) | | 9/30/2026 | | 6/30/2026 | | 3/31/2026 | | 12/31/2025 | | 9/30/2025 Nonperforming Assets | | | | | | | | | | | | | | | | | | | | New York and other states* | | | | | | | | | | Loans in nonaccrual status: | | | | | | | | | | Commercial | | $ | 2,008 | | | $ | 1,964 | | | $ | 1,968 | | | $ | 1,990 | | | $ | 292 | Real estate mortgage - 1 to 4 family | | | 14,053 | | | | 15,343 | | | | 15,212 | | | | 14,584 | | | | 14,568 | Installment | | | 19 | | | | 37 | | | | 43 | | | | 29 | | | | 30 | Total nonperforming loans | | | 16,080 | | | | 17,344 | | | | 17,223 | | | | 16,603 | | | | 14,890 | Other real estate owned | | | 1,183 | | | | 1,234 | | | | 1,364 | | | | 1,394 | | | | 1,234 | Total nonperforming assets | | $ | 17,263 | | | $ | 18,578 | | | $ | 18,587 | | | $ | 17,997 | | | $ | 16,124 | | | | | | | | | | | Florida | | | | | | | | | | Loans in nonaccrual status: | | | | | | | | | | Commercial | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | Real estate mortgage - 1 to 4 family | | | 4,968 | | | | 4,392 | | | | 4,222 | | | | 4,047 | | | | 3,574 | Installment | | | 19 | | | | 16 | | | | 20 | | | | 22 | | | | 13 | Total nonperforming loans | | | 4,987 | | | | 4,408 | | | | 4,242 | | | | 4,069 | | | | 3,587 | Other real estate owned | | | - | | | | - | | | | - | | | | - | | | | - | Total nonperforming assets | | $ | 4,987 | | | $ | 4,408 | | | $ | 4,242 | | | $ | 4,069 | | | $ | 3,587 | | | | | | | | | | | Total | | | | | | | | | | Loans in nonaccrual status: | | | | | | | | | | Commercial | | $ | 2,008 | | | $ | 1,964 | | | $ | 1,968 | | | $ | 1,990 | | | $ | 292 | Real estate mortgage - 1 to 4 family | | | 19,021 | | | | 19,735 | | | | 19,434 | | | | 18,631 | | | | 18,142 | Installment | | | 38 | | | | 53 | | | | 63 | | | | 51 | | | | 43 | Total nonperforming loans | | | 21,067 | | | | 21,752 | | | | 21,465 | | | | 20,672 | | | | 18,477 | Other real estate owned | | | 1,183 | | | | 1,234 | | | | 1,364 | | | | 1,394 | | | | 1,234 | Total nonperforming assets | | $ | 22,250 | | | $ | 22,986 | | | $ | 22,829 | | | $ | 22,066 | | | $ | 19,711 | | | | | | | | | | | | | | | | | | | | | Quarterly Net (Recoveries) Chargeoffs | | | | | | | | | | | | | | | | | | | | New York and other states* | | | | | | | | | | Commercial | | $ | - | | | $ | - | | | $ | 19 | | | $ | - | | | $ | - | Real estate mortgage - 1 to 4 family | | | (44 | ) | | | (72 | ) | | | (43 | ) | | | (33 | ) | | | (194 | ) Installment | | | (1 | ) | | | (21 | ) | | | 11 | | | | (13 | ) | | | (2 | ) Total net chargeoffs (recoveries) | | $ | (45 | ) | | $ | (93 | ) | | $ | (13 | ) | | $ | (46 | ) | | $ | (196 | ) | | | | | | | | | | Florida | | | | | | | | | | Commercial | | $ | - | | | $ | - | | | $ | (40 | ) | | $ | - | | | $ | - | Real estate mortgage - 1 to 4 family | | | - | | | | - | | | | - | | | | - | | | | - | Installment | | | 15 | | | | 5 | | | | 14 | | | | 32 | | | | 20 | Total net (recoveries) chargeoffs | | $ | 15 | | | $ | 5 | | | $ | (26 | ) | | $ | 32 | | | $ | 20 | | | | | | | | | | | Total | | | | | | | | | | Commercial | | $ | - | | | $ | - | | | $ | (21 | ) | | $ | - | | | $ | - | Real estate mortgage - 1 to 4 family | | | (44 | ) | | | (72 | ) | | | (43 | ) | | | (33 | ) | | | (194 | ) Installment | | | 14 | | | | (16 | ) | | | 25 | | | | 19 | | | | 18 | Total net (recoveries) chargeoffs | | $ | (30 | ) | | $ | (88 | ) | | $ | (39 | ) | | $ | (14 | ) | | $ | (176 | ) | | | | | | | | | | | | | | | | | | | | Asset Quality Ratios | | | | | | | | | | | | | | | | | | | | Total nonperforming loans (1) | | $ | 21,067 | | | $ | 21,752 | | | $ | 21,465 | | | $ | 20,672 | | | $ | 18,477 | Total nonperforming assets (1) | | | 22,250 | | | | 22,986 | | | | 22,829 | | | | 22,066 | | | | 19,711 | Total net (recoveries) chargeoffs (2) | | | (30 | ) | | | (88 | ) | | | (39 | ) | | | (14 | ) | | | (176 | ) | | | | | | | | | | Allowance for credit losses on loans (1) | | | 55,162 | | | | 54,082 | | | | 52,994 | | | | 52,205 | | | | 51,891 | | | | | | | | | | | Nonperforming loans to total loans | | | 0.39 | % | | | 0.40 | % | | | 0.41 | % | | | 0.39 | % | | | 0.36 | % Nonperforming assets to total assets | | | 0.34 | % | | | 0.35 | % | | | 0.35 | % | | | 0.34 | % | | | 0.31 | % Allowance for credit losses on loans to total loans | | | 1.01 | % | | | 1.01 | % | | | 1.00 | % | | | 0.99 | % | | | 1.00 | % Coverage ratio (1) | | | 261.8 | % | | | 248.6 | % | | | 246.9 | % | | | 252.5 | % | | | 280.8 | % Annualized net (recoveries) chargeoffs to average loans (2) | | | 0.00 | % | | | -0.01 | % | | | 0.00 | % | | | 0.00 | % | | | -0.01 | % 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 DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY - INTEREST RATES AND INTEREST DIFFERENTIAL (dollars in thousands) | | | | | | | | | | | | | | | | (Unaudited) | | Three months ended | | Three months ended | | September 30, 2026 | | September 30, 2025 | | Average | | Interest | | Average | | Average | | Interest | | Average | | Balance | | | | | Rate | | Balance | | | | | Rate Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | U. S. government sponsored enterprises | | $ | 10,977 | | | $ | 86 | | | 3.13 | % | | $ | 69,294 | | | $ | 599 | | | 3.46 | % Mortgage backed securities and collateralized mortgage obligations - residential | | | 217,254 | | | | 1,509 | | | 2.75 | | | | 237,092 | | | | 1,583 | | | 2.65 | State and political subdivisions | | | 9 | | | | - | | | 6.77 | | | | 18 | | | | 1 | | | 6.77 | Corporate bonds | | | 75,681 | | | | 820 | | | 4.33 | | | | 26,512 | | | | 265 | | | 4.00 | Small Business Administration - guaranteed participation securities | | | 10,440 | | | | 56 | | | 2.14 | | | | 13,385 | | | | 72 | | | 2.15 | Other | | | 717 | | | | 8 | | | 4.46 | | | | 700 | | | | 7 | | | 4.00 | | | | | | | | | | | | | | | | | Total securities available for sale | | | 315,078 | | | | 2,479 | | | 3.15 | | | | 347,001 | | | | 2,527 | | | 2.91 | | | | | | | | | | | | | | | | | Federal funds sold and other short-term Investments | | | 649,823 | | | | 6,098 | | | 3.72 | | | | 662,737 | | | | 7,376 | | | 4.42 | | | | | | | | | | | | | | | | | Held to maturity securities: | | | | | | | | | | | | | | | | Mortgage backed securities and collateralized mortgage obligations - residential | | | 3,740 | | | | 43 | | | 4.53 | | | | 4,709 | | | | 52 | | | 4.40 | | | | | | | | | | | | | | | | | Total held to maturity securities | | | 3,740 | | | | 43 | | | 4.53 | | | | 4,709 | | | | 52 | | | 4.40 | | | | | | | | | | | | | | | | | Federal Home Loan Bank stock | | | 6,756 | | | | 112 | | | 6.63 | | | | 6,601 | | | | 125 | | | 7.57 | | | | | | | | | | | | | | | | | Commercial loans | | | 327,267 | | | | 4,654 | | | 5.69 | | | | 313,800 | | | | 4,426 | | | 5.64 | Residential mortgage loans | | | 4,586,955 | | | | 48,286 | | | 4.21 | | | | 4,409,645 | | | | 44,089 | | | 4.00 | Home equity lines of credit | | | 490,310 | | | | 7,739 | | | 6.26 | | | | 440,288 | | | | 7,215 | | | 6.50 | Installment loans | | | 9,182 | | | | 196 | | | 8.46 | | | | 11,842 | | | | 223 | | | 7.48 | | | | | | | | | | | | | | | | | Loans, net of unearned income | | | 5,413,714 | | | | 60,875 | | | 4.49 | | | | 5,175,575 | | | | 55,953 | | | 4.32 | | | | | | | | | | | | | | | | | Total interest earning assets | | | 6,389,111 | | | $ | 69,607 | | | 4.35 | | | | 6,196,623 | | | $ | 66,033 | | | 4.25 | | | | | | | | | | | | | | | | | Allowance for credit losses on loans | | | (54,467 | ) | | | | | | | | | (51,706 | ) | | | | | | Cash & non-interest earning assets | | | 219,106 | | | | | | | | | | 208,701 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 6,553,750 | | | | | | | | | $ | 6,353,618 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deposits: | | | | | | | | | | | | | | | | Interest bearing checking accounts | | $ | 1,092,564 | | | $ | 642 | | | 0.23 | % | | $ | 1,035,366 | | | $ | 483 | | | 0.18 | % Money market accounts | | | 442,480 | | | | 1,597 | | | 1.43 | | | | 464,334 | | | | 2,065 | | | 1.76 | Savings | | | 1,076,926 | | | | 730 | | | 0.27 | | | | 1,077,441 | | | | 741 | | | 0.27 | Time deposits | | | 2,288,063 | | | | 19,245 | | | 3.34 | | | | 2,125,920 | | | | 19,427 | | | 3.63 | | | | | | | | | | | | | | | | | Total interest bearing deposits | | | 4,900,033 | | | | 22,214 | | | 1.80 | | | | 4,703,061 | | | | 22,716 | | | 1.92 | Short-term borrowings | | | 102,386 | | | | 354 | | | 1.37 | | | | 87,348 | | | | 198 | | | 0.90 | | | | | | | | | | | | | | | | | Total interest bearing liabilities | | | 5,002,419 | | | $ | 22,568 | | | 1.79 | | | | 4,790,409 | | | $ | 22,914 | | | 1.90 | | | | | | | | | | | | | | | | | Demand deposits | | | 825,203 | | | | | | | | | | 792,621 | | | | | | | Other liabilities | | | 75,989 | | | | | | | | | | 76,502 | | | | | | | Shareholders' equity | | | 650,139 | | | | | | | | | | 694,086 | | | | | | | | | | | | | | | | | | | | | | | Total liabilities and shareholders' equity | | $ | 6,553,750 | | | | | | | | | $ | 6,353,618 | | | | | | | | | | | | | | | | | | | | | | | Net interest income | | | | $ | 47,039 | | | | | | | | $ | 43,119 | | | | | | | | | | | | | | | | | | | | Net interest spread | | | | | | | 2.56 | % | | | | | | | 2.35 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net interest margin (net interest income to total interest earning assets) | | | | | | | 2.95 | % | | | | | | | 2.79 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY - INTEREST RATES AND INTEREST DIFFERENTIAL, Continued | | | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | | | | | | | | | | (Unaudited) | | Nine months ended | | Nine Months Ended | | September 30, 2026 | | September 30, 2025 | | Average | | Interest | | Average | | Average | | Interest | | Average | | Balance | | | | | Rate | | Balance | | | | | Rate Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | U. S. government sponsored enterprises | | $ | 17,681 | | | | 346 | | | 2.61 | % | | $ | 72,461 | | | | 1,809 | | | 3.33 | % Mortgage backed securities and collateralized mortgage obligations - residential | | | 219,451 | | | | 4,464 | | | 2.71 | | | | 240,401 | | | | 4,679 | | | 2.59 | State and political subdivisions | | | 9 | | | | - | | | 6.77 | | | | 18 | | | | 1 | | | 6.77 | Corporate bonds | | | 70,395 | | | | 2,290 | | | 4.34 | | | | 30,696 | | | | 735 | | | 3.19 | Small Business Administration - guaranteed participation securities | | | 11,098 | | | | 178 | | | 2.14 | | | | 14,151 | | | | 228 | | | 2.15 | Other | | | 712 | | | | 23 | | | 6.46 | | | | 698 | | | | 22 | | | 4.20 | | | | | | | | | | | | | | | | | Total securities available for sale | | | 319,346 | | | | 7,301 | | | 4.57 | | | | 358,425 | | | | 7,474 | | | 2.78 | | | | | | | | | | | | | | | | | Federal funds sold and other short-term Investments | | | 668,926 | | | | 18,547 | | | 3.71 | | | | 641,793 | | | | 21,320 | | | 4.44 | | | | | | | | | | | | | | | | | Held to maturity securities: | | | | | | | | | | | | | | | | Mortgage backed securities and collateralized mortgage obligations - residential | | | 3,972 | | | | 134 | | | 4.50 | | | | 4,969 | | | | 163 | | | 4.37 | | | | | | | | | | | | | | | | | Total held to maturity securities | | | 3,972 | | | | 134 | | | 4.50 | | | | 4,969 | | | | 163 | | | 4.37 | | | | | | | | | | | | | | | | | Federal Home Loan Bank stock | | | 6,704 | | | | 361 | | | 10.77 | | | | 6,567 | | | | 405 | | | 8.22 | | | | | | | | | | | | | | | | | Commercial loans | | | 320,738 | | | | 13,565 | | | 5.64 | | | | 306,091 | | | | 12,851 | | | 5.60 | Residential mortgage loans | | | 4,532,068 | | | | 140,718 | | | 4.14 | | | | 4,394,245 | | | | 129,940 | | | 3.94 | Home equity lines of credit | | | 476,358 | | | | 22,297 | | | 6.26 | | | | 427,830 | | | | 20,480 | | | 6.40 | Installment loans | | | 9,923 | | | | 617 | | | 8.32 | | | | 12,440 | | | | 689 | | | 7.40 | | | | | | | | | | | | | | | | | Loans, net of unearned income | | | 5,339,087 | | | | 177,197 | | | 4.43 | | | | 5,140,606 | | | | 163,960 | | | 4.25 | | | | | | | | | | | | | | | | | Total interest earning assets | | | 6,338,035 | | | | 203,540 | | | 4.28 | | | | 6,152,360 | | | | 193,322 | | | 4.19 | | | | | | | | | | | | | | | | | Allowance for credit losses on loans | | | (53,483 | ) | | | | | | | | | (50,991 | ) | | | | | | Cash & non-interest earning assets | | | 220,871 | | | | | | | | | | 204,651 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets | | $ | 6,505,423 | | | | | | | | | $ | 6,306,020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deposits: | | | | | | | | | | | | | | | | Interest bearing checking accounts | $ | | 1,079,452 | | | | 1,726 | | | 0.21 | % | $ | | 1,037,598 | | | | 1,577 | | | 0.20 | % Money market accounts | | | 445,015 | | | | 4,780 | | | 1.44 | | | | 468,059 | | | | 6,140 | | | 1.75 | Savings | | | 1,072,414 | | | | 2,108 | | | 0.26 | | | | 1,084,712 | | | | 2,208 | | | 0.27 | Time deposits | | | 2,244,343 | | | | 56,465 | | | 3.36 | | | | 2,088,844 | | | | 57,605 | | | 3.69 | | | | | | | | | | | | | | | | | Total interest bearing deposits | | | 4,841,224 | | | | 65,079 | | | 1.80 | | | | 4,679,213 | | | | 67,530 | | | 1.93 | Short-term borrowings | | | 109,206 | | | | 1,124 | | | 1.38 | | | | 83,885 | | | | 554 | | | 0.88 | | | | | | | | | | | | | | | | | Total interest bearing liabilities | | | 4,950,430 | | | | 66,203 | | | 1.79 | | | | 4,763,098 | | | | 68,084 | | | 1.91 | | | | | | | | | | | | | | | | | Demand deposits | | | 814,465 | | | | | | | | | | 777,573 | | | | | | | Other liabilities | | | 74,106 | | | | | | | | | | 76,372 | | | | | | | Shareholders' equity | | | 666,422 | | | | | | | | | | 688,977 | | | | | | | | | | | | | | | | | | | | | | | Total liabilities and shareholders' equity | $ | | 6,505,423 | | | | | | | | $ | | 6,306,020 | | | | | | | | | | | | | | | | | | | | | | | Net interest income | | | | | 137,337 | | | | | | | | | 125,238 | | | | | | | | | | | | | | | | | | | | Net interest spread | | | | | | | 2.49 | % | | | | | | | 2.28 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net interest margin (net interest income to total interest earning assets) | | | | | | | 2.89 | % | | | | | | | 2.71 | % 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 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 non-interest expenses as determined under GAAP, excluding other real estate expense, net, by the sum of net interest income and total non-interest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent. We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible 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) | | | | | | | | | | | | | | | | 9/30/2026 | | 6/30/2026 | | 9/30/2025 | | | | Tangible Equity to Tangible Assets | | | | | | | | | | | | | | | | | | | | | | | | Equity (GAAP) | | | | $ | 631,325 | | | $ | 656,009 | | | $ | 692,013 | | | | | Less: Intangible assets | | | | | 553 | | | | 553 | | | | 553 | | | | | Tangible equity (Non-GAAP) | | | | $ | 630,772 | | | $ | 655,456 | | | $ | 691,460 | | | | | | | | | | | | | | | | | Total Assets (GAAP) | | | | $ | 6,494,060 | | | $ | 6,524,913 | | | $ | 6,349,024 | | | | | Less: Intangible assets | | | | | 553 | | | | 553 | | | | 553 | | | | | Tangible assets (Non-GAAP) | | | | $ | 6,493,507 | | | $ | 6,524,360 | | | $ | 6,348,471 | | | | | | | | | | | | | | | | | Consolidated Equity to Assets (GAAP) | | | | | 9.72 | % | | | 10.05 | % | | | 10.90 | % | | | | Consolidated Tangible Equity to Tangible Assets (Non-GAAP) | | | | | 9.71 | % | | | 10.05 | % | | | 10.89 | % | | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended Efficiency and Adjusted Efficiency Ratios | | | | 9/30/2026 | | 6/30/2026 | | 9/30/2025 | | 9/30/2026 | | 9/30/2025 | | | | | | | | | | | | Net interest income (GAAP) | | A | | $ | 47,039 | | | $ | 45,590 | | | $ | 43,119 | | | $ | 137,337 | | | $ | 125,238 | Non-interest income (GAAP) | | B | | | 4,818 | | | | 5,912 | | | | 4,689 | | | | 15,571 | | | | 14,515 | Less: Net gains on equity securities | | C | | | 56 | | | | 844 | | | | - | | | | 900 | | | | - | Revenue used for efficiency ratio (Non-GAAP) | | D | | $ | 51,801 | | | $ | 50,658 | | | $ | 47,808 | | | $ | 152,008 | | | $ | 139,753 | | | | | | | | | | | | | Total noninterest expense (GAAP) | | E | | $ | 28,019 | | | $ | 28,333 | | | $ | 26,242 | | | $ | 83,334 | | | $ | 78,794 | Less: Other real estate expense, net | | F | | | (12 | ) | | | 112 | | | | 8 | | | | 150 | | | | 558 | Expense used for efficiency ratio (Non-GAAP) | | G | | $ | 28,031 | | | $ | 28,221 | | | $ | 26,234 | | | $ | 83,184 | | | $ | 78,236 | | | | | | | | | | | | | Efficiency Ratio (GAAP) | | E/(A+B) | | | 54.03 | % | | | 55.01 | % | | | 54.89 | % | | | 54.50 | % | | | 56.38 | % Adjusted Efficiency Ratio (Non-GAAP) | | G/D | | | 54.11 | % | | | 55.71 | % | | | 54.87 | % | | | 54.72 | % | | | 55.98 | % Subsidiary: | Trustco Bank | Contact: | Robert Leonard | Executive Vice President | (518) 381-3693 | | Lauren A. McCormick | Vice President, Treasurer, and | Assistant Corporate Secretary | (518) 381-3673

GLENVILLE, N.Y., Oct. 13, 2026 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release third quarter 2026 results after the market close on October 21, 2026. Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday. A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on October 22, 2026. Those wishing to participate in the call may dial toll-free for North America 1-833-461-5787, Meeting ID 638 789 515. The call will also be audio webcast at https://events.q4inc.com/attendee/638789515. The webcast replay will be available for one year at the same link. The earnings press release will be posted on the Company's Investor Relations website at: https://trustcobank.q4ir.com/corporate-overview/corporate-profile/default.aspx. Other information, including the Company's most recent annual report, proxy statement and filings with the Securities and Exchange Commission can also be found at this website. TrustCo Bank Corp NY is a $6.5 billion savings and loan holding company and through its subsidiary, Trustco Bank, operates 133 offices in New York, New Jersey, Vermont, Massachusetts, and Florida. For more information, visit www.trustcobank.com. 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 developments, results or periods. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and 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. Examples of these include, but are not limited to: volatility in financial markets and the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; changes in interest rates; the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including changes in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas); the 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; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo's cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. 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. Subsidiary: Trustco Bank Contact: | Robert Leonard | Executive Vice President | (518) 381-3693

GLENVILLE, N.Y., Aug. 18, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) on August 18, 2026 declared an increased quarterly cash dividend of $0.40 per share, or $1.60 per share on an annualized basis. The declared dividend represents an increase of 5.3% over the prior dividend amount. The dividend will be payable on October 1, 2026 to shareholders of record at the close of business on September 4, 2026. Chairman, President, and Chief Executive Officer Robert J. McCormick said: “TrustCo’s commitment to paying a meaningful dividend is legendary – it spans more than a century. We are very pleased to announce that the company’s earnings and balance sheet management support a capital deployment strategy that simultaneously enables a robust repurchase program and an increase in the already-meaningful quarterly dividend. Our dividend payout no doubt has played a role in the growth in the company’s share price that we have seen over the past two years and the increase announced today will boost the dividend yield, making the stock even more attractive to investors. We are optimistic that these factors will work together to further increase our market capitalization.” 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 July 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 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 developments, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations with respect to the impact of the change in dividend yield on the attractiveness of TrustCo’s stock to investors, as well as the impact of TrustCo’s capital deployment strategy, dividend yield and other factors on its future market capitalization. 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. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made and which are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in or implied by such statements, including but not limited to, risks and uncertainties relating to future changes in interest rates; external economic factors, such as changes the interest rate policies of the Federal Reserve Board and other changes in monetary policy, as well as ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; limitations on our ability to pay dividends; the impact of the manner in which we allocate capital; the risks and uncertainties set forth under the heading “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025, and, if any, our subsequent Quarterly Reports on Form 10-Q; the financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s filings with the Securities and Exchange Commission, including within the cautionary statements contained in such filings; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. 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.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the 12.8% year-over-year net income increase to a 'well-oiled' business model where lower-yielding assets are replaced by higher-yielding originations. Net interest margin expansion was driven by the favorable repricing of loan and investment portfolios alongside growth in lower-cost deposits. The bank continues to prioritize its 'best acquisition' strategy by aggressively repurchasing shares, totaling over 2.3 million shares since 2020. Operational focus has shifted toward the Florida market, evidenced by the opening of a new regional headquarters in Longwood to enhance visibility and growth. Credit quality remains a core pillar, with management reporting six consecutive quarters of net recoveries and maintaining conservative underwriting standards. The wealth management division provides a stable, recurring non-interest income stream with $1.39 billion in assets under management. Management expects to complete its current buyback phase, which would result in repurchasing nearly 16% of outstanding shares during the 2025-2026 period. The bank is positioning for potential rate volatility by offering longer-term CD products to push out maturities and reduce exposure to short-term repricing. Recurring non-interest expense, excluding ORE, is projected to range between $27.3 million and $27.8 million per quarter for the remainder of 2026. Strategic emphasis is being placed on growing the home equity portfolio as a floating-rate hedge and a low-cost credit alternative for customers. The investment strategy remains focused on short maturities to ensure continuous amortization and frequent opportunities to reprice securities. A one-time gain of $844,000 was recorded following the fair value marking of Visa Class C common stock based on conversion privileges. Non-interest expenses spiked to $28.2 million this quarter due to non-recurring professional fees for consulting, legal, and accounting services. Salary and benefit costs increased partly due to the revaluation of incentive compensation plans triggered by the rising stock price. ORE expenses are being managed with a strict cap, with management intending not to exceed $250,000 per quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that about half of the salary increase is recurring due to base raises, while the other half is tied to stock-based incentive revaluations. Professional fees for legal and consulting work were identified as temporary 'blips' that are not expected to recur in future quarters. The bank is actively extending deposit durations by making longer-term CDs more attractive to move away from three-month repricing cycles. Management is incentivizing home equity line usage because the floating-rate nature of the product provides a natural hedge against rising rates.