UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

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

For the transition period from __________ to _________

Commission File Number 000-10592

TRUSTCO BANK CORP NY

(Exact name of registrant as specified in its charter)

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

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

(518) 377‑3311

(Registrant’s telephone number, including area code)

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

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

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

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

☒Yes ☐ No

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

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

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

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

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

Common Stock	Number of Shares Outstanding as of October 31, 2025
	Number of Shares Outstanding
$1.00 Par Value	18,424,019
Common Stock	as of April 30, 2026
----------------------	----------------------
$1.00 Par Value	17,474,811

TrustCo Bank Corp NY

INDEX

DESCRIPTION		PAGE NO.
Cautionary Note Regarding Forward-Looking Statements		3
Part I.	FINANCIAL INFORMATION
Item 1.	Consolidated Interim Financial Statements (Unaudited):
	Consolidated Statements of Income for the three-month and nine-month periods ended September 30, 2025 and 2024	6
	Consolidated Statements of Income for the three month periods ended March 31, 2026 and 2025	6
	Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended September 30, 2025 and 2024	7
	Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2026 and 2025	7
	Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024	8
	Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025	8
	Consolidated Statements of Changes in Shareholders’ Equity for the three-month and nine-month periods ended September 30, 2025 and 2024	9
	Consolidated Statements of Changes in Shareholders’ Equity for the three month periods ended March 31, 2026 and 2025	9
	Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2025 and 2024	10
	Consolidated Statements of Cash Flows for the three month periods ended March 31, 2026 and 2025	10
	Notes to Consolidated Interim Financial Statements	11
	Report of Independent Registered Public Accounting Firm	5046
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5147
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	7264
Item 4.	Controls and Procedures	7264
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings	7365
Item 1A.	Risk Factors	7365
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7465
Item 3.	Defaults Upon Senior Securities	7566
Item 4.	Mine Safety Disclosures	7566
Item 5.	Other Information	7566
Item 6.	Exhibits	7566

Index

Cautionary Note Regarding Forward-Looking Statements

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

In addition to factors described under Part II, Item 1A, Risk Factors, and under the Risk Factor discussion in TrustCo’s Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, the factors listed below, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement.

Risks Related to Our Lending Activities

•

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

•

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

• ~~exposure~~we are exposed to credit risk in our lending activities;

• our emphasis on residential mortgage loans exposes us to lending risks, and any weakness in the residential real estate markets could adversely affect our performance;

•

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

• ~~the~~if our allowance for credit losses on loans ~~(“ACLL”)~~is ~~may~~ not be sufficient to cover expected loan losses, ~~resulting~~our inearnings acould decrease ~~in earnings~~;

• ~~our~~we ~~inability~~may not be able to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities;.

•

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

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

Risks Related to ~~our~~Our Operations

• ~~our~~we ~~dependency~~are dependent upon the services of the management team;

•

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

Index

•

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

•

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

Index

•

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

•

digital banking trends may create deposit volatility, which could adversely affect our operations, profitability and competitive position;

•

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

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

•

we are exposed to climate risk;

• ~~environmental,~~societal ~~social~~responses ~~and~~to ~~governance~~climate ~~risks~~change ~~and diversity, equity, and inclusion risks~~ could adversely affect our ~~reputation~~business and ~~shareholder~~performance, ~~employee,~~including ~~client,~~indirectly ~~and~~through ~~third~~impacts ~~party~~on ~~relationships and may negatively affect~~ our ~~stock price~~customers;

•

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

Risks Related to Market Conditions

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

• instability in global economic conditions and geopolitical matters (including the conflict involving the United States (“U.S.”), Israel and Iran), as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;

•

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

•

the soundness of other financial institutions could adversely affect us;

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

•

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

Risks Related to Compliance and Regulation

•

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

•

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

•

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

•

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

•

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

•

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

•

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

Index

• ~~changes~~we inare ~~tax~~subject ~~laws~~to ~~may~~regulatory ~~adversely~~limitations ~~affect us,~~ and ~~the~~other ~~Internal~~limitations ~~Revenue~~that ~~Service or a court~~ may ~~disagree~~affect ~~with~~ our ~~tax~~ability ~~positions,~~to ~~which~~pay ~~may~~dividends ~~result~~to ~~in adverse effects on~~ our ~~business,~~stockholders ~~financial~~or ~~condition,~~to ~~and~~repurchase ~~results~~our ofcommon ~~operations or cash flows~~stock;

• ~~our~~we ~~ability~~may tobe ~~pay dividends is~~ subject to ~~regulatory~~a ~~limitations~~higher ~~and~~effective ~~other~~tax ~~limitations~~rate ~~that~~if ~~may~~Trustco ~~affect~~Realty ~~our~~Corp. ~~ability~~fails to ~~pay~~qualify ~~dividends~~as toa ~~our~~real ~~stockholders~~estate orinvestment ~~to repurchase our common stock~~trust;

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

•

changes in accounting standards could impact reported earnings;

Risks Related to Competition

•

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

•

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

Risks Related to Cybersecurity, Third Parties, and Technology

•

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

•

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

•

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

•

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

•

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

Risks Related to Ownership of Our Securities

•

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

•

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

•

actions of activist shareholders could negatively affect our business and the value of our common stock and cause us to incur significant expenses.

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

Index

TRUSTCO BANK CORP NY

Consolidated Statements of Income (Unaudited)

(dollars in thousands, except per share data)

	Three months ended				~~Nine months ended~~
	September 30,				September 30,
	March 31,
	2025		2024		2025		2024
	2026		2025
Interest and dividend income:
Interest and fees on loans	$	5557,~~953~~565	$	5253,~~112~~450	$	~~163,960~~	$	~~152,576~~
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		~~599~~149		~~718~~596		~~1,809~~		~~2,533~~
State and political subdivisions		1-		-		1		1
Mortgage-backed securities and collateralized mortgage obligations - residential		1,~~583~~469		1,~~397~~483		~~4,679~~		~~4,342~~
Corporate bonds		~~265~~694		~~361~~260		~~735~~		~~1,199~~
Small Business Administration-guaranteed participation securities		7263		9081		~~228~~		~~284~~
Other securities		78		27		22		7
Total interest and dividends on securities available for sale		2,~~527~~383		2,~~568~~427		~~7,474~~		~~8,366~~
Interest on held to maturity securities:
Mortgage-backed securities and collateralized mortgage obligations-residential		5247		6257		~~163~~		~~195~~
Total interest on held to maturity securities		5247		6257		~~163~~		~~195~~
Federal Home Loan Bank stock		~~125~~126		~~153~~151		~~405~~		~~452~~
Interest on federal funds sold and other short-term investments		76,~~376~~105		6,~~174~~732		~~21,320~~		~~19,818~~
Total interest income		66,~~033~~226		6162,~~069~~817		~~193,322~~		~~181,407~~
Interest expense:
Interest on deposits:
Interest-bearing checking		~~483~~533		~~311~~558		~~1,577~~		~~839~~
Savings accounts		~~741~~675		~~770~~734		~~2,208~~		~~2,157~~
Money market deposit accounts		21,~~065~~552		21,~~154~~989		~~6,140~~		~~6,724~~
Time deposits		1918,~~427~~357		18,~~969~~983		~~57,605~~		~~58,046~~
Interest on short-term borrowings		~~198~~401		~~194~~180		~~554~~		~~604~~
Total interest expense		2221,~~914~~518		22,~~398~~444		~~68,084~~		~~68,370~~
Net interest income		4344,~~119~~708		3840,~~671~~373		~~125,238~~		~~113,037~~
Provision for credit losses		~~250~~950		~~500~~300		~~1,200~~		~~1,600~~
Net interest income after provision for credit losses		4243,~~869~~758		3840,~~171~~073		~~124,038~~		~~111,437~~
Noninterest income:
Trustco financial services income		12,~~967~~135		2,~~044~~120		~~5,905~~		~~5,469~~
Fees for services to customers		2,~~429~~340		2,~~482~~645		~~7,340~~		~~7,626~~
Net gains on equity securities		-		23		-		1,383
Other		366		209
Other		293		382		1,270		947
Total noninterest income		4,841		4,974
Total noninterest income		4,689		4,931		14,515		15,425
Noninterest expenses:
Noninterest expenses:
Salaries and employee benefits		12,219		11,894
Salaries and employee benefits		12,727		12,134		36,497		36,081
Net occupancy expense		4,542		4,554
Net occupancy expense		4,470		4,271		13,542		13,257
Equipment expense		2,022		1,944
Equipment expense		1,938		1,757		5,800		5,485
Professional services		1,526		1,726
Professional services		1,571		1,863		5,183		4,893
Outsourced services		2,700		2,700
Outsourced services		2,492		2,551		7,652		7,807
Advertising expense		394		361
Advertising expense		290		339		955		1,213
FDIC and other insurance		1,153		1,188
FDIC and other insurance		1,052		1,112		3,376		3,003
Other real estate expense, net		50		28
Other real estate expense, net		8		204		558		294
Other		2,376		1,934
Other		1,694		1,969		5,231		5,529
Total noninterest expenses		26,982		26,329
Total noninterest expenses		26,242		26,200		78,794		77,562
Income before taxes		21,617		18,718
Income before taxes		21,316		16,902		59,759		49,300
Income taxes		5,332		4,443
Income taxes		5,058		4,027		14,187		11,748
Net income	$	16,285	$	14,275
Net income	$	16,258	$	12,875	$	45,572	$	37,552
Net income per share:
Net income per share:
- Basic	$	0.91	$	0.75
- Basic	$	0.87	$	0.68	$	2.41	$	1.97
- Diluted	$	0.91	$	0.75
- Diluted	$	0.86	$	0.68	$	2.41	$	1.97

See accompanying notes to unaudited consolidated interim financial statements.

Index

TRUSTCO BANK CORP NY

Consolidated Statements of Comprehensive Income (Unaudited)

(dollars in thousands)

	Three months ended						~~Nine months ended~~
	September 30,						September 30,
	March 31,
	2025			2024			2025			2024
	2026			2025
Net income	$	16,~~258~~285		$	1214,~~875~~275		$	~~45,572~~		$	~~37,552~~
Net unrealized holding gain on securities available for sale		2,262			10,558			10,747			9,546
Net unrealized holding (loss) gain on securities available for sale		(1,703	)		5,326
Tax effect		~~(589~~437	)		(21,~~742~~378	)		~~(2,790~~	)		~~(2,466~~	)
Net unrealized gain on securities available for sale, net of tax		1,673			7,816			7,957			7,080
Net unrealized (loss) gain on securities available for sale, net of tax		(1,266	)		3,948
Amortization of net actuarial gain		(~~517~~701	)		(~~203~~297	)		~~(1,551~~	)		~~(608~~	)
Amortization of prior service cost		23			43			9			10
Tax effect		~~134~~181			5175			~~401~~			~~155~~
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax		(~~381~~517	)		(~~148~~219	)		~~(1,141~~	)		~~(443~~	)
Other comprehensive income, net of tax		1,292			7,668			6,816			6,637
Other comprehensive (loss) income, net of tax		(1,783	)		3,729
Comprehensive income	$	1714,~~550~~502		$	2018,~~543~~004		$	~~52,388~~		$	~~44,189~~

See accompanying notes to unaudited consolidated interim financial statements.

Index

TRUSTCO BANK CORP NY

Consolidated Statements of Financial Condition (Unaudited)

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

	September 30, 2025			December 31, 2024
	March 31, 2026			December 31, 2025
ASSETS:
Cash and due from banks	$	4243,~~026~~165		$	4750,~~364~~569
Federal funds sold and other short term investments		~~653~~724,~~530~~943			~~594~~679,~~448~~858
Total cash and cash equivalents		~~695~~768,~~556~~108			~~641~~730,~~812~~427
Securities available for sale		~~319~~300,~~872~~746			~~358~~310,~~185~~418
Held to maturity securities ($4,629 and $5,306 fair value at September 30, 2025 and December 31, 2024, respectively)		4,593			5,365
Held to maturity securities ($4,134 and $4,389 fair value at March 31, 2026 and December 31, 2025, respectively)		4,097			4,339
Federal Home Loan Bank stock		6,601			6,~~507~~601
Loans, net of deferred costs		5,~~191~~290,~~770~~178			5,~~098~~252,~~058~~460
Less:
Allowance for credit losses on loans		5152,~~891~~994			5052,~~248~~205
Net loans		5,~~139~~237,~~879~~184			5,~~047~~200,~~810~~255
Bank premises and equipment, net		3941,~~718~~071			3340,~~782~~707
Operating lease right-of-use assets		3533,~~291~~305			3633,~~627~~638
Other assets		~~107~~116,~~514~~767			~~108~~114,~~656~~315
Total assets	$	6,~~349~~507,~~024~~879		$	6,~~238~~440,~~744~~700
LIABILITIES:
Deposits:
Demand	$	~~795~~811,~~508~~637		$	~~762~~814,~~101~~908
Interest-bearing checking		1,~~025~~078,~~582~~520			1,~~027~~069,~~540~~564
Savings accounts		1,~~063~~070,~~763~~319			1,~~086~~077,~~534~~141
Money market deposit accounts		~~455~~442,~~488~~760			~~465~~457,~~049~~389
Time deposits		2,~~140~~249,~~932~~117			2,~~049~~138,~~759~~415
Total deposits		5,~~481~~652,~~273~~353			5,~~390~~557,~~983~~417
Short-term borrowings		97112,~~749~~930			84120,~~781~~054
Operating lease liabilities		3835,~~180~~920			4036,~~159~~391
Accrued expenses and other liabilities		3935,~~809~~756			4640,~~478~~249
Total liabilities		5,~~657~~836,~~011~~959			5,~~562~~754,~~401~~111
SHAREHOLDERS’ EQUITY:
Capital stock par value $1.00; 30,000,000 shares authorized; 20,102,978 and 20,097,152 shares issued at September 30, 2025 and December 31, 2024, 18,553,583 and 19,019,749 shares outstanding at September 30, 2025 and December 31, 2024, respectively		20,103			20,097
Capital stock par value $1.00; 30,000,000 shares authorized; 20,118,509 shares issued at both March 31, 2026 and December 31, 2025, 17,506,881 and 18,029,107 shares outstanding at March 31, 2026 and December 31, 2025, respectively		20,119			20,119
Surplus		~~259~~260,~~980~~808			~~258~~260,~~874~~333
Undivided profits		~~471~~489,~~314~~540			~~446~~479,~~503~~996
Accumulated other comprehensive income (loss), net of tax		2,955			(3,861	)
Accumulated other comprehensive income, net of tax		8,241			10,024
Treasury stock at cost - 1,549,395 and 1,077,403 shares at September 30, 2025 and December 31, 2024, respectively		(62,339	)		(45,270	)
Treasury stock at cost - 2,611,628 and 2,089,402 shares at March 31, 2026 and December 31, 2025, respectively		(107,788	)		(83,883	)
Total shareholders’ equity		~~692~~670,~~013~~920			~~676~~686,~~343~~589
Total liabilities and shareholders’ equity	$	6,~~349~~507,~~024~~879		$	6,~~238~~440,~~744~~700

See accompanying notes to unaudited consolidated interim financial statements.

Index

TRUSTCO BANK CORP NY

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(dollars in thousands, except per share data)

								Accumulated
								Other
	Capital				Undivided			Comprehensive			Treasury
	Stock		Surplus		Profits			Income (Loss) ~~Income~~			Stock			Total
Beginning balance, January 1, 2024	$	20,058	$	257,181	$	425,069		$	(13,237	)	$	(43,786	)	$	645,285
Net income		-		-		12,126			-			-			12,126
Other comprehensive loss, net of tax		-		-		-			(1,526	)		-			(1,526	)
Stock Based Compensation Expense		-		154		-			-			-			154
Cash dividend declared, $0.36 per share		-		-		(6,849	)		-			-			(6,849	)
Ending balance, March 31, 2024	$	20,058	$	257,335	$	430,346		$	(14,763	)	$	(43,786	)	$	649,190
Net income		-		-		12,551			-			-			12,551
Other comprehensive income, net of tax		-		-		-			495			-			495
Cash dividend declared, $0.36 per share		-		-		(6,849	)		-			-			(6,849	)
Purchase of treasury stock 14,000 shares		-		-		-			-			(374	)		(374	)
Stock Based Compensation Expense		-		155		-			-			-			155
Ending balance, June 30, 2024	$	20,058	$	257,490	$	436,048		$	(14,268	)	$	(44,160	)	$	655,168
Net income		-		-		12,875			-			-			12,875
Other comprehensive income, net of tax		-		-		-			7,668			-			7,668
Cash dividend declared, $0.36 per share		-		-		(6,844	)		-			-			(6,844	)
Stock Based Compensation Expense		-		154		-			-			-			154
Ending balance, September 30, 2024	$	20,058	$	257,644	$	442,079		$	(6,600	)	$	(44,160	)	$	669,021
Beginning balance, January 1, 2025	$	20,097	$	258,874	$	446,503		$	(3,861	)	$	(45,270	)	$	676,343
Net income		-		-		14,275			-			-			14,275
Other comprehensive income, net of tax		-		-		-			3,729			-			3,729
Stock Based Compensation Expense		-		308		-			-			-			308
Cash dividend declared, $0.36 per share		-		-		(6,847	)		-			-			(6,847	)
Ending balance, March 31, 2025	$	20,097	$	259,182	$	453,931		$	(132	)	$	(45,270	)	$	687,808
Net income		-		-		15,039			-			-			15,039
Beginning balance, January 1, 2026	$	20,119	$	260,333	$	479,996		$	10,024		$	(83,883	)	$	686,589
Other comprehensive income, net of tax		-		-		-			1,795			-			1,795
Net income		-		-		16,285			-			-			16,285
Stock Based Compensation Expense		-		308		-			-			-			308
Other comprehensive loss, net of tax		-		-		-			(1,783	)		-			(1,783	)
Cash dividend declared, $0.36 per share		-		-		(6,812	)		-			-			(6,812	)
Stock Based Compensation Expense		-		475		-			-			-			475
Purchase of treasury stock 168,735 shares		-		-		-			-			(5,333	)		(5,333	)
Purchase of treasury stock 522,226 Shares		-		-		-			-			(23,905	)		(23,905	)
Ending balance, June 30, 2025	$	20,097	$	259,490	$	462,158		$	1,663		$	(50,603	)	$	692,805
Cash dividend declared, $0.38 per share		-		-		(6,741	)		-			-			(6,741	)
Net income		-		-		16,258			-			-			16,258
Ending balance, March 31, 2026	$	20,119	$	260,808	$	489,540		$	8,241		$	(107,788	)	$	670,920
Other comprehensive income, net of tax		-		-		-			1,292			-			1,292
Stock Based Compensation Expense		-		309		-			-			-			309
Exercise of stock option, net of repurchases		6		181		-			-			(198	)		(11	)
Cash dividend declared, $0.38 per share		-		-		(7,102	)		-			-			(7,102	)
Purchase of treasury stock 298,177 shares		-		-		-			-			(11,538	)		(11,538	)
Ending balance, September 30, 2025	$	20,103	$	259,980	$	471,314		$	2,955		$	(62,339	)	$	692,013

See accompanying notes to unaudited consolidated interim financial statements.

Index

TRUSTCO BANK CORP NY

Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)

	Nine months ended September 30,
	Three months ended March 31,
	2025			2024
	2026			2025
Cash flows from operating activities:
Net income	$	4516,~~572~~285		$	3714,~~552~~275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		31,~~544~~248			31,~~182~~149
Amortization of right-of-use asset		41,~~992~~645			41,~~981~~659
Net gain on sale of other real estate owned		(40	)		-
Writedown of other real estate owned		30			67
Writedown of other real estate owned		547			-
Provision for credit losses		950			300
Provision for credit losses		1,200			1,600
Deferred tax expense		(1,170	)		2,194
Deferred tax expense		2,812			1,004
Net amortization of securities		179			255
Net amortization of securities		680			902
Stock based compensation expense		475			308
Stock based compensation expense		925			463
Net gain on sale of bank premises and equipment		24			-
Net gain on sale of bank premises and equipment		-			(23	)
Decrease (Increase) in taxes receivable		997			(2,149	)
(Increase) Decrease in taxes receivable		(5,732	)		2,897
Increase in interest receivable		(855	)		(811	)
Increase in interest receivable		(1,362	)		(817	)
Increase (Decrease) in interest payable		135			(152	)
Decrease in interest payable		(301	)		(86	)
Increase in other assets		(529	)		(3,078	)
Increase in other assets		(2,159	)		(3,149	)
Decrease in operating lease liabilities		(1,783	)		(1,835	)
Decrease in operating lease liabilities		(5,635	)		(5,399	)
Decrease in accrued expenses and other liabilities		(5,815	)		(10,902	)
(Decrease) Increase in accrued expenses and other liabilities		(3,910	)		1,996
Total adjustments		(4,469	)		(12,995	)
Total adjustments		(4,439	)		7,551
Net cash provided by operating activities		11,816			1,280
Net cash provided by operating activities		41,133			45,103
Cash flows from investing activities:
Proceeds from sales, paydowns and calls of securities available for sale		5417,~~469~~873			5413,~~486~~723
Proceeds from paydowns of held to maturity securities		~~746~~235			~~791~~266
Purchases of securities available for sale		(7625,~~113~~076	)		(379,~~176~~911	)
Proceeds from maturities of securities available for sale		7015,~~050~~000			6035,000
Purchases of Federal Home Loan Bank stock		(94	)		(304	)
Net increase in loans		(37,679	)		(17,821	)
Net increase in loans		(93,367	)		(70,482	)
Purchases of bank premises and equipment		(1,636	)		(4,545	)
Proceeds from dispositions of other real estate owned		531			68
Net cash (used in) provided by investing activities		(31,283	)		16,712
Proceeds from dispositions of bank premises and equipment		-			64
Purchases of bank premises and equipment		(9,480	)		(2,540	)
Net cash (used in) provided by investing activities		(53,258	)		4,907
Cash flows from financing activities:
Net increase (decrease) in deposits.		90,290			(86,586	)
Net increase in deposits		94,936			105,687
Net change in short-term borrowings		12(7,~~968~~124	)		(2,~~460~~506	)
Stock based award tax withholding payments		(11	)		-
Purchases of treasury stock		(23,905	)		-
Purchases of treasury stock		(16,871	)		(374	)
Dividends paid		(6,759	)		(6,848	)
Dividends paid		(20,507	)		(20,549	)
Net cash provided by financing activities		57,148			96,333
Net cash provided by (used in) financing activities		65,869			(105,049	)
Net increase in cash and cash equivalents		37,681			114,325
Net increase (decrease) in cash and cash equivalents		53,744			(55,039	)
Cash and cash equivalents at beginning of period		730,427			641,812
Cash and cash equivalents at beginning of period		641,812			578,004
Cash and cash equivalents at end of period	$	768,108		$	756,137
Cash and cash equivalents at end of period	$	695,556		$	522,965
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest paid	$	6821,~~385~~383		$	6822,~~456~~596
Income taxes paid		144,~~368~~327			86,~~869~~598
Other non cash items:
Transfer of loans to other real estate owned		98			2,377
Increase in dividends payable		(18	)		(1	)
Increase in dividends payable		254			(7	)
Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes		(1,703	)		5,326
Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes		10,747			9,546
Change in deferred tax effect on unrealized (gain) loss on securities available for sale		437			(1,378	)
Change in deferred tax effect on unrealized (gain) loss on securities available for sale		(2,790	)		(2,466	)
Amortization of net actuarial gain and prior service cost on pension and postretirement plans		(698	)		(294	)
Amortization of net actuarial gain and prior service cost on pension and postretirement plans		(1,542	)		(598	)
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans		181			75
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans		401			155

See accompanying notes to unaudited consolidated interim financial statements.

Index

TRUSTCO BANK CORP NYN Y

Notes to Consolidated Interim Financial Statements

(Unaudited)

(1) Financial Statement Presentation

The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY (the “Company” or “TrustCo”) include the accounts of the Company’s subsidiary, Trustco Bank (also referred to as the “Bank”) and other subsidiaries after elimination of all significant intercompany accounts and transactions. Prior period amounts are reclassified when necessary to conform to the current period presentation. The net income reported for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 is not necessarily ~~necessarily~~ indicative of the results that may be expected for the year ending December 31, ~~2025~~2026, or any interim periods. These financial statements consider events that occurred through the date of filing.

In the opinion of the management of the Company, the accompanying unaudited Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial condition as of ~~September~~March 3031, ~~2025~~2026, the results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, and the cash flows for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. The accompanying unaudited Consolidated Interim Financial Statements should be read in conjunction with the Company’s year-‑end ~~audited~~ Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10-‑K for the year ended December 31, ~~2024~~2025. The accompanying unaudited Consolidated Interim Financial ~~Financial~~ Statements have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and notes necessary for a complete presentation of financial position, ~~condition,~~ results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. ~~Results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025~~(“U.S.”).

The accounting policies of the Company, as applied in the ~~unaudited~~ Consolidated Interim Financial Statements presented herein, are substantially the same as those followed on an annual basis in the Annual Report on Form 10-K for the year ended December ~~December~~ 31, ~~2024~~2025 filed with the SEC on March 1416, ~~2025~~2026.

Index

(2) Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). A reconciliation of the component parts of earnings per share for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 is as follows:

(in thousands, except per share data)	For the three months ended				~~For the nine months ended~~
	September 30,				September 30,
	March 31,
	2025		2024		2025		2024
	2026		2025
Net income	$	16,~~258~~285	$	1214,~~875~~275	$	~~45,572~~	$	~~37,552~~
Weighted average common shares		1817,~~755~~813		19,~~010~~020		~~18,912~~		~~19,019~~
Effect of Dilutive Securities:
Stock Options and Restricted Stock Units		5063		2624		35		15
Weighted average common shares including potential dilutive shares		1817,~~805~~876		19,~~036~~044		~~18,947~~		~~19,034~~
Basic EPS	$	0.8791	$	0.6875	$	~~2.41~~	$	~~1.97~~
Diluted EPS	$	0.8691	$	0.6875	$	~~2.41~~	$	~~1.97~~

For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 there were no weighted average antidilutive stock options excluded from ~~dilutive~~diluted earnings. per share. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 there were 22approximately ~~thousand~~8 ~~and 48~~ thousand, ~~respectively,~~ weighted average ~~antidilutive~~anti-dilutive stock options excluded from dilutive ~~earnings~~. The stock options ~~are~~were antidilutive because the strike price is greater than the average fair value of the Company’s common stock.

(3) Benefit Plans

The table below outlines the components of the Company’s net periodic benefit recognized during the three months ended March 31, 2026 and 2025 for its pension and other post-retirement benefit plans:

	Three months ended March 31,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2026			2025			2026			2025

Service cost	$	-		$	-		$	5		$	5
Interest cost		286			289			90			86
Expected return on plan assets		(952	)		(763	)		(428	)		(381	)
Amortization of net gain		(349	)		(21	)		(352	)		(276	)
Amortization of prior service cost		-			-			3			3
Net periodic benefit	$	(1,015	)	$	(495	)	$	(682	)	$	(563	)

The Company does not expect to contribute to its pension and post-retirement benefit plans in 2026. As of March 31, 2026, no contributions have been made; however, this decision is reviewed each quarter and is subject to change based upon market conditions.

Index

(3) Benefit Plans

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

	Three months ended September 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2025			2024			2025			2024
Service cost	$	-		$	-		$	4		$	5
Interest cost		297			289			87			72
Expected return on plan assets		(862	)		(762	)		(380	)		(332	)
Amortization of net gain		(241	)		(19	)		(276	)		(184	)
Amortization of prior service cost		-			-			2			4
Net periodic benefit	$	(806	)	$	(492	)	$	(563	)	$	(435	)

	Nine months ended September 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2025			2024			2025			2024
Service cost	$	-		$	-		$	13		$	14
Interest cost		890			867			260			216
Expected return on plan assets		(2,585	)		(2,286	)		(1,142	)		(995	)
Amortization of net gain		(723	)		(57	)		(828	)		(551	)
Amortization of prior service cost		-			-			9			10
Net periodic benefit	$	(2,418	)	$	(1,476	)	$	(1,688	)	$	(1,306	)

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

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

Index

(4) Investment Securities

(a) Debt Securities available for sale

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

September 30, 2025

March 31, 2026

Gross

Amortized

Unrealized

Fair

(dollars in thousands)

Cost

Gains

Losses

Value

U.S. government sponsored enterprises

5114,~~916~~966

30-

~~389~~79

5114,~~557~~887

State and political subdivisions

189

Mortgage backed securities and collateralized mortgage obligations - residential

~~232~~221,~~672~~545

~~528~~334

1716,~~734~~670

~~215~~205,~~466~~209

Corporate bonds

3969,~~970~~973

4018

~~210~~854

3969,~~800~~137

Small Business Administration - guaranteed participation securities

1311,~~138~~496

~~808~~700

1210,~~330~~796

Other

689

1219

~~701~~708

Total Securities Available for Sale

~~338~~318,~~403~~678

~~610~~371

1918,~~141~~303

~~319~~300,~~872~~746

December 31, 2024

December 31, 2025

Gross

Amortized

Unrealized

Fair

(dollars in thousands)

Cost

Gains

Losses

Value

U.S. government sponsored enterprises

8631,~~833~~939

418

~~1,220~~185

8531,~~617~~772

State and political subdivisions

189

Mortgage backed securities and collateralized mortgage obligations - residential

~~239~~221,~~420~~611

~~114~~543

2615,~~406~~864

~~213~~206,~~128~~290

Corporate bonds

4559,~~033~~972

-99

~~452~~139

4459,~~581~~932

Small Business Administration - guaranteed participation securities

1512,~~471~~427

~~1,330~~717

1411,~~141~~710

Other

~~688~~689

1216

~~700~~705

Total Securities Available for Sale

~~387~~326,~~463~~647

~~130~~676

2916,~~408~~905

~~358~~310,~~185~~418

The following table categorizes the debt securities included in the available for sale portfolio as of September 30, 2025, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:13

	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	24,961	$	24,622
Due after one year through five years		45,652		45,594
Due after five years through ten years		21,980		21,860
Mortgage backed securities and collateralized mortgage obligations - residential		232,672		215,466
Small Business Administration - guaranteed participation securities		13,138		12,330
	$	338,403	$	319,872

Index

The following table categorizes the debt securities included in the available for sale portfolio as of March 31, 2026, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:

	March 31, 2026
	Amortized		Fair
(dollars in thousands)	Cost		Value

Due in one year or less	$	10,014	$	9,958
Due after one year through five years		75,623		74,783
Mortgage backed securities and collateralized mortgage obligations - residential		221,545		205,209
Small Business Administration - guaranteed participation securities		11,496		10,796
	$	318,678	$	300,746

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

September 30, 2025

March 31, 2026

Less than

12 months

or more

Total

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(dollars in thousands)

Value

Loss

Value

Loss

Value

Loss

U.S. government sponsored enterprises

64,~~987~~997

133

349,~~537~~890

~~376~~76

4114,~~524~~887

~~389~~79

Mortgage backed securities and collateralized mortgage obligations - residential

-13,139

-271

~~184~~167,~~496~~769

1716,~~734~~399

~~184~~180,~~496~~908

1716,~~734~~670

Corporate bonds

2466,~~770~~619

~~210~~854

2466,~~770~~619

~~210~~854

Small Business Administration - guaranteed participation securities

1210,~~330~~796

~~808~~700

1210,~~330~~796

~~808~~700

Total

3184,~~757~~755

~~223~~1,128

~~231~~188,~~363~~455

1817,~~918~~175

~~263~~273,~~120~~210

1918,~~141~~303

December 31, 2024

December 31, 2025

Less than

12 months

or more

Total

Gross

Fair

Unrealized

Fair

Unrealized

Fair

Unrealized

(dollars in thousands)

Value

Loss

Value

Loss

Value

Loss

U.S. government sponsored enterprises

111,~~961~~998

382

6824,~~651~~756

~~1,182~~183

8026,~~612~~754

~~1,220~~185

Mortgage backed securities and collateralized mortgage obligations - residential

~~12,346~~-

~~280~~-

~~194~~178,~~636~~551

2615,~~126~~864

~~206~~178,~~982~~551

2615,~~406~~864

Corporate bonds

-34,842

-139

~~44,581~~-

~~452~~-

4434,~~581~~842

~~452~~139

Small Business Administration - guaranteed participation securities

1411,~~141~~710

~~1,330~~717

1411,~~141~~710

~~1,330~~717

Total

2436,~~307~~840

~~318~~141

~~322~~215,~~009~~017

2916,~~090~~764

~~346~~251,~~316~~857

2916,~~408~~905

There was no allowance for credit losses recorded for debt securities available for sale during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025. There were no securities on non-accrual status and ~~2024~~all securities were performing in accordance with contractual terms.

1514

Index

The proceeds from sales and calls and maturities of debt securities available for sale, gross realized gains and gross realized losses from sales and calls during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 are as follows:

	Three months ended September 30,
	Three months ended March 31,
(dollars in thousands)	~~2025~~2026		~~2024~~2025
Proceeds from sales	$	-	$	-
Proceeds from calls/paydowns		3017,~~105~~873		3313,~~992~~723
Proceeds from maturities		1015,000		535,000
Gross realized gains		-		-
Gross realized losses		-		-

	Nine months ended September 30,
	2025		2024
(dollars in thousands)
Proceeds from sales		-		-
Proceeds from calls/paydowns		54,469		54,486
Proceeds from maturities		70,050		60,000
Gross realized gains		-		-
Gross realized losses		-		-

There were no transfers of debt securities available for sale during the three months ended March 31, 2026 and 2025.

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

(b) Held to maturity securities

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

September 30, 2025

March 31, 2026

Gross

Amortized

Unrecognized

Fair

(dollars in thousands)

Cost

Gains

Losses

Value

Mortgage backed securities and collateralized mortgage obligations - residential

4,~~593~~097

8481

4844

4,~~629~~134

Total held to maturity

4,~~593~~097

8481

4844

4,~~629~~134

December 31, 2024

December 31, 2025

Gross

Amortized

Unrecognized

Fair

(dollars in thousands)

Cost

Gains

Losses

Value

Mortgage backed securities and collateralized mortgage obligations - residential

54,~~365~~339

4590

~~104~~40

54,~~306~~389

Total held to maturity

54,~~365~~339

4590

~~104~~40

54,~~306~~389

16The following table categorizes the debt securities included in the held to maturity portfolio as of March 31, 2026, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Debt securities not due at a single maturity date are presented separately:

	March 31, 2026
(dollars in thousands)	Amortized		Fair
	Cost		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	4,097	$	4,134
	$	4,097	$	4,134

All held to maturity securities are held at cost on the financial statements.

Index

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

(dollars in thousands)	Amortized		Fair
	Cost		Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	4,593	$	4,629
	$	4,593	$	4,629

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

	September 30, 2025
	March 31, 2026
	Less than				12 months
(dollars in thousands)	12 months				or more				Total
			Gross				Gross				Gross
	Fair		Unrec.		Fair		Unrec.		Fair		Unrec.
	Value		Loss		Value		Loss		Value		Loss
Mortgage backed securities and collateralized mortgage obligations - residential	$	-166	$	-1	$	1,~~764~~332	$	4843	$	1,~~764~~498	$	4844
Total	$	-166	$	-1	$	1,~~764~~332	$	4843	$	1,~~764~~498	$	4844

December 31, 2024

December 31, 2025

Less than

12 months

(dollars in thousands)

12 months

or more

Total

Gross

Fair

Unrec.

Fair

Unrec.

Fair

Unrec.

Value

Loss

Value

Loss

Value

Loss

Mortgage backed securities and collateralized mortgage obligations - residential

~~592~~123

21,~~047~~485

9740

21,~~639~~608

~~104~~40

Total

~~592~~123

21,~~047~~485

9740

21,~~639~~608

~~104~~40

There were no sales or transfers of held to maturity securities during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

There was no allowance for credit losses recorded for held to maturity securities asduring ofthe ~~September~~three ~~30,~~months ~~2025~~ended ~~and~~March ~~December~~ 31, ~~2024.~~2026 and 2025. There was no credit loss expense recorded for held to maturity securities for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. There ~~As of September 30, 2025, there~~ were no securities on non-accrual status and all securities were performing in accordance with contractual terms.

~~During~~As ~~the second quarter~~ of ~~2024,~~March ~~Visa Inc. accepted the Company’s tender of its 6~~31,~~528~~ ~~shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. As a result of the exchange~~2026, the Company marked its Visa Class C common stock to fair value and recorded a gain of $1.4 million based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock on June 28, 2024 of $262.47 per share. In 2024, Company’s ~~Visa~~securities ~~Class~~portfolio Cincluded ~~shares~~certain ~~were marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar~~ securities, ~~issued~~which bywere ~~Visa. The Company originally obtained the shares~~ in ~~2008.~~an ~~The~~unrealized ~~carrying~~loss ~~value of the Visa Class B-2 shares is nominal as of September 30~~position, ~~2025~~ and ~~there~~are ~~was~~discussed ~~no activity during the three and nine months ended September 30, 2025~~below.

1716

Index

(d) Securities in an unrealized loss position

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

U.S. government sponsored enterprises:

In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the ~~third~~first quarter of ~~2025~~2026. As of ~~September~~March 3031, ~~2025~~2026, 8three out of 10three securities were in an unrealized loss position. All securities are performing.

Mortgage-backed securities and collateralized mortgage obligations – residential:

AtAs ~~September~~of 30March 31, ~~2025~~2026, all mortgage-backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the ~~third~~first quarter of ~~2025~~2026. As of ~~September~~March 3031, ~~2025~~2026, ~~108~~110 out of ~~120~~122 securities were in an unrealized loss position. All securities are performing.

Small Business Administration (SBA) - guaranteed participation securities:

AtAs ~~September~~of 30March 31, ~~2025~~2026, all of the SBA securities held by the Company were issued and guaranteed by the U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the ~~third~~first quarter of ~~2025~~2026. As of ~~September~~March 3031, ~~2025~~2026, 8 out of 8 securities were in an unrealized loss position. All securities are performing.

Corporate Bonds:

AtAs ~~September~~of 30March 31, ~~2025~~2026, corporate bonds held by the Company are investment grade quality. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during the ~~third~~first quarter of ~~2025~~2026. As of ~~September~~March 3031, ~~2025~~2026, 310 out of 711 securities were in an unrealized loss position. All securities are performing.

1817

Index

(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:

September 30, 2025

March 31, 2026

(dollars in thousands)

New York and

other states*

Florida

Total

Commercial:

Commercial real estate

~~245~~248,~~585~~332

4849,~~470~~848

~~294~~298,~~055~~180

Other

1718,~~436~~148

-435

1718,~~436~~583

Real estate mortgage - 1 to 4 family:

First mortgages

2,~~767~~820,~~044~~269

1,~~591~~612,~~761~~456

4,~~358~~432,~~805~~725

Home equity loans

4547,~~611~~642

1617,~~397~~544

6265,~~008~~186

Home equity lines of credit

~~258~~268,~~629~~011

~~188~~196,~~606~~876

~~447~~464,~~235~~887

Installment

87,~~998~~664

32,~~233~~953

1210,~~231~~617

Total loans, net

3,~~343~~410,~~303~~066

1,~~848~~880,~~467~~112

5,~~191~~290,~~770~~178

Less: Allowance for credit losses on loans

5152,~~891~~994

Net loans

5,~~139~~237,~~879~~184

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

December 31, 2024

December 31, 2025

(dollars in thousands)

New York and

other states*

Florida

Total

Commercial:

Commercial real estate

~~227~~245,~~771~~799

3949,~~529~~308

~~267~~295,~~300~~107

Other

1917,~~144~~841

~~413~~495

1918,~~557~~336

Real estate mortgage - 1 to 4 family:

First mortgages

2,~~741~~794,~~334~~515

1,~~590~~604,~~229~~709

4,~~331~~399,~~563~~224

Home equity loans

4346,~~096~~421

1317,~~643~~615

5664,~~739~~036

Home equity lines of credit

~~235~~265,~~939~~060

~~173~~199,~~322~~141

~~409~~464,~~261~~201

Installment

98,~~885~~497

3,~~753~~059

1311,~~638~~556

Total loans, net

3,~~277~~378,~~169~~133

1,~~820~~874,~~889~~327

5,~~098~~252,~~058~~460

Less: Allowance for credit losses on loans

5052,~~248~~205

Net loans

5,~~047~~200,~~810~~255

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

~~Included~~As inof ~~commercial~~March ~~loans~~31, ~~above~~2026, ~~are~~the ~~Paycheck~~Company ~~Protection~~had ~~Program~~approximately $44.0 million of real estate construction loans. Of ~~totaling~~the $9744.0 ~~thousand~~million ~~and~~in ~~$241~~real ~~thousand~~estate construction loans as of ~~September~~March 3031, ~~2025~~2026, ~~and~~approximately ~~December~~$14.4 ~~31,~~million ~~2024,~~are ~~respectively~~secured by first mortgages to residential borrowers while approximately $29.6 million were to commercial borrowers for residential construction projects. The majority of construction loans are in the Company’s New York market.

At ~~September 30, 2025 and~~ December 31, ~~2024~~2025, the Company had approximately $41.69 million ~~and $29.7 million~~ of real estate construction loans~~, respectively~~. Of the $41.69 million in real estate construction loans at ~~September~~December 3031, 2025, approximately $11.59 million are secured by first mortgages to residential borrowers while approximately $30.1 million are to commercial borrowers for residential construction projects. Of the $29.7 million in real estate construction loans at December 31, 2024, approximately $10.7 million were secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects. The ~~vast~~ majority of construction loans held in 2025 were in the Company’s New York market.

1918

Index

Allowance for credit losses on loans

The level of the allowance for credit losses on loans (“ACLL”) is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended ~~September~~March 3031, ~~2025~~2026. The Company selected the baseline economic forecast for the allowance for credit losses on loans based on current market conditions and portfolio trends. In addition, the Company’s four quarter forecast period and four quarter straight line reversion has not changed for the period ended ~~September~~March 3031, ~~2025~~2026.

The Company recorded a provision for credit losses of $~~250~~950 thousand for the three months ended ~~September~~March 3031, ~~2025~~2026, which is the result of a provision for credit losses on loans of $~~450~~750 thousand, and a ~~benefit~~provision for credit losses on unfunded commitments of $200 thousand. The Company recorded a provision for credit losses of $1.2 million for the nine months ended September 30, 2025, which is the result of a provision for credit losses on loans of $1.2 million, and no provision for credit losses on unfunded commitments.

The Company recorded a provision for credit losses of $~~500~~300 thousand for the three months ended ~~September~~March 3031, ~~2024~~2025, which is the result ~~a provision for credit losses on loans~~ of ~~$400 thousand, and~~ a provision for credit losses on ~~unfunded~~loans ~~commitments~~ of $100 thousand~~. The Company recorded a provision for credit losses of $1.6 million for the nine months ended September 30~~, ~~2024, which is the result of a provision for credit losses on loans of $1.5 million,~~ and a provision for credit losses on unfunded commitments of $~~100~~200 thousand.

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 is summarized as follows:

	For the three months ended September 30, 2025
	For the three months ended March 31, 2026
(dollars in thousands)				Real Estate
				Mortgage-
	Commercial			1 to 4 Family			Installment		Total
Balance at beginning of period	$	3,~~134~~081		$	4748,~~877~~895		$	~~254~~229	$	5152,~~265~~205
Loans charged off:
New York and other states*		-19			-			212		231
Florida		-			-			2014		2014
Total loan chargeoffs		-19			-			2226		2245
Recoveries of loans previously charged off:
New York and other states*		-			~~194~~43			41		~~198~~44
Florida		-40			-			-		-40
Total recoveries		-40			~~194~~43			41		~~198~~84
Net loans (recoveries) charged off		-			(194	)		18		(176	)
Net loan (recoveries) charged off		(21	)		(43	)		25		(39	)
Provision (credit) for credit losses		(3	)		446			7		450
Provision for credit losses		31			714			5		750
Balance at end of period	$	3,~~131~~133		$	4849,~~517~~652		$	~~243~~209	$	5152,~~891~~994

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

2019

Index

	For the three months ended September 30, 2024
	For the three months ended March 31, 2025
(dollars in thousands)				Real Estate
				Mortgage-
	Commercial			1 to 4 Family		Installment		Total
Balance at beginning of period	$	3,~~429~~420			46,~~129~~636		~~214~~192		4950,~~772~~248
Loans charged off:
New York and other states*		654			~~194~~80		1725		~~276~~109
Florida		-			-		4215		4215
Total loan chargeoffs		654			~~194~~80		5940		~~318~~124
Recoveries of loans previously charged off:
New York and other states*		-6			9041		621		9668
Florida		-314			-		-		-314
Total recoveries		-320			9041		621		96382
Net loan charged off		65			104		53		222
Net loan recoveries		(316	)		39		19		(258	)
Provision (credit) for credit losses		(12	)		367		45		400
(Credit) provision for credit losses		(713	)		710		103		100
Balance at end of period	$	3,~~352~~023			4647,~~392~~307		~~206~~276		4950,~~950~~606

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

~~Activity~~The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (included within the Accrued expenses and other liabilities line item within the Statement of Financial Condition) with adjustments to the reserve recognized in provision for credit losses in the consolidated statements of income. The Company’s activity in the allowance for credit losses on ~~loans~~unfunded bycommitments ~~portfolio segment~~ for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 is ~~summarized~~ as follows:

	For the nine months ended September 30, 2025
	For the three
(dollars in thousands)				Real Estate
	months ended
				Mortgage-
(In thousands)	March 31, 2026
	Commercial			1 to 4 Family			Installment		Total
Balance at December 31, 2025	$	1,862
Balance at beginning of period	$	3,420		$	46,636		$	192	$	50,248
Provision for credit losses		200
Loans charged off:
Balance at March 31, 2026	$	2,062
New York and other states*		4			99			49		152
Florida		-			-			129		129
Total loan chargeoffs		4			99			178		281
Recoveries of loans previously charged off:
New York and other states*		7			373			29		409
Florida		315			-			-		315
Total recoveries		322			373			29		724
Net loans (recoveries) charged off		(318	)		(274	)		149		(443	)
Provision (Credit) for credit losses		(607	)		1,607			200		1,200
Balance at end of period	$	3,131		$	48,517		$	243	$	51,891

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

	For the three
	months ended
(In thousands)	March 31, 2025

Balance at December 31, 2025	$	1,762
Provision for credit losses		200
Balance at March 31, 2025	$	1,962

Index

	For the nine months ended September 30, 2024
(dollars in thousands)			Real Estate
			Mortgage-
	Commercial		1 to 4 Family			Installment		Total
Balance at beginning of period	$	2,735		45,625			218		48,578
Loans charged off:
New York and other states*		65		311			71		447
Florida		-		17			49		66
Total loan chargeoffs		65		328			120		513
Recoveries of loans previously charged off:
New York and other states*		-		359			26		385
Florida		-		-			-		-
Total recoveries		-		359			26		385
Net loans charged off (recoveries)		65		(31	)		94		128
Provision for credit losses		682		736			82		1,500
Balance at end of period	$	3,352		46,392			206		49,950

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

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

	As of September 30, 2025
(dollars in thousands)			1-to-4 Family
	Commercial		Residential		Installment
	Loans		Real Estate		Loans		Total
Allowance for credit losses on loans:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	-	$	-	$	-	$	-
Collectively evaluated for impairment		3,131		48,517		243		51,891
Total ending allowance balance	$	3,131	$	48,517	$	243	$	51,891
Loans:
Individually evaluated for impairment	$	386	$	22,621	$	30	$	23,037
Collectively evaluated for impairment		311,105		4,845,427		12,201		5,168,733
Total ending loans balance	$	311,491	$	4,868,048	$	12,231	$	5,191,770

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

Index

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

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

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

	For the nine
	months ended
(In thousands)	September 30, 2025
Balance at January 1, 2025	$	1,762
Provision for credit losses		-
Balance at September 30, 2025	$	1,762

	For the three
	months ended
(In thousands)	September 30, 2024
Balance at June 30, 2024	$	1,662
Provision for credit losses		100
Balance at September 30, 2024	$	1,762

	For the nine
	months ended
(In thousands)	September 30, 2024
Balance at January 1, 2024	$	1,662
Provision for credit losses		100
Balance at September 30, 2024	$	1,762

Index

Loan Credit Quality

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

Index

The Company uses the following definitions for classified loans:

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

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

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

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

For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 is also included in the ~~the~~ aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.

2421

Index

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, ~~and~~ based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs ~~year to date~~ for each loan type by origination year was as follows:

Loan Credit Quality
(in thousands)	As of ~~September~~March 3031, ~~2025~~2026
	Term Loans Amortized Cost Basis by Origination Year
Commercial :	~~2025~~2026		~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loan Converted to Term		Total
Risk rating
Pass	$	4110,~~080~~605	$	47,~~458~~474	$	5046,~~976~~897	$	6748,~~021~~227	$	2163,~~514~~528	$	5774,~~855~~273	$	54,~~238~~061	$	-	$	~~291~~295,~~142~~065
Special Mention		-		-		-		~~238~~-		-584		-		-		-		~~238~~584
Substandard		-		~~890~~-		-890		~~992~~-		-969		~~793~~672		-		-		2,~~675~~531
Doubtful		-		-		-		-		-		-		-		-		-
Total Commercial Loans	$	4110,~~080~~605	$	4847,~~348~~474	$	5047,~~976~~787	$	6848,~~251~~227	$	2165,~~514~~081	$	5874,~~648~~945	$	54,~~238~~061	$	-	$	~~294~~298,~~055~~180
Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	419	$	-	$	-	$	-	$	419
	$	-	$	-	$	-	$	-	$	419	$	-	$	-	$	-	$	419
Commercial Other:
Risk rating
Pass	$	1,~~819~~334	$	14,~~606~~251	$	61,~~663~~192	$	16,~~281~~104	$	~~197~~1,170	$	~~1,751~~467	$	43,~~067~~971	$	-	$	1718,~~384~~489
Special mention		-		-		-		-45		-		-		-		-		-45
Substandard		-		11-		-9		-		2-		-		3940		-		5249
Doubtful		-		-		-		-		-		-		-		-		-
Total Commercial Real Estate Loans	$	1,~~819~~334	$	14,~~617~~251	$	61,~~663~~201	$	16,~~281~~149	$	~~199~~1,170	$	~~1,751~~467	$	4,~~106~~011	$	-	$	1718,~~436~~583
Other Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Residential First Mortgage:
Risk rating
Performing	$	~~249~~110,~~750~~099	$	~~317~~388,~~621~~811	$	~~378~~297,~~605~~056	$	~~506~~359,~~947~~822	$	~~771~~493,~~900~~884	$	2,~~115~~764,~~577~~516	$	31,~~168~~784	$	-	$	4,~~343~~415,~~568~~972
Nonperforming		-		-		~~553~~722		1,~~205~~714		1,~~388~~257		1213,~~091~~060		-		-		1516,~~237~~753
Total First Mortgage:	$	~~249~~110,~~750~~099	$	~~317~~388,~~621~~811	$	~~379~~297,~~158~~778	$	~~508~~361,~~152~~536	$	~~773~~495,~~288~~141	$	2,~~127~~777,~~668~~576	$	31,~~168~~784	$	-	$	4,~~358~~432,~~805~~725
Residential First Mortgage Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	99-	$	-	$	-	$	99-
	$	-	$	-	$	-	$	-	$	-	$	99-	$	-	$	-	$	99-
Home Equity Loans:
Risk rating
Performing	$	123,~~938~~858	$	517,~~774~~251	$	75,~~672~~001	$	46,~~459~~645	$	54,~~697~~100	$	2427,~~985~~921	$	59-	$	-	$	6164,~~584~~776
Nonperforming		-		-		-		66-		-66		~~358~~344		-		-		~~424~~410
Total Home Equity Loans:	$	123,~~938~~858	$	517,~~774~~251	$	75,~~672~~001	$	46,~~525~~645	$	54,~~697~~166	$	2528,~~343~~265	$	59-	$	-	$	6265,~~008~~186
Home Equity Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Home Equity Lines of Credit:
Risk rating
Performing	$	~~905~~594	$	2,~~427~~345	$	13,~~437~~045	$	1,~~216~~146	$	1,~~036~~337	$	1523,~~373~~383	$	~~422~~430,~~360~~766	$	-	$	~~444~~462,~~754~~616
Nonperforming		-		-		-94		-129		-		~~923~~1,776		~~1,558~~272		-		2,~~481~~271
Total Home Equity Credit Lines:	$	~~905~~594	$	2,~~427~~345	$	13,~~437~~139	$	1,~~216~~275	$	1,~~036~~337	$	1625,~~296~~159	$	~~423~~431,~~918~~038	$	-	$	~~447~~464,~~235~~887
Home Equity Lines of Credit:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Installments:
Risk rating
Performing	$	~~2,449~~423	$	2,~~236~~942	$	31,~~729~~668	$	12,~~877~~700	$	~~358~~1,290	$	~~691~~633	$	~~848~~898	$	-	$	1210,~~188~~554
Nonperforming		-		823		9-		26-		-38		-1		-1		-		4363
Total Installments	$	~~2,449~~423	$	2,~~244~~965	$	31,~~738~~668	$	12,~~903~~700	$	~~358~~1,328	$	~~691~~634	$	~~848~~899	$	-	$	1210,~~231~~617
Installments Loans:
Current-period Gross writeoffs	$	8-	$	764	$	71	$	2018	$	272	$	401	$	-	$	-	$	~~178~~26
	$	8-	$	764	$	71	$	2018	$	272	$	401	$	-	$	-	$	~~178~~26

2522

Index

Loan Credit Quality
(in thousands)	As of December 31, ~~2024~~2025
	Term Loans Amortized Cost Basis by Origination Year
Commercial :	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loan Converted to Term		Total
Risk rating
Pass	$	47,~~687~~620	$	5447,~~877~~818	$	7349,~~094~~673	$	2265,~~215~~902	$	1521,~~014~~050	$	5055,~~052~~543	$	24,~~169~~694	$	-	$	~~265~~292,~~108~~300
Special Mention		-		-		~~242~~-		-237		-		-		-		-		~~242~~237
Substandard		-		-890		~~1,003~~-		-990		22-		~~887~~690		-		-		12,~~912~~570
Doubtful		-		-		-		-		-		38-		-		-		38-
Total Commercial Loans	$	47,~~687~~620	$	5448,~~877~~708	$	7449,~~339~~673	$	2267,~~215~~129	$	1521,~~036~~050	$	5056,~~977~~233	$	24,~~169~~694	$	-	$	~~267~~295,~~300~~107
Commercial Loans:	$	-	$	-	$	-	$	-	$	4	$	-	$	-	$	-	$	4
Current-period Gross writeoffs	$	-	$	-	$	10-	$	~~431~~-	$	-4	$	-	$	-	$	-	$	~~441~~4
	$	-	$	-	$	10	$	431	$	-	$	-	$	-	$	-	$	441
Commercial Other:
Risk rating
Pass	$	14,~~842~~453	$	71,~~417~~322	$	16,~~796~~346	$	~~407~~1,228	$	~~184~~136	$	21,~~108~~218	$	53,~~634~~538	$	-	$	1918,~~388~~241
Special mention		-		-		-		-		-		-		-45		-		-45
Substandard		13-		-10		-		22-		-1		~~134~~-		-39		-		~~169~~50
Total Commercial Real Estate Loans	$	1,855	$	7,417	$	1,796	$	429	$	184	$	2,242	$	5,634	$	-	$	19,557
Doubtful		-		-		-		-		-		-		-		-		-
Total Commercial Real Estate Loans	$	4,453	$	1,332	$	6,346	$	1,228	$	137	$	1,218	$	3,622	$	-	$	18,336
Other Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Residential First Mortgage:
Risk rating
Performing	$	~~313~~382,~~944~~926	$	~~398~~307,~~722~~952	$	~~535~~366,~~702~~470	$	~~821~~499,~~804~~812	$	~~681~~757,~~840~~834	$	12,~~563~~066,~~659~~631	$	~~938~~1,653	$	-	$	4,~~316~~383,~~609~~278
Nonperforming		-		~~987~~171		~~391~~1,213		~~870~~1,202		~~243~~1,636		1211,~~463~~724		-		-		1415,~~954~~946
Total First Mortgage:	$	~~313~~382,~~944~~926	$	~~399~~308,~~709~~123	$	~~536~~367,~~093~~683	$	~~822~~501,~~674~~014	$	~~682~~759,~~083~~470	$	12,~~576~~078,~~122~~355	$	~~938~~1,653	$	-	$	4,~~331~~399,~~563~~224
Residential First Mortgage Loans:
Current-period Gross writeoffs	$	~~194~~-	$	-	$	-	$	-	$	-	$	1899	$	-	$	-	$	~~212~~99
	$	~~194~~-	$	-	$	-	$	-	$	-	$	1899	$	-	$	-	$	~~212~~99
Home Equity Loans:
Risk rating
Performing	$	617,~~621~~600	$	85,~~586~~386	$	57,~~354~~138	$	64,~~490~~384	$	5,~~066~~328	$	2423,~~096~~770	$	-	$	-	$	5663,~~213~~606
Nonperforming		-		-		~~155~~-		-66		-		~~371~~364		-		-		~~526~~430
Total Home Equity Loans:	$	617,~~621~~600	$	85,~~586~~386	$	57,~~509~~138	$	64,~~490~~450	$	5,~~066~~328	$	24,~~467~~134	$	-	$	-	$	5664,~~739~~036
Home Equity Lines Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Home Equity Credit Lines:
Risk rating
Performing	$	41,~~793~~718	$	13,~~558~~985	$	1,~~110~~471	$	~~887~~1,196	$	461,504	$	1419,~~595~~145	$	~~383~~432,~~425~~926	$	-	$	~~406~~461,~~414~~945
Nonperforming		-		-		70-		-		-		21,~~532~~879		~~245~~377		-		2,~~847~~256
Total Home Equity Credit Lines:	$	41,~~793~~718	$	13,~~558~~985	$	1,~~180~~471	$	~~887~~1,196	$	461,504	$	1721,~~127~~024	$	~~383~~433,~~670~~303	$	-	$	~~409~~464,~~261~~201
Home Equity Credit Lines Loans:
Home Equity Lines of Credit:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	~~116~~-	$	-	$	-	$	~~116~~-
	$	-	$	-	$	-	$	-	$	-	$	~~116~~-	$	-	$	-	$	~~116~~-
Installments:
Risk rating
Performing	$	23,~~846~~089	$	51,~~513~~973	$	23,~~788~~191	$	~~705~~1,542	$	~~123~~257	$	~~505~~561	$	~~1,028~~892	$	-	$	1311,~~508~~505
Nonperforming		16-		5-		554		1946		-		351		-		-		~~130~~51
Total Installments	$	23,~~862~~089	$	51,~~518~~973	$	23,~~843~~195	$	~~724~~1,588	$	~~123~~257	$	~~540~~562	$	~~1,028~~892	$	-	$	1311,~~638~~556
Installments Loans:
Current-period Gross writeoffs	$	-9	$	53102	$	4717	$	3520	$	427	$	3142	$	-	$	-	$	~~170~~217
	$	-9	$	53102	$	4717	$	3520	$	427	$	3142	$	-	$	-	$	~~170~~217

26The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu). Other real estate owned is included in other assets on the Consolidated Statements of Financial Condition. Other real estate owned included $1.0 million and $1.0 million of commercial foreclosed properties, and $328 thousand and $358 thousand of residential foreclosed properties as of March 31, 2026 and December 31, 2025, respectively. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $9.0 million and $9.1 million as of March 31, 2026 and December 31, 2025, respectively.

Index

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

As of September 30, 2025

As of March 31, 2026

New York and other states*:

30-59

60-89

90+

Total

Days

30+ days

Total

(dollars in thousands)

Past Due

Current

Loans

Commercial:

Commercial real estate

1~~,223~~

~~812~~-

~~285~~1,961

21,~~320~~962

~~243~~246,~~265~~370

~~245~~248,~~585~~332

Other

1718,~~429~~141

1718,~~436~~148

Real estate mortgage - 1 to 4 family:

First mortgages

23,~~094~~138

1,~~919~~269

67,~~220~~237

1011,~~233~~644

2,~~756~~808,~~811~~625

2,~~767~~820,~~044~~269

Home equity loans

-34

~~256~~232

~~256~~266

4547,~~355~~376

4547,~~611~~642

Home equity lines of credit

~~412~~430

~~264~~151

~~1,109~~945

1,~~785~~526

~~256~~266,~~844~~485

~~258~~268,~~629~~011

Installment

424

13-

-24

1748

87,~~981~~616

87,~~998~~664

Total

3,~~733~~627

31,~~008~~420

710,~~877~~406

1415,~~618~~453

3,~~328~~394,~~685~~613

3,~~343~~410,~~303~~066

Florida:		30-59		60-89		90+	Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	4849,~~470~~848	$	4849,~~470~~848
Other		-		-		-		-		-435		-435
Real estate mortgage - 1 to 4 family:
First mortgages		2,~~388~~344		~~1,049~~153		~~981~~1,595		4,~~418~~092		1,~~587~~608,~~343~~364		1,~~591~~612,~~761~~456
Home equity loans		-		-		-		-		1617,~~397~~544		1617,~~397~~544
Home equity lines of credit		~~299~~290		-		-187		~~299~~477		~~188~~196,~~307~~399		~~188~~196,~~606~~876
Installment		4623		1918		13-		7841		32,~~155~~912		32,~~233~~953
Total	$	2,~~733~~657	$	~~1,068~~171	$	~~994~~1,782	$	4,~~795~~610	$	1,~~843~~875,~~672~~502	$	1,~~848~~880,~~467~~112

Total:

30-59

60-89

90+

Total

Days

30+ days

Total

(dollars in thousands)

Past Due

Current

Loans

Commercial:

Commercial real estate

1~~,223~~

~~812~~-

~~285~~1,961

21,~~320~~962

~~291~~296,~~735~~218

~~294~~298,~~055~~180

Other

1718,~~429~~576

1718,~~436~~583

Real estate mortgage - 1 to 4 family:

First mortgages

45,482

21,~~968~~422

78,~~201~~832

1415,~~651~~736

4,~~344~~416,~~154~~989

4,~~358~~432,~~805~~725

Home equity loans

-34

~~256~~232

~~256~~266

6164,~~752~~920

6265,~~008~~186

Home equity lines of credit

~~711~~720

~~264~~151

1,~~109~~132

2,~~084~~003

~~445~~462,~~151~~884

~~447~~464,~~235~~887

Installment

5047

3218

1324

9589

1210,~~136~~528

1210,~~231~~617

Total

6,~~466~~284

41,~~076~~591

812,~~871~~188

1920,~~413~~063

5,~~172~~270,~~357~~115

5,~~191~~290,~~770~~178

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

2724

Index

As of December 31, 2024

As of December 31, 2025

New York and other states*:

30-59

60-89

90+

Total

Days

30+ days

Total

(dollars in thousands)

Past Due

Current

Loans

Commercial:

Commercial real estate

~~1,189~~-

~~329~~1,984

1,~~518~~984

~~226~~243,~~253~~815

~~227~~245,~~771~~799

Other

147

1917,~~130~~834

1917,~~144~~841

Real estate mortgage - 1 to 4 family:

First mortgages

23,~~438~~174

~~773~~1,790

6,~~091~~830

911,~~302~~794

2,~~732~~782,~~032~~721

2,~~741~~794,~~334~~515

Home equity loans

1550

22-

~~318~~266

~~355~~316

4246,~~741~~105

4346,~~096~~421

Home equity lines of credit

~~401~~370

-176

1,~~267~~158

1,~~668~~704

~~234~~263,~~271~~356

~~235~~265,~~939~~060

Installment

185

1932

697

~~106~~44

98,~~779~~453

98,~~885~~497

Total

43,~~061~~599

~~814~~1,998

810,~~088~~252

1215,~~963~~849

3,~~264~~362,~~206~~284

3,~~277~~378,~~169~~133

Florida:

30-59

60-89

90+

Total

Days

30+ days

Total

(dollars in thousands)

Past Due

Current

Loans

Commercial:

Commercial real estate

3949,~~529~~308

Other

~~413~~495

Real estate mortgage - 1 to 4 family:

First mortgages

21,~~037~~683

~~629~~978

12,~~773~~149

4,~~439~~810

1,~~585~~599,~~790~~899

1,~~590~~604,~~229~~709

Home equity loans

-369

6369

1317,~~637~~246

1317,~~643~~615

Home equity lines of credit

~~220~~671

-116

-92

~~220~~879

~~173~~198,~~102~~262

~~173~~199,~~322~~141

Installment

~~109~~46

22-

1622

~~147~~68

32,~~606~~991

3,~~753~~059

Total

2,~~366~~769

~~657~~1,094

12,~~789~~263

46,~~812~~126

1,~~816~~868,~~077~~201

1,~~820~~874,~~889~~327

Total:

30-59

60-89

90+

Total

Days

30+ days

Total

(dollars in thousands)

Past Due

Current

Loans

Commercial:

Commercial real estate

~~1,189~~-

~~329~~1,984

1,~~518~~984

~~265~~293,~~782~~123

~~267~~295,~~300~~107

Other

147

1918,~~543~~329

1918,~~557~~336

Real estate mortgage - 1 to 4 family:

First mortgages

4,~~475~~857

12,~~402~~768

78,~~864~~979

1316,~~741~~604

4,~~317~~382,~~822~~620

4,~~331~~399,~~563~~224

Home equity loans

15419

28-

~~318~~266

~~361~~685

5663,~~378~~351

5664,~~739~~036

Home equity lines of credit

~~621~~1,041

-292

1,~~267~~250

12,~~888~~583

~~407~~461,~~373~~618

~~409~~464,~~261~~201

Installment

~~127~~51

4132

8529

~~253~~112

1311,~~385~~444

1311,~~638~~556

Total

6,~~427~~368

13,~~471~~092

912,~~877~~515

1721,~~775~~975

5,~~080~~230,~~283~~485

5,~~098~~252,~~058~~460

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

AtAs ~~September~~of ~~30,~~March ~~2025 and December~~ 31, ~~2024~~2026, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due, as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual loans or ~~restructured~~loan ~~loans~~modifications to borrowers experiencing financial difficulty.

~~The~~Loans ~~Company~~individually ~~transfers~~evaluated ~~loans~~for toimpairment ~~other~~are ~~real~~residential ~~estate~~non-accrual ~~owned,~~loans atdelinquent ~~fair~~greater ~~value~~than ~~less~~180 ~~cost to sell~~days, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu). Other real estate owned is included in other assets on the Consolidated Statements of Financial Condition. As of September 30, 2025 other real estate owned included $1.0 million and $198 thousand of commercial and residential foreclosed properties, respectively. In addition, non-accrual ~~residential~~commercial ~~mortgage~~ loans, ~~that~~as ~~are~~well inas ~~the~~loans ~~process~~classified ~~of foreclosure had an amortized cost of $7.0 million~~ as ofloan ~~September 30, 2025~~modifications. As of ~~December~~March 31, ~~2024~~2026 ~~other real estate owned included $1.9 million~~ and ~~$317~~December ~~thousand of residential and commercial foreclosed properties~~31, ~~respectively. In addition~~2025, ~~non-accrual~~there was ~~residential~~no ~~mortgage~~allowance ~~loans~~for ~~that~~credit ~~are~~losses inbased on the ~~process~~loans ofindividually ~~foreclosure~~evaluated ~~had~~for ~~a recorded investment of $8~~impairment.~~1 million as of December 31, 2024.~~

Index

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

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

Index

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

As of September 30, 2025

As of March 31, 2026

(dollars in thousands)

New York and

other states*

Florida

Total

Loans in non-accrual status:

Commercial:

Commercial real estate

~~285~~1,961

Other

Real estate mortgage - 1 to 4 family:

First mortgages

1112,~~923~~966

3,~~314~~787

1516,~~237~~753

Home equity loans

~~419~~405

~~424~~410

Home equity lines of credit

21,~~226~~841

~~255~~430

2,~~481~~271

Installment

3043

1320

4363

Total nonperforming loans

1417,~~890~~223

34,~~587~~242

1821,~~477~~465

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

	As of December 31, 2024
	As of December 31, 2025
(dollars in thousands)	New York and
	other states*		Florida		Total
Loans in non-accrual status:
Commercial:
Commercial real estate	$	~~329~~1,983	$	-	$	~~329~~1,983
Other		147		-		147
Real estate mortgage - 1 to 4 family:
First mortgages		1112,~~586~~241		3,~~368~~705		1415,~~954~~946
Home equity loans		~~432~~425		945		~~526~~430
Home equity lines of credit		21,~~653~~917		~~194~~338		2,~~847~~255
Installment		~~108~~29		22		~~130~~51
Total non-accrual loans		15,122		3,678		18,800
Total nonperforming loans	$	16,602	$	4,070	$	20,672
Restructured real estate mortgages - 1 to 4 family		-		-		-
Total nonperforming loans	$	15,122	$	3,678	$	18,800

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

2926

Index

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

As of September 30, 2025

As of March 31, 2026

(dollars in thousands)

Non-accrual With

Loans Past Due

No Allowance for

Allowance for

Over 89 Days

Credit Loss

Still Accruing

Commercial:

Commercial real estate

~~285~~1,961

Other

Real estate mortgage - 1 to 4 family:

First mortgages

1315,~~182~~313

21,~~055~~440

Home equity loans

~~404~~410

20-

Home equity lines of credit

2,~~232~~062

~~249~~209

Installment

3039

1324

Total loans, net

1619,~~140~~792

21,~~337~~673

As of December 31, 2024

As of December 31, 2025

(dollars in thousands)

Non-accrual With

Loans Past Due

No Allowance for

Allowance for

Over 89 Days

Credit Loss

Still Accruing

Commercial:

Commercial real estate

~~329~~1,983

Other

147

Real estate mortgage - 1 to 4 family:

First mortgages

1314,~~560~~324

1,~~394~~622

Home equity loans

~~526~~419

-11

Home equity lines of credit

2,~~724~~010

~~123~~245

Installment

~~112~~22

1829

Total loans, net

1718,~~265~~765

1,~~535~~907

The non-accrual balance of $21.37 million and $1.59 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.27

Index

The following tables present the ~~amortized~~balance ~~cost~~in ~~basis~~the ofallowance ~~individually~~for ~~analyzed~~credit ~~collateral~~losses ~~dependent~~on loans by portfolio segment and based on impairment evaluation as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

	As of September 30, 2025
	As of March 31, 2026
	Type of Collateral
(dollars in thousands)			1-to-4 Family
(dollars in thousands)
	Commercial		Residential		Installment
	Real Estate		Investment Securities/Cash		Other
	Loans		Real Estate		Loans		Total
Commercial:
Allowance for credit losses on loans:
Commercial real estate	$	386	$	-	$	-
Ending allowance balance attributable to loans:
Other		-		-		-
Individually evaluated for impairment	$	-	$	-	$	-	$	-
Real estate mortgage - 1 to 4 family:
Collectively evaluated for impairment		3,133		49,652		209		52,994
First mortgages		19,225		-		-
Total ending allowance balance	$	3,133	$	49,652	$	209	$	52,994
Home equity loans		497		-		-
Loans:
Home equity lines of credit		2,899		-		-
Individually evaluated for impairment	$	2,059	$	24,350	$	39	$	26,448
Installment		-		-		30
Collectively evaluated for impairment		314,704		4,938,448		10,578		5,263,730
Total	$	23,007	$	-	$	30
Total ending loans balance	$	316,763	$	4,962,798	$	10,617	$	5,290,178

	As of December 31, 2024
	As of December 31, 2025
	Type of Collateral
(dollars in thousands)			1-to-4 Family
(dollars in thousands)
	Commercial		Residential		Installment
	Real Estate		Investment Securities/Cash		Other
	Loans		Real Estate		Loans		Total
Commercial:
Allowance for credit losses on loans:
Commercial real estate	$	429	$	-	$	-
Ending allowance balance attributable to loans:
Other		14		-		-
Individually evaluated for impairment	$	-	$	-	$	-	$	-
Real estate mortgage - 1 to 4 family:
Collectively evaluated for impairment		3,081		48,895		229		52,205
First mortgages		19,928		-		-
Total ending allowance balance	$	3,081	$	48,895	$	229	$	52,205
Home equity loans		535		-		-
Loans:
Home equity lines of credit		3,372		-		-
Individually evaluated for impairment	$	2,083	$	23,663	$	22	$	25,768
Installment		-		-		112
Collectively evaluated for impairment		311,360		4,903,798		11,534		5,226,692
Total	$	24,278	$	-	$	112
Total ending loans balance	$	313,443	$	4,927,461	$	11,556	$	5,252,460

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the three or nine months ended September 30, 2025 and 2024.28

As of September 30, 2025 and 2024 loans individually evaluated included approximately $6.9 and $7.3 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 bankruptcy loans.

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

Index

~~The~~A ~~following~~financial ~~table~~asset ~~presents~~is ~~the~~considered ~~amortized~~collateral-dependent ~~cost~~when ~~basis~~the ofdebtor ~~loans~~is atexperiencing ~~September~~financial ~~30,~~difficulty ~~2025~~ and ~~2024~~repayment ~~that~~is ~~were~~expected ~~both~~to ~~experiencing~~be ~~financial~~provided ~~difficulty~~substantially ~~and~~through ~~modified during~~ the ~~three~~sale ~~and~~or ~~nine~~operation ~~months~~of ~~ended~~the ~~September~~collateral. ~~30,~~Expected ~~2025~~credit ~~and~~losses ~~2024,~~for bythe ~~class~~collateral ~~and~~dependent byloans ~~type~~are ofbased ~~modification.~~on ~~The~~the ~~percentage~~fair value of the ~~amortized~~collateral ~~cost~~at ~~basis~~the ofreporting ~~loans~~date, ~~that~~adjusted ~~were~~for ~~modified~~selling tocosts ~~borrowers~~as inappropriate. ~~financial~~The ~~distress~~following astables ~~compared~~present to the amortized cost basis of ~~each~~individually ~~class~~analyzed collateral dependent loans by portfolio segment as of ~~financing~~March ~~receivable~~31, is2026 ~~also~~and ~~presented~~December ~~below~~31, 2025:

For the three months ended:
	As of March 31, 2026
New York and other states*:	September 30, 2025				September 30, 2024
	Type of Collateral
	Payment		% of Total Class		Payment		% of Total Class
(dollars in thousands)
(dollars in thousands)	Delay		of Loans		Delay		of Loans
	Real Estate		Investment Securities/Cash		Other
Commercial:
Commercial real estate	$	-2,052	$	-	$	-		-
Other		-		-		-7		-
Real estate mortgage - 1 to 4 family:		-		-		-
First mortgages		-21,235		-		80-		~~0.00~~	%
Home equity loans		-501		-		-		-
Home equity lines of credit		-2,614		-		~~133~~-		~~0.06~~	%
Installment		-		-		-39		-
Total	$	-26,402	$	-	$	~~213~~46		~~0.01~~	%

Florida:
	As of December 31, 2025
	Payment		% of Total Class			Payment		% of Total Class
	Type of Collateral
(dollars in thousands)	~~Delay~~		~~of Loans~~			~~Delay~~		~~of Loans~~
Commercial:
	Real Estate		Investment Securities/Cash			Other
Commercial real estate	$	-		-		$	-		-
Commercial:
Other		-		-			-		-
Commercial real estate	$	2,076	$	-		$	-
Real estate mortgage - 1 to 4 family:									-
Other		-		-			7
First mortgages		283		0.02	%		-		-
Real estate mortgage - 1 to 4 family:		-		-			-
Home equity loans		-		-			89		0.67	%
First mortgages		20,591		-			-
Home equity lines of credit		-		-			-		-
Home equity loans		511		-			-
Installment		-		-			-		-
Home equity lines of credit		2,561		-			-
Total	$	283		-		$	89		0.00	%
Installment		-		-			22
Total	$	25,739	$	-		$	29

Total
	Payment		% of Total Class			Payment		% of Total Class
(dollars in thousands)	Delay		of Loans			Delay		of Loans
Commercial:
Commercial real estate	$	-		-		$	-		-
Other		-		-			-		-
Real estate mortgage - 1 to 4 family:
First mortgages		283		0.01	%		80		0.00	%
Home equity loans		-		-			89		0.16	%
Home equity lines of credit		-		-			133		0.03	%
Installment		-		-			-		-
Total	$	283		0.01	%	$	302		0.01	%

The Company has not committed to lend additional amounts to customers with outstanding loans that are on non-accrual or loan modifications to borrowers experiencing financial difficulty. Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2026 and 2025.

*As ~~Includes~~of ~~New~~March ~~York~~31, ~~New~~2026 ~~Jersey~~and 2025 loans individually evaluated included approximately $6.7 million and $7.1 million, ~~Vermont~~respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 and ~~Massachusetts~~13 bankruptcy loans.

32Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

Index

For the nine months ended:
New York and other states*:	September 30, 2025					September 30, 2024
	Payment		% of Total Class			Payment		% of Total Class
(dollars in thousands)	Delay		of Loans			Delay		of Loans
Commercial:
Commercial real estate	$	-		-		$	-		-
Other		-		-			-		-
Real estate mortgage - 1 to 4 family:							-		-
First mortgages		392		0.01	%		270		0.01	%
Home equity loans		-		-			-		-
Home equity lines of credit		122		0.05	%		242		0.10	%
Installment		-		-			-		-
Total	$	514		0.02	%	$	512		0.02	%

The following table presents the amortized cost basis of loans at March 31, 2026 and 2025 that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and 2025, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

Florida:
For the three months ended:
New York and other states*:	March 31, 2026					March 31, 2025
	Payment		% of Total Class			Payment		% of Total Class
(dollars in thousands)	Delay		of Loans			Delay		of Loans
Commercial:
Commercial real estate	$	-		-		$	-		-
Other		-		-			-		-
Real estate mortgage - 1 to 4 family:		-		-			-		-
First mortgages		~~283~~-		~~0.02~~-	%		8475		0.0100	%
Home equity loans		-		-			89-		~~0.67~~-	%
Home equity lines of credit		-		~~0.00~~-	%		-122		-0.05	%
Installment		-		-			-		-
Total	$	~~283~~-		-		$	~~173~~197		0.0100	%

Total
Florida:
	Payment		% of Total Class			Payment		% of Total Class
(dollars in thousands)	Delay		of Loans			Delay		of Loans
Commercial:
Commercial real estate	$	-		-		$	-		-
Other		-		-			-		-
Real estate mortgage - 1 to 4 family:				-					-
First mortgages		~~675~~273		0.0302	%		~~354~~-		~~0.01~~-	%
Home equity loans		-		-			89-		~~0.16~~-	%
Home equity lines of credit		~~122~~-		~~0.00~~-	%		~~242~~-		~~0.06~~-	%
Installment		-		-			-		-
Total	$	~~797~~273		0.0201	%	$	~~685~~-		~~0.01~~-	%

Total
	Payment		% of Total Class			Payment		% of Total Class
(dollars in thousands)	Delay		of Loans			Delay		of Loans

Commercial:
Commercial real estate	$	-		-		$	-		-
Other		-		-			-		-
Real estate mortgage - 1 to 4 family:
First mortgages		273		0.01	%		75		0.00	%
Home equity loans		-		-			-		-
Home equity lines of credit		-		-			122		0.03	%
Installment		-		-			-		-

Total	$	273		0.01	%	$	197		0.00	%

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

3330

Index

The Bank closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans that have been modified during the last 12 months as of March 31, 2026 and 2025:

			As of September 30 2025
			As of March 31, 2026
New York and other states*:			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		~~154~~78		-		~~238~~-		-238		~~392~~316
Home equity loans		18-		-		-				18-
Home equity lines of credit		-		~~122~~-		-		-		~~122~~-
Installment		-		-		-		-		-
Total	$	~~172~~78	$	~~122~~-	$	~~238~~-	$	-238	$	~~532~~316

Florida:			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-				-
Real estate mortgage - 1 to 4 family:
First mortgages		~~283~~1,022		-		-		-		~~283~~1,022
Home equity loans		-		-		-		-		-
Home equity lines of credit		47-		-		-		-		47-
Installment		-		-		-		-		-
Total	$	~~330~~1,022	$	-	$	-	$	-	$	~~330~~1,022

Total			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		~~437~~1,100		-		~~238~~-		-238		~~675~~1,338
Home equity loans		18-		-		-		-		18-
Home equity lines of credit		47-		~~122~~-		-		-		~~169~~-
Installment		-		-		-		-		-
Total	$	~~502~~1,100	$	~~122~~-	$	~~238~~-	$	-238	$	~~862~~1,338

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

3431

Index

			As of September 30, 2024
			As of March 31 2025
New York and other states*:			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		~~270~~78		-181		-		-80		~~270~~339
Home equity loans		-106		-		-				-106
Home equity lines of credit		~~242~~303		-		-122		-		~~242~~425
Installment		-		-		-		-		-
Total	$	~~512~~487	$	-181	$	-122	$	-80	$	~~512~~870

Florida:			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-				-
Real estate mortgage - 1 to 4 family:
First mortgages		84-		-		-		-		84-
Home equity loans		89-		-		-		-		89-
Home equity lines of credit		-		-		-		-		-
Installment		-		-		-		-		-
Total	$	~~173~~-	$	-	$	-	$	-	$	~~173~~-

Total			30-59		60-89		90+
			30-59		60-89		90+
			Days		Days		Days
(dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		~~354~~78		-181		-		-80		~~354~~339
Home equity loans		89106		-		-		-		89106
Home equity lines of credit		~~242~~303		-		-122		-		~~242~~425
Installment		-		-		-		-		-
Total	$	~~685~~487	$	-181	$	-122	$	-80	$	~~685~~870

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

3532

Index

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

For the three months ended:
	September 30, 2025		September 30, 2024
	March 31, 2026		March 31, 2025
	Weighted		Weighted
New York and other states*:	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:		-		-
First mortgages		-		2224
Home equity loans		-		-
Home equity lines of credit		-		1224
Installment		-		-
Total		-		3448

	Weighted		Weighted
Florida:	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		97		-
Home equity loans		-		9-
Home equity lines of credit		-		-
Installment		-		-
Total		97		9-

	Weighted		Weighted
Total:	Average		Average
Total	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		97		2224
Home equity loans		-		9-
Home equity lines of credit		-		1224
Installment		-		-
Total		97		4348

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

3633

Index

For the nine months September 30, 2025
	September 30, 2025		September 30, 2024
	Weighted		Weighted
New York and other states*:	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:		-		-
First mortgages		24		15
Home equity loans		-		-
Home equity lines of credit		24		18
Installment		-		-
Total		48		33

The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower modifying their payment terms. There was one loan modification totaling $238 thousand for residential mortgages that defaulted during the three months ended March 31, 2026 which had been classified as a loan modification within the prior twelve months. This loan that defaulted was a payment delay modification. There were three loan modifications totaling $261 thousand for residential mortgages and one home equity line of credit loan totaling $122 thousand that defaulted during the three months ended March 31, 2025 which had been classified as a loan modification within the prior twelve months. These loans that defaulted were all payment delay modifications.

	Weighted		Weighted
Florida:	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		9		12
Home equity loans		-		9
Home equity lines of credit		-		-
Installment		-		-
Total		9		21

	Weighted		Weighted
Total:	Average		Average
	Payment		Payment
(dollars in thousands)	Delay (Months)		Delay (Months)
Commercial:
Commercial real estate		-		-
Other		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		33		27
Home equity loans		-		9
Home equity lines of credit		24		18
Installment		-		-
Total		57		54

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

Index

The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. Generally, the nature of the modifications that resulted in them being classified as a loan modification was the borrower filing for bankruptcy protection. There was one loan modification totaling $238 thousand for residential mortgages and one home equity line of credit loan modification totaling $122 thousand that defaulted during the three and nine months ended September 30, 2025 which had been classified as a loan modification within the prior twelve months. There were no loans that defaulted during the three and nine months ended September 30, 2024 which had been classified as a loan modification within the prior twelve months.

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

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

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

(6) Fair Value of Financial Instruments

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

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

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

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

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

3834

Index

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

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

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

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

There were no transfers between Level 1 and Level 2 during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

3935

Index

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

Fair Value Measurements at

September 30, 2025 Using:

March 31, 2026 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

U.S. government sponsored enterprises

5114,~~557~~887

State and political subdivisions

189

Mortgage backed securities and collateralized mortgage obligations - residential

~~215~~205,~~466~~209

Corporate bonds

3969,~~800~~137

Small Business Administration- guaranteed participation securities

1210,~~330~~796

Other securities

~~701~~708

Total securities available for sale

~~319~~300,~~872~~746

Fair Value Measurements at

December 31, 2024 Using:

December 31, 2025 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Securities available for sale:

U.S. government sponsored enterprises

8531,~~617~~772

State and political subdivisions

189

Mortgage backed securities and collateralized mortgage obligations - residential

~~213~~206,~~128~~290

Corporate bonds

4459,~~581~~932

Small Business Administration- guaranteed participation securities

1411,~~141~~710

Other securities

~~700~~705

Total securities available for sale

~~358~~310,~~185~~418

4036

Index

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

Fair Value Measurements at

September 30, 2025 Using:

March 31, 2026 Using:

~~Significant~~

Significant

~~Quoted Prices in~~

~~Other~~Quoted Prices in

~~Significant~~

Other

Significant

~~Active Markets for~~

~~Observable~~Active Markets for

~~Unobservable~~

Observable

Unobservable

Carrying

~~Identical Assets~~

~~Inputs~~Identical Assets

~~Inputs~~

Inputs

(dollars in thousands)

Value

~~(Level 1)~~

(Level 21)

~~(Level 3)~~

(Level 2)

~~Valuation technique~~

(Level 3)

~~Unobservable inputs~~

~~Range~~Valuation ~~(Weighted Average)~~technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

~~1,234~~$

1,364

~~1,234~~-

~~Sales comparison approach~~

~~Adjustments for differences between comparable sales~~1,364

8%Sales (8comparison approach

Adjustments for differences between comparable sales

0% - 58% (29

Individually evaluated loans:

Commercial

157

Sales comparison approach

Adjustments for differences between comparable sales

0% - 52% (26

Fair Value Measurements at

December 31, 2024 Using:

December 31, 2025 Using:

~~Significant~~

Significant

~~Quoted Prices in~~

~~Other~~Quoted Prices in

~~Significant~~

Other

Significant

~~Active Markets for~~

~~Observable~~Active Markets for

~~Unobservable~~

Observable

Unobservable

Carrying

~~Identical Assets~~

~~Inputs~~Identical Assets

~~Inputs~~

Inputs

(dollars in thousands)

Value

~~(Level 1)~~

(Level 21)

~~(Level 3)~~

(Level 2)

~~Valuation technique~~

(Level 3)

~~Unobservable inputs~~

~~Range~~Valuation ~~(Weighted Average)~~technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

~~2,174~~$

1,394

~~2,174~~-

~~Sales comparison approach~~

~~Adjustments for differences between comparable sales~~1,394

0%Sales -comparison ~~44% (18~~approach

Adjustments for differences between comparable sales

0% - 58% (29

Individually evaluated loans:

Real estate mortgage - 1 to 4 family

Sales comparison approach

Adjustments for differences between comparable sales

0% - 52% (26

Other real estate owned, that is carried at fair value less costs to sell was approximately $1.24 million atas ~~September~~of 30March 31, ~~2025~~2026 and consisted of residential and commercial real estate properties. A ~~Valuation~~valuation ~~charges~~charge of $~~-0-~~30 ~~and $547~~ thousand ~~were~~is included in earnings for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025, respectively~~2026.

Of the total individually evaluated loans of $2326.04 million atas ~~September~~of 30March 31, ~~2025~~2026, there ~~are~~were nocommercial loans that ~~are~~were collateral dependent and ~~are~~were carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no ~~specific~~individually ~~valuation~~analyzed ~~allowances~~reserves for these loans ~~during~~as ~~the~~of ~~three~~March 31, 2026. The carrying balances of these loans were $176 thousand and ~~nine~~there ~~months~~were ~~ended~~$19 ~~September~~thousand 30in charge-offs related to commercial loans included in the table above as of March 31, ~~2025~~2026.

Other real estate owned, which is carried at fair value less costs to sell, was approximately $21.24 million at December 31, ~~2024~~2025, and consisted of residential and commercial real estate properties. A valuation charge of $~~350~~547 thousand is included in earnings for the year ended December 31, ~~2024~~2025.

Of the total individually evaluated loans of $2425.48 million at December 31, ~~2024~~2025, there were noreal estate mortgage loans that were collateral dependent and ~~were~~are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no ~~specific~~individually ~~valuation~~analyzed ~~allowances~~reserves for these loans at December 31, ~~2024~~2025. The carrying balances of these loans were $185 thousand and there were $99 thousand in charge-offs related to real estate mortgage loans included in the table above as of December 31, 2025.

4137

Index

In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 are as follows:

(dollars in thousands)

Fair Value Measurements at

Carrying

~~September~~March 3031, ~~2025~~2026 Using:

Value

Level 1

Level 2

Level 3

Total

Financial assets:

Cash and cash equivalents

~~695~~768,~~556~~108

Securities available for sale

~~319~~300,~~872~~746

Held to maturity securities

4,~~593~~097

4,~~629~~134

Federal Home Loan Bank stock

6,601

N/A

Net loans

5,~~139~~237,~~879~~184

4,~~737~~865,~~662~~671

Accrued interest receivable

14,~~556~~684

~~826~~789

1,~~340~~531

12,~~390~~363

14,~~556~~683

Financial liabilities:

Demand deposits

~~795~~811,~~508~~637

Interest bearing deposits

4,~~685~~840,~~765~~716

2,~~544~~591,~~833~~599

2,~~133~~242,~~520~~398

4,~~678~~833,~~353~~997

Short-term borrowings

97112,~~749~~930

Accrued interest payable

3,~~516~~781

~~201~~141

3,~~315~~640

3,~~516~~781

(dollars in thousands)

Fair Value Measurements at

Carrying

December 31, ~~2024~~2025 Using:

Value

Level 1

Level 2

Level 3

Total

Financial assets:

Cash and cash equivalents

~~641~~730,~~812~~427

Securities available for sale

~~358~~310,~~185~~418

Held to maturity securities

54,~~365~~339

54,~~306~~389

Federal Home Loan Bank stock

6,~~507~~601

N/A

Net loans

5,~~047~~200,~~810~~255

4,~~589~~803,~~822~~366

Accrued interest receivable

13,~~194~~828

~~271~~325

1,~~317~~266

1112,~~606~~237

13,~~194~~828

Financial liabilities:

Demand deposits

~~762~~814,~~101~~908

Interest bearing deposits

4,~~628~~742,~~882~~509

2,~~579~~604,~~123~~094

2,~~038~~132,~~200~~833

4,~~617~~736,~~323~~927

Short-term borrowings

84120,~~781~~054

Accrued interest payable

3,~~817~~646

~~216~~159

3,~~601~~487

3,~~817~~646

4238

Index

(7) Accumulated Other Comprehensive Income (Loss)

The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax ~~for the three and nine months ended September 30, 2025 and 2024~~:

	Three months ended September 30, 2025
	Three months ended March 31, 2026
							Amount
				Other			reclassified			Other
				Comprehensive			from Accumulated			Comprehensive ~~income~~loss-
	Balance at			~~income~~loss-Before			Other Comprehensive			Three months ended			Balance at
(dollars in thousands)	712/131/2025			Reclassifications			Income			93/3031/~~2025~~2026			93/3031/~~2025~~2026
Net unrealized holding gain on securities available for sale, net of tax	$	(15,429	)		1,673			-			1,673			(13,756	)
Net unrealized holding loss on securities available for sale, net of tax	$	(12,055	)	$	(1,266	)	$	-		$	(1,266	)	$	(13,321	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		2126,~~266~~962			-			-			-			2126,~~266~~962
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax		(4,~~174~~883	)		-			(~~381~~517	)		(~~381~~517	)		(45,~~555~~400	)
Accumulated other comprehensive income, net of tax	$	1,663			1,673			(381	)		1,292			2,955
Accumulated other comprehensive income (loss), net of tax	$	10,024		$	(1,266	)	$	(517	)	$	(1,783	)	$	8,241

	Three months ended September 30, 2024
	Three months ended March 31, 2025
						Amount
				Other		reclassified			Other Comprehensive
				Comprehensive		from Accumulated			income-
	Balance at			income-Before		Other Comprehensive			Three months ended			Balance at
(dollars in thousands)	712/131/2024			Reclassifications		Loss			93/3031/~~2024~~2025			93/3031/~~2024~~2025
Net unrealized holding gain on securities available for sale, net of tax	$	(2421,~~635~~713	)	$	73,~~816~~948	$	-		$	73,~~816~~948		$	(1617,~~819~~765	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		1321,~~476~~266			-		-			-			1321,~~476~~266
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax		(3,~~109~~414	)		-		(~~148~~219	)		(~~148~~219	)		(3,~~257~~633	)
Accumulated other comprehensive loss, net of tax	$	(14,268	)		7,816		(148	)		7,668			(6,600	)
Accumulated other comprehensive loss (income), net of tax	$	(3,861	)	$	3,948	$	(219	)	$	3,729		$	(132	)

	Nine months ended September 30, 2025
						Amount
				Other		reclassified			Other Comprehensive
				Comprehensive		from Accumulated			income-
	Balance at			income-Before		Other Comprehensive			Nine months ended			Balance at
(dollars in thousands)	1/1/2025			Reclassifications		Income			9/30/2025			9/30/2025
Net unrealized holding gain on securities available for sale, net of tax	$	(21,713	)	$	7,957		-		$	7,957		$	(13,756	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		21,266			-		-			-			21,266
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax		(3,414	)		-		(1,141	)		(1,141	)		(4,555	)
Accumulated other comprehensive income, net of tax	$	(3,861	)	$	7,957	$	(1,141	)	$	6,816		$	2,955

The following table represents the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2026 and 2025:

	Nine months ended September 30, 2024
(dollars in thousands)	Three months ended
								Amount
	March 31,
				Other				reclassified			Other Comprehensive
	2026			2025			Affected Line Item in Financial Statements
				Comprehensive				from Accumulated			income-
Amortization of pension and postretirement benefit items:
	Balance at			income-Before				Other Comprehensive			Nine months ended			Balance at
Amortization of net actuarial gain	$	701		$	297		Salaries and employee benefits
(dollars in thousands)	1/1/2024			Reclassifications				Loss			9/30/2024			9/30/2024
Amortization of prior service cost		(3	)		(3	)	Salaries and employee benefits
Net unrealized holding loss on securities available for sale, net of tax	$	(23,899	)	$	7,080			$	-		$	7,080		$	(16,819	)
Income tax benefit		(181	)		(75	)	Income taxes
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		13,476			-				-			-			13,476
Net of tax		517			219
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax		(2,814	)		-				(443	)		(443	)		(3,257	)
Total reclassifications, net of tax	$	517		$	219
Accumulated other comprehensive loss, net of tax	$	(13,237	)	$	7,080			$	(443	)	$	6,637		$	(6,600	)

4339

Index

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

(dollars in thousands)	Three months ended						Nine months ended
	September 30,						September 30,
	2025			2024			2025			2024			Affected Line Item in Financial Statements
Amortization of pension and postretirement benefit items:
Amortization of net actuarial gain	$	517		$	203		$	1,551		$	608		Salaries and employee benefits
Amortization of prior service cost		(2	)		(4	)		(9	)		(10	)	Salaries and employee benefits
Income tax benefit		(134	)		(51	)		(401	)		(155	)	Income taxes
Net of tax		381			148			1,141			443
Total reclassifications, net of tax	$	381		$	148		$	1,141		$	443

(8) Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. The following table presents the Company’s sources of non-interest ~~Income~~income for the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. Items outside the scope of ASC 606 are noted as such.

(dollars in thousands)	Three months ended				~~Nine months ended~~
	September 30,				September 30,
	March 31,
	2025		2024		2025		2024
	2026		2025
Non-interest income
Service Charges on Deposits
Overdraft fees	$	~~718~~681	$	~~685~~680	$	~~2,065~~	$	~~2,002~~
Other		~~665~~598		~~608~~532		~~1,776~~		~~1,639~~
Interchange Income		1,~~013~~101		1,~~236~~490		~~3,594~~		~~4,121~~
Net gains on equity securities (a)		-		23		-		1,383
Wealth management fees		2,135		2,120
Wealth management fees		1,967		2,044		5,905		5,469
Other (a)		326		152
Other (a)		326		335		1,175		811
Total non-interest income	$	4,841	$	4,974
Total non-interest income	$	4,689	$	4,931	$	14,515	$	15,425

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

A description of how the Company’s revenue ~~streams~~ are streams accounted for in accordance with ASC 606 is set forth below:

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

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

Index

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

Index

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

(9) Operating Leases

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

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its ~~incremental~~ incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of ~~September~~March 3031, ~~2025~~2026, the Company did not have any leases with terms of twelve months or less.

As of ~~September~~March 3031, ~~2025~~2026, the Company did not have any leases for which the construction had not yet started. As Atof ~~September~~March 3031, ~~2025~~2026, lease expiration dates ranged from ~~one~~4 ~~month~~months to 1918.5 years and have a weighted average remaining lease term of 8.32 years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components, which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments.

4541

Index

Other information related to leases was as follows:

(dollars in thousands)	Three months ended
	September 30,
	March 31,
	2025		2024
	2026		2025
Operating lease cost	$	21,~~012~~964	$	2,~~054~~006
Variable lease cost		~~559~~585		~~522~~632
Total Lease costs	$	2,~~571~~549	$	2,~~576~~638

(dollars in thousands)	~~Nine~~Three months ended
	September 30,
	March 31,
	2025			2024
	2026			2025
Operating lease cost	$	6,063		$	6,187
Supplemental cash flows information:
Variable lease cost		1,710			1,716
Cash paid for amounts included in the measurement of
Total Lease costs	$	7,773		$	7,903
lease liabilities:
Operating cash flows from operating leases	$	2,076		$	2,139
Right-of-use assets obtained in exchange for lease obligations:		1,312			-
Weighted average remaining lease term	8.2 years			8.2 years
Weighted average discount rate		3.39	%		3.22	%

(dollars in thousands)	Nine months ended
	September 30,
	2025			2024
Supplemental cash flows information:
Cash paid for amounts included in the measurement of
lease liabilities:
Operating cash flows from operating leases	$	6,527		$	6,383
Right-of-use assets obtained in exchange for lease obligations:		3,656			2,397
Weighted average remaining lease term	8.3 years			8.3 years
Weighted average discount rate		3.34	%		3.19	%

Future minimum lease payments under non-cancellable leases as of March 31, 2026 were as follows:

(dollars in thousands)

Year ending
December 31,
2026^(a)	$	6,084
2027		7,000
2028		5,825
2029		4,452
2030		3,381
Thereafter		14,498
Total lease payments	$	41,240
Less: Interest		5,320

Present value of lease liabilities	$	35,920

^(a)Excluding the three months ended March 31, 2026.

A member of the Board of Directors has an ownership interest in five entities that own commercial real estate leased by the Company for use as branch locations. Total lease payments from the Company to those entities, which are included in the table above, owed as of March 31, 2026, were $1.8 million, which includes interest in the amount of $158 thousand.

Index

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

(dollars in thousands)
Year ending
December 31,
2025(a)	$	2,096
2026		8,046
2027		6,764
2028		5,579
2029		4,204
Thereafter		17,201
Total lease payments	$	43,890
Less: Interest		5,710
Present value of lease liabilities	$	38,180

(a) Excluding the nine months ended September 30, 2025.

A member of the Board of Directors has an ownership interest in five entities that own commercial real estate leased by the Company for use as branch locations. Total future lease payments from the Company to those entities, which are included in the table above, owed at September 30, 2025, were $2.0 million, which includes interest in the amount of $186 thousand.

(10) Regulatory Capital Requirements

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally for banks, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. As of ~~September~~March 3031, ~~2025~~2026, the Company and Bank meet all capital adequacy requirements to which they are subject.

Prompt corrective action regulations provide five classifications: well, capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If a bank is not classified as well capitalized, regulatory approval is required to accept brokered deposits. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of ~~both~~March ~~September 30~~31, ~~2025~~2026 and December 31, ~~2024~~2025, the most recent regulatory ~~notifications~~guidance categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

4743

Index

The Bank and the Company reported the following capital ratios as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

(Bank Only)

Minimum for

Capital Adequacy plus

As of September 30, 2025

Well

Capital Conservation

As of March 31, 2026

Well

Capital Conservation

(dollars in thousands)

Amount

Ratio

Capitalized(1)

Buffer (1)(2)

Tier 1 leverage ratio

~~672~~530,~~243~~666

108.~~576~~250

5.000

4.000

Common equity tier 1 capital

~~672~~530,~~243~~666

1814.~~669~~262

6.500

7.000

Tier 1 risk-based capital

~~672~~530,~~243~~666

1814.~~669~~262

8.000

8.500

Total risk-based capital

~~717~~577,~~360~~284

1915.~~922~~515

10.000

10.500

Minimum for

Capital Adequacy plus

As of December 31, 2024

Well

Capital Conservation

As of December 31, 2025

Well

Capital Conservation

(dollars in thousands)

Amount

Ratio

Capitalized(1)

Buffer (1)(2)

Tier 1 leverage ratio

~~652~~513,~~668~~719

108.~~618~~058

5.000

4.000

Common equity tier 1 capital

~~652~~513,~~668~~719

1813.~~542~~981

6.500

7.000

Tier 1 risk-based capital

~~652~~513,~~668~~719

1813.~~542~~981

8.000

8.500

Total risk-based capital

~~696~~559,~~767~~750

1915.~~795~~234

10.000

10.500

(Consolidated)

Minimum for

Capital Adequacy plus

As of September 30, 2025

Capital Conservation

As of March 31, 2026

Capital Conservation

(dollars in thousands)

Amount

Ratio

Buffer (1)(2)

Tier 1 leverage ratio

~~688~~662,~~505~~125

10.~~831~~290

4.000

Common equity tier 1 capital

~~688~~662,~~505~~125

1917.~~116~~790

7.000

Tier 1 risk-based capital

~~688~~662,~~505~~125

1917.~~116~~790

8.500

Total risk-based capital

~~733~~708,~~634~~755

2019.~~369~~043

10.500

Minimum for

Capital Adequacy plus

As of December 31, 2024

Capital Conservation

As of December 31, 2025

Capital Conservation

(dollars in thousands)

Amount

Ratio

Buffer (1)(2)

Tier 1 leverage ratio

~~679~~676,~~651~~012

1110.~~054~~601

4.000

Common equity Tier 1 capital

~~679~~676,~~651~~012

1918.~~303~~393

7.000

Tier 1 risk-based capital

~~679~~676,~~651~~012

1918.~~303~~393

8.500

Total risk-based capital

~~723~~722,~~762~~055

2019.~~556~~646

10.500

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

(2) The ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent

Index

(11) Segment Reporting

The Company’s reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker (CODM), based upon information provided about the Company’s products and services offered, primarily banking operations. Consolidated net income of the Company is the primary performance metric utilized by the CODM. The chief operating decision maker will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. All expenses associated with the Company’s banking operations are considered to be significant. Given the Company’s single reportable operating segment, assets associated with the Company’s banking operations are reflected on the Company’s consolidated statements of condition as “total assets” and the amounts of significant segment expenses are disclosed in the Company’s consolidated statements of income. The accounting policies for the Company’s banking operations are the same as the Company’s accounting policies disclosed herein.

Index

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

(12) New Accounting Pronouncements

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

49In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”, to improve the guidance in Topic 270, by clarifying interim disclosure requirements and the applicability of Topic 270. The amendments in this update result in a comprehensive list of interim disclosures that are required by GAAP. In developing the list of disclosures required by other Topics, the FASB board focused on identifying the interim disclosures that are currently required under GAAP. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this update also clarify the applicability of Topic 270, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP. The FASB board expects these clarifications will enhance consistency in interim financial reporting in interim for all entities and considers the amendments to be necessary to reflect the development of interim reporting over time. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2027, for entities other than public business entities. Early adoption is permitted for all entities, and can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of this update on its financial disclosures, but does not expect the adoption of this update to have a material impact on the consolidated financial statements.

Index

Crowe LLP

Independent Member Crowe Global

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Shareholders and the Board of Directors of TrustCo Bank Corp NY

Glenville, New York

Results of Review of Interim Financial Information

We have reviewed the consolidated statement of financial condition of TrustCo Bank Corp NY (the “Company”) as of ~~September~~March 3031, ~~2025~~2026, and the related consolidated statements of income, ~~and~~ comprehensive income ~~for the three and nine-month periods ended September 30~~, ~~2025 and September 30, 2024 and the related~~ changes in shareholders’ equity and cash flows for the ~~nine~~three-month periods ended ~~September~~March 3031, ~~2025~~2026 and ~~September~~March 3031, ~~2024~~2025, and the related notes (collectively referred to as the “interim financial information or statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statement of financial condition of the Company as of ~~December~~ December 31, ~~2024~~2025, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated March 1416, ~~2025~~2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial condition as of December 31, ~~2024~~2025, is fairly stated, in all material respects, in relation to the consolidated statement of condition from which it has been derived.

Basis for Review Results

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

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

/s/ Crowe LLP ~~Boston, Massachusetts November 7, 2025~~

50Boston, Massachusetts

May 8, 2026

Index

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The review that follows focuses on the factors affecting the financial condition and results of operations of TrustCo during the three month ~~and~~period ~~nine month periods~~ ended ~~September~~March 3031, ~~2025~~2026, with comparisons to the corresponding period in ~~2024~~2025, as applicable. The consolidated interim financial statements and related notes, as well as the Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025, which was filed with the SEC on March 1416, ~~2025~~2026 (the “~~2024~~2025 Form 10-K”), should also be read in conjunction with this review. Amounts in prior period consolidated interim financial statements are reclassified whenever necessary to conform to the current period’s presentation. These reclassifications have no effect on prior period net income or shareholders’ equity. See “Cautionary Note Regarding Forward-Looking Statements” on page 5 of this report for a description of important factors that could cause actual results to differ from expected results.

Following this Management’s Discussion and Analysis is the table “Distribution of Assets, Liabilities and Shareholders’ Equity: Interest Rates and Interest Differential”,” which gives a detailed breakdown of TrustCo’s average interest earning assets and interest bearing liabilities for the three ~~and nine~~ month periods ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

Economic Overview

During the ~~third~~first quarter of ~~2025~~2026, financial markets ~~got~~started ~~off~~out strong to abegin ~~robust~~2026, ~~start~~but ~~with~~declined ~~each~~by the end of the ~~major~~quarter ~~indexes~~driven ~~reaching~~by ~~multiple~~tensions ~~record~~in ~~highs~~the Middle East, higher oil prices and labor market deterioration. ~~For~~As of the ~~third~~end of the first quarter of ~~2025~~2026, the S&P 500 Index was updown 74.863%, Nasdaq was updown 117.211%, and the Dow Jones Industrial Average was updown 53.2258% compared to ~~the~~December ~~second~~31, ~~quarter of~~ 2025. The 10‑year Treasury bond averaged 4.2620% during ~~the~~Q1 ~~third~~2026 ~~quarter of 2025~~ compared to 4.3610% in Q2Q4 2025, aan ~~decrease~~increase of 10 basis points. The 2‑year Treasury bond ~~average~~averaged ~~rate~~3.58% ~~decreased~~during 14Q1 ~~basis~~2026 ~~points~~compared to 3.7252%. ~~The~~in Q4 2025, and the spread between the 10‑year and the 2-year Treasury bonds increased from a 0.5058% on average in Q2Q4 2025 to 0.5462% in Q3Q1 ~~2025~~2026. Generally, steeper yield curves are favorable for portfolio mortgage lenders like TrustCo, and the table below illustrates the range of rate movements for both short- term and longer- term rates. During the first ~~nine~~quarter ~~months~~ of ~~2025~~2026 ~~the~~ Federal Funds rate ~~was~~remained ~~lowered~~flat ~~once~~at ~~in September 2025 to~~ a range of 43.~~00% to 4.25% from 4.25% to 4.~~50%. ~~It was also subsequently lowered on October 29, 2025~~ to ~~a range of~~ 3.75% ~~to 4~~.~~00%.~~

5147

Index

		3 Month	2 Year	5 Year	10 Year	10 - 2 Year
		Yield (%)	Yield (%)	Yield (%)	Yield (%)	Spread (%)
Q3/24	Beg of Q3	5.50	4.71	4.32	4.32	-0.39
	Peak	5.47	4.77	4.44	4.48	0.26
	Trough	4.68	3.49	3.41	3.63	-0.35
	End of Q3	4.73	3.66	3.58	3.81	0.15
	Average in Q3	5.23	4.04	3.80	3.95	-0.09
Q4/24	Beg of Q4	4.73	3.66	3.58	3.81	0.15
	Peak	4.77	4.37	4.45	4.62	0.33
	Trough	4.31	3.61	3.51	3.74	0.02
	End of Q4	4.37	4.25	4.38	4.58	0.33
	Average in Q4	4.58	4.15	4.12	4.28	0.13
Q1/25	Beg of Q1	4.37	4.25	4.38	4.58	0.33
	Peak	4.37	4.40	4.61	4.79	0.41
	Trough	4.30	3.89	3.96	4.16	0.20
	End of Q1	4.32	3.89	3.96	4.23	0.34
	Average in Q1	4.34	4.15	4.25	4.45	0.30
Q2/25	Beg of Q2	4.32	3.89	3.96	4.23	0.34
	Peak	4.46	4.05	4.17	4.58	0.67
	Trough	4.28	3.60	3.72	4.01	0.29
	End of Q2	4.41	3.72	3.79	4.24	0.52
	Average in Q2	4.37	3.86	3.97	4.36	0.50
Q3/25	Beg of Q2Q3	4.41	3.72	3.79	4.24	0.52
	Peak	4.42	3.95	4.05	4.50	0.65
	Trough	4.00	3.49	3.57	4.01	0.43
	End of Q2	4.02	3.60	3.74	4.16	0.56
	End of Q3	4.02	3.60	3.74	4.16	0.56
	Average in Q2	4.26	3.72	3.80	4.26	0.54
	Average in Q3	4.26	3.72	3.80	4.26	0.54
Q4/25	Beg of Q4	4.02	3.60	3.74	4.16	0.56
	Peak	4.03	3.63	3.78	4.19	0.73
	Trough	3.62	3.41	3.55	3.97	0.49
	End of Q4	3.67	3.47	3.73	4.18	0.71
	Average in Q4	3.86	3.52	3.67	4.10	0.58
Q1/26	Beg of Q1	3.67	3.47	3.73	4.18	0.71
	Peak	3.74	3.96	4.08	4.44	0.74
	Trough	3.62	3.38	3.51	3.97	0.46
	End of Q1	3.70	3.79	3.92	4.30	0.51
	Average in Q1	3.69	3.58	3.77	4.20	0.62

The country has ~~entered~~been aexperiencing ~~period of heightened~~ economic uncertainty as markets continue to adjust to ~~rapidly evolving~~ changes in tariff policies~~. Tariffs~~, ~~have~~Middle ~~the~~East ~~potential to increase inflation~~tensions, ~~and~~increased itoil isprices ~~unknown~~and ~~if that would have~~ a ~~transitory~~volatile orlabor ~~longer lasting impact~~market. The Federal Open Market Committee (“FOMC”) lowered the Federal ~~federal~~Funds ~~funds~~ target rate range to 43.~~00%~~50-43.2575% in ~~September~~December 2025, and tothere awas ~~range~~no ofchange ~~3.75%~~in ~~to 4.00%~~the infirst ~~October~~quarter ~~2025~~of 2026.

On July 4, 2025, legislation referred to as “H.R. 1: One Big Beautiful Bill Act” (the “OBBBA”) was signed into law and, among other changes, will modify the tax year in which certain business deductions, primarily depreciation of capital asset additions, are allowed and therefore will influence the time within which income tax payments must be made. While our initial review of the OBBBA indicates the legislated changes will not significantly modify our future effective income tax rate, we will continue to monitor for further changes and evaluate the enacted provisions of the new law and potential impacts on our consolidated financial statements as appropriate.48

Index

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

Financial Overview

TrustCo recorded net income of $16.3 million, or $0.8691 of diluted earnings per share, for the three months ended ~~September~~March 3031, ~~2025~~2026, compared to net income of $1214.93 million, or $0.6875 of diluted earnings per share, in the same period in ~~2024~~2025. Return on average assets was 1.02% and 0.8493%, respectively, for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. Return on average equity was 9.2966% and 78.7449%, respectively, for the three months ended ~~September~~March 3031, ~~2025~~ 2026 and ~~2024~~2025.

The primary factors accounting for the change in net income for the three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period of the prior year were:

• An increase of $4.43 million, or 1110.57%, in GAAP net interest income compared to the ~~third~~first quarter of ~~2024,~~2025 primarily as a result of an increase in interest ~~income on federal funds sold~~ and ~~other short-term investments and interest and~~ fees on loans, ~~partially offset by an increase in interest expense.~~

• APartially ~~decrease~~offset by an increase of $~~250~~650 thousand in provision for credit losses for the first quarter of 2026 compared to the ~~third~~first quarter ~~of 2024~~2025.

• A decrease of $~~242~~133 thousand in noninterest income for the first quarter of 2026 compared to the ~~third~~first quarter of ~~2024~~2025.

• AnAnd an increase inof ~~income~~$653 ~~tax~~thousand in noninterest expense offor ~~$1.0~~the ~~million~~first quarter 2026 compared to the ~~third~~first quarter ~~of 2024~~2025.

TrustCo recorded net income of $45.6 million, or $2.41 of diluted earnings per share, for the nine months ended September 30, 2025, compared to net income of $37.6 million, or $1.97 of diluted earnings per share, in the same period in 2024. Return on average assets was 0.97% and 0.82%, respectively, for the nine months ended September 30, 2025 and 2024. Return on average equity was 8.84% and 7.68%, respectively, for the nine months ended September 30, 2025 and 2024.

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

• An increase of $12.2 million, or 10.8%, in net interest income compared to the first nine months of 2024, primarily as a result of an increase in interest income on federal funds sold and other short-term investments and interest and fees on loans, partially offset by a decrease in interest and dividends on securities available for sale.

Index

• A decrease of $400 thousand in the provision for credit losses compared to the first nine months of 2024.

• A decrease of $910 thousand in noninterest income compared to the first nine months of 2024. The decrease was primarily driven by a gain of $1.4 million in the prior year from the conversion of the Visa Class C common stock as described below.

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

Visa Exchange Offer

During the second quarter of 2024, Visa Inc. accepted the Company’s tender of its 6,528 shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. As a result of the exchange, the Company marked its Visa Class C common stock to fair value and recorded a gain of $1.4 million based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock on June 28, 2024 of $262.47 per share. In 2024, Company’s Visa Class C shares were marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa. The Company originally obtained the shares in 2008. The carrying value of the Visa Class B-2 shares is nominal as of September 30, 2025 and there was no activity during the three and nine months ended September 30, 2025.

Asset/Liability Management

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

TrustCo’s results are affected by a variety of factors including competitive and economic conditions in the specific markets in which the Company operates and, more generally, in the national economy, financial market conditions and the regulatory environment. Each of these factors is dynamic, and changes in any area can have an impact on TrustCo’s results. Included in the 2024 Form 10-K is a description of the effect that continued elevated interest rates had on the results for the year 2024 compared to 2023. Many of the same market factors discussed in the 2024 Form 10-K continued to have an impact on results through the third quarter of 2025.49

Index

TrustCo’s results are affected by a variety of factors including competitive and economic conditions in the specific markets in which the Company operates and, more generally, in the national economy, financial market conditions and the regulatory environment. Each of these factors is dynamic, and changes in any area can have an impact on TrustCo’s results. Included in the 2025 Form 10-K is a description of the effect that changes in interest rates had on the results for the year 2025 compared to 2024. Many of the same market factors discussed in the 2025 Form 10-K continued to have an impact on results through the first quarter of 2026.

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

54Interest rates have a significant impact on the operations and financial results of all financial services companies. One of the most important interest rates used to control national economic policy is the “Federal Funds” rate. This is the interest rate utilized within the banking system for overnight borrowings for institutions with the highest credit rating. During the first quarter of 2026 Federal Funds target rate remained flat at a range of 3.50% to 3.75%.

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

TrustCo’s principal loan products are residential real estate loans. Most of TrustCo’s residential real estate loans carry a fixed rate of interest. As noted above, residential real estate loans and longer‑term investments are most affected by the changes in longer-term market interest rates such as the 10-year Treasury. The 10‑year Treasury yield was up 10 basis points, on average, during the first quarter of 2026 compared to the fourth quarter of 2025, and it was down 25 basis points as compared to the first quarter of 2025.

Index

Interest rates have a significant impact on the operations and financial results of all financial services companies. One of the most important interest rates used to control national economic policy is the “Federal Funds” rate. This is the interest rate utilized within the banking system for overnight borrowings for institutions with the highest credit rating. During the first nine months of 2025 the Federal Funds rate was lowered once in September 2025 to a range of 4.00% to 4.25% from 4.25% to 4.50%. It was also subsequently lowered in October 2025 to a range of 3.75% to 4.00%.

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

TrustCo’s principal loan products are residential real estate loans. Most of TrustCo’s residential real estate loans carry a fixed rate of interest. As noted above, residential real estate loans and longer‑term investments are most affected by the changes in longer term market interest rates such as the 10-year Treasury. The 10‑year Treasury yield decreased 10 basis points, on average, during the third quarter of 2025 compared to the second quarter of 2025 and increased 31 basis points as compared to the third quarter of 2024.

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

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

55For the first quarter of 2026, the net interest margin was 2.84%, up 20 basis points versus the prior year’s first quarter. The quarterly results reflect the following significant factors:

•

The average balance of securities available for sale decreased by $46.1 million and the average yield increased 32 basis points to 2.94%. The increase in the average yield was not enough to offset the decrease in average balance, resulting in less interest income.

•

The average balance of Federal Funds sold and other short-term investments increased $56.3 million; however the average yield decreased 75 basis points to 3.70%. The increase in the average balance was not enough to offset the decrease in average yield, resulting in less interest income.

•

The average loan portfolio grew by $158.9 million to $5.27 billion and the average yield increased 19 basis points to 4.38% in the first quarter of 2026 compared to the same period in 2025. Both the increase in the average balance and the average yield resulted in more interest and fee income on loans.

•

The average balance of interest bearing liabilities (primarily deposit accounts) increased $151.6 million and the average rate paid decreased 13 basis points to 1.79% in the first quarter of 2026 compared to the same period in 2025. The decrease in the average rate paid was enough to offset the increase in the average balance, resulting in less interest expense.

During the first quarter of 2026, the Company continued to focus on its strategy to expand its loan portfolio by offering competitive interest rates. Management believes that the TrustCo residential real estate loan product is very competitive compared to local and national competitors. Competition remains strong in the Company’s market areas.

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

Index

For the third quarter of 2025, the net interest margin was 2.79%, up 18 basis points versus the prior year’s quarter. The quarterly results reflect the following significant factors:

• The average balance of Federal Funds sold and other short-term investments increased by $196.8 million and the average yield decreased 85 basis points in the third quarter of 2025 compared to the same period in 2024. The increase in the average balance was enough to offset the decrease in average yield, resulting in more interest income.

• The average balance of securities available for sale decreased by $62.3 million and the average yield increased 40 basis points to 2.91%. The increase in the average yield was a result of higher yields on investments purchased during 2024 and the first nine months of 2025 as well as maturities of lower yielding securities over the same periods. The increase in the yield was not enough to offset the decrease in the average balance which resulted in less interest income.

• The average loan portfolio grew by $125.9 million to $5.18 billion and the average yield increased 20 basis points to 4.32% in the third quarter of 2025 compared to the same period in 2024.

• The average balance of interest bearing liabilities increased $200.3 million and the average rate paid decreased four basis points to 1.90% in the third quarter of 2025 compared to the same period in 2024.

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

For the nine months ended September 30, 2025, the net interest margin was 2.71%, up 19 basis points versus the prior year. The nine month results reflect the following significant factors:

• The average balance of Federal Funds sold and other short-term investments increased by $151.9 million and the average yield decreased 96 basis points in the third quarter of 2025 compared to the same period in 2024. The increase in the average balance was enough to offset the decrease in average yield, resulting in more interest income.

• The average balance of securities available for sale decreased by $82.9 million and the average yield increased 25 basis points to 2.78% for the first nine months of 2025 compared to the same period in 2024. The increase in the average yield was a result of higher yields on investments purchased during 2024 and the first nine months of 2025 as well as maturities of lower yielding securities over the same period. The increase in the yield was not enough to offset the decrease in the average balance which resulted in less interest income.

Index

• The average loan portfolio grew by $115.6 million to $5.14 billion and the average yield increased 20 basis points to 4.25% for the first nine months of 2025 compared to the same period in 2024.

• The average balance of interest bearing liabilities increased $125.7 million and the average rate paid decreased six basis points to 1.91% for the first nine months of 2025 compared to the same period in 2024.

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

Earning Assets

Total average interest earning assets increased from $56.9411 billion in the ~~third~~first quarter of ~~2024~~2025 to $6.2027 billion in the same period of ~~2025~~2026 with an average yield of 4.2523% in the ~~third~~first quarter of ~~2025~~2026 and 4.1113% in the first ~~third~~ quarter of ~~2024~~2025. The mix of assets invested in securities available for sale decreased while Federal Funds sold and other short-term investments and loans increased, ~~while securities available for sale and held to maturity securities decreased~~ over the prior year period. Interest income on average earning assets increased ~~from~~ $613.14 million in the ~~third~~first quarter of ~~2024~~2026 tofrom ~~$66.0 million in~~ the ~~third~~prior ~~quarter~~year ~~of 2025~~period. This increase was primarily driven by ~~the increase in average balances and~~ an increase in interest income on ~~federal~~ ~~funds sold and other short-term investments and~~ loans due to higher interest rates on loan originations over the last year ~~and variable rate loans repricing upwards~~.

Loans

The average balance of loans was $5.1827 billion in the ~~third~~first quarter of ~~2025~~2026 ~~and~~up from $5.0511 billion in the comparable period in ~~2024,~~2025. The ~~and the~~ yield on loans ~~was~~increased up19 20 basis points to 4.3238%. Interest income on loans was $56.0 million in the third quarter of 2025 up $3.8 million from the same period in 2024, primarily as a result of the higher interest rates on new originations compared to the existing portfolio yield.

Compared to the ~~third~~first quarter of ~~2024~~2025, the average balance of residential mortgage loans, ~~home~~commercial ~~equity credit lines~~loans, and ~~commercial~~home equity loans, all increased, while ~~the~~installment loans decreased. The average balance of ~~installment~~residential mortgage loans ~~decreased~~was $4.48 ~~We believe~~billion ~~that~~in ~~the~~2026 ~~upward~~compared ~~trend~~to $4.39 billion in ~~average~~2025, ~~balances~~an increase of 2.1%. The average yield on residential mortgage loans, ~~home~~increased ~~equity~~by ~~credit~~20 ~~lines~~basis ~~and~~points ~~commercial~~to ~~loans~~4.09% ~~reflects~~in ~~improving~~the ~~economic~~first ~~confidence~~quarter ~~among~~of ~~borrowers,~~2026 ~~strong~~compared ~~credit~~to ~~quality~~2025, ~~and~~primarily as a result of the ~~Bank’s~~higher ~~focus~~interest rates on ~~relationship lending~~new originations compared to the existing portfolio yield.

~~The~~TrustCo ~~average~~actively ~~balance~~markets ofthe residential ~~mortgage~~loan ~~loans~~products ~~was~~within $4its market territories.41 Mortgage ~~billion~~loan inrates ~~the~~are ~~third~~affected ~~quarter~~by a number of ~~2025~~factors ~~compared~~including torates ~~$4.38~~on ~~billion~~Treasury insecurities, ~~2024~~the Federal Funds target rate, and anrates ~~increase~~set ofby 0competitors and secondary market participants.~~8%.~~ TrustCo ~~The~~aggressively ~~average~~markets ~~yield~~the onunique ~~residential~~aspects ~~mortgage~~of ~~loans~~its ~~increased~~loan ~~by 18~~products ~~basis~~thereby ~~points~~attempting to 4create differentiation from other lenders.~~00%~~ These inunique ~~the~~aspects ~~third~~include ~~quarter~~low ofclosing ~~2025~~costs, fast ~~compared~~turn-around totime ~~2024~~on loan approvals, ~~primarily~~and asno escrow or mortgage insurance requirements for qualified borrowers. Assuming a ~~result~~continued ofdecline ~~the~~in ~~higher~~long-term interest rates, onthe ~~new~~Company ~~originations~~would ~~compared~~anticipate that the unique features of its loan products will continue to attract customers in the ~~existing~~residential ~~portfolio~~mortgage ~~yield~~loan area.

57Commercial loans, which consist primarily of loans secured by commercial real estate, increased $17.1 million to an average balance of $315.1 million in the first quarter of 2026 compared to the same period in the prior year. The average yield on this portfolio was flat at 5.59% compared to the prior year period. The Company has remained selective in underwriting commercial loans in 2026 as the apparent risk/reward balance has been less favorable in some cases.

The average yield on home equity credit lines decreased 4 basis points to 6.26% during the first quarter of 2026 compared to the prior year period. The average balances of home equity lines increased 12.3% to $464.8 million in the first quarter of 2026 as compared to the prior year.

Index

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

Commercial loans, which consist primarily of loans secured by commercial real estate, increased $34.6 million to an average balance of $313.8 million in the third quarter of 2025 compared to the same period in the prior year. The average yield on this portfolio was up 19 basis points to 5.64% compared to the prior year period, primarily as a result of higher interest rates on new originations compared to the existing portfolio yield and certain variable rate loans that repriced upwards prior to the recent Federal Funds target rate decrease in September 2025. The Company continues to be selective in underwriting commercial loans, aiming to the apparent risk/reward during the underwriting process.

The average yield on home equity credit lines decreased 3 basis points to 6.50% during the third quarter of 2025 compared to the year earlier period. The average balances of home equity credit lines increased 15.7% to $440.3 million in the third quarter of 2025 as compared to the prior year.

Securities Available for Sale

The average balance of the securities available for sale portfolio for the ~~third~~first quarter of ~~2025~~2026 was $~~347~~323.09 million compared to $~~409~~369.39 million for the comparable period in ~~2024~~2025. The decrease in the balance reflects routine paydowns, calls and maturities, partially offset by new investment purchases. The average yield was 2.9194% for the ~~third~~first quarter of ~~2025~~2026 compared to 2.5162% for the ~~third~~first quarter of ~~2024~~2025. The increase in average yield is a result of higher yields on bonds purchased as well as lower rate bonds maturing since the prior year quarter. This portfolio is primarily comprised of agency issued residential mortgage -backed securities, bonds issued by government sponsored enterprises (such as Fannie Mae, the Federal Home Loan Bank, and Freddie Mac), Small Business Administration participation certificates, corporate bonds and municipal bonds. These securities are recorded at fair value with any adjustment in fair value included in other comprehensive income, net of tax.

The net unrealized loss in the available for sale securities portfolio was $1817.59 million as of ~~September~~March 3031, ~~2025~~2026 compared to a net unrealized loss of $2916.32 million as of December 31, ~~2024~~2025. The ~~decrease~~increase in the net unrealized losses in the portfolio is the result of the current interest rate environment.

Held to Maturity Securities

The average balance of held to maturity securities was $4.72 million for the ~~third~~first quarter of ~~2025~~2026 compared to $5.82 million in the ~~third~~first quarter of ~~2024~~2025. The decrease in balances reflects routine paydowns. No new securities were added to this portfolio during the period. The average yield was 4.4047% for the ~~third~~first quarter of ~~2025~~2026 upcompared ~~from~~to 4.2934% for the year earlier period. TrustCo expects to hold the securities in this portfolio until they mature or are called.

58The net unrealized gain in the held to maturity securities portfolio was $37 thousand as of March 31, 2026 compared to a net unrealized gain of $50 thousand as of December 31, 2025. The decrease in the net unrealized gains in the portfolio is the result of changes in market interest rate levels.

As ~~Index~~ of March 31, 2026, this portfolio consisted solely of residential mortgage-backed securities. The balances for these securities are recorded at amortized cost.

~~The~~Federal ~~net~~Funds ~~unrecognized~~Sold ~~gain~~and inOther ~~the~~Short-term held to maturity securities portfolio was $36 thousand as of September 30, 2025 compared to a net unrecognized loss of $59 thousand as of December 31, 2024. The increase in the net unrecognized gain in the portfolio is the result of changes in market interest rate levels.Investments

AsThe 2026 first quarter average balance of ~~September~~Federal 30Funds sold and other short-term investments was $670.0 million, a $56.3 million increase from the $613.6 million average for the same period in 2025, ~~this~~primarily ~~portfolio~~due ~~consisted~~to an ~~solely~~increase ofin ~~agency~~deposits ~~issued~~and ~~residential~~funds ~~mortgage-backed~~from maturing securities. which have not yet been deployed. The ~~balances~~yield was 3.70% for ~~these~~the ~~securities~~first ~~are~~quarter ~~recorded~~of at2026 ~~amortized~~and ~~cost~~4.45% for the comparable period in 2025. Interest income from this portfolio decreased $627 thousand from the prior year period. While the average balances increased year over year, the decreases in the Federal Funds target rate in 2025 resulted in a decrease in interest income over the same period in the prior year.

Federal Funds Sold and Other Short-Term Investments

The average balance of Federal Funds sold and other short‑term investments was $662.7 million for the third quarter of 2025 compared to $465.9 million in the third quarter of 2024, primarily due to an increase in deposits, loan payments, and funds from maturing and called securities which have not yet been deployed. The yield was 4.42% for the third quarter of 2025 and 5.27% for the comparable period in 2024. Interest income from this portfolio increased $1.2 million from $6.2 million in 2024 to $7.4 million in 2025. The increase in the average balance was enough to offset the decrease in yield over the same period.

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

Funding Opportunities

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

Total average interest bearing deposit accounts (which includes interest bearing checking, money market accounts, savings and time deposits) increased $200.6 million to $4.70 billion for the third quarter of 2025 versus the third quarter in the prior year, and the average rate paid decreased from 1.96% for 2024 to 1.92% for 2025. Total interest expense on these deposits increased from $22.2 million to $22.7 million in the third quarter of 2025 compared to the year earlier period. From the third quarter of 2024 to the third quarter of 2025, interest bearing checking account average balances were up 3.5%, certificates of deposit average balances were up 13.1%, non-interest demand average balances were up 6.8%, average savings balances decreased 4.0% and money market balances were down 7.0%. Overall, average balances are up from a year ago as we continue to encourage customers to retain their funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.53

Index

AtTotal ~~September~~average 30interest bearing deposits (which includes interest bearing checking, ~~2025~~money market accounts, savings and time deposits) increased $118.3 million to $4.77 billion for the ~~maturity~~first quarter of ~~total~~2026 ~~time~~versus the first quarter in the prior year, and the average rate paid decreased from 1.94% for 2025 to 1.80% for 2026. Total interest expense on these deposits ~~was~~decreased $1.1 million to $21.1 million in the first quarter of 2026 compared to the year earlier period. From the first quarter of 2025 to the first quarter of 2026, interest bearing checking account average balances were up 2.1%, certificates of deposit average balances were up 6.7%, non‑interest demand average balances were up 5.2%, average savings balances decreased 2.1% and money market balances were down 3.9%. Overall, average balances are up from a year ago as ~~follows:~~we continue to encourage customers to retain their funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.

(dollars in thousands)
Under 1 year	$	1,862,732
1 to 2 years		275,625
2 to 3 years		1,802
3 to 4 years		512
4 to 5 years		208
Over 5 years		53
	$	2,140,932

As of March 31, 2026, the maturity of total time deposits was as follows:

As of September 30, 2025 and December 31, 2024, approximately $1.24 billion and $1.11 billion, respectively, of our deposit portfolio were uninsured. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

(dollars in thousands)

Under 1 year	$	2,059,017
1 to 2 years		188,437
2 to 3 years		1,097
3 to 4 years		387
4 to 5 years		159
Over 5 years		20
	$	2,249,117

~~Average~~As ~~short-term~~of ~~borrowings~~March ~~for~~31, ~~the~~2026 ~~third~~and ~~quarter~~December ~~were~~31, ~~$87.3 million in~~ 2025, ~~compared~~approximately to $871.723 ~~million~~billion inand ~~2024~~$1.22 ~~The~~billion, ~~weighted~~respectively, ~~average~~of ~~interest~~our ~~rate~~deposit ~~for~~portfolio ~~short-term~~was ~~borrowings increased 2 basis points to 0~~uninsured.~~90% during~~ ~~this time period.~~ The ~~short-term~~uninsured ~~borrowings~~amounts ~~of the Company~~ are ~~cash~~estimates ~~management~~based ~~accounts,~~on ~~which~~the ~~represent~~methodologies ~~retail~~and assumptions ~~accounts~~used ~~with customers~~ for ~~which~~ the Bank’s ~~has~~regulatory ~~pledged~~reporting ~~certain assets as collateral~~requirements.

~~The~~Average ~~Company~~short-term ~~has~~borrowings afor ~~number~~the offirst ~~contingent~~quarter ~~funding~~of ~~alternatives~~2026 ~~available~~were in$116.5 ~~addition~~million compared to ~~the~~$83.2 ~~large~~million ~~cash~~in ~~and cash equivalents position and~~ the ~~investment~~same ~~securities~~period ~~positions~~in ~~it maintains on its balance sheet~~2025. The ~~Bank~~increase isin ~~a member of~~ the ~~Federal Home~~average ~~Loan~~balance ~~Bank~~from ofthe ~~New~~prior ~~York~~year ~~(“FHLBNY”)~~period ~~and~~ is anprimarily ~~eligible~~a result ~~borrower at the Federal Reserve Bank~~ of ~~New~~increases ~~York~~in ~~(“FRBNY”)~~customer ~~and has the ability to borrow utilizing securities and/or loans as collateral at either institution~~balances. The ~~Bank~~average ~~does~~rate ~~not~~increased utilize brokered deposits as a part of its funding strategy, but does incorporate them as a potential contingent funding source within its Asset/Liability Management Policy. Like other contingent funding sources, brokered CDs may be tested from time to ~~time~~ ~~to ensure operational and market readiness~~1.40% Asin ~~of September 30, 2025~~ the ~~Company~~first ~~also~~quarter ~~has~~of ~~borrowing~~2026 ~~capacity~~compared ofto ~~$979~~0.188% ~~million~~in ~~available with~~ the ~~Federal~~prior ~~Home~~year ~~Loan Bank of New York~~quarter. The short-term borrowings ~~capacity~~of ~~is secured by~~ the ~~loans pledged by the~~ Company. Asare ofcash ~~September~~management 30accounts, ~~2025~~which ~~and~~represent ~~December~~retail accounts ~~31,~~with ~~2024,~~customers ~~the~~for ~~Company~~which ~~had no outstanding borrowings with~~ the ~~Federal~~Bank ~~Home~~has ~~Loan~~pledged ~~Bank~~certain ofassets ~~New~~as ~~York~~collateral.

~~Net~~The ~~Interest~~Company ~~Income~~has a number of contingent funding alternatives available in addition to the large cash and cash equivalents position and the investment securities positions it maintains on its balance sheet. The Bank is a member of the Federal Home Loan Bank of New York (“FHLBNY”) and is an eligible borrower at the Federal Reserve Bank of New York (“FRBNY”) and has the ability to borrow utilizing securities and/or loans as collateral at either institution. The Bank does not utilize brokered deposits as a part of its funding strategy, but does incorporate them as a potential contingent funding source within its Asset/Liability Management Policy. Like other contingent funding sources, brokered deposits may be tested from time to time to ensure operational and market readiness. As of March 31, 2026 the Company also has borrowing capacity of $967 million available with the FHLBNY and $539 thousand available with the FRBNY. The borrowings capacity is secured by the loans pledged by the Company. As of March 31, 2026 and 2025, the Company had no outstanding borrowings with the FHLBNY or the FRBNY.

Net interest income increased by $4.4 million to $43.1 million in the third quarter of 2025 compared to the same period in 2024. The net interest spread was up 18 basis points to 2.35% in the third quarter of 2025 compared to the same period in 2024. As previously noted, the net interest margin was also up 18 basis points to 2.79% for the third quarter of 2025 compared to the same period in 2024. Yields on earning assets increased in the third quarter of 2025 compared to the third quarter of 2024, and rates on interest-bearing liabilities decreased causing margin expansion. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Company’s timing and ability to cover deposit costs which should help margin in future quarters. During the third quarter of 2025, the Company has been able to lower the rates offered on our time deposits while continuing to retain and grow that product. This is expected bring down the cost of time deposits over time.54

Index

Net ~~interest~~Interest income increased by $12.2 million to $125.2 million in the first nine months of 2025 compared to the same period in 2024. The net interest spread was up 20 basis points to 2.28% in the first nine months of 2025 compared to the same period in 2024. Net interest margin was up 19 basis points to 2.71% for the first nine months of 2025 compared to the same period in 2024.Income

Net interest income was up $4.3 million from $40.4 million in the first quarter of 2025 to $44.7 million in the first quarter of 2026, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on Federal Funds sold and other short-term investments. The net interest spread was up 23 basis points to 2.44% in the first quarter of 2026 compared to the same period in 2025. As previously noted, the net interest margin was up 20 basis points to 2.84% for the first quarter of 2026 compared to the same period in 2025. Yields on earning assets increased in the first quarter of 2026 compared to the first quarter of 2025, and rates on interest-bearing liabilities decreased causing margin expansion. The Federal Reserve’s decision regarding whether to cut, raise or hold rates in upcoming meetings will have an effect on the Company’s ability to decrease deposit costs which should help margin in future quarters. During the first quarter of 2026, the Company was able to lower the rates offered on our time deposits while continuing to retain and grow that product.

Nonperforming Assets

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

The following describes the nonperforming assets of TrustCo as of ~~September~~March 3031, ~~2025~~2026:

Nonperforming loans and foreclosed real estate: Total NPLs were $1821.5 million atand ~~September 30, 2025 compared to~~ $1820.87 million as atof March 31, 2026 and December 31, ~~2024.~~2025, respectively. There were no loans atas ~~September~~of 30March 31, ~~2025~~2026 and December 31, ~~2024~~2025 that were past due 90 days or more and still accruing interest. ~~The coverage ratio, or allowance for credit losses on loans to NPLs, was 280.8% at September 30, 2025 compared to 267.3% at December 31, 2024.~~

AtAs ~~September~~of 30March 31, ~~2025~~2026, nonperforming loans primarily include a mix of commercial and residential loans. Of total nonperforming loans of $1821.5 million atas ~~September~~of 30March 31, ~~2025~~2026, $1819.14 million were residential real estate loans, $~~292~~2.0 ~~thousand~~million were commercial loans and mortgages and $4363 thousand were installment loans, compared to $18.36 million, $~~343~~2.0 ~~thousand~~million and $~~130~~51 thousand, respectively, at December 31, ~~2024~~2025.

A significant percentage of nonperforming loans are residential real estate loans, which are historically lower-risk than most other types of loans. Net recoveries were $~~194~~43 thousand on residential real estate loans (including home equity lines of credit) for the ~~third~~first quarter of ~~2025~~2026 as compared to net charge-offs of $~~104~~41 thousand ~~for~~in the ~~third~~first quarter of ~~2024~~2025. Management believes that these loans have been appropriately written down where required.

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

6155

Index

The Company originates loans throughout its branch franchise area. As Atof ~~September~~March 3031, ~~2025~~2026, 64.45% of its gross loan portfolio balances were in New York State and the immediately surrounding areas (including New Jersey, Vermont and Massachusetts), and 35.65% were in Florida. Those figures compare to 64.3% and 35.7%, respectively, at December 31, ~~2024~~2025.

Economic conditions vary widely by geographic location. As a percentage of the total nonperforming loans as of ~~September~~March 3031, ~~2025~~2026, 19.48% were to Florida borrowers, compared to 80.62% to borrowers in New York and surrounding areas. For the three months ended ~~September~~March 3031, ~~2025~~2026, New York and surrounding areas experienced net recoveries of approximately $~~196~~13 thousand, and Florida experienced net ~~charge-offs~~recoveries of $2026 thousand ~~for the third quarter of 2025~~.

Other than loans currently identified as nonperforming, management is aware of no other loans in the Bank’s portfolio that pose material risk of the eventual non-collection of principal and interest. Also as of ~~September~~March 3031, ~~2025~~2026, there were no other loans classified for regulatory purposes that management reasonably expects will materially impact future operating results, liquidity, or capital resources.

Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications to borrowers experiencing financial difficulty. There were $~~386~~2.1 ~~thousand~~million of commercial mortgages and commercial loans classified as individually evaluated as of ~~September~~both 30March 31, ~~2025~~2026 ~~compared~~and ~~to $443 thousand classified as individually evaluated at~~ December 31, ~~2024~~2025. There were $2224.63 million ofand 23.7 million of individually evaluated residential loans atas ~~September~~of 30March 31, ~~2025~~2026 ~~compared~~and ~~to $23.8 million classified as individually evaluated at~~ December 31, ~~2024~~2025, respectively.

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024,~~2025 the Company’s loan portfolio did not include any subprime mortgages or loans acquired with deteriorated credit quality.

AtAs ~~September~~of 30both March 31, 2026 and December 31, 2025 there was $1.24 million of ~~foreclosed~~other real estate ~~compared to $2~~owned.~~2 million at December 31, 2024.~~

Allowance for credit losses on loans: As of ~~September~~March 3031, ~~2025~~2026, the Company utilized the Baseline scenario model of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the ~~baseline~~Baseline scenario, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions, and the potential impact of persistent high inflation on the economy. Outcomes in any or all of these factors could differ from the ~~baseline~~Baseline scenario utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.

6256

Index

In the ~~third~~first quarter of ~~2025~~2026, the Company recorded a provision for credit losses of $~~250~~950 thousand, which is the result of a provision for credit losses on loans of $~~450~~750 thousand, and ~~benefit~~provision for credit losses on unfunded commitments of $200 thousand. The increase in the ACLL during the ~~third~~first quarter of ~~2025~~2026 was primarily a result of loan growth. The benefit for credit losses on unfunded commitments is a result of a corresponding decrease in unfunded loan commitments. In the third quarter of 2024, the Company recorded a provision for credit losses of $500 thousand, which is the result of a provision for credit losses on loans of $400 thousand, and ~~provision~~economic ~~for credit losses on unfunded commitments of $100 thousand~~conditions. The increase in the ~~ACLL during the third quarter of 2024 was primarily a result of loan growth. The increase in the~~ provision for credit losses on unfunded commitments is a result of aan ~~corresponding~~ increase in unfunded loan commitments.

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

The allocation of the allowance for credit losses on loans isas of March 31, 2026 and December 31, 2025 was as follows:

	As of					As of
(dollars in thousands)	~~September~~March 3031, ~~2025~~2026					December 31, ~~2024~~2025
			Percent of					Percent of
			Loans to					Loans to
	Amount		Total Loans			Amount		Total Loans
Commercial	$	2,~~830~~840		5.4243	%	$	32,~~195~~786		5.2540	%
Real estate - construction		~~414~~433		0.8083	%		~~328~~411		0.5880	%
Real estate mortgage - 1 to 4 family		42,~~025~~849		84.9375	%		4042,~~866~~143		8584.8775	%
Home equity lines of credit		6,~~379~~663		8.6179	%		56,~~667~~636		8.0384	%
Installment Loans		~~243~~209		0.2420	%		~~192~~229		0.2721	%
	$	5152,~~891~~994		100.00	%	$	5052,~~248~~205		100.00	%

AtAs ~~September~~of 30March 31, ~~2025~~2026, the allowance for ~~loan~~credit losses on loans was $5153.90 million, compared to $5052.2 million at December 31, ~~2024~~2025. The allowance represents 1.00% of the loan portfolio as of ~~September~~March 3031, ~~2025,~~2026 and 0.99% at as of December 31, ~~2024~~2025. The coverage ratio, or the allowance for credit losses on loans to NPLs, was ~~280~~246.89% and ~~267~~252.35% as of ~~September~~March 3031, 2026 and December 31, 2025, respectively. The ratio of non-performing loans to total loans was 0.41% and 0.39% as of March 31, 2026 and December 31, ~~2024~~2025, respectively.

Net recoveries for the three-month period ended ~~September~~March 3031, ~~2025~~2026 were $~~176~~39 thousand and ~~net charge-offs were~~ $~~222~~258 thousand for the prior year period.

During the ~~third~~first quarter of ~~2025~~2026, there were no$19 thousand of commercial loan charge-offs, no residential loan charge-offs, and $2226 thousand of consumer loan charge-offs, compared towith $654 thousand of commercial loan charge-offs, $~~194~~80 thousand of residential loan charge-offs, and $5940 thousand of consumer loan charge-offs in the ~~third~~first quarter of ~~2024~~2025. During the ~~third~~first quarter of ~~2025~~2026 there were no$40 thousand of commercial loan recoveries, $~~194~~43 thousand of residential mortgage loan recoveries, and $41 thousand ~~for~~of consumer loan recoveries, compared to no$320 thousand of commercial loan recoveries, $9041 thousand offor residential mortgage loan recoveries, and $6 21 thousand ~~for~~of consumer loan recoveries in the first ~~third~~ quarter of ~~2024~~2025.

63The following table presents the net charge-off ratio for the three months ended March 31, 2026 and 2025:

	For the three months ended March 31:
	2026			2025
Commercial		-0.01	%		-0.11	%
Real estate mortgage - 1 to 4 family		0.00	%		0.00	%
Installment		0.23	%		0.15	%
Total		0.00	%		-0.01	%

Index

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

	For the three months ended September 30:
	2025			2024
Commercial		0.00	%		0.02	%
Real estate mortgage – 1 to 4 family		0.00	%		0.00	%
Installment		0.15	%		0.37	%
Total		0.00	%		0.00	%

	For the nine months ended September 30:
	2025			2024
Commercial		-0.10	%		0.00	%
Real estate mortgage – 1 to 4 family		-0.01	%		0.00	%
Installment		1.20	%		0.26	%
Total		-0.01	%		0.00	%

Liquidity and Interest Rate Sensitivity

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

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

64Using this model, the fair value of capital projections as of March 31, 2026 are referenced below. The base case (current rates) scenario shows the present estimate of the fair value of capital assuming no change in the operating environment or operating strategies and no change in interest rates from those existing in the marketplace as of March 31, 2026. The following table indicates the impact on the fair value of capital assuming interest rates were to instantaneously increase or decrease by 100 bp, 200 bp, 300 bp and 400 bp.

	Estimated Percentage of
	Fair value of Capital to
As of March 31, 2026	Fair value of Assets
+400 BP		21.60	%
+300 BP		22.10
+200 BP		22.40
+100 BP		24.00
Current rates		24.60
-100 BP		24.20
-200 BP		22.90
-300 BP		20.90

Index

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

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

	Estimated Percentage of
	Fair value of Capital to
As of September 30, 2025	Fair value of Assets
+400 BP	21.00	%
+300 BP	21.40
+200 BP	21.70
+100 BP	23.30
Current rates	23.90
-100 BP	23.40
-200 BP	22.10
-300 BP	20.20
-400 BP	16.70

Noninterest Income

Total noninterest income for the ~~third~~first quarter of 2026 and 2025 was $4.78 million ~~compared~~and to $45.90 million, respectively. The decrease over the same period in the ~~third~~prior ~~quarter~~year ofwas ~~2024.~~primarily ~~Financial~~related ~~Services~~to ~~income~~a ~~was~~decrease ~~down~~of $77 389 thousand toin ~~$2.0~~interchange ~~million~~income, inpartially ~~the~~offset ~~third~~by ~~quarter~~an increase of ~~2025~~ as$157 ~~compared~~thousand toin ~~the~~other ~~year-ago period~~income. The fair value of assets under management was $1.253 billion atas ~~September~~of 30March 31, ~~2025~~2026, $1.153 billion as of December 31, ~~2024,~~2025 and $1.171 billion atas ~~September~~of ~~30, 2024. Fees for services to customers were down~~March ~~$53 thousand over the same period in the prior year~~ 31, ~~primarily as a result of less interchange income~~2025.

For the nine months ended September 30, 2025 total noninterest income was $14.5 million, down $910 thousand compared to the prior year period. The decrease is primarily the result of the gain of $1.4 million recorded on the Visa Class C Common stock exchange during the nine months ended September 30, 2024 and a decrease in fees for services to customers driven by less interchange income, partially offset by an increase in financial services income due to higher market values of assets under management.

Noninterest Expenses

Total noninterest expenses were $2627.20 million for ~~both~~ the three months ended ~~September~~March 3031, ~~2025~~2026, ~~and~~compared ~~2024~~to $26.3 ~~Significant~~million ~~changes~~for ~~included~~the athree ~~$593~~months ~~thousand~~ended ~~increase~~March in31, ~~salaries~~2025, representing an ~~and~~increase ~~employee~~of ~~benefits,~~2.5%. Significant achanges ~~$199~~included ~~thousand~~increases ~~increase~~ in ~~net~~salaries ~~occupancy expense,~~ and aemployee ~~$181~~benefits, ~~thousand~~equipment ~~increase~~expense, inand ~~equipment~~other ~~expense~~expenses, partially offset by a ~~$292 thousand~~ decrease in professional services~~, a $196 thousand decrease in other real estate expense, net and a $275 thousand decrease in other expenses~~. Full time equivalent headcount was ~~735~~flat asat of740 ~~September 30, 2024, 737~~ as of ~~December~~March 31, ~~2024,~~2025 and ~~738 as of September 30, 2025~~2026. ~~Changes in headcount represent normal fluctuations.~~

Index

Total noninterest expenses were $78.8 million for the nine months ended September 30, 2025, compared to $77.6 million for the nine months ended September 30, 2024. Significant changes included an increase of $416 thousand in salaries and employee benefits, an increase of $285 thousand in net occupancy expense, an increase of $315 thousand in equipment expense, an increase of $290 thousand in professional services, an increase of $373 thousand in FDIC and other insurance, and an increase of $264 thousand in other real estate expense, net, partially offset by a decrease of $155 thousand in outsourced services, a decrease of $258 thousand in advertising expense, and a decrease of $298 thousand in other expense

Income Taxes

In the ~~third~~first quarter of ~~2025~~2026, TrustCo recognized income tax expense of $5.13 million compared to $4.04 million for the ~~third~~first quarter of ~~2024~~2025. The effective tax rates were 2324.7% and 23.87% ~~for the third quarters of 2025 and 2024~~, respectively~~. For the first nine months~~, ~~income taxes were $14.2 million and $11.7 million in 2025 and 2024, respectively. The effective tax rate was 23.7% and 23.8%~~ for ~~2025 and 2024, respectively. On July 4, 2025,~~ the ~~One Big Beautiful Bill Act (“OBBBA”) was~~first ~~signed~~ quarters ~~into~~of ~~law,~~2026 ~~which contains numerous tax provisions. The Company does not believe the OBBBA will have a material impact on its 2025 consolidated financial statements~~ and ~~will continue to evaluate its longer-term impact~~2025.

Capital Resources

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

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

Total shareholders’ equity atas ~~September~~of 30March 31, ~~2025~~2026 was $~~692~~670.09 million compared to $~~669~~686.06 million atas ~~September~~of 30December 31, ~~2024~~2025. TrustCo declared a dividend of $0.38 per share in the ~~third-~~first quarter of ~~2025~~ ~~and $0~~ 2026.~~36 per share in the third quarter of 2024.~~ This results in a dividend payout ratio of 4341.6840% ~~for~~based ~~the~~on ~~third~~first quarter of2026 ~~2025 based on~~ earnings ~~for the quarter~~ of $16.3 million~~, compared to a dividend payout ratio of 53~~.~~16% for the third quarter of 2024 based on earnings for the quarter of $12.9 million.~~

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

6659

Index

The Bank and the Company reported the following capital ratios as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

(Bank Only)

Minimum for

Capital Adequacy plus

As of September 30, 2025

Well

Capital Conservation

As of March 31, 2026

Well

Capital Conservation

(dollars in thousands)

Amount

Ratio

Capitalized(1)

Buffer (1)(2)

Tier 1 leverage ratio

~~672~~530,~~243~~666

108.~~576~~250

5.000

4.000

Common equity tier 1 capital

~~672~~530,~~243~~666

1814.~~669~~262

6.500

7.000

Tier 1 risk-based capital

~~672~~530,~~243~~666

1814.~~669~~262

8.000

8.500

Total risk-based capital

~~717~~577,~~360~~284

1915.~~922~~515

10.000

10.500

Minimum for

Capital Adequacy plus

As of December 31, 2024

Well

Capital Conservation

As of December 31, 2025

Well

Capital Conservation

(dollars in thousands)

Amount

Ratio

Capitalized(1)

Buffer (1)(2)

Tier 1 leverage ratio

~~652~~513,~~668~~719

108.~~618~~058

5.000

4.000

Common equity tier 1 capital

~~652~~513,~~668~~719

1813.~~542~~981

6.500

7.000

Tier 1 risk-based capital

~~652~~513,~~668~~719

1813.~~542~~981

8.000

8.500

Total risk-based capital

~~696~~559,~~767~~750

1915.~~795~~234

10.000

10.500

(Consolidated)

Minimum for

Capital Adequacy plus

As of September 30, 2025

Capital Conservation

As of March 31, 2026

Capital Conservation

(dollars in thousands)

Amount

Ratio

Buffer (1)(2)

Tier 1 leverage ratio

~~688~~662,~~505~~125

10.~~831~~290

4.000

Common equity tier 1 capital

~~688~~662,~~505~~125

1917.~~116~~790

7.000

Tier 1 risk-based capital

~~688~~662,~~505~~125

1917.~~116~~790

8.500

Total risk-based capital

~~733~~708,~~634~~755

2019.~~369~~043

10.500

Minimum for

Capital Adequacy plus

As of December 31, 2024

Capital Conservation

As of December 31, 2025

Capital Conservation

(dollars in thousands)

Amount

Ratio

Buffer (1)(2)

Tier 1 leverage ratio

~~679~~676,~~651~~012

1110.~~054~~601

4.000

Common equity Tier 1 capital

~~679~~676,~~651~~012

1918.~~303~~393

7.000

Tier 1 risk-based capital

~~679~~676,~~651~~012

1918.~~303~~393

8.500

Total risk-based capital

~~723~~722,~~762~~055

2019.~~556~~646

10.500

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

In addition, atas ~~September~~of 30March 31, ~~2025~~2026, ~~the~~Trustco’s consolidated equity to total assets ratio was 10.9031%, compared to 10.8466% at December 31, ~~2024 and 10~~2025.~~95% at September 30, 2024.~~

67As of March 31, 2026, the capital levels of both TrustCo and the Bank exceeded the minimum standards, including with the current capital conservation buffer taken into account.

Index

AsUnder the Office of ~~September~~the 30Comptroller of the Currency’s (“OCC”) “prompt corrective action” regulations, ~~2025~~a bank is deemed to be “well capitalized” when its CET1, ~~the~~Tier 1, total risk-based and leverage capital ~~levels~~ratios ofare at ~~both~~least ~~TrustCo~~4%, 7%, 8.5%, and ~~the~~10.5% ~~Bank~~respectively. A ~~exceeded~~bank is deemed to be “adequately capitalized” or better if its capital ratios meet or exceed the minimum ~~standards~~federal regulatory capital requirements, ~~including~~and ~~with~~“undercapitalized” ~~the~~if ~~fully~~it ~~phased~~fails to meet these minimal capital requirements. A bank is “significantly undercapitalized” if its CET1, Tier 1, total risk-inbased and leverage capital ~~conservation~~ratios ~~buffer~~fall ~~taken~~below ~~into~~3%, ~~account~~4%, 6% and 3%, respectively and “critically undercapitalized” if the institution has a ratio of tangible equity to total assets that is equal to or less than 2%. As of March 31, 2026 and December 31, 2025, Trustco Bank met the definition of “well capitalized.”

~~Under~~As noted, the ~~Office~~Company’s ofdividend ~~the~~payout ~~Comptroller~~ratio ofwas ~~the~~41.40% ~~Currency’s~~of ~~(“OCC”)~~net ~~“prompt~~income ~~corrective~~for ~~action”~~the ~~regulations,~~first aquarter ~~bank~~of is2026 ~~deemed~~and to47.97% beof ~~“well~~net ~~capitalized”~~income ~~when~~for ~~its~~the ~~CET1,~~first ~~Tier~~quarter 1,of ~~total~~2025. The ~~risk~~per-~~based~~share ~~and~~dividend ~~leverage~~paid ~~capital~~in ~~ratios~~the first quarter of 2026 ~~are~~ and atfourth ~~least~~quarter ~~4%,~~of ~~7%,~~2025 8was $0.5%38, and ~~10.5%,~~in ~~respectively.~~the Afirst ~~bank~~quarter isof ~~deemed~~2025 toit bewas ~~“adequately~~$0.36. ~~capitalized”~~The orCompany’s ~~better~~ability ifto ~~its~~pay ~~capital~~dividends ~~ratios~~to ~~meet~~its orshareholders ~~exceed~~is ~~the~~dependent ~~minimum~~upon ~~federal~~the ~~regulatory~~ability ~~capital~~of ~~requirements,~~the ~~and~~Bank ~~“undercapitalized”~~to ifpay itdividends ~~fails~~ to ~~meet these~~the ~~minimal~~Company. The ~~capital~~payment ~~requirements.~~of Adividends ~~bank~~by the isBank ~~“significantly~~to ~~undercapitalized”~~the ifCompany ~~its~~is ~~CET1,~~subject ~~Tier~~to 1,continued ~~total~~compliance ~~risk-based~~with ~~and~~minimum ~~leverage~~regulatory capital ~~ratios~~requirements. The ~~fall~~OCC ~~below~~may ~~3%,~~disapprove ~~4%,~~a 6%dividend ~~and~~if ~~3%,~~the ~~respectively~~Bank ~~and~~would ~~“critically~~be undercapitalized” iffollowing the ~~institution~~distribution; ~~has~~the ~~a ratio~~proposed ofcapital ~~tangible~~distribution ~~equity~~raises safety toand ~~total~~soundness ~~assets~~concerns; ~~that is equal to~~ or ~~less~~the ~~than~~capital ~~2%.~~distribution Atwould ~~September~~violate ~~30,~~a ~~2025~~prohibition ~~and~~contained ~~December~~in ~~31,~~any ~~2024~~statute, ~~Trustco~~regulation ~~Bank~~or ~~met the definition of “well capitalized~~agreement.”

AsTrustCo ~~noted,~~maintains ~~the~~a ~~Company’s~~ dividend ~~payout~~reinvestment ~~ratio was 43.68% of net income for the third quarter of 2025~~ and ~~53.16%~~stock ofpurchase ~~net~~plan ~~income~~(DRSPP) ~~for~~with ~~the~~approximately ~~third~~5,599 ~~quarter of 2024~~participants. The ~~per-share~~DRSPP ~~dividend~~allows ~~paid~~participants ~~in the third quarter of 2025~~to ~~was~~reinvest ~~$0.38~~dividends ~~per share compared to $0.36~~ in ~~the~~shares ~~third quarter~~ of ~~2024. The Company’s ability to pay dividends to its shareholders is dependent upon~~ the ~~ability of the Bank to pay dividends to the~~ Company. The ~~payment~~DRP ofalso ~~dividends~~allows byfor ~~the~~additional ~~Bank~~purchases toby ~~the Company~~participants isand ~~subject~~has toa ~~continued~~discount ~~compliance~~feature ~~with~~(up ~~minimum~~to ~~regulatory~~a ~~capital~~5% ~~requirements.~~for ~~The~~safe ~~OCC~~harbor ~~may~~provisions) ~~disapprove~~that acan ~~dividend if the Bank would~~ be ~~undercapitalized~~activated ~~following~~by ~~the~~management ~~distribution;~~as ~~the~~a ~~proposed~~tool ~~capital~~to ~~distribution~~raise ~~raises safety and~~capital. To ~~soundness~~date, ~~concerns; or~~ the ~~capital~~discount ~~distribution~~feature ~~would~~has ~~violate~~not abeen ~~prohibition contained in any statute, regulation or agreement~~utilized.

TrustCo maintains a dividend reinvestment plan (DRP) with approximately 5,843 participants. The DRP allows participants to reinvest dividends in shares of the Company. The DRP also allows for additional purchases by participants and has a discount feature (up to a 5% for safe harbor provisions) that can be activated by management as a tool to raise capital. To date, the discount feature has not been utilized.

Share Repurchase Program

On ~~March~~December 1819, 2025, the Company’s ~~announced~~Board ~~that~~authorized, ~~its~~and ~~Board~~the ofCompany ~~Directors~~announced, ~~authorized~~a ~~another~~ share repurchase program of up to 12,000,000 shares, or approximately 511% of its then currently outstanding common stock. ~~During~~The ~~the~~program expires on December 31, 2026. During the three months ended ~~September~~March 3031, ~~2025~~2026, the Company repurchased a total of ~~298~~522,~~177~~226 shares at an average price per share of $3844.6961 for a total of $1123.53 million under its Board authorized share repurchase program. As ~~During~~of ~~the~~March ~~nine months ended September 30~~31, ~~2025~~2026, the Company ~~repurchased~~was aauthorized ~~total~~to ofrepurchase ~~466,912~~up ~~shares~~to at an ~~average~~additional ~~price~~1,477,774 ~~per~~shares ~~share~~ of ~~$36.13~~common ~~for~~stock ~~a total of $16.9 million~~ under ~~its~~the ~~Board authorized~~ share repurchase program.

Critical Accounting Policies and Estimates

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

68During the three months ended March 31, 2026, there were no significant changes to our critical accounting policies and estimates as described in the financial statements contained in the 2025 Form 10-K other than what is set forth immediately below.

Index

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

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

6962

Index

TrustCo Bank Corp NY

Management’s Discussion and Analysis

STATISTICAL DISCLOSURE

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

INTEREST RATES AND INTEREST DIFFERENTIAL

The following table summarizes the component distribution of the average balance sheet, related interest income and expense and the average annualized yields on interest earning assets and annualized rates on ~~interest~~ interest bearing liabilities of TrustCo for each of the reported periods. Nonaccrual loans are included in loans for this analysis. The average balances of securities available for sale and held to maturity are calculated using amortized costs for these securities. Included in the average balance of shareholders’ equity is the unrealized loss, net of tax, in the available for sale portfolio of $14.8 million in 2025 and $32.3 million in 2024. The subtotals contained in the following table are the arithmetic totals of the items contained in that category. Increases and decreases in interest income and expense due to both rate and volume have been allocated to the categories of variances (volume and rate) based on the percentage relationship of such variances to each other.

	Three months ended								Three months ended
(dollars in thousands)	September 30, 2025								September 30, 2024
	Average			Interest		Average			Average			Interest		Average			Change in			Variance			Variance
	Balance					Rate			Balance					Rate			Interest			Balance			Rate
																	Income/			Change			Change
Assets																	Expense
Securities available for sale:
U. S. government sponsored enterprises	$	69,294		$	599		3.46	%	$	95,073		$	718		3.02	%	$	(119	)	$	(621	)	$	502
Mortgage backed securities and collateralized mortgage obligations-residential		237,092			1,583		2.65			241,792			1,397		2.29			186			(171	)		357
State and political subdivisions		18			1		6.77			26			-		6.75			1			1			-
Corporate bonds		26,512			265		4.00			55,041			361		2.63			(96	)		(800	)		704
Small Business Administration-guaranteed participation securities		13,385			72		2.15			16,663			90		2.15			(18	)		(18	)		-
Mortgage backed securities and collateralized mortgage obligations-commercial		-			-		-			-			-		-
Other		700			7		4.00			701			2		1.14			5			-			5
Total securities available for sale		347,001			2,527		2.91			409,296			2,568		2.51			(41	)		(1,609	)		1,568
Federal funds sold and other short-term Investments		662,737			7,376		4.42			465,922			6,174		5.27			1,202			6,624			(5,422	)
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations-residential		4,709			52		4.40			5,779			62		4.29			(10	)		(20	)		10
Total held to maturity securities		4,709			52		4.40			5,779			62		4.29			(10	)		(20	)		10
Federal Reserve Bank and Federal Home Loan Bank stock		6,601			125		7.57			6,507			153		9.41			(28	)		15			(43	)
Commercial loans		313,800			4,426		5.64			279,199			3,807		5.45			619			485			134
Residential mortgage loans		4,409,645			44,089		4.00			4,375,641			41,811		3.82			2,278			327			1,951
Home equity lines of credit		440,288			7,215		6.50			380,422			6,245		6.53			970			1,161			(191	)
Installment loans		11,842			223		7.48			14,443			249		6.87			(26	)		(135	)		109
Loans, net of unearned income		5,175,575			55,953		4.32			5,049,705			52,112		4.12			3,841			1,838			2,003
Total interest earning assets		6,196,623			66,033		4.25			5,937,209			61,069		4.11			4,964			6,848			(1,884	)
Allowance for credit losses on loans		(51,706	)							(49,973	)
Cash & non-interest earning assets		208,701								187,166
Total assets	$	6,353,618							$	6,074,402
Liabilities and shareholders’ equity
Deposits:
Interest bearing checking accounts	$	1,035,366		$	483		0.18	%	$	1,000,333		$	311		0.12	%		172			11			161
Money market accounts		464,334			2,065		1.76			499,408			2,154		1.72			(89	)		(409	)		320
Savings		1,077,441			741		0.27			1,122,673			770		0.27			(29	)		(30	)		1
Time deposits		2,125,920			19,427		3.63			1,880,021			18,969		4.01			458			8,660			(8,202	)
Total interest bearing deposits		4,703,061			22,716		1.92			4,502,435			22,204		1.96			512			8,232			(7,720	)
Short-term borrowings		87,348			198		0.90			87,677			194		0.88			4			(4	)		8
Total interest bearing liabilities		4,790,409		$	22,914		1.90			4,590,112		$	22,398		1.94			516			8,228			(7,712	)
Demand deposits		792,621								742,164
Other liabilities		76,502								80,502
Shareholders’ equity		694,086							$	661,624
Total liabilities and shareholders’ equity	$	6,353,618								6,074,402
Net interest income				$	43,119							$	38,671				$	4,448		$	(1,380	)	$	5,828
Net interest spread							2.35	%							2.17	%
Net interest margin (net interest income to total interest earning assets)							2.79	%							2.61	%

Nonaccrual loans are included in loans for this analysis. The average balances of securities available for sale and held to maturity are calculated using amortized costs for these securities. Included in the average balance of shareholders’ equity is the unrealized loss, net of tax, in the available for sale portfolio of $12.0 million in 2026 and $18.8 million in 2025. The subtotals contained in the following table are the arithmetic totals of the items contained in that category. Increases and decreases in interest income and expense due to both rate and volume have been allocated to the categories of variances (volume and rate) based on the percentage relationship of such variances to each other.

	Three months ended							Three months ended
(dollars in thousands)	March 31, 2026							March 31, 2025

	Average		Interest		Average			Average		Interest		Average			Change in			Variance			Variance
	Balance				Rate			Balance				Rate			Interest			Balance			Rate
															Income/			Change			Change
Assets															Expense

Securities available for sale:
U. S. government sponsored enterprises	$	27,264	$	149		2.19	%	$	74,680	$	596		3.19	%	$	(447	)	$	(299	)	$	(148	)

Mortgage backed securities and collateralized mortgage obligations-residential		220,628		1,469		2.64			239,509		1,483		2.46			(14	)		(446	)		432
State and political subdivisions		9		-		6.77			18		-		6.77			-			-			-
Corporate bonds		63,528		694		4.37			40,019		260		2.60			434			201			233
Small Business Administration-guaranteed participation securities		11,740		63		2.14			15,003		81		2.15			(18	)		(18	)		-
Other		707		8		4.53			699		7		4.01			1			-			1

Total securities available for sale		323,876		2,383		2.94			369,928		2,427		2.62			(44	)		(562	)		518

Federal funds sold and other short-term Investments		669,961		6,105		3.70			613,646		6,732		4.45			(627	)		3,028

Filing Compare · TRUSTCO BANK CORP N Y