# EDGAR Filing Document

**Accession Number:** 0000357301
**File Stem:** 0001140361-26-009576
**Filing Date:** 2026-3
**Character Count:** 833288
**Document Hash:** c4cb187107ba22e2cf24342c15210aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-009576.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001140361-26-009576

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 162

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUSTCO BANK CORP N Y
- **CENTRAL INDEX KEY:** 0000357301
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 141630287
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-10592
- **FILM NUMBER:** 26756162

**BUSINESS ADDRESS:**
- **STREET 1:** 6 METRO PARK ROAD
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205
- **BUSINESS PHONE:** 5183773311

**MAIL ADDRESS:**
- **STREET 1:** 6 METRO PARK ROAD
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 10-K
&nbsp;&nbsp;&nbsp;&nbsp;☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the fiscal year ended December 31, 2025

Or

☐ **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)

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

---

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

---

Registrant's telephone number, including area code: **(518) 377-3311**

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

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of exchange on which registered</u> |
| **Common Stock, $1.00 par value** | **TRST** | **The Nasdaq Global Select Market** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes.☒ No.☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those errors corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes. ☐ No. ☒

The aggregate market value of the common stock held by non-affiliates as of June 30, 2025, the last business day of the Company's second quarter, was $611.4 million (based upon the closing price of $33.42 on June 30, 2025 as reported on the Nasdaq Global Select Market).

The number of shares outstanding of the registrant's common stock as of March 6, 2026 was 17,710,510.

#### Documents Incorporated by Reference
Portions of the registrant's Annual Report to Shareholders for the year ended December 31, 2025 are incorporated by reference into Parts I and II of this report, and portions of the registrant's definitive Proxy Statement for its 2026 Annual Meeting of Shareholders to be filed within 120 days of the registrant's fiscal year end are incorporated into Part III of this report, in each case to the extent described herein.

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#### INDEX

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| | | |
|:---|:---|:---|
| **Description** |  | **Page** |
| **PART I** |  |  |
| Item 1 | [Business](#Item1.) | 5 |
| Item 1A | [Risk Factors](#Item1A.) | 24 |
| Item 1B | [Unresolved Staff Comments](#Item1B) | 40 |
| Item 1C | [Cybersecurity](#Item1C) | 40 |
| Item 2 | [Properties](#Item2.) | 41 |
| Item 3 | [Legal Proceedings](#Item3.) | 41 |
| Item 4 | [Mine Safety Disclosures](#Item4.) | 41 |
| **PART II** |  |  |
| Item 5 | [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5.) | 43 |
| Item 6 | [\[Reserved\]](#Item6.) | 44 |
| Item 7 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7.) | 44 |
| Item 7A | [Quantitative and Qualitative Disclosures about Market Risk](#Item7A.) | 44 |
| Item 8 | [Financial Statements and Supplementary Data](#Item8.) | 44 |
| Item 9 | [Changes in and Disagreements with Accountants On Accounting and Financial Disclosure](#Item9.) | 44 |
| Item 9A | [Controls and Procedures](#Item9A.) | 44 |
| Item 9B | [Other Information](#Item9B.) | 45 |
| Item 9C | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item9C.) | 45 |
| **PART III** |  |  |
| Item 10 | [Directors, Executive Officers and Corporate Governance](#Item10.) | 45 |
| Item 11 | [Executive Compensation](#Item11.) | 46 |
| Item 12 | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12.) | 46 |
| Item 13 | [Certain Relationships and Related Transactions, and Director Independence](#Item13.) | 46 |
| Item 14 | [Principal Accountant Fees and Services](#Item14.) | 46 |
| **PART IV** |  |  |
| Item 15 | [Exhibits and Financial Statement Schedules](#Item15.) | 46 |
| Item 16 | [Form 10-K Summary](#Item16.) | 51 |
|  | [EXHIBITS INDEX](#Exhibits) | 47 |
|  | [Signatures](#SIGNATURES) | 52 |

---

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[*Index*](#INDEX)

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

#### AND RISK FACTOR SUMMARY
Statements included in this Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K") and in future filings by TrustCo Bank Corp NY with the Securities and Exchange Commission ("SEC"), in TrustCo's press releases, and in oral statements made with the approval of an authorized 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 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 such as may, will, should, could, would, estimate, project, 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. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. The following is a summary of the principal risks that in some cases have affected and, in the future, could adversely affect the business, financial condition, results of operations and cash flows of TrustCo.

<u>Risks Related to Our Lending Activities</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exposed to credit risk in our lending activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our allowance for credit losses on loans is not sufficient to cover expected loan losses, our earnings could decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

<u>Risks Related to Our Operations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are dependent upon the services of the management team;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exposed to climate risk;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental, social and governance (ESG) risks could adversely affect our reputation and shareholder, employee, client, and third party relationships and may negatively affect our stock price;

<u>Risks Related to Market Conditions</u>

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

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[*Index*](#INDEX)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the soundness of other financial institutions could adversely affect us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

<u>Risks Related to Compliance and Regulation</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be subject to a higher effective tax rate if Trustco Realty Corp. fails to qualify as a real estate investment trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards could impact reported earnings;

<u>Risks Related to Competition</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong competition within the Bank's market areas could hurt profits and slow growth;

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

<u>Risks Related to Cybersecurity, Third Parties, and Technology</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and use of artificial intelligence ("AI") presents risks and challenges that may adversely impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

<u>Risks Related to Ownership of Our Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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[*Index*](#INDEX)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

#### PART I
**Item 1.** ***<u>Business</u>***<br>

#### General
TrustCo Bank Corp NY ("TrustCo" or the "Company") is a savings and loan holding company having its principal place of business at 5 Sarnowski Drive, Glenville, New York 12302. TrustCo was incorporated under the laws of New York in 1981 to be the parent holding company of The Schenectady Trust Company, which subsequently was renamed Trustco Bank New York and, later, Trustco Bank, National Association. The Company's principal subsidiary, Trustco Bank (also referred to as the "Bank"), is the successor by merger to Trustco Bank, National Association.

As of December 31, 2025, TrustCo had $6.4 billion in total assets and $5.6 billion in deposits. Furthermore, TrustCo had 6,582 shareholders of record as of December 31, 2025 and the closing price of the TrustCo common stock on December 31 (the last trading day of 2025) was $41.33.

#### Subsidiaries

#### Trustco Bank
Trustco Bank is a federal savings bank engaged in providing general banking services to individuals and businesses.

The Bank provides a wide range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. The Bank is supervised and regulated by the federal Office of the Comptroller of the Currency ("OCC"). Its deposits are insured by the Federal Deposit Insurance Corporation ("FDIC") to the extent permitted by law. The Bank's subsidiary, Trustco Realty Corp., is a real estate investment trust (or "REIT") that was formed to acquire, hold and manage real estate mortgage assets, including residential mortgage loans and mortgage backed securities. The income earned on these assets, net of expenses, is distributed in the form of dividends. Under current New York State tax law, 60% of the dividends received by the Bank from Trustco Realty Corp. are excluded from total taxable income for New York State income tax purposes. The Bank accounted for substantially all of TrustCo's 2025 consolidated net income and average assets. The Bank's other active subsidiaries, Trustco Insurance Agency, Inc. and ORE Property, Inc., did not engage in any significant business activities during 2025 and 2024.

Trustco Financial Services, the name under which Trustco Bank's trust department operates, serves as executor of estates and trustee of personal trusts, provides asset and wealth management services, provides estate planning and related advice, provides custodial services, and acts as trustee for various types of employee benefit plans and corporate pension and profit sharing trusts. The aggregate market value of the assets under trust, custody, or management of the trust department of the Bank was approximately $1.27 billion as of December 31, 2025.

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[*Index*](#INDEX)

The daily operations of the Bank remain the responsibility of its officers, subject to the oversight of its Board of Directors and overall supervision by TrustCo. The activities of the Bank are included in TrustCo's consolidated financial statements.

#### ORE Subsidiary Corp.
In 1993, TrustCo created ORE Subsidiary Corp., a New York corporation, to hold and manage certain foreclosed properties acquired by the Bank. The accounts of this subsidiary are included in TrustCo's consolidated financial statements.

#### Our Market Area
At year-end 2025, the Bank operated 154 automatic teller machines and 134 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties of New York; Brevard, Charlotte, Flagler, Hillsborough, Indian River, Lake, Manatee, Martin, Orange, Osceola, Palm Beach, Polk, Sarasota, Seminole, and Volusia counties in Florida; Bennington County in Vermont; Berkshire County in Massachusetts; and Bergen County in New Jersey. The largest part of such business consists of accepting deposits and making loans and investments. Trustco Bank also lends in Fulton county of New York, and Collier, Lee, Marion, Pasco, Pinellas, St. Johns, and St. Lucie counties of Florida, where it has no branch locations. The Bank's locations are selected to be easily accessible and provide convenient services to businesses and individuals throughout our market area.

Our market area has a high level of retail and commercial business activity. Businesses are concentrated in the service sector and retail trade areas. Major employers in our market area include certain medical centers, municipalities, and school districts.

#### Competition
TrustCo faces strong competition in its market areas, both in attracting deposits and making loans. The Company's most direct competition for deposits, historically, has come from commercial banks, savings associations, and credit unions that are located or have branches in the Bank's market areas. The competition ranges from other locally based commercial banks, savings banks, and credit unions to branch offices of the largest financial institutions in the United States. In its principal market areas, the Capital District area of New York State and central Florida, TrustCo's principal competitors are local branch operations of super-regional banks, branch offices of money center banks, and locally based commercial banks and savings institutions. The Bank is the largest for profit depository institution headquartered in the Capital District area of New York State. The Company also faces competition for deposits from national brokerage houses, short-term money market funds, and other corporate and government securities mutual funds.

Factors affecting the acquisition of deposits include pricing, office locations and hours of operation, the variety of deposit accounts offered, and the quality of customer service provided. Competition for loans has increased as interest rates have remained elevated and housing inventory has tightened in many of the Bank's market areas. Commercial banks, savings institutions, traditional mortgage brokers affiliated with local offices, and nationally franchised real estate brokers are all active and aggressive competitors. The Company competes in this environment by providing a full range of financial services based on a tradition of financial strength and integrity dating from its inception. The Company also expects competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. Technological advances, for example, have lowered barriers to entry, allowed banks and other financial services companies to expand their geographic reach by providing services over the internet, and made it possible for non-depository institutions to offer products and services that traditionally have been provided by banks. The Company competes for loans principally through the interest rates and loan fees it charges and the efficiency and quality of services it provides to borrowers. Furthermore, management believes that a community-based financial organization is better positioned to establish personalized financial relationships with both commercial customers and individual households. The Company's community commitment and involvement in its primary market areas, as well as its commitment to quality and personalized financial services, are factors that contribute to the Company's competitiveness.

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[*Index*](#INDEX)

#### Lending Activities
One of our core goals is to support the communities in which we operate. We seek loans from within our primary market area, which generally is defined as the counties in which our banking offices are located. Approval of all loans is subject to our policies and standards described in more detail below. We have adopted comprehensive lending policies, underwriting standards and loan review procedures. Management and our Board of Directors reviews and approves these policies and procedures on a regular basis. Management has also implemented reporting systems designed to monitor loan originations, loan quality, concentrations of credit, loan delinquencies, nonperforming loans, and potential problem loans. Our management and various committees periodically review our lines of business to monitor asset quality trends and the appropriateness of credit policies. In addition, we establish total borrower exposure limits and monitor concentration risk. As part of this process, the overall composition of the portfolio is reviewed to gauge diversification of risk, client concentrations, industry group, loan type, geographic area, or other relevant classifications of loans. Specific segments of the portfolio are monitored and reported to our Board on a quarterly basis. We recognize that exceptions to the below-listed policy guidelines may occur and have established procedures for approving exceptions to these policy guidelines.

#### Residential Real Estate Loans
We originate 1-4 family, owner-occupied residential real estate loans. Historically, the vast majority of our residential loan originations are fixed-rate loans which are held in portfolio. Residential real estate loans also include home equity lines of credit, or HELOCs, and home equity loans. Our home equity portfolio includes revolving open-ended equity loans with interest-only or minimal monthly principal payments and closed-end amortizing loans. Open-ended equity loans typically have an interest-only draw period followed by a repayment period.

#### Commercial Loans
Commercial loans are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and personal or other guarantees. Our policy sets forth guidelines for debt service coverage ratios, loan-to-value ("LTV") ratios and documentation standards. Specifically, we have established debt service coverage ratio limits that require a borrower's cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The majority of our commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory.

#### Commercial Real Estate Loans
Commercial real estate loans are primarily made based on identified cash flows of the borrower with consideration given to underlying real estate collateral and personal guarantees. We have adopted guidelines for debt service coverage ratios, LTV ratios and documentation standards for commercial real estate loans. Specifically, our policy establishes a maximum LTV specific to property type and minimum debt service coverage ratio limits that require a borrower's cash flow to be sufficient to cover principal and interest payments on all new and existing debt. Commercial real estate loans may be fixed or variable-rate loans with interest rates tied to indexes. Generally, we require appraisals for loans that are secured by real property.

#### Consumer Loans
Our consumer loan portfolio includes personal installment loans, automobile financing, and overdraft lines of credit. The majority of our consumer loans are short-term and have fixed rates of interest that are priced based on current market interest rates and the financial strength of the borrower.

#### Investment Activities
The goals of our investment policy are to provide and maintain liquidity to meet deposit withdrawal and loan funding needs, to help mitigate interest rate and market risk, to diversify our assets, and to generate a reasonable rate of return on funds within the context of our interest rate and credit risk objectives. The Board reviews and approves our investment policy annually. Authority to make investments under the approved investment policy guidelines is delegated to our selected senior management. Investment activity is summarized and reported to the Board. We classify the majority of our securities as available-for-sale. The breakdown of investment portfolio is described in detail in the Annual Report to Shareholders for the year ended December 31, 2025 ("2025 Annual Report to Shareholders").

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[*Index*](#INDEX)

#### Sources of Funds
***General***. Deposits, borrowings and loan repayments are the major sources of our funds for lending and other investment purposes. Scheduled loan repayments are a relatively stable source of funds, while deposit inflows and outflows and loan prepayments are significantly influenced by general interest rates and money market conditions.

***Deposit Accounts***. Deposits are attracted from within our market area by the sales efforts of our branch network, commercial loan officers, advertising and through our website. We offer a broad selection of deposit instruments, including noninterest-bearing demand deposits (such as checking accounts), interest-bearing demand accounts (such as NOW and money market accounts), savings accounts and term certificates of deposit. We also offer a variety of deposit accounts designed for businesses operating in our market area. Our business banking deposit products include a commercial checking account, sweep accounts, money market accounts and checking accounts specifically designed for businesses. We also offer remote deposit capture products for customers to meet their online banking needs.

Deposit account terms vary according to the minimum balance required, the time periods the funds must remain on deposit, and the interest rate, among other factors. In determining the terms of our deposit accounts, we consider the rates offered by our competition, our liquidity needs, profitability to us, and customer preferences and concerns. We generally review our deposit mix and pricing on a weekly basis. Our deposit pricing strategy has generally been to offer competitive rates and to periodically offer special rates in order to attract deposits of a specific type or term.

#### Supervision and Regulation
Banking is a highly regulated industry, with numerous federal and state laws and regulations governing the organization and operation of banks and their affiliates. As a savings and loan holding company, TrustCo and its non-bank subsidiaries are supervised and regulated by the Board of Governors of the Federal Reserve System ("Federal Reserve Board" or the "FRB"). The OCC is the Bank's primary federal regulator and supervises and examines the Bank. Under the Home Owners' Loan Act of 1934 and OCC regulations, Trustco Bank must obtain prior OCC approval for acquisitions, and its business operations and activities are restricted. Because the FDIC provides deposit insurance to the Bank, the Bank also is subject to its supervision and regulation even though the FDIC is not the Bank's primary federal regulator.

The following summary of laws and regulations applicable to the Company and those applicable to the Bank is not intended to be a complete description of those laws and regulations or their effects on the Company and the Bank. The summary is qualified in its entirety by reference to the particular statutory and regulatory provisions described. Changes in applicable law or regulation, and in their interpretation and application by regulatory agencies and other governmental authorities, cannot be predicted, but may have a material effect on our business, financial condition or results of operations.

#### Dividends
Most of TrustCo's revenues consist of cash dividends paid to TrustCo by the Bank, payment of which is subject to various regulatory limitations, including continued compliance with minimum regulatory capital requirements, and the receipt of regulatory approval (or non-objection) from the Bank's and the Company's regulators.

OCC regulations impose limitations upon all capital distributions by the Bank, including cash dividends. Under the regulations, an application to and the approval of the OCC is required prior to any capital distribution if the institution does not meet the criteria for "expedited treatment" of applications under OCC regulations (generally, examination ratings in the two top categories), the total capital distributions for the calendar year exceed net income for that year plus the amount of retained net income for the preceding two years, the institution would be undercapitalized following the distribution, or the distribution would otherwise be contrary to a statute, regulation, or agreement with the OCC. If an application is not required, the institution must still provide prior notice of the capital distribution to the OCC and the Federal Reserve Board if, like the Bank, the institution is a subsidiary of a savings and loan holding company. The OCC may not approve a dividend if the institution would be undercapitalized following the distribution, the proposed capital distribution raises safety and soundness concerns, or the capital distribution would violate a prohibition contained in any statute, regulation, or agreement between the bank and a regulator or a condition imposed in a previously approved application or notice.

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As noted above, a savings institution, such as the Bank, that is a subsidiary of a savings and loan holding company and that proposes to make a capital distribution must also submit written notice to the Federal Reserve Board prior to such distribution, and Federal Reserve Board may object to the distribution based on safety and soundness or other concerns. The Federal Reserve Board may deny a dividend notice if following the dividend, the savings association will be less than adequately capitalized, the proposed dividend raises safety and soundness concerns, or the proposed dividend violates a prohibition contained in any statute, regulation, enforcement action, or agreement between the association or holding company and an appropriate federal banking agency, a condition imposed on the association or holding company in an application or notice approved by an appropriate federal banking agency, or any formal or informal enforcement action involving the association or holding company.

Compliance with regulatory standards regarding capital distributions could also limit the amount of dividends that TrustCo may pay to its shareholders.

See Note 14 to the consolidated financial statements contained in TrustCo's 2025 Annual Report to Shareholders for information concerning the Bank's regulatory capital requirements.

#### Regulatory Capital Requirements and Prompt Corrective Action.
Regulatory Capital Rules. The Company and the Bank are subject to regulatory capital requirements contained in rules published by the Federal Reserve Board, OCC, and FDIC that establish a comprehensive capital framework for all U.S. banking organizations, including the Company and the Bank.

The capital rules, among other things, provide a "Common Equity Tier 1" ("CET1") capital measure, Tier 1 capital and total capital to risk-weighted assets ratios and a Tier 1 capital to average consolidated assets (or "leverage") ratio. CET1 capital is generally defined as common stock instruments that meet eligibility criteria in the final capital rule (principally, instruments representing the most subordinated claim upon liquidation, having no maturity date and being redeemable via discretionary purchases only with regulatory approval, not being subject to any expectations that the stock will be repurchased, redeemed, or cancelled, and not being secured by the banking organization or any related entity), retained earnings, accumulated other comprehensive income, and common equity Tier 1 minority interests, subject to certain limitations. Tier 1 capital for the Company and the Bank consists of CET1 capital plus "additional Tier 1 capital," which generally includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock, and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of accumulated other comprehensive income ("AOCI"), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale-securities). The Company has made this opt-out election. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

Under the capital rules, the minimum capital ratios are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.5% CET1 to risk-weighted assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.0% Tier 1 capital to risk-weighted assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 8.0% Total capital to risk-weighted assets; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (the " leverage ratio ").

At December 31, 2025, the Bank had a Tier 1 leverage ratio (Tier 1 capital to total average consolidated assets) of 8.06%, CET1 capital ratio (CET1 capital to risk-weighted assets) of a 13.98%, Tier 1 capital ratio (Tier 1 capital to risk-weighted assets) of 13.98%, and a total capital ratio (total capital to risk-weighted assets) of 15.23%. Also at December 31, 2025, the Company had a Tier 1 leverage ratio (Tier 1 capital to total average consolidated assets) of 10.62%, CET1 capital ratio (CET1 capital to risk-weighted assets) of 18.54%, a Tier 1 capital ratio (Tier 1 capital to risk-weighted assets) of 18.540% and a total capital ratio (total capital to risk-weighted assets) of 19.80%.

In order to avoid constraints on dividends, equity repurchases and certain compensation, the capital rules require the Company's and the Bank's capital to exceed the regulatory standards plus a capital conservation buffer. To meet the requirement, the organization must maintain an amount of CET1 capital that exceeds the buffer level of 2.5% above each of the minimum risk-weighted asset ratios, (i) CET1 to risk-weighted assets of more than 7.0%, (ii) Tier 1 capital to risk-weighted assets of more than 8.5%, and (iii) total capital (Tier 1 plus Tier 2) to risk-weighted assets of more than 10.5%.

The OCC has the ability to establish an individual minimum capital requirement for a particular institution, which would vary from the capital levels that would otherwise be required under the capital regulations, based on such factors as concentrations of credit risk, levels of interest rate risk, and the risks of non-traditional activities, as well as others. The OCC has not imposed any such requirement on the Bank.

The capital rules contain standards for the calculation of risk-weighted assets. The exposure amount for on-balance sheet assets is generally the carrying value of the exposure as determined under GAAP. A bank may assign a 50% risk weight to a first-lien residential mortgage exposure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is secured by property that is owner-occupied or rented,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is made in accordance with " prudent underwriting standards, " including loan-to-value ratios,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not 90 days or more past due or in nonaccrual status, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not restructured or modified.

Other first-lien residential exposures, as well as junior-lien exposures if the bank does not hold the first lien, are assigned a 100% risk weight.

If a banking organization has elected to opt out of the AOCI provisions discussed above, the exposure amount for available for sale or held-to-maturity debt securities is the carrying value (including accrued but unpaid interest and fees) of the exposure, less any net unrealized gains plus any unrealized losses. Exposures to debt directly and unconditionally guaranteed by the U.S. federal government and its agencies receive a 0% risk weight. Exposures conditionally guaranteed by the federal government, Federal Reserve Board, or a federal government agency would receive a 20% risk weight. Further, the capital rules assign a 20% risk weight to non-equity exposures to government-sponsored entities ("GSEs") and a 100% risk weight to preferred stock issued by a GSE. A GSE is defined as an entity established or chartered by the federal government to serve public purposes but whose debt obligations are not "explicitly guaranteed" by the full faith and credit of the federal government. Banking organizations must assign a 20% risk weight to general obligations of a public sector entity (for example, a state, local authority or other governmental subdivision below the sovereign level) that is organized under U.S. law and a 50% risk weight for a revenue obligation of such an entity.

In December 2017, the Basel Committee published standards that it described as the finalization of the Basel III post-crisis regulatory reforms, referred to as "Basel III Endgame" or "Basel IV". Among other things, these standards revise the Basel Committee's standardized approach for credit risk (including recalibrating risk weights and introducing new capital requirements for certain "unconditionally cancellable commitments," such as unused credit card and home equity lines of credit) and provide a new standardized approach for operational risk capital. Although the Basel III Endgame framework contemplated implementation beginning January 1, 2023, with an aggregate output floor phasing in through January 1, 2028, implementation is jurisdiction-specific. In July 2023, the U.S. federal banking agencies proposed to revise the capital requirements, and the proposed rule contemplated a transition period beginning July 1, 2025 and full compliance beginning July 1, 2028; however, the rule has not yet been finalized as of the date of this filing. The proposed rule is primarily applicable to large institutions exceeding specified asset and foreign-exposure thresholds, and it consequently is not expected to apply to institutions of the Company's size. The Company continues to monitor the rulemaking process.

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Prompt Corrective Action. Federal banking regulations also establish a "prompt corrective action" capital framework for the classification of insured depository institutions, such as Trustco Bank, into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Under the prompt corrective action rules currently in effect, an institution is deemed to be (a) "well-capitalized" if it has total risk-based capital of 10.0% or more, has a Tier 1 risk-based capital ratio of 8.0% or more, has a CET1 risk based capital ratio of 6.5% or more, and has leverage capital ratio of 5.0% or more and is not subject to any order or final capital directive to meet and maintain a specific capital level for any capital measure; (b) "adequately capitalized" if it has a total risk-based capital ratio of 8.0% or more, a Tier 1 risk-based capital ratio of 6.0% or more, a CET1 risk based capital ratio of 4.5% or more and has a leverage capital ratio of 4.0% or more (3.0% under certain circumstances) and does not meet the definition of well-capitalized; (c) "undercapitalized" if it has a total risk-based capital ratio that is less than 8.0%, a Tier 1 risk-based capital ratio that is less than 6.0%, a CET1 capital ratio less than 4.5% or a Tier 1 leverage capital ratio that is less than 4.0%; (d) "significantly undercapitalized" if it has a total risk-based capital ratio that is less than 6.0%, a Tier 1 risk-based capital ratio that is less than 4.0%, a CET1 capital ratio less than 3% or a Tier 1 leverage capital ratio that is less than 3.0%; and (e) "critically undercapitalized" if it has a ratio of tangible equity to total assets that is equal to or less than 2.0%. 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 condition and activities. In certain situations, a federal banking agency may reclassify a well-capitalized institution as adequately capitalized and may require an adequately capitalized or undercapitalized institution to comply with supervisory actions as if the institution were in the next lower category.

A depository institution is generally prohibited from making any capital distributions (including payment of a dividend) or paying any management fee to its parent holding company if the depository institution would thereafter be undercapitalized. Undercapitalized institutions also are subject to growth limitations and are required to submit a capital restoration plan to the regulatory agencies. The agencies may not accept such a plan without determining, among other things, that the plan is based on realistic assumptions and is likely to succeed in restoring the depository institution's capital. In addition, for a capital restoration plan to be acceptable, the depository institution's parent holding company must guarantee that the institution will comply with such capital restoration plan. The aggregate liability of the parent holding company is limited to the lesser of (i) an amount equal to 5.0% of the depository institution's total assets at the time it became undercapitalized and (ii) the amount which is necessary (or would have been necessary) to bring the institution into compliance with all capital standards applicable with respect to such institution as of the time it fails to comply with the plan. If a depository institution fails to submit an acceptable plan, it is treated as if it is "significantly undercapitalized."

"Significantly undercapitalized" depository institutions may be subject to a number of requirements and restrictions, including orders to sell sufficient voting stock to become "adequately capitalized," requirements to reduce total assets, and cessation of receipt of deposits from correspondent banks. "Critically undercapitalized" institutions are subject to the appointment of a receiver or conservator.

At December 31, 2025 and 2024, each of TrustCo and Trustco Bank met all capital adequacy requirements to which it was subject under the OCC and Federal Reserve Board regulations. As of December 31, 2025, the bank meets the requirements of a well-capitalized depository institution under the OCC's framework for prompt corrective action.

<u>Regulation Relating to Community Banks</u>. During 2025, the OCC announced a number of initiatives intended to tailor regulatory and supervisory expectations for community banks, including the release of a notice of proposed rulemaking to expand the definition of community banks to include institutions with less than $30 billion in total assets. These initiatives are focused on reducing the regulatory burden on smaller, lower risk national banks and include refinements to examination processes, supervisory practices, and certain data collection requirements. The OCC has indicated that these changes are designed to improve examination efficiency, enhance supervisory clarity, and focus regulatory attention on areas of heightened or material risk. While these initiatives may reduce certain compliance and operational burdens, TrustCo remains subject to comprehensive prudential regulation and supervisory oversight, and changes in regulatory priorities or expectations could continue to affect TrustCo's operations, compliance costs, and strategic planning.

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<u>Economic Growth, Regulatory Relief and Consumer Protection Act</u>. In May 2018, the Economic Growth, Regulatory Relief and Consumer Protection Act (the "Regulatory Relief Act"), was enacted to modify or remove certain financial reform rules and regulations. The Regulatory Relief Act amends certain aspects of the regulatory framework for small depository institutions with assets of less than $10 billion and for large banks with assets of more than $50 billion. Many of these changes resulted in meaningful regulatory changes for community banks such as the Bank, and their holding companies.

The Regulatory Relief Act also expanded the definition of qualified mortgages that may be held by a financial institution and simplified the regulatory capital rules for financial institutions and their holding companies with total consolidated assets of less than $10 billion by instructing the federal banking regulators to establish a single "Community Bank Leverage Ratio" ("CBLR") of 9%. In November 2025, the federal banking agencies published a rule proposal which would reduce the 9% requirement for the framework to 8%. Furthermore, the federal banking agencies proposed to extend the grace period for a bank that elects to use the CBLR framework but temporarily fails to meet all of the qualifying criteria, including the leverage ratio requirement, to provide that (i) the bank will have four quarters to return to compliance, provided the community bank maintains a leverage ratio greater than 7 percent and (ii) if the bank that has a leverage ratio equal to or less than the grace period minimum of 7 percent, it would be required to comply with the generally applicable risk-based capital standards.

Any qualifying depository institution or its holding company that exceeds the CBLR will be considered to have met generally applicable leverage and risk-based regulatory capital requirements and any qualifying depository institution that exceeds the ratio will be considered to be "well capitalized" under the prompt corrective action rules. In addition, the Regulatory Relief Act included regulatory relief for community banks regarding regulatory examination cycles, call reports, the Volcker Rule (proprietary trading prohibitions), mortgage disclosures and risk weights for certain high-risk commercial real estate loans. Many of the Regulatory Relief Act's changes are implemented through rules promulgated by the federal banking agencies. These rules and their enforcement are subject to the substantial regulatory discretion of the federal banking agencies. Although TrustCo would qualify to take advantage of the community bank leverage ratio framework, it has decided that it would not opt-in to the framework.

#### Holding Company Activities
The activities of savings and loan holding companies are governed, and limited, by the Home Owners' Loan Act and the Federal Reserve Board's regulations. In general, TrustCo's activities are limited to those permissible for "multiple" savings and loan holding companies (that is, savings and loan holding companies owning more than one savings association subsidiary) as of March 5, 1987, activities permitted for bank holding companies as of November 12, 1999, and activities permissible for "financial holding companies" (which are described below). Activities permitted to multiple savings and loan holding companies include certain real estate investment activities, and other activities permitted to bank holding companies under the Bank Holding Company Act. Activities permissible for a financial holding company are those considered financial in nature (including securities and insurance activities) or those incidental or complementary to financial activities.

A savings and loan holding company is prohibited from, directly or indirectly, acquiring more than 5% of the voting stock of another financial institution or savings and loan holding company without the prior written approval of the Federal Reserve Board. In evaluating applications by holding companies to acquire savings institutions, the Federal Reserve Board considers the financial and managerial resources and future prospects of the company and institution involved, the effect of the acquisition on the risk to the deposit insurance fund, the convenience and needs of the community and competitive factors.

The financial impact of a holding company on its subsidiary institution is a matter that is evaluated by the Federal Reserve Board, and the Federal Reserve Board has authority to order cessation of activities or divestiture of subsidiaries deemed to pose a threat to the safety and soundness of the institution. The Federal Reserve's long-standing "source of strength" doctrine requires that bank or thrift holding companies serve as a source of financial strength for their depository institution subsidiaries. The phrase "source of financial strength" is defined as "the ability of a company that directly or indirectly owns or controls an insured depository institution to provide financial assistance to such insured depository institution in the event of the financial distress of the insured depository institution." The federal banking agencies are authorized to adopt regulations with respect to this requirement.

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#### Securities Regulation and Corporate Governance
The Company's common stock is registered with the SEC under Section 12(b) of the Exchange Act, and the Company is subject to restrictions, reporting requirements and review procedures under federal securities laws and regulations. The Company is also subject to the rules and reporting requirements of the Nasdaq Global Select Market, on which its common stock is traded.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") significantly changed the regulation of financial institutions, such as community banks, thrifts, and small bank and thrift holding companies, and the financial services industry. Among other things, the Dodd-Frank Act abolished the Office of Thrift Supervision and transferred its functions to the other federal banking agencies, relaxed rules regarding interstate branching, allowed financial institutions to pay interest on business checking accounts, and imposed new capital requirements on bank and thrift holding companies. The Sarbanes-Oxley Act of 2002 is intended to improve corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws. The Company has policies, procedures and systems designed to comply with these regulations, and it reviews and documents such policies, procedures and systems to ensure continued compliance with these regulations.

Although the Company has incurred, and expects to continue to incur, additional expense in complying with the corporate governance provisions of federal law and the resulting regulations, management does not expect such compliance to have a material impact on the Company's financial condition or results of operations.

#### Federal Savings Institution Regulation
Business Activities. Federal law and regulations govern the activities of federal savings banks such as the Bank. These laws and regulations delineate the nature and extent of the activities in which federal savings banks may engage. In particular, certain lending authority for federal savings banks, *e.g.*, commercial, non-residential real property loans and consumer loans, is limited to a specified percentage of the institution's capital or assets.

Insurance of Deposit Accounts. Deposits of Trustco Bank are insured by the Deposit Insurance Fund ("DIF") of the FDIC, and the Bank is subject to deposit insurance assessments to maintain the DIF. The FDIC determines insurance premiums based on a number of factors, primarily the risk of loss that insured institutions pose to the DIF. Deposit insurance assessments are based on average consolidated total assets minus average tangible equity. Under the FDIC's risk-based assessment system, insured institutions with less than $10 billion in assets, such as the Bank, are assigned to one of three categories based on their composite examination ratings, with higher-rated, less risky institutions paying lower assessments. A range of initial base assessment rates applies to each category, adjusted downward based on unsecured debt issued by the institution to produce total base assessment rates. Total base assessment rates currently range from 2.5 to 18 basis points for banks in the least risky category to 13 to 32 basis points for banks in the most risky category, all subject to further adjustment upward if the institution holds more than a limited amount of unsecured debt issued by another FDIC-insured institution.

The FDIC has the authority to raise or lower assessment rates, subject to limits, and to impose special additional assessments. The Dodd-Frank Act set the minimum reserve ratio to not less than 1.35% of estimated insured deposits or the comparable percentage of the FDIC's assessment base. The act also required the FDIC to take the steps necessary to attain the 1.35 percent ratio by September 30, 2020, subject to an offsetting requirement for certain institutions. In September 2020, the FDIC announced that the ratio declined to 1.30% due largely

to consequences of the COVID-19 pandemic and adopted a plan to restore the fund to the 1.35% ratio (the "Restoration Plan") within eight years but did not change its assessment rate schedule. The Restoration Plan requires the FDIC to update its analysis and projections for the fund balance and reserve ratio at least semiannually and, if necessary, recommend any modifications, such as increasing assessment rates. In the semiannual update for the Restoration Plan in June 2022, the FDIC projected that the reserve ratio was at risk of not reaching the statutory minimum of 1.35 percent by September 30, 2028, the statutory deadline to restore the reserve ratio. Based on this update, the FDIC Board approved an amended Restoration Plan, and concurrently proposed an increase in initial base deposit insurance assessment rate schedules uniformly by 2 basis points, applicable to all insured depository institutions. In October 2022, the FDIC Board finalized the increase with an effective date of January 1, 2023, applicable to the first quarterly assessment period of 2023 (i.e., January 1 through March 31, 2023). The FDIC continues to publish periodic updates regarding the DIF balance and reserve ratio, which were $153.9 billion and 1.42%, respectively, as of December 31, 2025, and it may consider additional actions to support the DIF and meet applicable statutory requirements.

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Various proposals are under active consideration by policymakers that could affect the scope of deposit insurance coverage. For example, bipartisan legislation has been introduced in the U.S. Senate that would significantly raise the deposit insurance limit for certain noninterest-bearing transaction accounts, subject to legislative approval and funding determinations. In addition, Congress and the FDIC have conducted oversight hearings and agency analyses exploring broader deposit insurance reform alternatives, including adjusting coverage limits and targeted insurance frameworks for specific account types. The ultimate outcome, timing, and scope of any changes remain uncertain and could materially affect deposit flows, competitive dynamics, and regulatory costs.

FDIC deposit insurance expense totaled $2.9 million in 2025, $2.6 million in 2024 and $2.9 million in 2023. Future changes in insurance premiums could have an adverse effect on the operating expenses and results of operations of Trustco Bank, and the Bank cannot predict what insurance assessment rates will be in the future.

Insurance of deposits may be terminated by the FDIC upon a finding that the institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC or the OCC. The Bank does not know of any practice, condition or violation that might lead to termination of its deposit insurance.

#### Other Regulation
Assessments. The Bank is required to pay assessments to the OCC to fund the agency's operations. The general assessments, paid on a semi-annual basis, is computed upon the Bank's total assets, including consolidated subsidiaries, as reported in the Bank's latest quarterly financial report. The OCC's assessment schedule includes a surcharge for institutions that require increased supervisory resources. The assessments paid by the Bank for the year ended December 31, 2025 totaled approximately $576 thousand.

<u>Community Reinvestment Act</u>. The Community Reinvestment Act ("CRA") requires each savings institution, as well as commercial banks and certain other lenders, to identify the communities served by the institution's offices and to identify the types of credit the institution is prepared to extend within those communities. The CRA also requires the OCC to assess an institution's performance in meeting the credit needs of its identified communities as part of its examination of the institution, and to take such assessments into consideration in reviewing applications with respect to branches, mergers and other business combinations, including acquisitions by savings and loan holding companies. An unsatisfactory CRA rating may be the basis for denying such an application and community groups have successfully protested applications on CRA grounds. In connection with its assessment of CRA performance, the OCC assigns CRA ratings of "outstanding," "satisfactory," "needs to improve" or "substantial noncompliance." The Bank was rated "satisfactory" in its last CRA examination. Institutions are evaluated based on (i) its record of helping to meet the credit needs of its assessment area through lending activities; (ii) its qualified investments; and (iii) the availability and effectiveness of the institution's system for delivering retail banking services. An institution that is found to be deficient in its performance in meeting its community's credit needs may be subject to enforcement actions, including cease and desist orders and civil money penalties. In December 2021, the OCC issued a final rule rescinding its June 2020 Community Reinvestment Act Rule and replacing it with the rules that were jointly adopted by the federal bank regulatory agencies, which became effective on January 1, 2022. On October 24, 2023, the OCC, FRB, and FDIC issued a final rule to modernize their respective CRA regulations, which would have substantially altered the methodology for assessing compliance with the CRA. The rule introduced metrics-based benchmarking, expanded evaluation of lending outside traditional branch-based assessment areas (such as online and mobile banking), and clarified eligible CRA activities, with major provisions originally scheduled to take effect January 1, 2026 and revised data reporting requirements January 1, 2027. However, implementation was enjoined by a federal court in March 2024, and the agencies have since proposed rescinding the 2023 rule and reverting to the prior CRA framework (from 1995, as updated in 2021). As of now, banks continue to be examined under the existing 1995/2021 regulations, and the 2023 modernization rule is unlikely to be reinstated in its original form.

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<u>Commercial Real Estate Lending Concentrations</u>. The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending. The particular focus is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be sensitive to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is not to limit a bank's commercial real estate lending but to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The guidance directs the FDIC and other federal bank regulatory agencies to focus their supervisory resources on institutions that may have significant commercial real estate loan concentration risk. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total reported loans for construction, land development and other land represent 100% or more of the bank's capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total commercial real estate loans (as defined in the guidance) represent 300% or more of the bank's total capital or the outstanding balance of the bank's commercial real estate loan portfolio has increased 50% or more during the
 prior 36 months.

In addition, on June 29, 2023, in response to the increased risk relating to commercial real estate loans, the federal banking agencies issued a final Interagency Policy Statement on prudent Commercial Real Estate Loan Accommodations and Workouts. The policy statement updated, expanded on and superseded existing guidance from 2009. Most notably, it (i) added a discussion of short-term loan accommodations, (ii) expanded guidance regarding the evaluation and assessment of guarantors to also encompass loan sponsors, (iii) incorporated information about changes to accounting principles since 2009, and (iv) updated and expanded the illustrative examples of commercial real estate loan workouts. Furthermore, on December 18, 2023, the FDIC issued an advisory on Managing Commercial Real Estate Concentrations in a Challenging Economic Environment, which conveyed certain key risk management practices for FDIC-supervised institutions to consider in managing commercial real estate loan concentrations in a challenging economic environment.

Although the Bank has a material amount of commercial real estate loans, it remains significantly below these thresholds. The guidance provides that the strength of an institution's lending and risk management practices with respect to such concentrations will be taken into account in supervisory guidance on evaluation of capital adequacy.

<u>Qualified Thrift Lender Test</u>. As a savings institution regulated by the OCC, the Bank must be a "qualified thrift lender" under either the qualified thrift lender test under the Home Owners' Loan Act or satisfy the Internal Revenue Code's domestic building and loan association test to avoid certain restrictions on its and the Company's operations and activities. Under the qualified thrift lender test, an institution is generally required to maintain at least 65% of its portfolio assets (total assets less: (i) specified liquid assets up to 20% of total assets; (ii) intangible assets, including goodwill; and (iii) the value of property used to conduct business) in certain qualified thrift investments (primarily residential mortgages and related investments, including certain mortgage-backed and related securities) in at least nine months out of each 12 month period. A federal savings bank that fails the qualified thrift lender test must operate under specified restrictions. Federal law also makes noncompliance with the qualified thrift lender test subject to agency enforcement action for a violation of law. The Bank is currently, and expects to remain, in compliance with the qualified thrift lender test.

Transactions with Affiliates and Other Related Parties. The Bank's transactions with "affiliates" (generally, any company that controls, is controlled by, or is under common control with the Bank, including TrustCo) are limited by Sections 23A and 23B of the Federal Reserve Act and the Federal Reserve Board's implementing Regulation W. Under these laws, the aggregate amount of "covered transactions" between the Bank and any one affiliate is limited to 10% of the Bank's capital stock and surplus, and the aggregate amount of covered transactions by the Bank with all of its affiliates is limited to 20% of capital stock and surplus. Certain covered transactions (primarily credit-related transactions) are required to be secured by collateral in an amount and of a type described in Section 23A and Regulation W. Transactions by the Bank with its affiliates must be on terms and under circumstances that are at least as favorable to the Bank as those prevailing at the time for comparable transactions with non-affiliates. In addition, savings institutions are prohibited from lending to any affiliate that is engaged in activities that are not permissible for bank holding companies, and no savings institution may purchase the securities of any affiliate other than a subsidiary.

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The definition of "covered transactions" as used in Section 23A includes credit exposure on derivatives transactions and securities lending and borrowing transactions, as well as the acceptance of affiliate-issued debt obligations as collateral for a loan or an extension of credit.

The Bank also is restricted in its ability to extend credit to its directors, executive officers and 10% shareholders, as well as to entities controlled by such persons. Extensions of credit to those insiders must be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons; may not involve more than the normal risk of repayment or present other unfavorable features and may not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate. In addition, extensions of credit in excess of certain limits must be approved by the Bank's board of directors.

Certain non-credit transactions between an insured depository institution and its insiders, such as asset purchase and sales, are prohibited unless the transaction is on market terms and, if the transaction represents more than 10% of the capital stock and surplus of the institution, has been approved in advance by a majority of the disinterested members of the board of directors of the institution.

Safety and Soundness Regulations*.* The federal banking agencies (including the OCC) have adopted certain safety and soundness standards for all insured depository institutions. These standards relate to, among other things, internal controls, information systems and internal audit systems; loan documentation; credit underwriting; interest rate risk exposure; asset growth; asset quality; earnings and compensation, fees, and benefits, as well as other operational and managerial standards as the agency deems appropriate. The Interagency Guidelines Establishing Standards for Safety and Soundness set forth the safety and soundness standards that the federal banking agencies use to identify and address problems at insured depository institutions before capital becomes impaired. If the appropriate federal banking agency (the OCC in the case of the Bank) determines that an institution fails to meet any standard prescribed by the guidelines, the agency may require the institution to submit to the agency an acceptable plan to achieve compliance with the standard. The Bank is subject to periodic examinations by the OCC regarding these and related matters. During these examinations, the examiners may require the Bank to increase its allowance for credit losses on loans, change the classification of loans, and/or recognize additional charge-offs based on their judgments, which can impact our capital and earnings.

<u>Moreover</u>, in October 2025, the FDIC and the OCC issued a joint proposed rule that would define the phrase "unsafe or unsound practice" for purposes of section 8 of the Federal Deposit Insurance Act. The proposed rule would establish uniform standards for matters requiring attention and non-binding supervisory observations as part of the examination process. In his February 26, 2026, testimony to the Senate Committee on Banking, Housing, and Urban Affairs, FDIC chairman Travis Hill emphasized that the agency's goal in defining the phrase "unsafe or unsound practices" in a rule is "to ensure that supervisory criticisms are focused on the issues most relevant to a bank's safety and soundness." The proposed rule's comment period closed on December 29, 2025.

Enforcement. The Federal Reserve Board and the OCC have extensive enforcement authority over savings institutions and their holding companies, including the Bank and TrustCo. This includes enforcement authority with respect to the actions of the Bank's and TrustCo's directors, officers and other "institution-affiliated parties," including attorneys and auditors. This enforcement authority also includes, among other things, the ability to assess civil money penalties, issue cease-and-desist or removal orders and initiate injunctive actions. In general, these enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. Public disclosure of final enforcement actions by the OCC and the Federal Reserve is required.

<u>Executive Order on Fair Banking</u>. An Executive Order issued in August 2025 prohibits denial of financial services based on constitutionally or statutorily protected beliefs, affiliations, or political views, and prohibits politicized or unlawful "debanking." Banking decisions must be based on individualized, objective, and risk-based analysis.

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<u>Institutions in Troubled Condition</u>. Certain events, including entering into a formal written agreement with a bank's regulator or being informed by the regulator that the bank is in troubled condition, will require that a bank give prior notice to their primary regulator before adding or replacing any member of the board of directors, employing any person as a senior executive officer, or changing the responsibilities of any senior executive officer so that the person would assume a different senior executive position. Troubled condition banks are prohibited from making, or agreeing to make, certain "golden parachute payments" to institution-affiliated parties, subject to certain exceptions.

Consumer Laws and Regulations. In addition to the other laws and regulations discussed above, the Bank is subject to consumer laws and regulations designed to protect consumers in transactions with financial institutions. These laws and regulations include, among others, the Truth in Lending Act, the Truth in Savings Act, the Electronic Funds Transfer Act, the Expedited Funds Availability Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Fair Credit Reporting Act and the Real Estate Settlement Procedures Act. These laws and regulations mandate certain disclosure requirements and regulate the manner in which financial institutions must deal with customers when taking deposits from, making loans to, or engaging in other types of transactions with, such customers.

The federal Consumer Financial Protection Bureau ("CFPB") has adopted rules related to mortgage loan origination and mortgage loan servicing. In particular, the CFPB has issued a rule implementing the ability-to-repay and qualified mortgage ("QM") provisions of the Truth in Lending Act, as amended by the Dodd-Frank Act (the "QM Rule"). The ability-to-repay provision requires creditors to make reasonable, good faith determinations that borrowers are able to repay their mortgages before extending the credit based on a number of factors and consideration of financial information about the borrower from reasonably reliable third-party documents. Under the Dodd-Frank Act and the QM Rule, loans meeting the definition of "qualified mortgage" are entitled to a presumption that the lender satisfied the ability-to-repay requirements. The presumption is a conclusive presumption/safe harbor for prime loans meeting the QM requirements, and a rebuttable presumption for higher-priced/subprime loans meeting the QM requirements.

<u>Unclaimed Property Laws</u>. Unclaimed property (escheatment) laws vary by state but generally require holders of customer property (including money) to turn over such property to the applicable state after holding the property for the statutorily prescribed period of time. These laws are not uniform and impose varying requirements on entities, like the Bank, which may hold funds that are required to be escheated to the applicable states.

<u>Volcker Rule.</u> The Dodd-Frank Act required the federal financial regulatory agencies to adopt rules that prohibit certain banks and their affiliates from engaging in proprietary trading and investing in certain covered funds. The statutory provision is commonly called the "Volcker Rule," and is not applicable to depository institutions and their holding companies whose total assets do not exceed $10 billion. As of December 31, 2025, the Company's total assets on a consolidated basis did not exceed $10 billion.

<u>Office of Foreign Assets and Control Regulation</u>. The U.S. Treasury Department's Office of Foreign Assets Control, or OFAC, administers and enforces economic and trade sanctions against targeted foreign countries and regimes, under authority of various laws, including designated foreign countries, nationals and others. OFAC publishes lists of specially designated targets and countries. The Company is responsible for, among other things, blocking accounts of, and transactions with, such targets and countries, prohibiting unlicensed trade and financial transactions with them and reporting blocked transactions after their occurrence. Failure to comply with these sanctions could have serious legal and reputational consequences, including causing applicable bank regulatory authorities not to approve merger or acquisition transactions when regulatory approval is required or to prohibit such transactions even if approval is not required.

Bank Secrecy Act/Anti-Mon<u>ey Laundering and Customer Identification</u>. Anti-money laundering ("AML") and financial transparency laws and regulations, including the Bank Secrecy Act, impose strict standards for gathering and verifying customer information in order to ensure funds or other assets are not being placed in U.S. financial institutions to facilitate terrorist financing and laundering of funds. Applicable laws require financial institutions to have AML programs in place and require the federal banking agencies to consider a holding company's effectiveness in combating money laundering when ruling on certain merger or acquisition applications. In addition, failure to comply with these requirements could lead to significant fines and penalties or the imposition of corrective orders. In July 2024, the federal banking agencies, including the FRB and OCC, proposed amendments to update the requirements for supervised institutions to establish, implement and maintain effective, risk-based and reasonably designed AML and countering the financing of terrorism ("CFT") programs. The proposed amendments would require supervised institutions to identify, evaluate and document the regulated institution's money laundering, terrorist financing and other illicit finance activity risks, as well as consider, as appropriate, the U.S. Department of the Treasury's Financial Crimes Enforcement Network's ("FinCEN") published national AML/CFT priorities. The Company continues to monitor the rulemaking process.

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<u>Guidance for Third-Party Relationships.</u> On June 9, 2023, the OCC, Federal Reserve, and FDIC issued final interagency guidance on risk management of third-party relationships, including third-party lending relationships. The interagency guidance is based, in part, on the OCC's previously existing third-party risk management guidance from 2013 and seeks to, among other things, promote consistency in third-party risk management and provide sound risk management guidance for third-party relationships commensurate with a bank's risk profile and complexity as well as the criticality of the activity. The final interagency guidance replaces each agency's existing guidance on this topic (including the OCC's 2020 Frequently Asked Questions on Third-Party Relationships) and is directed to all banking organizations supervised by the OCC, Federal Reserve, and FDIC. Additionally, third party relationship risk management and banking as a service arrangements (including with respect to deposit products and services) have been topics of focus for federal bank regulators in recent years and further rulemaking activity or guidance may be forthcoming.

Consumer Privacy and Cybersecurity. Federal regulations generally require that the Company disclose its privacy policy and practices concerning its sharing of "non-public personal information," to individual customers at the time of establishing the customer relationship and, in certain circumstances, annually thereafter. In addition, the Company is required to provide its customers with the ability to "opt-out" of having their personal information shared with unaffiliated third parties in certain circumstances.

A growing number of state privacy laws impose requirements and restrictions on the processing of personal information. These laws require substantial disclosures to consumers about personal information collection, use and sharing practices, while also allowing consumers the right to access, delete, correct, or move their data.

In addition, federal banking agencies, through the Federal Financial Institutions Examination Council, have adopted guidelines to encourage financial institutions to address cybersecurity risks and identify, assess and mitigate these risks, both internally and at critical third-party service providers. For example, federal banking regulators have highlighted that financial institutions should establish several lines of defense and design their risk management processes to address the risk posed by compromised customer credentials. Further, financial institutions are expected to maintain sufficient business continuity planning processes designed to facilitate a recovery, resumption and maintenance of the institution's operations after a cyber-attack.

In November 2021, the federal banking agencies adopted rules requiring banking organizations to notify their primary regulator within 36 hours of becoming aware of a "computer-security incident" that rises to the level of a "notification incident." A notification incident is a "computer-security incident" that has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, the banking organization's ability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of the banking organization, or impact the stability of the financial sector. Bank service providers are also required to notify any affected bank to or on behalf of which the service provider provides services "as soon as possible" after determining that it has experienced an incident that materially disrupts or degrades, or is reasonably likely to materially disrupt or degrade, covered services provided to such bank for four or more hours.

Further, on July 26, 2023, the SEC adopted final rules that require public companies to promptly disclose material cybersecurity incidents on Form 8-K and detailed information regarding their cybersecurity risk management and governance on an annual basis on Form 10-K. Companies are required to report on Form 8-K any cybersecurity incident they determine to be material within four business days of making that determination. In addition to incident reporting, the rules require companies to describe their cybersecurity processes and governance on an annual basis.

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<u>Personal Data Financial Rights</u>. On October 22, 2024, the CFPB issued a final rule to implement Section 1033 of the Dodd-Frank Act, which gives individuals the right to obtain data regarding consumer financial products and services they have obtained. The final rule requires certain entities, including TrustCo and Trustco Bank, to comply with an established framework to govern consumer access to electronic financial data. Following the issuance of this rule, two trade associations and a national bank headquartered in Kentucky filed a lawsuit challenging the rule in the United States District Court for the Eastern District of Kentucky. In this lawsuit, the plaintiffs alleged that the CFPB exceeded its statutory authority in adopting the rule. In February 2025, the court granted a joint motion to temporarily stay the litigation proceedings and tolled the compliance deadlines under Section 1033 of the Dodd-Frank Act by 30 days. Following the change in administration in 2025, the CFPB declined to defend the rule and opened a new rulemaking to revisit the rule. In October 2025, the court enjoined enforcement of the rule until the CFPB completes the rulemaking process. TrustCo continues to monitor developments relating to the rulemaking process and the litigation.

<u>Identity Theft Protection</u>. The Fair Credit Reporting Act's Red Flags Rule requires financial institutions with covered accounts (e.g., consumer bank accounts and loans) to develop, implement and administer an identity theft prevention program. This program must include reasonable policies and procedures to detect suspicious patterns or practices that indicate the possibility of identity theft, such as inconsistencies in personal information or changes in account activity.

Federal Home Loan Bank of New York. The Bank is a member of Federal Home Loan Bank ("FHLB") of New York, which is one of 11 regional FHLBs that serve as reserve or central banks for their members. The FHLBs are funded primarily from proceeds derived from the sale of consolidated obligations of the FHLB system and makes loans or advances to members. The FHLBs also provide access to a line of credit and letters of credit in accordance with policies and procedures established by the Board of Directors of FHLB. The loans, lines of credit and letters of credit are subject to the oversight of the Federal Housing Finance Agency. At December 31, 2024, the Bank had no FHLB advances and an available borrowing capacity with the FHLB which approximates the balance of securities and/or loans pledged against such borrowings. The Bank is also required to purchase and maintain stock in the FHLB of New York at or above levels specified in the FHLB of New York capital plan. As of December 31, 2025 and 2024, the Bank owned $6.6 million and $6.5 million, respectively, in FHLB of New York stock, which was in compliance with its obligations.

<u>Mergers and Acquisitions</u>. The Bank Holding Company Act of 1956, the Bank Merger Act, the Change in Bank Control Act and other federal and state statutes regulate acquisitions of interests in commercial banks. The BHC Act requires the prior approval of the FRB for the direct or indirect acquisition by a bank holding company of more than 5.0% of the voting shares of a commercial bank or its parent holding company and for a person, other than a bank holding company, to acquire 25% or more of any class of voting securities of a bank or bank holding company. Under the Bank Merger Act, the prior approval of the appropriate bank regulatory agencies is required for a member bank to merge with another bank or purchase the assets or assume the deposits of another bank. In reviewing applications seeking approval of merger and acquisition transactions, the bank regulatory authorities will consider, among other things, the competitive effect and public benefits of the transactions, the capital position of the combined organization, the risks to the stability of the U.S. banking or financial system, the applicant's performance record under the CRA and fair housing laws and the effectiveness of the subject organizations in combating money laundering activities.

In recent years, federal agencies have undertaken a review of the standards by which bank and financial institution acquisitions are evaluated. Regulatory priorities have varied over time, including in connection with changes in presidential administrations and agency leadership, which has led to rapidly evolving regulatory review standards for bank merger transactions. In September 2024, the FDIC finalized changes to its Statement of Policy on Bank Merger Transactions (the "2024 Policy Statement"), which outlined the factors that the FDIC would consider when evaluating a proposed bank merger transaction; however, in May 2025, the FDIC rescinded the 2024 Policy Statement and reinstated the Statement of Policy on Bank Merger Transactions that was in effect prior to the 2024 Policy Statement. Similarly, the OCC finalized a new Policy Statement Regarding Statutory Factors Under the Bank Merger Act (the "OCC Policy Statement") in September 2024, which updated the factors that the OCC would apply in evaluating a proposed bank merger transaction. The OCC subsequently rescinded the OCC Policy Statement in May 2025. In September 2024, the DOJ withdrew its 1995 Bank Merger Guidelines and issued the 2024 Banking Addendum to its 2023 Merger Guidelines. The DOJ clarified that it will assess competition considerations in connection with bank and BHC mergers using its 2023 Merger Guidelines, which is the general merger review framework the DOJ now uses to evaluate transactions in all segments of the economy, and the 2024 Banking Addendum. The 2024 Banking Addendum provides guidance on how the DOJ will assess competition in the context of bank and bank holding company mergers. An analysis under the 2023 Merger Guidelines and 2024 Banking Addendum may include consideration of theories of harm and relevant markets not considered under the 1995 Bank Merger Guidelines, which focused primarily on concentrations of deposits and branches. Whether and how the guidance might be further changed or interpreted is uncertain.

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<u>Cannabis Banking</u>. The Marijuana Regulation and Taxation Act was signed into law in New York on March 31, 2021, legalizing the possession and sale of recreational marijuana in New York State for adults aged 21 or older and the state has issued adult-use cannabis cultivation, processing and retail dispensary licenses. We have implemented a program to provide financial products and services to legal cannabis-related businesses and partner with other financial institutions who provide such services.

Offering financial products and services to the cannabis industry presents a unique set of regulatory risks due to the conflict between state and federal laws, as marijuana remains illegal at the federal level. In January 2018, the U.S. DOJ rescinded the "Cole Memo" and related memoranda which characterized the enforcement of the Controlled Substances Act against persons and entities complying with state regulatory systems permitting the use, manufacture and sale of medical marijuana as an inefficient use of their prosecutorial resources and discretion. The impact of the DOJ's rescission of the Cole Memo and related memoranda is unclear, but in the future may result in increased enforcement actions against the regulated cannabis industry generally. The former United States Attorney General previously indicated that the DOJ, under his leadership, would not pursue cases against parties who comply with the laws in states which have legalized and are effectively regulating marijuana. In addition, federal prosecutors have significant discretion and there can be no assurance that the federal prosecutor for any district in which we operate will not choose to strictly enforce the federal laws governing cannabis. In the future, enforcement actions may be taken against cannabis-related businesses or financial services providers that are viewed as aiding and abetting such activities.

In December 2025, President Trump signed Executive Order 14370, instructing the Attorney General to take all necessary steps to expedite the rescheduling of marijuana from Schedule I to Schedule III under the Controlled Substances Act. The Drug Enforcement Administration is expected to have substantial flexibility in how it chooses to implement and enforce rescheduling.

Finally, FinCEN published guidelines in 2014 for financial institutions servicing state-legal cannabis businesses. These guidelines clarify how financial institutions can provide services to marijuana-related businesses "in a manner consistent with their obligations to know their customers and to report possible criminal activity." The Bank has and will continue to follow this and other FinCEN guidance in the areas of cannabis banking.

<u>Compensation Practices</u>. Our compensation practices are subject to oversight by the FRB and the OCC. Applicable regulatory guidance on incentive compensation seek to ensure that the incentive compensation practices of banking organizations do not encourage excessive risk-taking and undermine the safety and soundness of those organizations. The guidance provides that supervisory findings with respect to incentive compensation will be incorporated, as appropriate, into the organization's supervisory ratings. To be consistent with safety and soundness, incentive compensation arrangements at a banking organization should comply with the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide employees incentives that appropriately balance risk and reward;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be compatible with effective controls and risk management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be supported by strong corporate governance, including active and effective oversight by the organization's board of directors.

The Board maintains a Compensation Committee made up of independent directors which exercises full oversight over the Company's executive compensation program. The Compensation Committee annually reviews a comprehensive risk assessment which addresses all aspects of the program and the controls that exist to mitigate any associated risk. Detailed disclosure of our compensation practices is set forth in the annual Proxy Statement.

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In addition, on October 2022, the SEC adopted a final rule implementing the incentive-based compensation recovery ("clawback") provisions of the Dodd-Frank Act. The final rule directed national securities exchanges and associations, including Nasdaq, to require listed companies to develop and implement clawback policies to recover erroneously awarded incentive-based compensation from current or former executive officers in the event of a required accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, and to disclose their clawback policies and any actions taken under these policies. On June 9, 2023, the SEC approved Nasdaq's clawback listing standards. The Company has adopted a clawback policy that is intended to comply with the Nasdaq listing standards.

The U.S. financial regulators, including the FRB, the OCC, and the SEC, jointly proposed regulations in 2011 and again in 2016 to implement the incentive compensation requirements of Section 956 of the Dodd-Frank Act. These regulations have not been finalized.

Climate-Related Risk Management and Regulation*.*** Climate change may be associated with rising sea levels as well as extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes, drought and snow or ice storms. Extreme weather conditions may increase our costs or cause damage to our facilities, and any damage resulting from extreme weather may not be fully insured. Many of our facilities are located near coastal areas or waterways where rising sea levels or flooding could disrupt our operations or adversely impact our facilities. Furthermore, periods of extended inclement weather or associated flooding may inhibit construction activity adversely affecting the use of some of our lending products. Any such events could have a material adverse effect on our costs or results of operations. These same issues also could impact the value of mortgage collateral and the security for residential and commercial loans.

As a mortgage lender, Trustco Bank has identified credit, market, liquidity, and operational factors as climate-related risks. Adverse climate factors could impact the ability of loan customers to timely repay their loans. Adverse climate impacts also could adversely impact the stock and bond markets which could adversely affect TrustCo's non-interest income earning potential. Severe physical impacts from climate change, such as rising sea levels, could reduce the value of residential and/or commercial portfolio. These two factors, given sufficiently severe impacts, could affect liquidity. Additionally, severe weather and other climate events could impact hiring and retention of employees, facilities management, retail services, and technology infrastructure, thus creating operational risk.

Furthermore, climate change and the risks it may pose to financial institutions is an area of increased focus by the federal and state legislative bodies and regulators, including the federal banking agencies. In the future, new regulations or guidance may be issued, or other regulatory or supervisory actions may be taken, in this area by the federal banking agencies or other regulatory agencies, or new statutory requirements may be adopted. In March 2024, the SEC adopted final rules for "The Enhancement and Standardization of Climate-Related Disclosures for Investors," which would have required issuers to provide climate-related disclosures. In April 2024, the SEC stayed the effectiveness of the final rules pending the outcome of certain legal challenges. In March 2025, the SEC withdrew its defense of the final rules in the pending litigation. Finally, many states have adopted, or are considering, laws that address climate and social issues. If the states in which we do business adopt such laws, it may increase our compliance costs. Such laws may also include provisions that conflict with other state and federal regulations or limit our ability to conduct business in certain jurisdictions.

<u>Other Governmental Initiatives</u>. From time to time, various legislative and regulatory initiatives are introduced in Congress, as well as by regulatory authorities. These initiatives may include proposals to expand or contract the powers of bank holding companies and depository institutions, proposals to change the financial institution regulatory environment, or proposals that affect public companies generally. Such legislation could change banking laws and the operating environment of the Company in substantial, but unpredictable ways. The Company cannot predict whether any such legislation will be enacted, and, if enacted, the effect that it, or any implementing regulations would have on its financial condition or results of operations.

#### Human Capital Resources
Our Company maintains a Human Capital Strategic Plan that provide a framework for workforce development and team support.

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#### Headcount
As of December 31, 2025, we had 819 employees (which collectively amount to 743 full-time equivalents), all based in the United States, with 566 employees (69.1%) at bank branches, 234 (28.6%) located in corporate offices and 19 (2.3%) in call centers.

#### Hiring & Promotion Practices
At TrustCo and Trustco Bank ("Bank") we are continuously educating our hiring managers about recruitment and selection processes, and we strive to build our workforce from within when possible. All employees are eligible to apply for open department and branch positions following their introductory period, and during 2025, 117 (roughly 14%) of our employees were promoted within the Bank. If the best candidate for an available position is not identified from within our existing talent pool, we will look externally for the best talent, and our recruitment strategy focuses on searching for candidates directly through our participation in job fairs and social media advertising, and through our professional networks and other associations located in the communities that we serve. Additionally, we have an active recruitment incentive program that awards existing employees for referring new employees to the Bank, which in turn helps us fully develop our workforce.

#### Talent Development
We believe in investing for the future which includes the future of our workforce, and we actively encourage and support the growth of our employees throughout their educational and career development, ensuring employees are given opportunities to develop and refine their skills to be successful within the Bank's competitive environment. We aim to accomplish this through a multitude of training and development programs, which include opportunities to engage in interdepartmental experiential learning, voluntary training seminars, ongoing training through our Cornerstone platform (a learning management system), tuition reimbursement program, BSA-AML certificate program with SUNY Schenectady County Community College, and certification reimbursement for certain levels of employment. The Bank conducts a comprehensive new employee orientation for all new hires. All employees are required to complete a minimum number of hours of Compliance, BSA/Anti-Money Laundering, Enterprise Risk, Information Security/Cyber Security and other technical training, that taken as a whole makes up a comprehensive professional development program for our people. Further professional development is provided through an internal mentorship program through which employees with seniority regularly meet with and mentor newer employees. Topics covered in mentoring sessions include sales, staff management, branch management, and professional development. Members of the Board of Directors receive regular training on an array of timely and relevant regulatory and governance topics. Currently, we have 29 (3.5%) employees who hold professional certificates and/or licenses. Additionally, our employees participated in over **30,000 hours** of specialized training during 2025.

#### Employee Feedback
Through our training and mentoring programs, we actively encourage employee feedback. Following each training session, employees complete evaluations designed to provide constructive feedback on their trainer's knowledge, the overall training structure, and the employee's confidence in their ability to be successful in their new role. We are also gathering data on an ongoing basis which focuses on the tenure of current staff. We've consistently maintained or improved our average tenure over the past four years, with an average tenure of approximately 5 years currently. Furthermore, the Human Resources Department conducts stay and exit interviews, which capture feedback from high turnover positions. These interviews are used to improve processes and procedures and inform future policy.

#### Non-discrimination
We recognize that everyone deserves the protection of longstanding federal civil-rights laws that protect individuals from discrimination based on race, color, religion, sex, or national origin and our training, recruiting and recognition practices support and advance these goals. Our Human Capital Strategic Plan focuses on identifying areas of opportunity to further enhance our workforce over time. As of December 2025, approximately 57% of our workforce identify as female and 43% identify as male. The workforce is 46% ethnically diverse, being made up of 18% Hispanic or Latino employees, 14% Asian employees, 7% Black or African American employees, 4% of employees from two or more races, 2% American Indian or Alaska Native employees, and 0.50% Native Hawaiian or other Pacific Islander employees. Additionally, 9.6% of our workforce identifies as disabled. Furthermore, our inclusion efforts focus on age, where we seek to recruit younger candidates to create long-term career potential, while seeking to retain our experienced team members for the many benefits their presence yields.

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#### Employee Compensation and Benefits
Our human capital strategy objectives include identifying, recruiting, retaining, incentivizing, and integrating our existing and future employees. We strive to attract and retain the most talented employees by offering compensation and benefit structures that support their health, financial, and emotional well-being, which includes competitive base salaries, annual bonuses, generous paid time off balances, and Holiday Pay, an Employee Stock Purchase Club Program, life insurance, a 401(k) plan, the Trustco Bank Scholarship Program, a Tuition Reimbursement Program, an Employee Assistance Program for mental and emotional support and various Company-organized wellness competitions.

#### Employee Recruitment and Retention
Payment of Equity Awards to More Employees: Since 2019, TrustCo has granted equity awards deeper into the corporate organization to recognize and provide additional incentive compensation to individuals who consistently made an exceptional contribution to the bank by originating more mortgage loans and greater deposits. Since then, that practice was expanded to include Assistant Vice Presidents and other departmental team members who play key roles in the day-to-day activities that are essential to the bank's overall success. These two actions have been highly successful. In a time when employee attrition is prevalent and presents significant challenges for companies throughout the country, Trustco Bank has retained 90% of the employees receiving officer equity awards.

#### Foreign Operations
Neither TrustCo nor the Bank engage in any operations in foreign countries or have outstanding loans to foreign debtors.

#### Disclosure Pursuant to Subpart 1400 of Regulation S-K
The financial disclosures related to the Company as required under Subpart 1400 of Regulation S-K are incorporated herein by reference from TrustCo's 2025 Annual Report to Shareholders, which is attached as Exhibit 13 hereto. See the cross-references below to locate such disclosures in the 2025 Annual Report to Shareholders.

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| | | | |
|:---|:---|:---|:---|
| **<u>Disclosure</u>** | **<u>Disclosure</u>** | **<u>Disclosure</u>** | <u>Page Number in the 2025</u><br> **Annual Report to** <br> **Shareholders** |
| I. | Distribution of assets, liabilities, and shareholders' equity; interest rates and interest differential | Distribution of assets, liabilities, and shareholders' equity; interest rates and interest differential |  |
|  | A. | Average balance sheets | 19 |
|  | B. | Interest income/expense and resulting yield or rate on average interest-earning assets and interest-bearing liabilities | 19 |
|  | C. | Rate/volume variances | 20 |
| II. | Investments in debt securities | Investments in debt securities |  |
|  | A. | Maturity schedule and weighted average yield | 16 |
| III. | Loan Portfolio | Loan Portfolio |  |
|  | A. | Maturity schedule | 13 |
| IV. | Allowance for Credit Losses | Allowance for Credit Losses |  |
|  | A. | Credit ratios - Factors driving material changes in credit ratios or related components | 23, 24<br>|
|  | B. | Allocation of the allowance for credit losses | 25 |
| V. | Deposits | Deposits |  |
|  | A. | Average balances and rates | 19 |
|  | B. | Uninsured and time deposits over $250,000 | 18 |

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This information should not be construed to imply any conclusion on the part of the management of TrustCo that the results, causes, or trends indicated therein will continue in the future. The nature and effects of governmental monetary policy, supervision and regulation, future legislation, inflation and other economic conditions and many other factors which affect interest rates, investments, loans, deposits, and other aspects of TrustCo's operations are extremely complex and could make historical operations, earnings, assets, and liabilities not indicative of what may occur in the future.

#### Availability of Reports
TrustCo's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports can be obtained free of charge from its website, www.trustcobank.com under the "Investor Relations" tab. These reports are available on the website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. These reports are also available on the SEC's website at http://www.sec.gov. Various other documents related to corporate operations, including the Company's Corporate Governance Guidelines, the charters of its principal Board committees, and the Company's Code of Conduct are available on the website. The information found on the Company's website is not incorporated by reference in this or any other report the Company files or furnishes to the SEC.

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|:---|:---|
| **Item 1A.** | **Risk Factors** |

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In addition to the other information set forth in this 2025 Form 10-K, you should carefully consider the following factors, which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may negatively affect our business, financial condition or results of operations.

#### Risks Related to Our Lending Activities

#### Changes in interest rates may significantly impact our financial condition and results of operations
Like other financial institutions, we are subject to interest rate risk. Our primary source of income is net interest income, which is the difference between interest earned on loans and investments, and interest paid on deposits and borrowings. The level of net interest income is primarily a function of the average balance of our interest-earning assets, the average balance of our interest-bearing liabilities, and the spread between the yield on such assets and the cost of such liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by such external factors as the local economy, competition for loans and deposits, the monetary policy of the Federal Open Market Committee of the FRB (the "FOMC"), and market interest rates.

Over any specific period of time, our interest-earning assets may be more sensitive to changes in market interest rates than our interest-bearing liabilities, or vice-versa. In addition, the individual market interest rates underlying our loan and deposit products may not change to the same degree over a given time period. In any event, if market interest rates should move contrary to our position, earnings may be negatively affected. After the benchmark federal funds interest rate reached a peak range between 5.25 percent and 5.50 percent in 2023 into 2024, the FOMC reduced the federal funds rate by a total of 100 basis points in three rate cuts in 2024 and by a total of an additional 75 basis points in three rate cuts in 2025, to a range of 3.50 percent to 3.75 percent at the end of 2025. The range of potential rate paths over the coming year is wide and will ultimately be driven by the path of inflation, labor market performance and economic growth.

There can be no assurances as to any future FOMC conduct. If the FOMC increases the targeted federal funds rates, overall interest rates likely will rise, which will positively impact our interest income but may further negatively impact the entire national economy, including the housing industry in the markets we serve, by reducing refinancing activity and new home purchases. A significant portion of our loans have fixed interest rates (or, if adjustable, are initially fixed for periods of five to 10 years) and longer terms than our deposits and borrowings. Our net interest income could be adversely affected if the rates we pay on deposits and borrowings increase more rapidly than the rates we earn on loans. In addition, deflationary pressures, while possibly lowering our operational costs, could have a significant negative effect on our borrowers and the values of collateral securing loans, which could negatively affect our financial performance.

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We also are subject to reinvestment risk associated with changes in interest rates. Changes in interest rates may affect the average life of loans and mortgage-related securities. Increases in interest rates may decrease loan demand and/or may make it more difficult for borrowers to repay adjustable rate loans. Decreases in interest rates often result in increased prepayments of loans and mortgage-related securities, as borrowers refinance their loans to reduce borrowing costs. Under these circumstances, we are subject to reinvestment risk to the extent that we are unable to reinvest the cash received from such prepayments in loans or other investments that have interest rates that are comparable to the interest rates on existing loans and securities. Conversely, increases in interest rates often result in slowed prepayments of loans and mortgage-related securities, reducing cash flows and reinvestment opportunities.

Changes in interest rates also affect the value of the Bank's interest-earning assets, and in particular the Bank's securities portfolio. Generally, the value of fixed-rate securities fluctuates inversely with changes in interest rates. Unrealized gains and losses on securities available for sale are reported as a separate component of equity, net of tax. Decreases in the fair value of securities available for sale resulting from increases in interest rates could have an adverse effect on shareholders' equity.

**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.**

Inflation rose sharply at the end of 2021 and remained elevated throughout 2022 at levels not seen for over 40 years. Inflationary pressures dissipated from 2023 through 2025, with the annual inflation rate in the United States decreasing to 2.7% during December 2025 from its high of 9.1% in June 2022, as reported by the U.S. Bureau of Labor Statistics. Virtually all our assets and liabilities are monetary in nature. As a result, interest rates tend to have a more significant impact on our performance than general levels of inflation or deflation. Interest rates do not necessarily move in the same direction or by the same magnitude as the prices of goods and services. Nevertheless, small to medium-sized businesses may be impacted more during periods of high inflation as they are not able to leverage economics of scale to mitigate cost pressures compared to larger businesses. Consequently, the ability of our business customers to repay their loans has deteriorated and may continue to deteriorate, and in some cases this deterioration has occurred and may in the future occur quickly, which can adversely impact our results of operations and financial condition. Furthermore, a prolonged period of inflation has caused and may continue to cause wages and other costs to the Company to increase, which could adversely affect our results of operations and financial condition.

#### We are exposed to credit risk in our lending activities.
There are inherent risks associated with our lending and trading activities. Loans to individuals and business entities, our single largest asset group, depend for repayment on the willingness and ability of borrowers to perform as contracted. A material adverse change in the ability of a significant portion of our borrowers to meet their obligation to us, due to changes in economic conditions, interest rates, natural disaster, acts of war, or other causes over which we have no control, could adversely impact the ability of borrowers to repay outstanding loans or the value of the collateral securing these loans, and could have a material adverse impact on our earnings and financial condition.

**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.**

As of December 31, 2025, consumer residential real estate loans represented approximately 93.8% of our total loan portfolio. Residential mortgage lending is generally sensitive to regional and local economic conditions that significantly impact the ability of borrowers to meet their loan payment obligations, making loss levels difficult to predict. A general decline in home values would adversely affect the value of collateral securing the residential real estate that we hold, as well as the volume of loan originations and the amount we realize on the sale of real estate loans. Additionally, if insurance obtained by our borrowers is insufficient to cover any losses sustained to the collateral, the decreases in the value of collateral securing our loans as a result of natural disasters or other related events could adversely impact our financial condition and results of operations. If insurance coverage is unavailable to our borrowers due to the reluctance of insurance companies to renew policies covering the collateral or due to other factors, the resulting increase in cost of home ownership could affect the ability of borrowers to repay loans.

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These factors could result in higher delinquencies and greater charge-offs in future periods, which could materially adversely affect our business, financial condition or results of operations.

**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.**

Commercial loans generally expose a lender to greater risk of non-payment and loss than one- to four-family residential mortgage loans because repayment of the loans often depends on the successful operation of the business and the income stream of the borrowers. Such loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential mortgage loans. Also, some of our commercial borrowers have more than one loan outstanding with us. Consequently, an adverse development with respect to one loan or one credit relationship can expose us to a significantly greater risk of loss compared to an adverse development with respect to a one- to four-family residential mortgage loan. Commercial business loans expose us to additional risk since they typically are dependent on the borrower's ability to make repayments from the cash flows of the business and are secured by non-real estate collateral that may depreciate over time. Further, our commercial business loans may be secured by collateral other than real estate, such as inventory and accounts receivable, the value of which may be more difficult to appraise, control or collect and may be more susceptible to fluctuation in value at the time of default. In addition, if we foreclose on these loans, our holding period for the collateral may be longer than for a single or multi-family residential property if there are fewer potential purchasers of the collateral.

Banking regulatory authorities may require banks with higher levels of investor real estate loans to implement enhanced risk management practices – including stricter underwriting, additional internal controls and risk management policies, more detailed reporting, and portfolio stress testing – as well as potential higher allowances for credit losses and capital levels as a result of investor real estate lending growth and exposure. Our failure to adequately implement enhanced risk management policies, procedures and controls could adversely affect our ability to manage the investor real estate segment of our loan portfolio and could result in an increased rate of delinquencies in, and increased losses from, our loan portfolio, which could have a material adverse effect on our business, financial condition and results of operations.

Furthermore, a downturn in the real estate market in our primary market areas could result in an increase in the number of borrowers who default on their loans and a reduction in the value of the collateral securing their loans, which in turn could have an adverse effect on our profitability and asset quality. If we are required to liquidate the collateral securing a loan to satisfy the debt during a period of reduced real estate values, our earnings and shareholders' equity could be adversely affected. Unexpected decreases in investor real estate prices coupled with slow economic growth and elevated levels of unemployment could drive losses beyond those which are provided for in our allowance for loan losses. We also may incur losses on investor real estate loans due to declines in occupancy rates and rental rates, which may decrease property values and may decrease the likelihood that a borrower may find permanent financing alternatives. Any of these events could increase our costs, require management's time and attention, and materially and adversely affect our business, financial condition and results of operations.

Additionally, if insurance obtained by our borrowers is insufficient to cover any losses sustained to the collateral, the decreases in the value of collateral securing our loans as a result of natural disasters or other related events could adversely impact our financial condition and results of operations. If insurance coverage is unavailable to our borrowers due to the reluctance of insurance companies to renew policies covering the collateral or due to other factors, the resulting increase in cost of investor real estate ownership could affect the ability of borrowers to repay loans.

The combination of these factors could result in deterioration in the fundamentals underlying the commercial real estate market and the deterioration in value of some of our loans, as well as the ability of our borrowers to repay the amounts due under their loans. As a result, our business, results of operations or financial condition may also be adversely affected. Specifically, the office property segment, which represents 9.6% percent of our total loan portfolio, is undergoing a structural shift given the rise of a remote work environment resulting in heightened vacancies and potentially reduced leasing needs. It is anticipated that this heightened risk environment for the office segment may take several years to resolve.

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#### If our allowance for credit losses on loans ("ACLL") is not sufficient to cover expected loan losses, our earnings could decrease.
When determining the amount of the ACLL, we make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans, as well as about the current and expected future economic environment. In deciding on the adequacy of the allowance for credit losses, management reviews past due information, historical charge-off and recovery data, nonperforming loan activity and reasonable and supportable forecasts. Also, there are a number of other factors that are taken into consideration, including: the magnitude, nature and trends of recent loan charge-offs and recoveries, the growth in the loan portfolio and the implication that it has in relation to the economic climate in the Bank's market territories, and the economic environment in the Upstate New York territory (the Company's largest geographical area) primarily over the last several years, as well as in the Company's other market areas. A significant portion of the ACLL is determined using qualitative factors. The determination of qualitative factors involves subjective judgement and subjective measurement. We cannot predict loan losses with certainty that charge-offs in future periods will not exceed our estimate of expected losses as determined through our ACLL. If our assumptions and analysis prove to be incorrect, including with respect to the economic environment, our ACLL may not be sufficient to cover expected losses in our loan portfolio, resulting in additions to our ACLL which is maintained through provisions for credit losses. In addition, regulatory agencies, as an integral part of their examination process, may require additions to the allowance based on their judgment about information available to them at the time of their examination. Material additions to our ACLL would materially decrease our net income.

**We 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.**

Liquidity is the ability to meet cash flow needs on a timely basis at a reasonable cost. The liquidity of Trustco Bank is used to make loans and to repay deposit liabilities as they become due or are demanded by customers. Liquidity policies and limits have been established by our Board, and our management monitors the overall liquidity position of Trustco Bank to ensure that various alternative strategies exist to cover unanticipated events that could affect liquidity. Trustco Bank is also a member of the Federal Home Loan Bank which provides funding to members through advances and other extensions of credit that are typically collateralized with securities or mortgage-related assets. Our securities portfolio can be used as a secondary source of liquidity, and additional liquidity could be obtained from securities sold under repurchase agreements, non-core deposits, and debt or equity securities issuances in public or private transactions. If we were unable to access any of these funding sources when needed, we might not be able to meet the needs of our customers, which could adversely affect our financial condition, our results of operations, cash flows and our level of regulatory capital.

#### We are subject to claims and litigation pertaining to fiduciary responsibility and lender liability.
Some of the services we provide, such as trust and investment services, require us to act as fiduciaries for our customers and others. In addition, loan workout and other activities may expose us or Trustco Bank to legal actions, including lender liability or environmental claims. From time to time, third parties make claims and take legal action against us pertaining to the performance of our fiduciary responsibilities or loan-related activities. If these claims and legal actions are not resolved in a manner favorable to us, we may be exposed to significant financial liability and/or our reputation could be damaged. Either of these results may adversely impact demand for our products and services or otherwise have a harmful effect on our business and, in turn, on our financial condition, results of operations and prospects.

**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. We could have legal action taken against us by the federal government and exposure to additional liabilities and regulatory compliance costs.**

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Offering financial products and services to the cannabis industry presents a unique set of regulatory risks due to the conflict between state and federal laws. While the possession and sale of recreational marijuana is legal for adults aged 21 and older in New York State, cannabis currently remains classified as a Schedule I controlled substance under the federal Controlled Substances Act. Enforcement policies and practices may be highly variable between political administrations. For instance, in December 2025, President Trump signed Executive Order 14370, instructing the Attorney General to take all necessary steps to expedite the rescheduling of marijuana from Schedule I to Schedule III under the Controlled Substances Act. Moreover, federal prosecutors have significant discretion and there can be no assurance that the federal prosecutor for any district in which we or our customers operate will not choose to strictly enforce the federal laws governing cannabis.

Any enforcement action against a cannabis-related business customer of ours could affect our results of operation and financial condition. Additionally, as the possession and use of cannabis remains illegal under the Controlled Substances Act, we may be deemed to be aiding and abetting illegal activities through the services that we provide to such customers and could have legal action taken against us by the federal government, including imprisonment and fines. FinCEN published guidelines in 2014 for financial institutions servicing state-legal cannabis businesses. These guidelines clarify how financial institutions can provide services to marijuana-related businesses in a "manner consistent with their obligations to know their customers and to report possible criminal activity." The Bank has and will continue to follow this and other FinCEN guidance in the areas of cannabis banking. However, there can be no assurance that compliance with FinCEN's guidelines will protect us from federal prosecution or other regulatory sanctions. Any change in position or potential action taken against us could result in significant financial damage to us and our stockholders.

Additionally, while we believe our Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") policies and practices for our cannabis banking program are sufficient, the recreational cannabis business is considered high-risk, and our BSA/AML program will be subject to increased regulatory scrutiny. Any real or perceived shortcomings in our BSA/AML program may result in regulatory action against us and may prevent us from undertaking mergers and acquisitions or other expansion activities.

#### Risks Related to Our Operations

#### We are dependent upon the services of our management team.
We are dependent upon the ability and experience of a number of our key management personnel who have substantial experience with our operations, the financial services industry and the markets in which we offer our services. It is possible that the loss of the services of one or more of our senior executives or key managers would have an adverse effect on our operations. Our success also depends on our ability to continue to attract, manage and retain other qualified middle management personnel as we grow. We cannot assure you that we will continue to attract or retain such personnel.

#### Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
Our disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by TrustCo in reports we file or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

**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 our operations.**

External events, including terrorist or military actions, or an outbreak of disease, and resulting political and social turmoil could cause unforeseen damage to our physical facilities or could cause delays or disruptions to operational functions, including information processing and financial market settlement functions. Additionally, our customers, vendors and counterparties could suffer from such events. Should these events affect us, or our customers, or vendors or counterparties with which we conduct business, our results of operations could be adversely affected.

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#### The Company's risk management framework may not be effective in mitigating risk and loss.
The Company maintains an enterprise risk management program that is designed to identify, quantify, monitor, report, and control the risks that it faces. These risks include interest rate, credit, liquidity, operations, reputation, compliance, and litigation. While the Company assesses and improves this program on an ongoing basis, there can be no assurance that its approach and framework for risk management and related controls will effectively mitigate all risk and limit losses in its business. If conditions or circumstances arise that expose flaws or gaps in the Company's risk management program, or if its controls break down, the performance and value of its business could be adversely affected.

#### New lines of business or new products and services may subject us to additional risks.
From time to time, we may develop and grow new lines of business or offer new products and services within our existing lines of business. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or new products and services, we may invest significant time and resources. Initial timetables for the introduction and development of new lines of business and/or new products or services may not be achieved and price and profitability targets may not prove feasible. External factors, such as compliance with regulations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business or a new product or service. Furthermore, any new line of business and/or new product or service could have a significant impact on the effectiveness of our system of internal controls. Failure to successfully manage these risks in the development and implementation of new lines of business or new products or services could have a material adverse effect on our business, results of operations and financial condition. All service offerings, including current offerings and those which may be provided in the future, may become more risky due to changes in economic, competitive and market conditions beyond our control.

#### Digital banking trends may create deposit volatility, which could adversely affect our operations, profitability and competitive position.
Our traditional banking model depends heavily on stable customer deposits as a primary source of funding. The rising popularity of alternative financial products, including fintech platforms, cryptocurrencies, money market funds, and digital wallets, may lead to increased volatility in our deposit base. Significant fluctuations in deposits could adversely affect our liquidity position, funding costs, and overall financial stability. Although we actively manage our liquidity and funding sources, a substantial shift of customer deposits to these alternative products could negatively impact our operations, profitability, and competitive position.

Our business may be adversely affected by the prevalence of fraud and other financial crimes.

As a bank, we are susceptible to fraudulent activity that may be committed against us or our customers which may result in financial losses or increased costs to us or our customers, disclosure or misuse of our information or our customers' information, misappropriation of assets, privacy breaches against our customers, litigation or damage to our reputation. Such fraudulent activity may take many forms, including check fraud, electronic fraud, wire fraud, phishing, social engineering and other dishonest acts. Consistent with industry trends, we have also experienced attempted electronic fraudulent activity in recent periods. Given such electronic fraudulent activity and the growing level of use of electronic, internet-based and networked systems to conduct business directly or indirectly with our clients, certain fraud losses may not be avoidable regardless of the preventative and detection systems in place. Nationally, reported incidents of fraud and other financial crimes have increased. While we have policies and procedures designed to prevent such losses, there can be no assurance that such losses will not occur.

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#### We are exposed to climate risk.
Climate change may be associated with rising sea levels as well as extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes, drought and snow or ice storms. Extreme weather conditions may increase our costs or cause damage to our facilities, and any damage resulting from extreme weather may not be fully insured. Many of our facilities are located near coastal areas or waterways where rising sea levels or flooding could disrupt our operations or adversely impact our facilities. Furthermore, periods of extended inclement weather or associated flooding may inhibit construction activity adversely affecting the use of some of our lending products. Any such events could have a material adverse effect on our costs or results of operations. These same issues also could impact the value of mortgage collateral and the security for residential and commercial loans.

As a mortgage lender, Trustco Bank has identified credit, market, liquidity, and operational factors as climate-related risks. Adverse climate factors could impact the ability of loan customers to timely repay their loans. Adverse climate impacts also could adversely impact the stock and bond markets which could adversely affect TrustCo's non-interest income earning potential. Severe physical impacts from climate change, such as rising sea levels, could reduce the value of residential and/or commercial portfolio. These two factors, given sufficiently severe impacts, could affect liquidity.

Additionally, severe weather and other climate events could impact hiring and retention of employees, facilities management, retail services, and technology infrastructure, thus creating operational risk.

#### Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
Concerns over the long-term impacts of climate change have led and will continue to lead to governmental efforts around the world to mitigate those impacts. Consumers and businesses also may change their behavior on their own as a result of these concerns. We and our customers will need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns. We and our customers may face cost increases, asset value reductions, operating process changes, and the like. The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. Among the impacts to us could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. Our efforts to take these risks into account in making lending and other decisions, including increasing our business with climate-friendly companies, may not be effective in protecting us from the negative impact of new laws and regulations or changes in consumer or business behavior.

**Environmental, social and governance ("ESG") risks could adversely affect our reputation and shareholder, employee, client and third party relationships and may negatively affect our stock price.**

Our business faces increasing public investor, activist, legislative and regulatory scrutiny related to ESG and anti-ESG. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, human capital management, support for our local communities, corporate governance and transparency, or fail to consider ESG factors in our business operations.

Furthermore, as a result of our diverse base of clients and business partners, we may face potential negative publicity based on the identity of our clients or business partners and the public's (or certain segments of the public's) view of those entities. Such publicity may arise from traditional media sources or from social media and may increase rapidly in size and scope. If our client or business partner relationships were to become intertwined in such negative publicity, our ability to attract and retain clients, business partners, and employees may be negatively impacted, and our stock price may also be negatively impacted. Additionally, we may face pressure to not do business in certain industries that are viewed as harmful to the environment or are otherwise negatively perceived, which could impact our growth.

Additionally, investors and shareholder advocates are placing ever increasing emphasis on how corporations address ESG issues in their business strategy when making investment decisions and when developing their investment theses and proxy recommendations. We may incur meaningful costs with respect to our ESG efforts and if such efforts are negatively perceived, our reputation and stock price may suffer.

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In response to ESG developments there are increasing instances of anti-ESG legislation, adverse media coverage, regulation, and litigation that could have unintended impacts on ordinary banking operations and increase litigation or reputational risk related to actions we choose to take and impact the results of our operations. If legislatures in the states in which we operate adopt legislation intended to protect certain industries by limiting or prohibiting consideration of business and industry factors in lending activities, certain portions of our lending operations may be impacted.

#### Risks Related to Market Conditions

#### A prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations and financial results.
Our primary lending emphasis is the origination of one-to-four family first mortgage loans on residential properties; therefore, we are particularly exposed to downturns in the U.S. housing market. The primary risks inherent in our one- to four-family loan portfolio are declines in economic conditions, elevated levels of unemployment or underemployment, and declines in residential real estate values. Any one or a combination of these events may have an adverse impact on borrowers' ability to repay their loans, which could result in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions.

Additionally, we have a concentration of loans secured in New York and Florida. Approximately 64.3% of our loan portfolio is comprised of loans secured by property located in our markets in and around New York, and approximately 35.7% is comprised of loans secured by property located in Florida. This makes us vulnerable to a downturn in the local economy and real estate markets. Adverse conditions in the local economy such as inflation, unemployment, recession, natural disasters, or other factors beyond our control could impact the ability of our borrowers to repay their loans. Decreases in local real estate values could adversely affect the value of the property used as collateral for our loans, which could cause us to realize a loss in the event of a foreclosure. Currently, there is not a single employer or industry in the area on which the majority of our customers are dependent.

Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition.

Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition. The macroeconomic environment in the United States is susceptible to global events and volatility in financial markets. Unfavorable or uncertain economic and market conditions could lead to credit quality concerns related to borrower repayment ability and collateral protection as well as reduced demand for the products and services we offer. In addition, economic conditions in foreign countries, including global political hostilities (including China-Taiwan and U.S.-China relations), global military conflicts (including the conflicts in the Ukraine, Iran, and the Middle East), and U.S. and foreign tariff policies, could affect the stability of global financial markets, which could hinder domestic economic growth. If the national, regional and local economies experience worsening economic conditions, including high levels of unemployment, our growth and profitability could be constrained. Weak economic conditions are characterized by, among other indicators, deflation, elevated levels of unemployment, fluctuations in debt and equity capital markets, increased delinquencies on commercial, mortgage and consumer loans, residential and commercial real estate, price declines and lower home sales and commercial activity. Furthermore, trade negotiations between the U.S. and other nations remain uncertain and could adversely impact economic and market conditions for the Company, our customers, and counterparties.

In addition, the inflationary outlook in the United States remains uncertain. While inflation has eased from its recent peak of 9.1% in June 2022, further inflationary pressures could result in the Federal Reserve Board discontinuing its lowering of interest rates or increasing interest rates for a prolonged period of time, which may expose the Company to interest rate risk. In addition, higher interest rates could slow economic growth and lead to a recessionary environment, which could negatively impact the Company's growth, credit quality, net interest margin and its financial results. The risks to our business from inflation depends on the durability of the current inflationary pressures in our markets. Transitory increases in inflation are unlikely to have a material impact on our business or earnings. However, more persistent inflation could lead to tighter-than-expected monetary policy which could, in turn, increase the borrowings costs of our customers, making it more difficult for them to repay their loans or other obligations. Actions taken by the Federal Reserve Board, including changes in its target funds rate, balance sheet management and lending facilities are beyond our control and difficult to predict. These actions can affect interest rates and the value of financial instruments and other assets and liabilities and can impact our borrowers. Sudden changes in monetary policy, for example, in response to high inflation, have led and may in the future lead to financial market volatility, increases in market interest rates and a continued flattening or inversion of the yield curve. This has resulted in and may continue to result in volatility of equity and other markets, further volatility of the U.S. dollar, a widening in credit spreads and higher interest rates and recessionary concerns, and could result in elevated unemployment, which could impact investor risk appetite and our borrowers, potentially increasing delinquency rates. Financial market volatility could also result from uncertainty about the timing and extent of rate cuts by the Federal Reserve Board in response to moderating inflation and/or weakening economic conditions. Higher inflation, or volatility and uncertainty related to inflation, could also reduce demand for our products, adversely affect the creditworthiness of our borrowers or result in lower values for our investment securities and other interest-earning assets.

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**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.**

Recent federal budget deficit concerns and political conflict over legislation to raise the U.S. government's debt limit have increased the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession in the United States. Many of our investment securities are issued by the U.S. government, including certain government agencies and sponsored entities. As a result of uncertain domestic political conditions, including the possibility of the federal government defaulting on its obligations for a period of time due to debt ceiling limitations or other unresolved political issues, investments in financial instruments issued or guaranteed by the federal government may pose liquidity risks. In 2011, Standard & Poor's lowered its long-term sovereign credit rating on the U.S. from AAA to AA+. On August 1, 2023, Fitch Ratings also downgraded its U.S. long-term sovereign credit rating from AAA to AA+. On May 16, 2025, Moody's Ratings downgraded the U.S. long-term issuer and senior unsecured ratings to Aa1 from Aaa and changed its outlook to stable from negative. Further downgrades could generally have a material adverse impact on financial markets and economic conditions in the U.S. and worldwide and, therefore, materially adversely affect our business, financial condition and results of operations.

#### The soundness of other financial institutions could adversely affect us.
Our ability to engage in routine funding transactions could be adversely affected by the actions and commercial soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships. We have exposure to many different counterparties, and we routinely execute transactions with counterparties in the financial services industry, including brokers and dealers, banks, investment banks, mutual funds, and other institutional entities. As a result, defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, have led to market-wide liquidity problems and could lead to losses or defaults by us or by other institutions. Many of these transactions expose us to credit risk in the event of default of our counterparty or client. Any such losses could be material and could materially and adversely affect our business, financial condition and results of operations. On November 16, 2023, the FDIC approved a final rule to implement a special assessment on certain banking organizations with financial institution subsidiaries with more than $5 billion in assets, in order to recover the costs associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank in March 2023. In the event that there are similar negative developments in the banking industry in the future, there may be increased regulatory scrutiny and new regulations directed towards regional banks similar in size to us, which may increase our costs of doing business and reduce our profitability.

#### Any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings.

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Recent U.S. government shutdowns have negatively impacted U.S. economic growth, and the suspension of government data collection and publication left policymakers without access to the latest data on employment, inflation, and economic growth, increasing the risk that a wrong decision will be made. Moreover, an extended period of shutdown of portions of the U.S. federal government could negatively impact the financial performance of certain customers and could negatively impact customers' future access to certain loan and guaranty programs. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. During any protracted federal government shutdown, we may not be able to close certain loans and we may not be able to recognize non-interest income on the sale of loans. In addition, we believe that some borrowers may decide not to proceed with their home purchase and not close on their loans, which would result in a permanent loss of the related non-interest income. A federal government shutdown could also result in reduced income for government employees or employees of companies that engage in business with the federal government, which could result in greater loan delinquencies, increased in our non-performing, criticized, and classified assets, and a decline in demand for our products and services.

**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.**

Our Trustco Financial Services department derives its revenues primarily from investment management fees based on assets under management. Our ability to maintain or increase assets under management is subject to a number of factors, including investors' perception of our past performance, in either relative or absolute terms, market and economic conditions, and competition from investment management companies. Financial markets are affected by many factors, all of which are beyond our control, including general economic conditions, securities market conditions, the level and volatility of interest rates and equity prices, competitive conditions, monetary and fiscal policy and investor sentiment. A decline in the value of the assets under management would decrease our income. Further certain of our investment advisory and wealth management clients can terminate, with little or no notice, their relationships with us, reduce their aggregate assets under management, or shift their funds to other types of accounts with different rate structures.

#### Risks Related to Compliance and Regulation

#### The regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both.
As discussed under "Regulation and Supervision - Regulatory Capital Requirements and Prompt Corrective Action," the Company and the Bank are subject to regulatory capital requirements. The capital rules impose stringent capital requirements on the Company and the Bank and generally require banking organizations to hold high-quality capital to act as a financial cushion to absorb losses and help banking organizations better withstand periods of financial stress.

The application of these stringent capital requirements for us could, among other things, result in lower returns on equity, require us to limit the growth we may otherwise seek, require the raising of additional capital, and result in regulatory actions such as prohibitions on the payment of dividends, the payment of bonuses to employees or the repurchase of shares if we were unable to comply with such requirements. If Trustco Bank fails to comply with its capital requirements, the OCC will have the authority to take "prompt corrective action," depending on the Bank's capital level. Currently, the Bank is considered "well-capitalized" for prompt corrective action purposes. If it were to be designated by the OCC in one of the lower capital levels - "undercapitalized," "significantly undercapitalized" or "critically undercapitalized" - the Bank would be required to raise additional capital and also would be subject to progressively more severe restrictions on operations, management, and capital distributions; replacement of senior executive officers and directors; and, if it became "critically undercapitalized," to the appointment of a conservator or receiver.

#### 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 extensive regulation, supervision, and examination by the OCC, Federal Reserve Board, and FDIC. These regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the ability to impose restrictions on a bank's operations, reclassify assets, determine the adequacy of a bank's loss allowances, and determine the level of deposit insurance premiums assessed. The Dodd-Frank Act significantly affected the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies and will continue to do so. Changes in banking regulations and oversight, and the regulation of other agencies, such as the CFPB and the U.S. Department of Housing and Urban Development, whether in the form of regulatory policy, new regulations or legislation, or additional deposit insurance premiums, have impacted our operations and may continue to have a material impact on our operations in the future. New or revised rules have increased and may in the future increase our regulatory compliance burden and costs and restrict the financial products and services we offer to our customers.

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Further, there may be additional laws and regulations, or changes in policy, affecting lending and funding practices, regulatory capital limits, interest rate risk management, and liquidity standards, and future responses may result in significant changes. The federal bank regulatory agencies may require us to maintain capital ratios in excess of regulatory requirements, and new laws and regulations may increase our costs of regulatory compliance and of doing business, and otherwise affect our operations. New laws and regulations may significantly affect the markets in which we do business, the markets for and value of our loans and investments, the products we offer, the fees we can charge and our ongoing operations, costs, and profitability.

**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.**

The CRA, the Equal Credit Opportunity Act, the Fair Housing Act, and other fair lending laws and regulations (collectively, fair lending laws) impose community investment and nondiscriminatory lending requirements on financial institutions. The CFPB, the Department of Justice and other federal and state agencies are responsible for enforcing these federal laws and regulations and comparable state provisions. Federal, state or local consumer lending laws may restrict our ability to originate certain mortgage loans or increase our risk of liability with respect to such loans. A successful regulatory challenge to an institution's performance under the fair lending laws could result in a wide variety of sanctions, including damages and civil money penalties, injunctive relief, restrictions on mergers and acquisitions, restrictions on expansion and restrictions on entering new business lines. Private parties may also have the ability to challenge an institution's performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on our business, financial condition and results of operations.

#### Changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny.
We collect, process, store, share, disclose and use information from and about our customers, plan participants and website and application users, including personal information and other data. Any actual or perceived failure by us to comply with our privacy policies, privacy-related obligations to customers or third parties, data disclosure and consent obligations or data security legal obligations may result in governmental enforcement actions, litigation or public statements critical of us. Such actual or perceived failures could also cause our customers to lose trust in us, which could have an adverse effect on our business.

#### Restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services.
We are subject to numerous federal, state, and international regulations regarding the privacy and security of personal information. These laws vary widely by jurisdiction and are constantly evolving. Privacy regulations with a significant impact on our operations include the NYDFS 23 NYCRR Part 500 Cybersecurity Requirements for Financial Services Companies, Gramm-Leach-Bliley Title V Subtitle A- Safeguards Rule, and FDIC Part 364 Appendix B- Interagency Guidelines Establishing Information Security Standards. Similar legislation is being enacted around the world with requirements and protections specific to data security requirements, notification requirements for data breaches, the right to access personal data and the right to be forgotten. These and other changes in cybersecurity and privacy regulations or the enactment of new regulations may increase our compliance costs and failure to comply with these regulations may lead to reputational damage, fines or civil damages and increased regulatory scrutiny**.** with these regulations may lead to reputational damage, fines or civil damages and increased regulatory scrutiny. Moreover, the failure to meet reasonable cybersecurity control requirements could risk our ability to obtain cyber liability insurance or influence significantly higher rates.

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#### Non-compliance with the Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.
The Bank Secrecy Act and other applicable requirements require financial institutions to develop programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with the U.S. Treasury's Office of Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers seeking to open new financial accounts. Failure to comply with these regulations could result in fines or sanctions. Recently, several banking institutions have received large fines for non-compliance with these laws and regulations. While we have developed policies and procedures designed to assist in compliance with these laws and regulations, these policies and procedures may not be effective in preventing violations of these laws and regulations.

**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.**

The Company operates in an environment in which income taxes are imposed at both the federal and state levels. Strategies and operating routines have been implemented to minimize the impact of these taxes. Any change in tax legislation, regulations, or administrative interpretations could significantly alter the effectiveness of these strategies.

The One Big Beautiful Bill Act (the "OBBBA"), enacted in July 2025, amended the Internal Revenue Code of 1986, as amended (the "Code") to extend and modify certain provisions from the Tax Cuts and Jobs Act of 2017, making many of them permanent. Among these, the OBBBA permanently preserves the lower individual tax rates and the $750,000 cap on mortgage interest deduction for acquisition debt. Interest on home equity loans or HELOCs remains deductible only if used to buy, build, or substantially improve the home. The OBBBA also makes changes to the state and local tax deduction, adjusting limits and rules for eligible taxpayers through 2029. Certain technical modifications to business interest expense deductions were also enacted. Other recent legislation, including the Inflation Reduction Act of 2022, introduced a 1% excise tax on certain corporate stock buybacks and a 15% corporate alternative minimum tax on large corporations based on adjusted financial statement income.

There can be no assurance that future changes to the Code, applicable regulations, or administrative interpretations will not increase the rate of the corporate income tax, impose new limitations on deductions, credits, or other tax benefits, or otherwise adversely affect the performance of an investment in our stock.

In addition, we have taken and may in the future take positions with respect to a number of unsettled issues under the Code for which Internal Revenue Service ("IRS") guidance is unavailable. There is no assurance that the IRS or a court will agree with the positions taken by us. If the IRS or a court were to successfully challenge any such position, we could be subject to additional taxes, penalties, and interest, which could adversely affect our business, financial condition, results of operations, and cash flows.

Changes in federal tax laws may have an adverse effect on the market for, and the valuation of, residential properties, and on the demand for such loans in the future, and could make it harder for borrowers to make their loan payments. In addition, these changes may also have a disproportionate effect on taxpayers in states with high residential home prices and high state and local taxes, such as New York. If home ownership becomes less attractive, demand for mortgage loans could decrease. The value of the properties securing loans in our loan portfolio may be adversely affected as a result of the changing economics of home ownership, which could require an increase in our provision for loan losses, which would reduce our profitability and could materially adversely affect our business, financial condition, and results of operations.

**We are subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock.**

TrustCo is a separate legal entity from its subsidiary Trustco Bank, and does not have significant operations of its own. The availability of dividends from Trustco Bank is limited by various statutes and regulations. It is possible, depending upon the financial condition of the Bank and other factors that the OCC or the Federal Reserve Board could assert that payment of dividends or other payments may result in an unsafe or unsound practice. In addition, TrustCo is subject to consolidated capital requirements and is required to serve as a source of strength to Trustco Bank. If the Bank is unable to pay dividends to TrustCo, or if TrustCo is required to retain capital or contribute capital to the Bank, we may not be able to pay dividends on our common stock or to repurchase shares of common stock.

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**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").**

Trustco Realty, a subsidiary of Trustco Bank, operates as a REIT for tax purposes. Trustco Realty was established to acquire, hold and manage mortgage assets and other authorized investments to generate net income for distribution to its shareholders. Qualification as a REIT involves application of specific provisions of the Internal Revenue Code relating to various asset tests and gross income tests. If Trustco Realty fails to meet any of the required provisions for REITs, it could no longer qualify as a REIT and the resulting tax consequences would increase our effective tax rate or cause us to have a tax liability for prior years.

#### Changes in accounting standards could impact reported earnings.
The accounting standard setting bodies, including the Financial Accounting Standards Board, the SEC and other regulatory bodies, periodically change financial accounting and reporting standards that govern the preparation of our consolidated statements. These changes can be hard to predict and can materially impact how the Company records and reports its financial condition and results of operations. In some cases, we could be required to apply a new or revised accounting standard retroactively, which could affect beginning of period financial statement amounts.

#### Risks Related to Competition

#### Strong competition within the Bank's market areas could hurt profits and slow growth.
The Bank faces intense competition both in making loans and attracting deposits. This competition comes principally from other banks, savings and loan associations, credit unions, mortgage companies, other lenders, and institutions offering uninsured investment alternatives. Many of our competitors have competitive advantages, including greater financial resources and higher lending limits, a wider geographic presence, more accessible branch office locations, more aggressive marketing campaigns and better brand recognition, and the ability to offer a wider array of services or more favorable pricing alternatives, as well as lower origination and operating costs.

Competition has made it more difficult for the Bank to make new loans and at times has forced the Bank to offer higher deposit rates. Price competition for loans and deposits might result in the Bank earning less on loans and paying more on deposits, which would reduce net interest income. Competition also makes it more difficult to grow loans and deposits and to hire and retain experienced employees. Management expects competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry. The Bank's profitability depends upon its continued ability to compete successfully in its market areas.

#### Consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations.
Technology and other changes are allowing consumers and businesses to complete financial transactions that historically have involved banks through alternative methods. For example, the wide acceptance of Internet-based commerce has resulted in a number of alternative payment processing systems and lending platforms in which banks play only minor roles. Customers can now maintain funds in prepaid debit cards or digital currencies, and pay bills and transfer funds directly without the direct assistance of banks. The diminishing role of banks as financial intermediaries has resulted and could continue to result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. The loss of these revenue streams and the potential loss of lower cost deposits as a source of funds could have a material adverse effect on our business, financial condition and results of operations.

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#### Risks Related to Cybersecurity, Third Parties, and Technology

#### Our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks.
We rely heavily on third-party service providers for much of our communications, information, operating and financial controls systems, and technology. We face the risk of operational disruption, failure, or capacity constraints due to our dependency on third-party service providers for components of our business infrastructure. While we have selected these third-party service providers through our third party risk management program, we do not control their operations. As such, any failure on the part of these business partners to perform their various responsibilities could also adversely affect our business and operations. Any failure or interruption or breach in security of these systems could result in failures or interruptions in our customer relationships management, general ledger, deposit, servicing, and/or loan origination systems. Third (and fourth) party security incidents and supply-chain attacks have become increasingly common. We cannot assure you that such incidents, failures or interruptions will not occur again in the future or, if they do occur, that they will be adequately addressed by us or the third parties on which we rely. The occurrence of any failure or interruption could have a material adverse effect on our business, financial condition, results of operations, and cash flows. If any of our third-party service providers experience financial, operational, or technological difficulties, or if there is any other disruption in our relationships with them, we may be required to locate alternative sources of such services, We cannot assure you that we could negotiate terms that are as favorable to us, or could obtain services with similar functionality as found in our existing systems, without the need to expend substantial resources, if at all.

Furthermore, our assets that are at risk for cyber-attacks include financial assets and non-public information belonging to customers. We use several third-party service providers who have access to our assets via electronic media. Certain cyber security risks arise due to this access, including cyber espionage, blackmail, ransom, and theft. We employ preventive and detective controls to protect our assets and provide recurring information security training to all employees. Although we have not experienced any material losses or other material consequences to date relating to technology failure, cyberattacks or other information or security breaches, whether directed at us or at third parties, there can be no assurance that our controls and procedures in place to monitor and mitigate the risks of cyber threats, including the remediation of critical information security and software vulnerabilities, will be sufficient and/or timely as to prevent material losses or consequences in the future, particularly in light of the increased sophistication and evolving nature of cyber criminals' activity. Our risk and exposure to these cybersecurity incidents remains heightened because of, among other things, our implementation of Internet and mobile banking to meet customer demand, our expanded internal usage of web-based products and applications, the current economic and political environment, and our regulatory obligations and the regulatory scrutiny within our industry. As cyber and other data security threats continue to evolve, we may be required to expend significant additional resources to continue to modify and enhance our protective measures or to investigate and remediate any security vulnerabilities.

#### The development and use of artificial intelligence ("AI") presents risks and challenges that may adversely impact our business.
We or our third-party vendors, clients or counterparties may develop or incorporate AI technology in certain business processes, services or products. The development and use of AI presents a number of risks and challenges to our business. The legal and regulatory environment relating to AI is uncertain and rapidly evolving, both in the United States and internationally, and includes regulatory schemes targeted specifically at AI as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. These evolving laws and regulations could require changes in our implementation of AI technology and increase our compliance costs and the risk of non-compliance. AI models, particularly generative AI models, may produce output or take action that is incorrect, that result in the release of private, confidential or proprietary information, that reflect biases included in the data on which they are trained, infringe on the intellectual property rights of others or that is otherwise harmful. In addition, the complexity of many AI models makes it challenging to understand why they are generating particular outputs. This limited transparency increases the challenges associated with assessing the proper operation of AI models, understanding and monitoring the capabilities of the AI models, reducing erroneous output, eliminating bias and complying with regulations that require documentation or explanation of the basis on which decisions are made.

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Further, we may rely on AI models developed by third parties, and would be dependent in part on the manner in which those third parties develop, train and deploy their models, including risks arising from the inclusion of any unauthorized material in the training data for their models, the effectiveness of the steps these third parties have taken to limit the risks associated with the output of their models and other matters over which we may have limited visibility. Any of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures.

We are also exposed to risks arising from the use of AI technologies by bad actors to commit fraud and misappropriate funds and to facilitate cyberattacks. Generative AI, if used to perpetrate fraud or launch cyberattacks, could create panic at a particular financial institution or securities exchange, which could pose a threat to financial stability.

**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.**

The potential for operational risk exposure exists throughout our organization and, as a result of our interactions with, and reliance on, third parties, is not limited to our own internal operational functions. Our operational and security systems, infrastructure, including our computer systems, data management, and internal processes, as well as those of third parties, are integral to our performance. We rely on our employees and third parties in our day-to-day and ongoing operations, who may, as a result of human error, misconduct, malfeasance or failure, or breach of third-party systems or infrastructure, expose us to risk. We have taken measures to implement backup systems and other safeguards to support our operations, but our ability to conduct business may be adversely affected by any significant disruptions to us or to third parties with whom we interact and rely. For example, strategic technology project implementation challenges have caused immaterial business interruptions in the past and may cause more interruptions in the future. In addition, our ability to implement backup systems and other safeguards with respect to third-party systems is more limited than with respect to our own systems. Our financial, accounting, data processing, backup or other operating or security systems and infrastructure may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control which could adversely affect our ability to process these transactions or provide these services. There have been and there could be in the future sudden increases in customer transaction volume; electrical, telecommunications, or other major physical infrastructure outages; natural disasters such as earthquakes, tornadoes, hurricanes, and floods; disease pandemics; and events arising from local or larger scale political or social matters, including terrorist acts. We continuously update these systems to support our operations and growth and to remain compliant with all applicable laws, rules and regulations globally. This updating entails significant costs and creates risks associated with implementing new systems and integrating them with existing ones, including business interruptions. Operational risk exposures could 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.**

As part of our financial institution business, we collect, process, and retain sensitive and confidential customer information. Despite the security measures we have in place, our facilities and systems, and those of our third-party service providers, have been and may be vulnerable to security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors, or other similar events in the future. If information security is breached, information can be lost or misappropriated, resulting in financial loss or costs to us. Any security breach involving confidential customer information, whether by us or by our vendors, could severely damage our reputation, expose us to the risks of litigation and regulatory liability or disrupt our operations and have a material adverse effect on our business operations.

#### We could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems.
We rely heavily on information systems to conduct our business and to process, record, and monitor our transactions. Risks to the systems result from a variety of factors, including the potential for bad acts on the part of hackers, criminals, employees and others. As one example, some banks in recent years have experienced denial of service attacks in which individuals or organizations flood the bank's website with extraordinarily high volumes of traffic, with the goal and intended effect of disrupting the ability of the bank to process transactions. We are also at risk for the impact of natural disasters, terrorism, and international hostilities on our systems or for the effects of outages or other failures involving power or communications systems operated by others. These risks also arise from the same types of threats to businesses with which we deal.

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Potential adverse consequences of attacks on our computer systems or other threats include damage to our reputation, loss of customer business, litigation, and increased regulatory scrutiny, which might also result in financial loss and require additional efforts and expense to attempt to prevent such adverse consequences in the future.

#### Risk 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.**

Our articles of incorporation and bylaws include several provisions that may have the effect of discouraging or preventing hostile takeover attempts, and therefore, making the removal of incumbent management difficult. The provisions include requirements of supermajority votes to approve certain business transactions. In addition, New York law contains several provisions that may make it more difficult for a third party to acquire control of us without the approval of the Board, and may make it more difficult or expensive for a third party to acquire a majority of our outstanding stock. To the extent that these provisions are effective in discouraging or preventing takeover attempts, they may tend to reduce the market price for our stock.

#### We cannot guarantee that our allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value.
Our business plan calls for us to execute a variety of strategies to allocate and deploy any excess capital including, but not limited to, continued organic balance sheet growth and diversification, implementation of stock repurchase plans and payment of regular cash dividends.

On December 19, 2025, we announced that our Board authorized a new stock repurchase plan to acquire up to 2,000,000 shares of the Company's outstanding common stock. Repurchases are made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance.

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

Although the Company values constructive input from shareholders, including on strategic matters, and our Board of Directors and management team are committed to acting in the best interests of all of the Company's shareholders, activist shareholders who disagree with the Company's strategic direction, the way the Company is managed or the composition of the Board of Directors may seek to effect change through various strategies that range from private engagement to public filings, proxy contests, efforts to force specific agendas, and litigation. Responding to some of these actions can be costly and time-consuming, may disrupt the Company's business and operations and divert the attention of the Board of Directors, management and employees. Such activities could interfere with the Company's ability to execute its strategic plan and to attract and retain qualified executive leadership and business partners, and our business could be adversely affected as a result. Any perceived uncertainty as to the Company's future direction resulting from activist strategies could also affect the market price and volatility of the Company's common stock. These perceived uncertainties may also be exploited by our competitors and/or other activist shareholders, which could result in lost business opportunities and make it more difficult to execute on our long-term strategic plan. Even if we are successful in defending any such proxy contest, litigation or related actions by an activist shareholder, our business could be adversely affected by such proxy contest, litigation or related actions due to perceived uncertainties as to the future direction of the business, which may result in the loss of strategic opportunities. If individuals are elected or appointed to our Board of Directors with a specific agenda or who do not agree with our strategic plan, the ability of our Board of Directors to function effectively could be adversely affected, which could in turn adversely affect our ability to effectively and timely implement our strategic plan and create additional value for our shareholders, and/or adversely affect our business, operating results and financial condition.

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| **Item 1B** | **Unresolved Staff Comments** |

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None.

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|:---|:---|
| **Item 1C** | **Cybersecurity** |

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#### Cybersecurity Risk Management and Strategy
At TrustCo, we recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that our customers share with us. TrustCo Bank maintains a formal enterprise wide risk management ("ERM") program which identifies, measures, monitors, and controls risk. The ERM Program and framework is designed to ensure that all elements of the risk management process are in place and operating effectively across all risk categories. Risk categories include credit, interest rate risk, liquidity, price, operational, compliance, reputation, and strategic risks. Cybersecurity risk is a critical component of our technology risk management program, specifically our information security program given the increasing reliance on technology and potential of cyber risk threats. Using guidance set forth in our ERM program, we have implemented an Information Security Program to lead and support the management of information security risks in accordance with our risk profile and business strategy. We utilize the National Institute of Standards and Technology Cybersecurity Framework to benchmark these controls and procedures.

Our Information Security Program includes a number of components designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies, controls, and policies designed to detect, mitigate, and contain cybersecurity threats. As part of our Information Security Program, we maintain an Information Security Policy that outlines internal controls and procedures designed to protect information systems. Information security program risk assessments and third-party attestations and assessments are conducted periodically by both internal and external resources. We leverage qualified third-party security assessors to identify vulnerabilities through both internal and external penetration tests and perform internal cybersecurity maturity assessments. In addition, our internal audit team conducts an information security and information technology audit on an annual basis. We are also subject to examinations by applicable regulators. We conduct annual cybersecurity awareness training for employees to enhance awareness of how to detect and respond to cybersecurity threats, as well as periodic phishing training campaigns. We also provide quarterly cybersecurity updates for our employees, and table-top exercises are conducted annually to simulate a response to a cybersecurity incident.

As part of our Information Security Program, TrustCo maintains a formal Third-Party Risk Management program that provides oversight of cybersecurity risks related to supplier relationships. During supplier onboarding, we perform risk-based due diligence for suppliers with access to confidential TrustCo information or that require technical integration with TrustCo systems. This program includes encryption and password requirements for our suppliers, as well as ongoing monitoring and assessment, and contract review.

Furthermore, we recognize the growing risk associated with highly sophisticated actors targeting corporations and maintain an Incident Response Plan, which is part of our broader business continuity planning. We have access through our insurer to computer forensics firms and specialized legal counsel in case of a cybersecurity incident. While we maintain cybersecurity insurance to assist in the cost of recovery from a cybersecurity incident, such coverage may not be sufficient to cover all costs resulting from such incidents.

We did not experience any material losses relating to cybersecurity threats or incidents for the year ended December 31, 2025. We are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, the sophistication of and risks from cybersecurity threats and incidents continue to increase, and the preventative actions that we have taken and continue to take to reduce the risk of cybersecurity threats and incidents and protect our systems and information may not successfully protect against all cybersecurity threats and incidents. For more information on the risks that we face from cybersecurity threats, see "Risk Factors - Risks Related to Cybersecurity, Third Parties, and Technology." in Part I, Item 1A of this report.

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#### Cybersecurity Governance
The Board has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to both our Risk Committee and our Audit Committee. The Risk Committee directly oversees information technology and information security risks through regular reports from management on information technology, cyber security, and related risk assessments. The Risk Committee also receives annual reports on the Information Security Program and approves the Information Security Policy. In addition, the Audit Committee of the Board monitors internal audit's coverage of cybersecurity governance, risks, and related controls, including any identified deficiencies, from cybersecurity or other risks, that could adversely affect the ability to record, process, summarize, and report financial data. The Risk Committee coordinates with the Audit Committee for review of information security matters, as needed. The Board also receives an annual update on the Company's enterprise services, which includes both information technology and information security.

Our Information Security Program is run by our Senior Vice President, Chief Risk Officer, Chief Compliance Officer and Information Security Officer ("ISO"), who reports to our Executive Vice President, Chief Operating Officer ("EVP"). Our ISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, and through the use of technological tools and software and results from third party audits. Our management-level IT Steering Committee meets on a monthly basis to discuss cybersecurity and related topics. Our ISO and EVP have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our ISO has served in that position since 2013, is a Certified Information Security Manager, and has over 20 years of experience working at TrustCo. Our EVP, who has been an employee of TrustCo since 1986, has served in his role as Executive Vice President of TrustCo since 2013. Our ISO and EVP report directly to the Risk Committee on our cybersecurity program and efforts to prevent, detect, mitigate, and remediate issues.

**Item 2.** **Properties**<br>

TrustCo's executive offices are located at 5 Sarnowski Drive, Glenville, New York, 12302, in a facility owned by the Company. The Company operates 134 banking offices located in New York, New Jersey, Vermont, Massachusetts and Florida. As of December 31, 2025, 23 of such properties are owned and 111 are leased from others on market terms. The lease terms for our banking offices are not individually material. Lease expirations range from 3 months to 18.8 years. In the opinion of management, the physical properties of TrustCo and the Bank are suitable and adequate to meet our requirements and are being fully utilized.

**Item 3.** **Legal Proceedings**<br>

The nature of TrustCo's business generates a certain amount of litigation against TrustCo and its subsidiaries involving matters arising in the ordinary course of business. In the opinion of management of TrustCo, there are no proceedings pending to which TrustCo or any of its subsidiaries is a party, or of which its property is the subject which, if determined adversely to TrustCo or such subsidiaries, would be material in relation to TrustCo's consolidated shareholders' equity and financial condition.

**Item 4.** **Mine Safety Disclosures**

Not applicable.

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#### Information about our Executive Officers
Our executive officers as of March 13, 2026, are listed below, along with their ages on that date, positions and offices held with the company, and principal occupations and employment, focused primarily on the past five years.

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|:---|:---|:---|
| **Name, Age and**<br> **Position**<br> **With Trustco** | **Recent Business Experience** | **Year First**<br> **Became**<br> **Executive of**<br> **TrustCo** |
| **Robert J. McCormick,**<br> Age 62,<br> Chairman, President and Chief Executive Officer | Chairman, President and Chief Executive Officer of TrustCo from January 2009 to December 2010, President and Chief Executive Officer of TrustCo since January 2004, Executive Officer of TrustCo since 2001 and President and Chief Executive Officer of Trustco Bank since November 2002. Chairman of TrustCo and Trustco Bank from November 2008 to December 2010. Director of TrustCo and Trustco Bank since 2005. Joined Trustco Bank in 1995. | 2001 |
| **Robert M. Leonard**,<br> Age 63,<br> Executive Vice President and Chief Operating Officer | Executive Vice President of TrustCo and Trustco Bank from 2013 to present. Senior Vice President of TrustCo and Trustco Bank from 2010 to 2013. Secretary of TrustCo and Trustco Bank from 2003 to 2006 and 2009 to 2016. Assistant Secretary of TrustCo and Trustco Bank from 2006 to 2009. Executive Officer of TrustCo and Trustco Bank from 2003 to present. Joined Trustco Bank in 1986. | 2003 |
| **Michael M. Ozimek**<br> Age 51,<br> Executive Vice President and Chief Financial Officer | Executive Vice President and Chief Financial Officer, TrustCo and Trustco Bank from 2018 to present. Senior Vice President and Chief Financial Officer of TrustCo and Trustco Bank from 2014 to 2018. Executive Officer of TrustCo and Trustco Bank from 2014 to present. Joined TrustCo and Trustco Bank in 2002. | 2014 |
| **Michael Hall**<br> Age 61,<br> General Counsel and Corporate Secretary | General Counsel and Corporate Secretary of TrustCo and Trustco Bank from 2018 to present. Vice President and Counsel of TrustCo and Trustco Bank from 2015 to 2018. Assistant Secretary of TrustCo and Trustco Bank for 2016. Executive Officer and Secretary of TrustCo and Trustco Bank from 2017 to present. Attorney with McNamee, Lochner, Titus & William, P.C. from 1992 to 2015. Joined TrustCo and Trustco Bank in 2015. | 2017 |
| **Kevin M. Curley**<br> Age 58,<br> Executive Vice President and Chief<br> Banking Officer | Executive Vice President, TrustCo and Trustco Bank from 2018 to present, and Chief Banking Officer of TrustCo and Trustco Bank from July 2024 to present. Senior Vice President of TrustCo and Trustco Bank from 2011 to 2018. Executive Officer of TrustCo and Trustco Bank from 2017 to present. Joined Trustco Bank in 1990. | 2018 |
| **Lauren A. McCormick**<br> Age 36,<br> Vice President and Treasurer<br>| Vice President and Treasurer of TrustCo and Trustco Bank from December 2025 to present. Assistant Corporate Secretary of TrustCo and Trustco Bank from 2022 to present. Executive Officer of TrustCo and Trustco Bank from December 2025 to present. Assistant Vice President from 2020 to December 2025. Investment Advisor, Trustco Bank Wealth Management Department from 2012 to 2022. Joined Trustco Bank in 2011.  | 2025 |

---

------

[*Index*](#INDEX)

#### PART II
**Item 5.** **Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**<br>

TrustCo's common stock is traded on the Nasdaq Global Select Market under the symbol "TRST." TrustCo had approximately 6,466 shareholders of record as of March 6, 2026.

The Company's ability to pay dividends depends on the receipt of dividends from the Bank, which is subject to a variety of limitations under federal banking regulations regarding the payment of dividends. The Board presently intends to continue the policy of paying quarterly cash dividends. The amount of any future dividends will depend on economic and market conditions, our financial condition and operating results, and other factors, including contractual restrictions and applicable government regulations and policies (such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations). For discussion of corporate and regulatory limitations applicable to the payment of dividends, see "Item 1. Business-Supervision and Regulation-Dividends."

#### Recent Sales of Unregistered Securities.
None.

#### Issuer Purchases of Equity Securities
The following table provides information about the Company's purchases of shares of common stock during the three months ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | (a)<br> **Total**<br> **Number**<br> **of Shares**<br> **Purchased** | (b)<br> **Average**<br> **Price**<br> **Paid Per**<br> **Share** | (c)<br> **Total**<br> **Number of**<br> **Shares**<br> **Purchased**<br> **as Part of**<br> **Publicly**<br> **Announced**<br> **Plans or**<br> **Programs** | (d)<br> **Maximum**<br> **Number**<br> **of Shares**<br> **that May**<br> **Yet**<br> **Be**<br> **Purchased**<br> **Under**<br> **the Plans or**<br> **Programs**<br> (1) |
|  October 1 to October 31, 2025 | 129564 | $38.04 | 129564 | 403524 |
|  November 1 to November 30, 2025 | 319724 | $39.77 | 319724 | 83800 |
|  December 1 to December 31, 2025 | 83800 | $43.20 | 83800 | 2000000 |
|  **Total** | 533088 | $39.89 | 533088 | 2000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On December 19, 2025 the Company's Board authorized, and the Company announced, a share repurchase program of up to 2,000,000 shares, or approximately 11% of its currently
 outstanding common stock. The program expires on December 31, 2026. During the three months ended December 31, 2025, the Company did not repurchase any shares under this repurchase program.

Prior to that, on March 18, 2025 the Company announced that its Board of Directors authorized a share repurchase program of up to 1,000,000 shares, or approximately 5% of its currently outstanding common stock. The program was scheduled to expire on March 4, 2026; however, the Company purchased all 1,000,000 shares under this share repurchase program as of December 11, 2025. During the three months ended December 31, 2025, the Company repurchased a total of 533,088 shares at an average price per share of $39.89 for a total of $21.3 million under this repurchase program.

------

[*Index*](#INDEX)

**Item 6.** **[Removed and reserved]**<br>

**Item 7.** **Management's Discussion and Analysis of Financial Condition and Results of Operations**<br>

The information set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" (located on pages 6 through 33 of TrustCo's 2025 Annual Report to Shareholders, which is filed as Exhibit 13 to this 2025 Form 10-K) is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7A.** | **Quantitative and Qualitative Disclosures about Market Risk** |

---

The information set forth under the captions "Quantitative and Qualitative Disclosure About Market Risk" and "Interest Rate Sensitivity" (located on pages 25 through 28 of TrustCo's 2025 Annual Report to Shareholders, which is filed as Exhibit 13 to this 2025 Form 10-K) is incorporated herein by reference.

**Item 8.** **Financial Statements and Supplementary Data**<br>

The consolidated financial statements, together with the report thereon of Crowe LLP (located on pages 38 through 97 of TrustCo's 2025 Annual Report to Shareholders, which is filed as Exhibit 13 to this 2025 Form 10-K), are incorporated herein by reference.

**Item 9.** **Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**<br>

None.

---

| | |
|:---|:---|
| **Item 9A.** | **Controls and Procedures** |

---

*Evaluation of Disclosure Controls and Procedures*

An evaluation was carried out under the supervision and with the participation of the Company's management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act, are procedures that are designed with the objective of ensuring that information required to be disclosed in the Company's reports filed under the Exchange Act, such as this 2025 Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company's management, including our principal executive and principal financial officer, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this 2025 Form 10-K. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, the Company's disclosure controls and procedures were effective to satisfy the objectives for which they are designed.

------

[*Index*](#INDEX)

*Management's Report on Internal Control Over Financial Reporting and Auditor Attestation Report on Internal Control over Financial Reporting*

Management's Report on Internal Control over Financial Reporting, together with the report thereon of Crowe LLP, is included in TrustCo's 2025 Annual Report to Shareholders, which is filed as Exhibit 13 hereto, and is incorporated herein by reference.

*Changes in Internal Control over Financial Reporting*

There have been no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Company's quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 9B.** | **Other Information** |

---

(a) None.

(b) During the fiscal quarter ended December 31, 2025, none of the Company's directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

---

| | |
|:---|:---|
| **Item 9C.** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections** |

---

Not applicable.

#### PART III
**Item 10.** **Directors, Executive Officers and Corporate Governance**<br>

Certain of the information required by this Item 10 is incorporated herein by reference to the disclosure under the headings "Information on TrustCo's Directors and Nominees," "Information on TrustCo Executive Officers," "Director Candidates Nominated by Shareholders," "Audit Committee," and "Section 16(a) Beneficial Ownership Reporting Compliance" (or, solely in the event of delinquent reports, "Delinquent Section 16(a) Reports") in the Company's definitive proxy statement for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the Company's fiscal year-end. The required information regarding TrustCo's executive officers is contained in PART I in the item captioned "Information about our Executive Officers."

TrustCo has adopted a code of conduct (the "Code of Conduct") that applies to all employees, including its principal executive, financial and accounting officers. A copy of the Code of Conduct will be provided without charge upon written request. Requests and inquiries should be directed to: Michael Hall, General Counsel and Corporate Secretary, TrustCo Bank Corp NY, P.O. Box 1082, Schenectady, New York 12301-1082. The Code of Conduct also is available on the Company's website at www.trustcobank.com under the "Investor Relations" link. The Company intends to satisfy the requirements under Item 5.05 of Form 8-K regarding the disclosure of certain amendments to or waivers from provisions of the Code of Conduct that apply to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, by posting the required information on its website under the "Investor Relations" link.

#### Insider Trading Policy
The Company has adopted the TrustCo Bank Corp NY Insider Trading Policy (the "Insider Trading Policy") governing the purchase, sale, and other disposition of our securities by our directors, officers, and employees. The Insider Trading Policy is designed to promote compliance with insider trading laws, rules and regulations with respect to the purchase, sale and/or other dispositions of the Company's securities, as well as the Nasdaq listing standards. The Insider Trading Policy addresses the implementation of certain trading blackout periods in the Company's securities (including common stock, restricted stock, restricted stock units, options, warrants and any other securities that the Company may issue) for covered persons. A copy of the Insider Trading Policy is filed as Exhibit 19 to this 2025 Form 10-K.

------

[*Index*](#INDEX)

**Item 11.** **Executive Compensation**<br>

The information required by this Item 11 is incorporated herein by reference to the Company's definitive proxy statement for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the Company's fiscal year-end.

**Item 12.** **Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**<br>

The information required by this Item 12 is incorporated herein by reference to the Company's definitive proxy statement for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the Company's fiscal year-end.

**Item 13.** **Certain Relationships, and Related Transactions, and Director Independence**<br>

The information required by this Item 13 is incorporated herein by reference to the Company's definitive proxy statement for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the Company's fiscal year-end.

**Item 14.** **Principal Accountant Fees and Services**<br>

The information required by this Item 14 is incorporated herein by reference to the Company's definitive proxy statement for its 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the Company's fiscal year-end.

Our independent registered public accounting firm is Crowe LLP, Boston, Massachusetts, PCAOB Firm ID: 173

#### PART IV
**Item 15.** **Exhibits and Financial Statement Schedules**<br>

The following financial statements of TrustCo and its consolidated subsidiaries, and the accountants' report thereon are filed as a part of this report.

**Consolidated Statements of Condition** -- December 31, 2025 and 2024.

**Consolidated Statements of Income** -- Years Ended December 31, 2025, 2024 and 2023.

**Consolidated Statements of Comprehensive Income** -- Years Ended December 31, 2025, 2024 and 2023.

**Consolidated Statements of Changes in Shareholders' Equity** -- Years Ended December 31, 2025, 2024 and 2023.

**Consolidated Statements of Cash Flows** -- Years Ended December 31, 2025, 2024 and 2023.

**Notes to Consolidated Financial Statements**.

#### Financial Statement Schedules
Not Applicable. All required schedules for TrustCo and its subsidiaries have been included in the consolidated financial statements or related notes thereto.

------

[*Index*](#INDEX)

#### Exhibits

---

| | |
|:---|:---|
| <u>Exhibit</u><br> <u>No.</u> | <u>Description</u> |
| [3(a)](https://www.sec.gov/Archives/edgar/data/357301/000114036121027132/brhc10027538_ex3-1.htm) | Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, as amended, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY's Quarterly Report on Form 10-Q, filed August 5, 2021. |
| [3(b)](https://www.sec.gov/Archives/edgar/data/357301/000114036123048505/ef20012675_ex3-1.htm) | Amended and Restated Bylaws of TrustCo Bank Corp NY, dated October 17, 2023, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY's Current Report on Form 8-K, filed October 17, 2023. |
| [4(a) †](ef20060842_ex4a.htm) | Description of Capital Stock. |
| [10(a)\*](https://www.sec.gov/Archives/edgar/data/357301/000035730102000010/k10k123101.txt) | Amended and Restated Trust For Deferred Benefits Provided under Employment Agreements of Trustco Bank, National Association and TrustCo Bank Corp NY, dated September 18, 2001 incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2001, filed March 28, 2002. |

---

------

[*Index*](#INDEX)

---

| | |
|:---|:---|
| [10(b)\*](https://www.sec.gov/Archives/edgar/data/357301/000035730102000010/k10k123101.txt) | Amended and Restated Trust Under Non-Qualified Deferred Compensation Plans of Trustco Bank, National Association and TrustCo Bank Corp NY, dated September 18, 2001, incorporated by reference to Exhibit 10(c) to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2001 filed March 28, 2002. |
| [10(c)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036108028456/ex99_6.htm) | Amended and Restated Trustco Bank and TrustCo Bank Corp NY Supplemental Retirement Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.6 to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 22, 2008. |
| [10(d)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036108028456/ex99_5.htm) | Second Amended and Restated TrustCo Bank Corp NY Performance Bonus Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.5 to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 22, 2008. |
| [10(e)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036110002080/ex99_e.htm) | Amendment No. 1 to Second Amended and Restated TrustCo Bank Corp NY Performance Bonus Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(e) to TrustCo Bank Corp NY's Current Report on Form 8-K filed January 19, 2010. |
| [10(f)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036108028456/ex99_8.htm) | 2008 Amended and Restated Employment Agreement between Trustco Bank, TrustCo Bank Corp NY and Robert J. McCormick, effective as of January 1, 2008, incorporated by reference to Exhibit 99.8 to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 22, 2008. |
| [10(g)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036108028456/ex99_4.htm) | Second Amended and Restated TrustCo Bank Corp NY Directors Performance Bonus Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.4 to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 22, 2008. |
| [10(h)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036110002080/ex99_f.htm) | Amendment No. 1 to Second Amended and Restated TrustCo Bank Corp NY Directors Performance Bonus Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(f) to TrustCo Bank Corp NY's Current Report on Form 8-K filed January 19, 2010. |
| [10(i)\*](https://www.sec.gov/Archives/edgar/data/357301/000035730104000010/q10q0304.txt) | Service Bureau Processing Agreement by and between Fidelity Information Services, Inc. and TrustCo Bank Corp NY, dated March 3, 2004, incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, filed May 10, 2004. |
| [10(j)\*](https://www.sec.gov/Archives/edgar/data/357301/000035730102000010/k10k123101.txt) | Agreement between Fiserv Solutions, Inc. and Trustco Bank, National Association, dated November 14, 2001 incorporated by reference to Exhibit 10(o) to TrustCo Bank Corp NY's Annual Report on Form 10-K, for the year ended December 31, 2001, filed March 28, 2002. |
| [10(k)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036108028456/ex99_9.htm) | Restatement of Trustco Bank Senior Incentive Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.9 to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 22, 2008. |
| [10(l)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036109007293/ex99_1.htm) | Amendment No 1. to 2008 Amended and Restated Employment Agreement between Trustco Bank, TrustCo Bank Corp NY and Robert J. McCormick, incorporated by reference to Exhibit 99.1 to TrustCo Bank Corp NY's Current Report on Form 8-K filed March 17, 2009. |
| [10(m)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036109026683/ex99_2.htm) | First Amendment to Restatement of Trustco Bank Senior Incentive Plan, incorporated by reference to Exhibit 99.2 to TrustCo Bank Corp NY's Current Report on Form 8-K filed November 18, 2009. |

---

------

[*Index*](#INDEX)

---

| | |
|:---|:---|
| [10(n)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036113044041/ex10_a.htm) | Employment Agreement among Trustco Bank, TrustCo Bank Corp NY and Robert M. Leonard, effective November 19, 2013, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Current Report on Form 8-K filed November 25, 2013. |
| [10(o)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036114003118/ex10a.htm) | Performance-Based Stock Appreciation Unit Agreement dated as of January 21, 2014, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Current Report on Form 8-K filed January 24, 2014. |
| [10(p)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036116053631/ex10_a.htm) | Trustco Bank Executive Officer Incentive Plan (Amended and Restated as of February 16, 2016), incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Form 8-K filed February 17, 2016. |
| [10(q)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036122028697/brhc10040434_ex10-1.htm) | Amended and Restated TrustCo Bank Corp NY Executive Medical Reimbursement Plan, incorporated by reference to Exhibit 10.1 to TrustCo Bank Corp NY's Current Report on Form 10-Q, filed August 8, 2022. |
| [10(r)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036118045319/ex10_a.htm) | Form of Employment Agreement between TrustCo Bank Corp NY and each of Kevin M. Curley and Michael M. Ozimek, effective December 18, 2018, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Current Report on Form 8-K filed December 18, 2018. |
| [10(s)\*†](ef20060842_ex10-s.htm) | Amended and Restated Employment Agreement between TrustCo Bank Corp NY and Michael Hall, effective February 17, 2026. |
| [10(t)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036123020635/brhc20052033_defa14a.htm) | TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan, incorporated by reference to the Appendix to the additional definitive proxy soliciting material on Schedule 14A filed by on April 26, 2023. |

---

------

[*Index*](#INDEX)

---

| | |
|:---|:---|
| [10(u)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036122041903/brhc10044277_ex10a.htm) | Form of 2022 Performance Share Award Agreement under the TrustCo Bank Corp NY 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Current Report on Form 8-K, filed November 16, 2022. |
| [10(v)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036123054536/ef20015231_ex10-a.htm) | Form of 2023 Performance Share Award Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY's Current Report on Form 8-K, filed November 24, 2023. |
| [10(w)\* †](ef20060842_ex10-w.htm) | Form of 2023 Performance Share Award Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan |
| [10(x)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036123054536/ef20015231_ex10-b.htm) | Form of 2023 Restricted Stock Unit Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY's Current Report on Form 8-K, filed November 24, 2023. |
| [10(y)\*](ef20060842_ex10-y.htm)† | Form of 2023 Restricted Stock Unit Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(z)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036125008827/ef20039040_ex10-ee.htm) | Form of 2024 Performance Share Award Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10(ee) to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2024, filed March 14, 2025. |
| [10(aa)\*†](ef20060842_ex10-aa.htm) | Form of 2024 Performance Share Award Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(bb)\*](https://www.sec.gov/Archives/edgar/data/357301/000114036125008827/ef20039040_ex10-ff.htm) | Form of 2024 Restricted Stock Unit Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan, incorporated by reference to Exhibit 10(ff) to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2024, filed March 14, 2025. |
| [10(cc)\*](ef20060842_ex10-cc.htm) † | Form of 2024 Restricted Stock Unit Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(dd)\*†](ef20060842_ex10-dd.htm) | Form of 2025 Performance Share Award Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(ee)\*](ef20060842_ex10-ee.htm)† | Form of 2025 Performance Share Award Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(ff)\*](ef20060842_ex10-ff.htm)† | Form of 2025 Restricted Stock Unit Agreement (Stock Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(gg)\*†](ef20060842_ex10gg.htm) | Form of 2025 Restricted Stock Unit Agreement (Cash Settled) under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [10(hh)\*](ef20060842_ex10-hh.htm)† | Form of 2025 Director Restricted Stock Unit Agreement under the Amended and Restated TrustCo Bank Corp NY 2019 Equity Incentive Plan. |
| [13†](ef20060842_ex13.htm) | Portions of Annual Report to Security Holders of TrustCo for the year ended December 31, 2025. |
| [19](https://www.sec.gov/Archives/edgar/data/357301/000114036125008827/ef20039040_ex19.htm) | TrustCo Bank Corp NY Insider Trading Policy, incorporated by reference to Exhibit 19 to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2024, filed March 14, 2025. |

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[*Index*](#INDEX)

---

| | |
|:---|:---|
| [21†](ef20060842_ex21.htm) | List of Subsidiaries of TrustCo. |
| [23†](ef20060842_ex23.htm) | Consent of Independent Registered Public Accounting Firm. |
| [24†](ef20060842_ex24.htm) | Power of Attorney. |
| [31(i)(a) †](ef20060842_ex31ia.htm) | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| [31(i)(b) †](ef20060842_ex31ib.htm) | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| [32†](ef20060842_ex32.htm) | Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer. |
| [97](https://www.sec.gov/Archives/edgar/data/357301/000114036124012641/ef20015301_ex97.htm) | Executive Compensation Clawback Policy, incorporated by reference to Exhibit 97 to TrustCo Bank Corp NY's Annual Report on Form 10-K for the year ended December 31, 2023, filed March 11, 2024. |
| 101 | Sections of the Annual Report on Form 10-K for the year ended December 31, 2025, formatted in XBRL (eXtensible Business Reporting Language), submitted in the following files |

---

---

| | |
|:---|:---|
| 101.INS | XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and Contained in Exhibit 101) |

---

\* Management contract or compensatory plan or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Filed herewith.

**Item 16.** **Form 10-K Summary**<br>

Not applicable.

------

[*Index*](#INDEX)

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| Date: March 16, 2026 | By: | /s/ Michael M. Ozimek |
|  |  | Michael M. Ozimek |
|  |  | Executive Vice President and Chief Financial Officer |

---

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name and Signature** | **Title** | **Date** |
| /s/ Robert J. McCormick |  |  |
| Robert J. McCormick | Chairman, President and Chief Executive <br> Officer<br> (Principal Executive Officer) | March 16, 2026 |
| /s/ Michael M. Ozimek |  |  |
| Michael M. Ozimek | Executive Vice President and Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) | March 16, 2026 |
| \* |  |  |
| Steffani Cotugno | Director | March 16, 2026 |
| \* |  |  |
| Brian C. Flynn | Director | March 16, 2026 |
| \* |  |  |
| Lisa M. Lucarelli | Director | March 16, 2026 |
| \* |  |  |
| Thomas O. Maggs | Director | March 16, 2026 |
| \* |  |  |
| Anthony J. Marinello | Director | March 16, 2026 |
| \* |  |  |
| Curtis N. Powell | Director | March 16, 2026 |
| \* |  |  |
| Kimberly A. Russell | Director | March 16, 2026 |
| \* |  |  |
| Frank B. Silverman | Director | March 16, 2026 |

---

------

[*Index*](#INDEX)

---

| | |
|:---|:---|
| \* By: | /s/ Robert M. Leonard |
|  | Robert M. Leonard, as Agent |
|  | Pursuant to Power of Attorney |

---

------

## Ex-4.A

------

#### Exhibit 4(a)

#### DESCRIPTION OF CAPITAL STOCK

#### General

TrustCo Bank Corp NY ("TrustCo") is currently authorized to issue 30,000,000 shares of common stock, par value $1.00 per share, and 500,000 shares of preferred stock, par value $10.00 per share.

#### Common Stock

*Voting Rights.* Holders of TrustCo common stock possess exclusive voting rights in TrustCo, except to the extent that shares of preferred stock issued in the future may have voting rights. Each holder of shares of TrustCo common stock is entitled to one vote for each share held of record on all matters submitted to a vote of TrustCo shareholders.

*Dividend Rights.* Holders of TrustCo common stock are entitled to receive dividends when, as and if declared by the TrustCo board of directors out of funds legally available therefor, subject to any preferential dividend rights that may attach to preferred stock that TrustCo may issue in the future. Under the New York Business Corporation Law (the "NYBCL"), TrustCo may pay dividends on its common stock unless it is or would thereby be made insolvent. Moreover, TrustCo may pay dividends out of surplus only such that its net assets remaining after the dividend payment is at least equal to the amount of TrustCo's stated capital. The ability of TrustCo's subsidiary Trustco Bank to pay cash dividends, which is expected to be TrustCo's principal source of income, is restricted by applicable banking laws, including the regulations and policies of the Office of the Comptroller of the Currency, which is Trustco Bank's primary regulator, and the Board of Governors of the Federal Reserve System, which is TrustCo's primary regulator. Such dividends have previously been TrustCo's principal source of income.

*Liquidation Rights.* In the event TrustCo is liquidated or dissolved, each holder of TrustCo common stock would be entitled to receive, after payment of all TrustCo's debts and liabilities, a pro rata portion of all of TrustCo's assets available for distribution to holders of its common stock. If TrustCo has issued any preferred stock, the holders thereof may have a priority in liquidation or dissolution over the holders of the common stock.

*Other Characteristics.* Holders of TrustCo common stock do not have preemptive rights with respect to any additional shares of common stock that TrustCo may issue in the future. There are no redemption or sinking fund provisions applicable to the shares of TrustCo common stock. The transfer agent for shares of TrustCo common stock is Computershare Trust Company, National Association.

#### Preferred Stock

TrustCo's certificate of incorporation authorizes the issuance of up to 500,000 shares of preferred stock, par value $10.00 per share. TrustCo's board of directors may authorize the issuance of one or more series of preferred stock and may establish and designate series and the number of shares and the relative rights, preferences and limitations of the respective series of the preferred stock. Any voting powers of TrustCo preferred stock may be full or limited but may not exceed one vote per share.

The terms of particular series of preferred stock may differ, among other things, in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• designation,

<br> • number of shares that constitute the series,

<br> • dividends (which may be cumulative or noncumulative), the dividend rate or the method of calculating the dividend rate,

------

<br> • dividend periods or the method of calculating the dividend periods,

• amount of liquidation preference per share, if any,

<br> • price at which the preferred stock will be issued,

<br> • conversion provisions, if any,

<br> • convertibility into other series of preferred stock or common stock and

<br> • any other specific terms of the preferred stock being offered.

Each series of preferred stock will rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up:

<br> • junior to any series of TrustCo capital stock expressly stated to be senior to that series of preferred stock, and

<br> • senior to TrustCo common stock and any class of TrustCo capital stock expressly stated to be junior to that series of preferred stock.

#### Anti-Takeover Statutes and Provisions

In general, the NYBCL prohibits any business combination (including, for example, mergers, consolidations and acquisitions of substantially all of the assets) between a New York corporation and an "interested stockholder" (defined as any owner of 20% or more of the voting stock of such corporation) unless the corporation's board of directors has approved the business combination or the stock acquisition by which the related party's interest reached 20% prior to the date of such stock acquisition. This restriction applies for five years after the date of such stock acquisition. Thereafter, the corporation may enter into a business combination with the related party:

• if the combination is approved by a majority of the corporation's voting stock beneficially owned by stockholders other than the related party; or

<br> • if such disinterested stockholders receive a price for their shares equal to or greater than a price determined in accordance with a statutory formula intended to assure that stockholders receive an equitable price in the business combination

As a New York corporation, TrustCo, and any potential acquiror of us, would be subject to this provision.

In addition, TrustCo's certificate of incorporation and bylaws contain several provisions that may be deemed to be "anti-takeover" in nature. TrustCo's certificate of incorporation includes a so-called "fair consideration" provision, which provides that a "business combination" (including a merger, consolidation or acquisition of substantially all of the assets) involving TrustCo or any of its subsidiaries, with any person or entity beneficially owning directly or indirectly more than 5% of TrustCo's outstanding voting stock may not be consummated without the affirmative vote of at least two-thirds of TrustCo voting stock, even if the normal statutory requirements are otherwise met, unless:

• the transaction is approved by at least two-thirds of the members of the TrustCo Board who are not affiliated with the 5% stockholder; or

------

<br> • the transaction meets certain minimum price requirements (in either of which cases only the normal stockholder and director approval requirements of the NYBCL would govern the transaction).

Furthermore, because we are a savings and loan holding company, any transaction involving a change of control is subject to regulatory review and approval. TrustCo's certificate of incorporation requires an affirmative vote of at least two-thirds of TrustCo voting stock to change, modify or repeal any provision of TrustCo's certificate of incorporation or bylaws.

#### Certain Effects of Authorized But Unissued Stock

Subject to the requirements of the NASDAQ Stock Market or other applicable rules, TrustCo may issue shares of common stock and preferred stock in future issuances without stockholder approval. TrustCo may utilize these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, facilitating corporate acquisitions or paying a dividend on TrustCo capital stock.

The existence of unissued and unreserved common stock and preferred stock may enable TrustCo's board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third party attempt to obtain control of TrustCo by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of TrustCo management.

------

## Ex-10.Aa

------

#### Exhibit 10(aa)

#### 2024

#### Performance Share Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Performance Share Award Agreement (Cash Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the Participant set forth in Paragraph 3. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 19, 2024 (that is, December 19, 2024). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Performance Shares</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of performance shares set forth in
 Paragraph 3 effective as of the Grant Date (the performance shares granted hereunder are hereafter referred to as the "Performance Shares"). The Award represents an award of performance-based Restricted Stock Units under Section 10 of the
 Plan. Furthermore, each Performance Share shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company on the last trading day of the Performance Period
 (as defined in Paragraph 3) or, in the event that payment is owed in connection with a Separation of Service pursuant to Paragraphs 4(f) and 4(g), the trading day immediately prior to the Settlement Date (as defined in Paragraph 5),
 subject to the terms and conditions set forth in this Agreement and the Plan.

<br> 2. <u>Consideration</u>. The grant of the Performance Shares is made in consideration of the services to be rendered by the Participant to the Company.

<br> 3. <u>Award Summary</u>.

---

| | |
|:---|:---|
| Participant |  |
| Grant Date | November 19, 2024 |
| Number of Performance Shares: |  |
| Threshold: |  |
| Target: |  |
| Maximum: |  |
| Performance Period | January 1, 2025 to December 31, 2027 |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 5 below.

<br> 4. <u>Satisfaction of Vesting Conditions</u>.

(h) <u>General</u>. The Performance Shares are subject to a substantial risk of forfeiture until vested. Except as otherwise provided herein, the Participant shall be entitled to receive payment in respect of the Performance Shares described in this Agreement ("vesting") only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 4(b), 4(c), and 4(d) below. The Performance Shares shall not vest, and the Participant shall not be entitled to any payment in respect of the Performance Shares, unless both conditions are satisfied.

<br> (i) <u>Time-Based Condition</u>. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an Eligible Employee from the Grant Date through the last day of the Performance Period.

------

(j) <u>Performance Goals Condition</u>. The payment earned by the Participant for the Performance Period, if any, will be determined by the Compensation Committee of the Board of Directors of the Company ("Committee") as of the end of the Performance Period based on the level of achievement of the performance goals in accordance with Paragraph 4(d) below. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, the Award in accordance with Section 14(b) of the Plan. Subject to the terms of Paragraphs 4(f) and 4(g) of this Agreement, if the threshold level of the performance goals is not reached for the Performance Period, the Award and the Participant's right to receive any payment with respect to the Performance Period shall automatically expire and be forfeited without payment of any consideration, effective as of the last day of the Performance Period, which shall be deemed to be the Period of Restriction for the purposes of the Plan. All determinations of whether and the extent to which the performance goals have been achieved, the amount of cash earned by the Participant, if any, and all other matters related to this Paragraph 4 shall be made by the Committee in its sole discretion.

(k) <u>Performance Goals Calculations</u>. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity ("ROAE"), which is measured as the average of the Company's ROAE for each of the three years within the Performance Period as set forth in Paragraph 3 compared with the ROAE of members of the comparative group of peer companies set forth on <u>Exhibit A</u> hereto (the "Peer Group") during the same period (calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on <u>Exhibit A</u> expressed as a percentile rank of the Company compared to the members of the Peer Group ("Percentile Rank"), subject to possible adjustment as described below based upon the Company's non-performing assets, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2028. The amount paid out on account of this Award shall be determined by multiplying the "Factor" corresponding to the Company's Percentile Rank by the number of Performance Shares awarded for "Target" performance as listed in Paragraph 3 above. The Factor to be applied in this formula shall be plotted on a continuous scale utilizing linear interpolation from the "Threshold" level of performance, below which no Performance Shares shall vest, to the "Maximum" level of performance, at which the payout hereunder shall be 150% of the "Target" performance-level award.<sup>2</sup> The following table describes the range of Percentile Ranking and the corresponding adjustment Factors:

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| | |
|:---|:---|
| **Level** | **Factor** |
| Threshold<br> 25<sup>th</sup> percentile of the Peer Group | 25% |
| Target<br> 55<sup>th</sup> percentile of the Peer Group | 100% |
| Maximum<br> 75<sup>th</sup> percentile or above of the Peer Group | 150% |

---

(l) <u>Additional Measure</u>. If non-performing assets to total assets of the Company increases beyond 1.75% for one or more quarters, as published in the quarter-end results during the Performance Period, the total amount of cash to be paid pursuant to this Award will be reduced by one quarter. For clarity, it is intended that an Award amount be determined pursuant to Paragraph 4(d), and that said amount be reduced by the factor set forth in this Paragraph 4(e).

(m) <u>Death or Disability</u>. In the event of a Participant's Separation from Service because of death or Disability during the Performance Period, a pro rata number of Performance Shares shall vest, and the Company shall calculate the amount of cash to be paid to the Participant, if any, based upon the number of Performance Shares to which the Participant would have received pursuant to this Agreement and the Plan had "Target" performance had been achieved and he or she not experienced a Separation from Service multiplied by a fraction, the denominator of which is 36 and numerator of which is the number of full months of employment or service during the Performance Period prior to the Separation from Service.

------

<sup>2</sup> Share awards calculated hereunder shall be rounded up to the next whole share to determine the number of Performance Shares that shall vest.

------

(n) <u>Other Separation from Service</u>. Unless otherwise determined by the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), or unless the Committee, in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of a Participant's Separation from Service for any reason other than death or Disability during the Performance Period, all Performance Shares still subject to the Performance Period at the date of such Separation from Service shall be forfeited without payment of any consideration, effective as of the date of the Separation from Service.

5. <u>Settlement of Performance Shares</u>. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, promptly upon completion of the Performance Period, and in any event no later than March 15, 2028, (i) the Company shall determine (the date of such determination being the "Settlement Date") whether, and to what extent, the performance goals for the Performance Period have been achieved and the amount payable as a result thereof, if any and (ii) pay the total amount of cash earned, if any, to the Participant. Notwithstanding the foregoing, in the event of a Participant's Separation from Service due to death or Disability during the Performance Period, the Company shall pay the total amount of cash amount earned within sixty (60) days following such Separation from Service. The written certification of the Company shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.

<br> 6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Performance Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Performance Shares; and (ii) does not commit to structure the Performance Shares to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance Shares and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

7. <u>Restrictions on Transfer of Performance Shares</u>. Subject to any exceptions set forth in this Agreement, the Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

<br> 8. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Performance Shares.

9. <u>No Right to Continued Employment</u>. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant's continuation of employment with the Company through the end of the Performance Period and not through the act of being hired or being granted this award.

10. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Performance Shares subject to all of such terms and conditions.

------

11. <u>Compliance with Laws and Regulations</u>. This Award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

12. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

13. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained or sponsored by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

14. <u>Recovery of Incentive Compensation</u>. This Award of Performance Shares and any cash compensation received by the Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment, or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's Shares of Common Stock may be listed. The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.

15. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

16. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

17. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

18. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

------

19. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Performance Shares pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| **TrustCo Bank Corp NY** |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert J. McCormick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

** 

<br> *[Signature Page – 2024 Performance Share Award Agreement (Cash Settled)]*

** 

------

#### EXHIBIT A

---

| | | | |
|:---|:---|:---|:---|
| Institution | Ticker | City | State |
| Arrow Financial Corp. | AROW | Glens Falls | NY |
| BCB Bancorp Inc. | BCBP | Bayonne | NJ |
| Capital City Bank Group Inc. | CCBG | Tallahassee | FL |
| CNB Financial | CCNE | Clearfield | PA |
| Columbia Financial | CLBK | Fair Lawn | NJ |
| ConnectOne Bancorp Inc. | CNOB | Englewood Cliffs | NJ |
| Financial Institutions Inc. | FISI | Warsaw | NY |
| FineMark Holdings, Inc. | FNBT | Fort Myers | FL |
| First Commonwealth Financial | FCF | Indiana | PA |
| Flushing Financial Corp. | FFIC | Uniondale | NY |
| HarborOne Bancorp Inc | HONE | Brockton | MA |
| Kearny Financial Corp. | KRNY | Fairfield | NJ |
| Mid Penn Bancorp | MPB | Millersburg | PA |
| NBT Bancorp Inc. | NBTB | Norwich | NY |
| Northfield Bancorp | NFBK | Woodbridge | NJ |
| S&T Bancorp | STBA | Indiana | PA |
| The First Long Island Corp. | FLIC | Glen Head | NY |
| Tompkins Financial Corporation | TMP | Ithaca | NY |
| Univest Financial Corp. | UVSP | Souderton | PA |

---

A company in the Peer Group may be changed as follows:

<br> (i) In the event of a merger, acquisition or business combination transaction of a company within the Peer Group with or by another company within the Peer Group, the surviving entity shall remain a company in the Peer Group.

(ii) In the event of a merger of a company within the Peer Group with an entity that is not a company within the Peer Group, or the acquisition or business combination transaction by or with a company within the Peer Group, or with an entity that is not a company within the Peer Group, in each case where the company within the Peer Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company within the Peer Group.

------

(iii) In the event of a merger or acquisition or business combination transaction of a company within the Peer Group by or with an entity that is not a company within the Peer Group, a "going private" transaction involving a company within the Peer Group or the liquidation of a company within the Peer Group, where the company within the Peer Group is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a company within the Peer Group.

(iv) In the event of a bankruptcy, liquidation, or delisting of a Company within the Peer Group such company shall remain a company within the Peer Group and such company's ROAE will be deemed to place it at the 0 percentile.

(v) In the event of a stock distribution from a company in the Peer Group consisting of the shares of a new publicly-traded company (a "spin-off"), the company within the Peer Group shall remain a company within the Peer Group and the stock distribution shall be treated as a dividend from the company within the Peer Group based on the closing price of the shares of the spun-off company on its first trading. The spun-off company shall not thereafter be part of the Peer Group.

------

## Ex-10.Cc

------

#### Exhibit 10(cc)

#### 2024

#### Time-Based Restricted Stock Unit Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Restricted Stock Unit Award Agreement (Cash Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the participant set forth in Paragraph 3 (the "Participant"). Unless defined herein, capitalized terms are as defined in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 19, 2024 (that is, December 19, 2024). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of Restricted Stock Units set forth in Paragraph 3 (the "Restricted Stock Units"). Each Restricted Stock Unit shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Award Summary</u>.

---

| | |
|:---|:---|
| Participant |  |
| Grant Date | November 19, 2024 |
| Number of Restricted Stock Units: |  |
| Period of Restriction (each date below, a "Vesting Date"): |  |
| November 19, 2025 | [number of RSUs that vest] |
| November 19, 2026 | [number of RSUs that vest] |
| November 19, 2027 | [number of RSUs that vest] |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Period of Restriction</u>. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 3. For purposes of this Agreement, "Period of Restriction" means the period of time after which the Award shall be deemed "vested" and settled in cash as provided in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on Transfer of Restricted Stock Units</u>. Subject to any exceptions set forth in this Agreement, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Restricted Stock Units.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Separation from Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. Notwithstanding the vesting schedule set forth in Paragraph 3, in the event of the Participant's Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the remaining unvested Restricted Stock Units shall automatically terminate (that is, the unvested Restricted Stock Units shall "vest") as of the date of such Separation from Service, which date shall be the "Vesting Date" for the purposes of settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Separation from Service</u>. Unless the Compensation Committee of the Board of Directors of the Company (the "Committee"), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of the Participant's Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 7(a) above, then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited by the Participant, and all of the Participant's rights to such unvested Restricted Stock Units shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Settlement. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, after the Vesting Date as set forth in Paragraphs 3 or 7, as applicable, vested Restricted Stock Units will be settled in cash as soon as reasonably practicable following the Vesting Date; provided, however, that in no event shall such Restricted Stock Units be settled more than sixty (60) days after such Vesting Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Vesting Date. For purposes of this Agreement, the actual date of settlement for the vested Restricted Stock Units shall be known as the "Settlement Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Stock Units; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Right to Continued Employment</u>. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing as an employee of the Company or an affiliate at the will of the Company or such affiliate, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock Units subject to all of such terms and conditions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Laws and Regulations</u>. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Recovery of Incentive Compensation</u>. This Award of Restricted Stock Units and any cash or other compensation received by Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's shares of Common Stock may be listed. Participant shall promptly return any such incentive-based compensation that the Company determines it is required to recover from Participant under any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| By: |  |
|  | Robert J. McCormick |
|  | Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

## Ex-10.Dd

------

#### Exhibit 10(dd)

#### 2025

#### Performance Share Award Agreement (Stock Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Performance Share Award Agreement (Stock Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the Participant set forth in Paragraph 3. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 18, 2025 (that is, December 18, 2025). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Performance Shares</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of performance shares set forth in
 Paragraph 3 effective as of the Grant Date (the performance shares granted hereunder are hereafter referred to as the "Performance Shares"). The Award represents an award of performance-based Restricted Stock Units under Section 10 of the
 Plan. Furthermore, each Performance Share shall represent the right to receive one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement and the Plan.

<br> 2. <u>Consideration</u>. The grant of the Performance Shares is made in consideration of the services to be rendered by the Participant to the Company.

<br> 3. <u>Award Summary</u>.

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| | |
|:---|:---|
| Participant |  |
| Grant Date | November 18, 2025 |
| Number of Performance Shares: |  |
| Threshold: |  |
| Target: |  |
| Maximum: |  |
| Performance Period | January 1, 2026 to December 31, 2028 |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 5 below.

<br> 4. <u>Satisfaction of Vesting Conditions</u>.

(o) <u>General</u>. The Performance Shares are subject to a substantial risk of forfeiture until vested. Except as otherwise provided herein, the Participant shall be entitled to receive shares of Common Stock in respect of the Performance Shares described in this Agreement ("vesting") only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 4(b), 4(c), and 4(d) below. The Performance Shares shall not vest, and the Participant shall not be entitled to any Earned Shares (as defined in Paragraph 5), unless both conditions are satisfied.

<br> (p) <u>Time-Based Condition</u>. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an Eligible Employee from the Grant Date through the last day of the Performance Period.

------

(q) <u>Performance Goals Condition</u>. The number of shares of the Company's Common Stock earned by the Participant for the Performance Period, if any, will be determined by the Compensation Committee of the Board of Directors of the Company ("Committee") as of the end of the Performance Period based on the level of achievement of the performance goals in accordance with Paragraph 4(d) below. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, the Award in accordance with Section 14(b) of the Plan. Subject to the terms of Sections 4(f) and 4(g) of this Agreement, if the threshold level of the performance goals is not reached for the Performance Period, the Award and the Participant's right to receive any shares of the Company's Common Stock with respect to the Performance Period shall automatically expire and be forfeited without payment of any consideration, effective as of the last day of the Performance Period, which shall be deemed to be the Period of Restriction for the purposes of the Plan. All determinations of whether and the extent to which the performance goals have been achieved, the number of shares of the Company's Common Stock earned by the Participant, if any, and all other matters related to this Paragraph 4 shall be made by the Committee in its sole discretion.

(r) <u>Performance Goals Calculations</u>. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity ("ROAE"), which is measured as the average of the Company's ROAE for each of the three years within the Performance Period as set forth in Paragraph 3 compared with the ROAE of members of the comparative group of peer companies set forth on <u>Exhibit A</u> hereto (the "Peer Group") during the same period (calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on <u>Exhibit A</u> expressed as a percentile rank of the Company compared to the members of the Peer Group ("Percentile Rank"), subject to possible adjustment as described below based upon the Company's non-performing assets, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2028. The total number of Earned Shares shall be determined by multiplying the "Factor" corresponding to the Company's Percentile Rank by the number of Performance Shares awarded for "Target" performance as listed in Paragraph 3 above. The Factor to be applied in this formula shall be plotted on a continuous scale utilizing linear interpolation from the "Threshold" level of performance, below which no Performance Shares shall vest, to the "Maximum" level of performance, at which the number of Earned Shares shall be 150% of the "Target" performance-level award.<sup>3</sup> The following table describes the range of Percentile Ranking and the corresponding adjustment Factors:

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| | |
|:---|:---|
| **Level** | **Factor** |
| Threshold<br> 25<sup>th</sup> percentile of the Peer Group | 25% |
| Target<br> 55<sup>th</sup> percentile of the Peer Group | 100% |
| Maximum<br> 75<sup>th</sup> percentile or above of the Peer Group | 150% |

---

(s) <u>Additional Measure</u>. If non-performing assets to total assets of the Company increases beyond 1.75% for one or more quarters, as published in the quarter-end results during the Performance Period, the total number of Earned Shares will be reduced by one quarter. For clarity, it is intended that an Award amount be determined pursuant to Paragraph 4(d), and that said amount be reduced by the factor set forth in this Paragraph 4(e).

(t) <u>Death or Disability</u>. In the event of a Participant's Separation from Service because of death or Disability during the Performance Period, a pro rata number of Performance Shares shall vest, and the Company shall issue or cause to be issued in the name of the Participant the number of Earned Shares, if any, based upon the number of Performance Shares to which the Participant would have received pursuant to this Agreement and the Plan had "Target" performance had been achieved and he or she not experienced a Separation from Service multiplied by a fraction, the denominator of which is 36 and numerator of which is the number of full months of employment or service during the Performance Period prior to the Separation from Service.

------

<sup>3</sup>Share awards calculated hereunder shall be rounded up to the next whole share to determine the number of Performance Shares that shall vest.<br>

------

(g) <u>Other Separation from Service</u>. Unless otherwise provided by the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), or unless the Committee, in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of a Participant's Separation from Service for any reason other than death or Disability during the Performance Period, all Performance Shares still subject to the Performance Period at the date of such Separation from Service shall be forfeited without payment of any consideration, effective as of the date of the Separation from Service.

5. <u>Settlement of Performance Shares</u>. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, promptly upon completion of the Performance Period, and in any event no later than March 15, 2028, (i) the Company shall determine (the date of such determination being the "Settlement Date") (x) whether, and to what extent, the performance goals for the Performance Period have been achieved, and (y) the number of shares of the Company's Common Stock that the Participant has earned, if any, that are to be issued by the Company with respect to such Performance Period, rounded up to the nearest whole share (the "Earned Shares"); (ii) the Company shall issue or cause to be issued in the name of the Participant the number of Earned Shares, if any; and (iii) the Company shall enter the Participant's name (or the name of the Participant's personal representative) on the books of the Company as a shareholder of record of the Company with respect to the Earned Shares, if any, as of the Settlement Date. Notwithstanding the foregoing, in the event of a Participant's Separation from Service due to death or Disability during the Performance Period, the Company shall issue any Earned Shares within sixty (60) days following such Separation from Service. The written certification of the Company shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.

<br> 6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Performance Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Participant may elect to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having a Fair Market Value on the date the tax is to be determined equal to no more than the maximum statutory withholding that would be imposed on the transaction. The Participant may also satisfy the withholding requirement by tendering a cash payment or delivering to the Company previously owned and unencumbered shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Performance Shares or the subsequent sale of any shares; and (ii) does not commit to structure the Performance Shares to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance Shares or disposition of the underlying shares of Common Stock and that the Participant has been advised to consult a tax advisor prior to such vesting, settlement, or disposition.

7. <u>Restrictions on Transfer of Performance Shares</u>. Subject to any exceptions set forth in this Agreement, the Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

8. <u>Rights as a Shareholder</u>. Unless and until the Performance Shares are settled in shares of Common Stock in accordance with Paragraph 5, the Participant shall have no rights as a shareholder relating thereto. On the Settlement Date, the Participant shall become the record owner of the shares of Common Stock issued in respect of the vested Performance Shares, and as record owner shall be entitled to all rights of a shareholder of the Company.

------

9. <u>No Right to Continued Employment</u>. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant's continuation of employment with the Company through the end of the Performance Period and not through the act of being hired or being granted this award.

10. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Performance Shares subject to all of such terms and conditions.

11. <u>Compliance with Laws and Regulations</u>. This Award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

12. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

13. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained or sponsored by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

14. <u>Recovery of Incentive Compensation</u>. This Award of Performance Shares and any cash compensation received by the Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment, or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Stock may be listed. The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.

15. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

16. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

------

17. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

18. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

19. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Performance Shares pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| **TrustCo Bank Corp NY** |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert J. McCormick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

#### EXHIBIT A

---

| | | | |
|:---|:---|:---|:---|
| Institution | Ticker | City | State |
| Arrow Financial Corp. | AROW | Glens Falls | NY |
| BCB Bancorp Inc. | BCBP | Bayonne | NJ |
| Capital City Bank Group Inc. | CCBG | Tallahassee | FL |
| Carter Bancshares, Inc. | CARE | Martinsville | VA |
| CNB Financial | CCNE | Clearfield | PA |
| Columbia Financial | CLBK | Fair Lawn | NJ |
| Financial Institutions Inc. | FISI | Warsaw | NY |
| FineMark Holdings, Inc. | FNBT | Fort Myers | FL |
| First Commonwealth Financial | FCF | Indiana | PA |
| First Community Bancshares, Inc. | FCBC | Bluefield | VA |
| Flushing Financial Corp. | FFIC | Uniondale | NY |
| HarborOne Bancorp Inc | HONE | Brockton | MA |
| HomeTrust Bancshares | HTB | Asheville | NC |
| Kearny Financial Corp. | KRNY | Fairfield | NJ |
| Mid Penn Bancorp | MPB | Millersburg | PA |
| NBT Bancorp Inc. | NBTB | Norwich | NY |
| Northfield Bancorp | NFBK | Woodbridge | NJ |
| S&T Bancorp | STBA | Indiana | PA |
| Tompkins Financial Corporation | TMP | Ithaca | NY |
| Univest Financial Corp. | UVSP | Souderton | PA |

---

------

A company in the Peer Group may be changed as follows:

<br> (i) In the event of a merger, acquisition or business combination transaction of a company within the Peer Group with or by another company within the Peer Group, the surviving entity shall remain a company in the Peer Group.

(ii) In the event of a merger of a company within the Peer Group with an entity that is not a company within the Peer Group, or the acquisition or business combination transaction by or with a company within the Peer Group, or with an entity that is not a company within the Peer Group, in each case where the company within the Peer Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company within the Peer Group.

(iii) In the event of a merger or acquisition or business combination transaction of a company within the Peer Group by or with an entity that is not a company within the Peer Group, a "going private" transaction involving a company within the Peer Group or the liquidation of a company within the Peer Group, where the company within the Peer Group is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a company within the Peer Group.

(iv) In the event of a bankruptcy, liquidation, or delisting of a Company within the Peer Group such company shall remain a company within the Peer Group and such company's ROAE will be deemed to place it at the 0 percentile.

(v) In the event of a stock distribution from a company in the Peer Group consisting of the shares of a new publicly-traded company (a "spin-off"), the company within the Peer Group shall remain a company within the Peer Group and the stock distribution shall be treated as a dividend from the company within the Peer Group based on the closing price of the shares of the spun-off company on its first trading. The spun-off company shall not thereafter be part of the Peer Group.

------

## Ex-10.Ee

------

#### Exhibit 10(ee)

#### 2025

#### Performance Share Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Performance Share Award Agreement (Cash Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the Participant set forth in Paragraph 3. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 18, 2025 (that is, December 18, 2025). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

1. <u>Grant of Performance Shares</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of performance shares set forth in Paragraph 3 effective as of the Grant Date (the performance shares granted hereunder are hereafter referred to as the "Performance Shares"). The Award represents an award of performance-based Restricted Stock Units under Section 10 of the Plan. Furthermore, each Performance Share shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company on the last trading day of the Performance Period (as defined in Paragraph 3) or, in the event that payment is owed in connection with a Separation of Service pursuant to Paragraphs 4(f) and 4(g), the trading day immediately prior to the Settlement Date (as defined in Paragraph 5), subject to the terms and conditions set forth in this Agreement and the Plan.

<br> 2. <u>Consideration</u>. The grant of the Performance Shares is made in consideration of the services to be rendered by the Participant to the Company.

<br> 3. <u>Award Summary</u>.

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| | |
|:---|:---|
| Participant |  |
| Grant Date | November 18, 2025 |
| Number of Performance Shares: |  |
| Threshold: |  |
| Target: |  |
| Maximum: |  |
| Performance Period | January 1, 2026 to December 31, 2028 |

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With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 5 below.

<br> 4. <u>Satisfaction of Vesting Conditions</u>.

(v) <u>General</u>. The Performance Shares are subject to a substantial risk of forfeiture until vested. Except as otherwise provided herein, the Participant shall be entitled to receive payment in respect of the Performance Shares described in this Agreement ("vesting") only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 4(b), 4(c), and 4(d) below. The Performance Shares shall not vest, and the Participant shall not be entitled to any payment in respect of the Performance Shares, unless both conditions are satisfied.

<br> (w) <u>Time-Based Condition</u>. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an Eligible Employee from the Grant Date through the last day of the Performance Period.

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(x) <u>Performance Goals Condition</u>. The payment earned by the Participant for the Performance Period, if any, will be determined by the Compensation Committee of the Board of Directors of the Company ("Committee") as of the end of the Performance Period based on the level of achievement of the performance goals in accordance with Paragraph 4(d) below. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, the Award in accordance with Section 14(b) of the Plan. Subject to the terms of Paragraphs 4(f) and 4(g) of this Agreement, if the threshold level of the performance goals is not reached for the Performance Period, the Award and the Participant's right to receive any payment with respect to the Performance Period shall automatically expire and be forfeited without payment of any consideration, effective as of the last day of the Performance Period, which shall be deemed to be the Period of Restriction for the purposes of the Plan. All determinations of whether and the extent to which the performance goals have been achieved, the amount of cash earned by the Participant, if any, and all other matters related to this Paragraph 4 shall be made by the Committee in its sole discretion.

(y) <u>Performance Goals Calculations</u>. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity ("ROAE"), which is measured as the average of the Company's ROAE for each of the three years within the Performance Period as set forth in Paragraph 3 compared with the ROAE of members of the comparative group of peer companies set forth on <u>Exhibit A</u> hereto (the "Peer Group") during the same period (calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on <u>Exhibit A</u> expressed as a percentile rank of the Company compared to the members of the Peer Group ("Percentile Rank"), subject to possible adjustment as described below based upon the Company's non-performing assets, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2029. The amount paid out on account of this Award shall be determined by multiplying the "Factor" corresponding to the Company's Percentile Rank by the number of Performance Shares awarded for "Target" performance as listed in Paragraph 3 above. The Factor to be applied in this formula shall be plotted on a continuous scale utilizing linear interpolation from the "Threshold" level of performance, below which no Performance Shares shall vest, to the "Maximum" level of performance, at which the payout hereunder shall be 150% of the "Target" performance-level award.<sup>4</sup> The following table describes the range of Percentile Ranking and the corresponding adjustment Factors:

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| | |
|:---|:---|
| **Level** | **Factor** |
| Threshold<br> 25<sup>th</sup> percentile of the Peer Group | 25% |
| Target<br> 55<sup>th</sup> percentile of the Peer Group | 100% |
| Maximum<br> 75<sup>th</sup> percentile or above of the Peer Group | 150% |

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(z) <u>Additional Measure</u>. If non-performing assets to total assets of the Company increases beyond 1.75% for one or more quarters, as published in the quarter-end results during the Performance Period, the total amount of cash to be paid pursuant to this Award will be reduced by one quarter. For clarity, it is intended that an Award amount be determined pursuant to Paragraph 4(d), and that said amount be reduced by the factor set forth in this Paragraph 4(e).

(aa) <u>Death or Disability</u>. In the event of a Participant's Separation from Service because of death or Disability during the Performance Period, a pro rata number of Performance Shares shall vest, and the Company shall calculate the amount of cash to be paid to the Participant, if any, based upon the number of Performance Shares to which the Participant would have received pursuant to this Agreement and the Plan had "Target" performance had been achieved and he or she not experienced a Separation from Service multiplied by a fraction, the denominator of which is 36 and numerator of which is the number of full months of employment or service during the Performance Period prior to the Separation from Service.

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 <sup>4</sup> Share awards calculated hereunder shall be rounded up to the next whole share to determine the number of Performance Shares that shall vest.

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(g) <u>Other Separation from Service</u>. Unless otherwise determined by the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), or unless the Committee, in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of a Participant's Separation from Service for any reason other than death or Disability during the Performance Period, all Performance Shares still subject to the Performance Period at the date of such Separation from Service shall be forfeited without payment of any consideration, effective as of the date of the Separation from Service.

5. <u>Settlement of Performance Shares</u>. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, promptly upon completion of the Performance Period, and in any event no later than March 15, 2028, (i) the Company shall determine (the date of such determination being the "Settlement Date") whether, and to what extent, the performance goals for the Performance Period have been achieved and the amount payable as a result thereof, if any and (ii) pay the total amount of cash earned, if any, to the Participant. Notwithstanding the foregoing, in the event of a Participant's Separation from Service due to death or Disability during the Performance Period, the Company shall pay the total amount of cash amount earned within sixty (60) days following such Separation from Service. The written certification of the Company shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.

<br> 6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Performance Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Performance Shares; and (ii) does not commit to structure the Performance Shares to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance Shares and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

7. <u>Restrictions on Transfer of Performance Shares</u>. Subject to any exceptions set forth in this Agreement, the Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

<br> 8. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Performance Shares.

9. <u>No Right to Continued Employment</u>. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant's continuation of employment with the Company through the end of the Performance Period and not through the act of being hired or being granted this award.

10. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Performance Shares subject to all of such terms and conditions.

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11. <u>Compliance with Laws and Regulations</u>. This Award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

12. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

13. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained or sponsored by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

14. <u>Recovery of Incentive Compensation</u>. This Award of Performance Shares and any cash compensation received by the Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment, or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's Shares of Common Stock may be listed. The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.

15. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

16. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

17. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

18. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

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19. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Performance Shares pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

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| |
|:---|
| **TrustCo Bank Corp NY** |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert J. McCormick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, President, and CEO |

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| |
|:---|
| **Accepted and agreed to:** |
| Name: |

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*[Signature Page – 2025 Performance Share Award Agreement (Cash Settled)]*

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#### EXHIBIT A

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| | | | |
|:---|:---|:---|:---|
| Institution | Ticker | City | State |
| Arrow Financial Corp. | AROW | Glens Falls | NY |
| BCB Bancorp Inc. | BCBP | Bayonne | NJ |
| Capital City Bank Group Inc. | CCBG | Tallahassee | FL |
| Carter Bancshares, Inc. | CARE | Martinsville | VA |
| CNB Financial | CCNE | Clearfield | PA |
| Columbia Financial | CLBK | Fair Lawn | NJ |
| Financial Institutions Inc. | FISI | Warsaw | NY |
| FineMark Holdings, Inc. | FNBT | Fort Myers | FL |
| First Commonwealth Financial | FCF | Indiana | PA |
| First Community Bancshares, Inc. | FCBC | Bluefield | VA |
| Flushing Financial Corp. | FFIC | Uniondale | NY |
| HarborOne Bancorp Inc | HONE | Brockton | MA |
| HomeTrust Bancshares | HTB | Asheville | NC |
| Kearny Financial Corp. | KRNY | Fairfield | NJ |
| Mid Penn Bancorp | MPB | Millersburg | PA |
| NBT Bancorp Inc. | NBTB | Norwich | NY |
| Northfield Bancorp | NFBK | Woodbridge | NJ |
| S&T Bancorp | STBA | Indiana | PA |
| Tompkins Financial Corporation | TMP | Ithaca | NY |
| Univest Financial Corp. | UVSP | Souderton | PA |

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A company in the Peer Group may be changed as follows:

<br> (i) In the event of a merger, acquisition or business combination transaction of a company within the Peer Group with or by another company within the Peer Group, the surviving entity shall remain a company in the Peer Group.

(ii) In the event of a merger of a company within the Peer Group with an entity that is not a company within the Peer Group, or the acquisition or business combination transaction by or with a company within the Peer Group, or with an entity that is not a company within the Peer Group, in each case where the company within the Peer Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company within the Peer Group.

(iii) In the event of a merger or acquisition or business combination transaction of a company within the Peer Group by or with an entity that is not a company within the Peer Group, a "going private" transaction involving a company within the Peer Group or the liquidation of a company within the Peer Group, where the company within the Peer Group is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a company within the Peer Group.

(iv) In the event of a bankruptcy, liquidation, or delisting of a Company within the Peer Group such company shall remain a company within the Peer Group and such company's ROAE will be deemed to place it at the 0 percentile.

(v) In the event of a stock distribution from a company in the Peer Group consisting of the shares of a new publicly-traded company (a "spin-off"), the company within the Peer Group shall remain a company within the Peer Group and the stock distribution shall be treated as a dividend from the company within the Peer Group based on the closing price of the shares of the spun-off company on its first trading. The spun-off company shall not thereafter be part of the Peer Group.

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## Ex-10.Ff

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#### Exhibit 10(ff)

#### 2025

#### Time-Based Restricted Stock Unit Award Agreement (Stock Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Restricted Stock Unit Award Agreement (Stock Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the participant set forth in Paragraph 3 (the "Participant"). Unless defined herein, capitalized terms are as defined in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 18, 2025 (that is, December 18, 2025). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of Restricted Stock Units set forth in Paragraph 3 (the "Restricted Stock Units"). Each Restricted Stock Unit shall represent the right to receive one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Award Summary</u>.

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| | |
|:---|:---|
| Participant |  |
| Grant Date | November 18, 2025 |
| Number of Restricted Stock Units: |  |
| Period of Restriction (each date below, a "Vesting Date"): |  |
| November 18, 2026 | [number of RSUs that vest] |
| November 18, 2027 | [number of RSUs that vest] |
| November 18, 2028 | [number of RSUs that vest] |

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With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Period of Restriction</u>. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 3. For purposes of this Agreement, "Period of Restriction" means the period of time after which the Award shall be deemed "vested" and settled in shares of Common Stock of the Company as provided in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on Transfer of Restricted Stock Units</u>. Subject to any exceptions set forth in this Agreement, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Rights as a Shareholder</u>. Unless and until the Restricted Stock Units are settled in shares of Common Stock in accordance with Paragraph 8, the Participant shall have no rights as a shareholder relating thereto. On the Settlement Date (as defined below), the Participant shall become the record owner of the shares of Common Stock issued in respect of the vested Restricted Stock Units, and as record owner shall be entitled to all rights of a shareholder of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Separation from Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. Notwithstanding the vesting schedule set forth in Paragraph 3, in the event of the Participant's Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the remaining unvested Restricted Stock Units shall automatically terminate (that is, the unvested Restricted Stock Units shall "vest") as of the date of such Separation from Service, which date shall be the "Vesting Date" for the purposes of settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Separation from Service</u>. Unless the Compensation Committee of the Board of Directors of the Company (the "Committee"), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of the Participant's Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 7(a) above, then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited by the Participant, and all of the Participant's rights to such unvested Restricted Stock Units shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Settlement. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, after the Vesting Date as set forth in Paragraphs 3 or 7, as applicable, vested Restricted Stock Units will be settled in shares of Common Stock as soon as reasonably practicable following the Vesting Date; provided, however, that in no event shall such Restricted Stock Units be settled more than sixty (60) days after such vesting date. The Company shall enter the Participant's name (or the name of the Participant's personal representative) on the books of the Company as a shareholder of record of the Company with respect to the shares of Common Stock received by the Participant on the Settlement Date. For purposes of this Agreement, the actual date of settlement for the vested Restricted Stock Units shall be known as the "Settlement Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Participant may elect to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having a Fair Market Value on the date the tax is to be determined equal to no more than the maximum statutory withholding that would be imposed on the transaction. The Participant may also satisfy the withholding requirement by tendering a cash payment or delivering to the Company previously owned and unencumbered shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units or disposition of the underlying shares of Common Stock and that the Participant has been advised to consult a tax advisor prior to such vesting, settlement, or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Right to Continued Employment</u>. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing as an employee of the Company or an affiliate at the will of the Company or such affiliate, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock Units subject to all of such terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Laws and Regulations</u>. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Recovery of Incentive Compensation</u>. This Award of Restricted Stock Units and any cash or other compensation received by Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's shares of Common Stock may be listed. Participant shall promptly return any such incentive-based compensation that the Company determines it is required to recover from Participant under any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| By: |  |
|  | Robert J. McCormick |
|  | Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

## Ex-10.Gg

------

#### Exhibit 10(gg)

#### 2025

#### Time-Based Restricted Stock Unit Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Restricted Stock Unit Award Agreement (Cash Settled) (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the participant set forth in Paragraph 3 (the "Participant"). Unless defined herein, capitalized terms are as defined in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 18, 2025 (that is, December 18, 2015). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of Restricted Stock Units set forth in Paragraph 3 (the "Restricted Stock Units"). Each Restricted Stock Unit shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Award Summary</u>.

---

| | |
|:---|:---|
| Participant |  |
| Grant Date | November 18, 2025 |
| Number of Restricted Stock Units: |  |
| Period of Restriction (each date below, a "Vesting Date"): |  |
| November 18, 2026 | [number of RSUs that vest] |
| November 18, 2027 | [number of RSUs that vest] |
| November 18, 2028 | [number of RSUs that vest] |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Period of Restriction</u>. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 3. For purposes of this Agreement, "Period of Restriction" means the period of time after which the Award shall be deemed "vested" and settled in cash as provided in the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on Transfer of Restricted Stock Units</u>. Subject to any exceptions set forth in this Agreement, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Separation from Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. Notwithstanding the vesting schedule set forth in Paragraph 3, in the event of the Participant's Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the remaining unvested Restricted Stock Units shall automatically terminate (that is, the unvested Restricted Stock Units shall "vest") as of the date of such Separation from Service, which date shall be the "Vesting Date" for the purposes of settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Separation from Service</u>. Unless the Compensation Committee of the Board of Directors of the Company (the "Committee"), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of the Participant's Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 7(a) above, then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited by the Participant, and all of the Participant's rights to such unvested Restricted Stock Units shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Settlement. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, after the Vesting Date as set forth in Paragraphs 3 or 7, as applicable, vested Restricted Stock Units will be settled in cash as soon as reasonably practicable following the Vesting Date; provided, however, that in no event shall such Restricted Stock Units be settled more than sixty (60) days after such Vesting Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Vesting Date. For purposes of this Agreement, the actual date of settlement for the vested Restricted Stock Units shall be known as the "Settlement Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Stock Units; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Right to Continued Employment</u>. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing as an employee of the Company or an affiliate at the will of the Company or such affiliate, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock Units subject to all of such terms and conditions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Laws and Regulations</u>. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Recovery of Incentive Compensation</u>. This Award of Restricted Stock Units and any cash or other compensation received by Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's shares of Common Stock may be listed. Participant shall promptly return any such incentive-based compensation that the Company determines it is required to recover from Participant under any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| By: |  |
|  | Robert J. McCormick |
|  | Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

## Ex-10.Hh

------

#### Exhibit 10(hh)

#### 2025

#### Directors Restricted Stock Unit Award Agreement

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Directors Restricted Stock Unit Award Agreement (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the participant set forth in Paragraph 3 (the "Participant"). Unless defined herein, capitalized terms are as defined in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth business day after November 18, 2025 (that is, December 18, 2025). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of Restricted Stock Units set forth in Paragraph 3 (the "Restricted Stock Units"). Each Restricted Stock Unit shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Award Summary</u>.

---

| | |
|:---|:---|
| Participant |  |
| Grant Date | November 18, 2025 |
| Number of Restricted Stock Units: |  |
| Period of Restriction ("Vesting Date"): | November 18, 2026 |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Period of Restriction</u>. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 3. For purposes of this Agreement, "Period of Restriction" means the period of time after which the Award shall be deemed "vested" and settled in cash as provided in the Plan and this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on Transfer of Restricted Stock Units</u>. Subject to any exceptions set forth in this Agreement, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Separation from Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. Notwithstanding the vesting schedule set forth in Paragraph 3, in the event of the Participant's Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the remaining unvested Restricted Stock Units shall automatically terminate (that is, the unvested Restricted Stock Units shall "vest") as of the date of such Separation from Service, which date shall be the "Vesting Date" for the purposes of settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Separation from Service</u>. Unless the Compensation Committee of the Board of Directors of the Company ("Committee"), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of the Participant's Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 7(a) above, then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited by the Participant, and all of the Participant's rights to such unvested Restricted Stock Units shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Settlement of Restricted Stock Units</u>. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, after the Vesting Date as set forth in Paragraphs 3 or 7, as applicable, vested Restricted Stock Units will be settled in cash as soon as reasonably practicable following the Vesting Date; provided, however, that in no event shall such Restricted Stock Units be settled more than sixty (60) days after such Vesting Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Vesting Date. For purposes of this Agreement, the actual date of settlement for the vested Restricted Stock Units shall be known as the "Settlement Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant may be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy any obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Stock Units; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Right to Continued Director Service</u>. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right with respect to continuing the Participant's service as a Director with the Company for any period, nor will they interfere in any way with the Participant's right or the Company's right (or the right of the Company's stockholders) to terminate such relationship at any time, with or without cause, to the extent permitted by applicable law. The Participant acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing to serve as a Director of the Company, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being elected to the Board of Directors or being granted the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock Units subject to all of such terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compliance with Laws and Regulations</u>. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company unless otherwise required by law and/or set forth in such other arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| |
|:---|
| **TrustCo Bank Corp NY** |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert J. McCormick |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman, President, and CEO |

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| |
|:---|
| **Accepted and agreed to:** |
| Name: |

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## Ex-10.S

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#### Exhibit 10(s)

#### EMPLOYMENT AGREEMENT

#### among

#### TRUSTCO BANK,

#### TRUSTCO BANK CORP NY

#### and

#### MICHAEL HALL

#### AS AMENDED AND RESTATED FEBRURARY 2026

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<u>EMPLOYMENT AGREEMENT</u>

WHEREAS, TrustCo Bank Corp NY, a New York corporation (hereinafter referred to as "TrustCo") and Trustco Bank, a federal savings bank duly organized and existing under the laws of the United States (hereinafter referred to as the "Bank") (hereinafter collectively with TrustCo referred to as the "Companies") wish to enter into an Employment Agreement (this "Agreement") with Michael Hall (hereinafter referred to as the "Executive"); and

NOW, THEREFORE, the Companies and the Executive agree as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Engagement</u>. The Companies agree to engage the Executive and the Executive agrees to serve the Companies as an Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term</u>. The initial term of this Agreement shall begin on November 16, 2021 and end on January l, 2022, and, beginning on January 1, 2022 and on January 1 of each and every year thereafter, the term of this Agreement shall be extended for an additional one-year period, automatically, unless the Executive is notified 180 days in advance by the method set forth in Section 11 herein to the contrary ("Nonrenewal Notice"). The Agreement is amended and restated on the date last written below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purpose and Effect</u>. The purpose of this Agreement is to provide Termination Benefits, as defined in Section 9 hereof, in the event of a Termination or Change in Control as provided in Section 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services</u>. The Executive shall exert the Executive's best efforts and devote substantially all of the Executive's professional-work time and attention to the affairs of the Companies. The Executive shall perform the duties which are generally assigned to executives in similar positions in corporations of similar size as the Companies. The Executive shall report directly to the Chief Executive Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>. For purposes of this Agreement, Annual Compensation shall be deemed to include the Executive's Annual Base Salary, plus any amount payable pursuant to any bonus or incentive compensation program in which Executive participates ("Incentive Award"). The Executive shall be paid by the Bank the Annual Base Salary provided on Schedule A attached hereto, which Annual Base Salary shall be paid biweekly. After January 1, 2022, Annual Compensation shall be negotiated between the parties hereto and shall be deemed a part of this Agreement, provided, however, that Annual Base Salary for any calendar year beginning on or after January l, 2022 shall not be less than the immediately preceding calendar year. In the event of a Change in Control, the Incentive Award shall not be reduced as a result of charges taken in connection with or as a result of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Retirement and Pension</u>. As further compensation for the services of the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive shall be allowed to participate fully in any disability, death benefit, retirement, or pension plans maintained by the Companies, subject and pursuant to the terms of such plans (including, without limitation, any eligibility conditions). Nothing in this Agreement shall be construed as a waiver of any of the terms of or conditions precedent to participation in such plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Executive's employment due to (w) retirement (defined as the earliest retirement date applicable to the Executive under the Retirement Plan of Trustco Bank), (x) Disability (as defined herein), (y) death or (z) Termination (as defined in Section 8 hereof) of the Executive for any reason other than Good Cause (as defined in Section 7(a) hereof) within two years after a Change in Control (as defined in Section 7(b) hereof), then subject to the Executive's election of continuation coverage under a group health plan of the Companies under Internal Revenue Code Section 4980B, the Executive (and his eligible dependents) shall continue to participate in the Companies' group health plans in effect at the time of the Executive's termination, with the Executive required to pay the applicable premiums and the Bank reimbursing the Executive on a monthly basis for the cost of such continued coverage in excess of the rates applicable to the Executive at the time of Executive's termination. For purposes of this Agreement, the term "Disability" means a mental or physical condition which (i) in the opinion of a physician mutually agreed upon by the boards of directors of the Companies and the Executive, will prevent the Executive from carrying out the material job responsibilities or duties to which the Executive was assigned at the time disability was incurred, and (ii) is expected to last for an indefinite duration or a duration of more than six months.

Upon termination of the Executive's employment due to (w) retirement (defined as the earliest retirement date applicable to the Executive under the Retirement Plan of Trustco Bank), (x) Disability (as defined herein), (y) death or (z) Termination (as defined in Section 8 hereof) of the Executive for any reason other than Good Cause (as defined in Section 8) within two years after a Change in Control (as defined in Section 7(b) hereof), then the Companies shall monthly, for the longer of the life of the Executive or the life of the Executive's spouse, reimburse the Executive and/or the Executive's spouse for otherwise unreimbursed medical expenses, including medical insurance premiums, of the Executive and his spouse (and the Executive's dependents during the time such dependents would meet the coverage requirements of a health plan maintained by the Company if the Executive were covered by such plan) for medical and health benefits (including dental and prescription drugs) at a level that is substantially similar to those benefits which the Executive and the Executive's spouse were receiving immediately prior to the Executive's termination under the Companies' medical insurance plan and the Executive Medical Reimbursement Plan, which combined benefits shall not be less than the maximum available as of the date hereof, and shall not be modified without the consent of the Executive or the Executive's spouse (in the event the Executive is deceased); provided, however, (i) any such expense reimbursement shall be made by the Companies no later than the last day of the taxable year following the taxable year in which such expense was incurred by the Executive or his spouse, and (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

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The obligations of the Companies pursuant to this Section 6(b) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination of Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If there shall be a Termination (as defined in Section 8 hereof) of the Executive for any reason other than Good Cause (as hereinafter defined) or retirement within (i) 12 months prior to a Change in Control (as defined in Section 7(b)) or (ii) two years following a Change in Control (as defined in Section 7(b)), then the Executive shall receive the Termination Benefits set forth herein. For purposes of this Agreement, "Good Cause" shall be limited to the Executive's commission of an act of fraud, embezzlement or theft constituting a felony against either of the Companies as finally determined by a court of competent jurisdiction or an unequivocal admission by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Change in Control" means a change in the ownership of TrustCo, a change in the effective control of TrustCo, or a change in the ownership of a substantial portion of the assets of TrustCo, as provided in Section 409A(a)(2)(A)(v) of the Internal Revenue Code, Treas. Reg. §1.409A-3(i)(5), and any guidance or regulations (collectively, the "Regulations") promulgated under Section 409A of the Internal Revenue Code. Subject to the foregoing, Treas. Reg. §l .409A-3(i)(5) provides the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a change in the ownership of TrustCo occurs on the date that any one person, or more than one person acting as a group (as defined in Treas. Reg. §1.409A-3(i)(5)(v)(B)), acquires ownership of stock of TrustCo that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of TrustCo. However, if any one person, or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the stock of TrustCo, the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of TrustCo (or to cause a change in the effective control of TrustCo (within the meaning of Treas. Reg. §l .409A-3(i)(5)(vi)). An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which TrustCo acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this paragraph. This paragraph applies only when there is a transfer of stock of TrustCo (or issuance of stock of TrustCo) and stock in TrustCo remains outstanding after the transaction (see paragraph (c) below for rules regarding the transfer of assets of TrustCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in the effective control occurs only on the date that either: (i) any one person, or more than one person acting as a group (as determined in Treas. Reg. §l.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of TrustCo possessing 30% or more of the total voting power of the stock of TrustCo; or (ii) a majority of members of TrustCo's board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of TrustCo's board of directors prior to the date of the appointment or election; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a change in the ownership of a substantial portion of TrustCo's occurs on the date that any one person, or more than one person acting as a group (as determined in Treas. Reg. §l .409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from TrustCo that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of TrustCo immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of TrustCo, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notice of Termination shall be communicated by the terminating party to the other parties to this Agreement pursuant to Section 11 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, "Termination" means (i) the termination by the Companies (including the issuance of a Nonrenewal Notice by TrustCo to the Executive) of the Executive's employment with the Companies for any reason or reasons other than for Good Cause, which such termination results in a "separation from service" with the Companies within the meaning of Treasury Regulation Section 1.409A-1(h) and (ii) the termination by the Executive of his employment with the Companies for Good Reason, which such termination results in a "separation from service" with the Companies within the meaning of Treasury Regulation Section 1.409A-1 (h). Notice of any such termination shall be communicated pursuant to Section 11 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purpose of this Agreement, "Good Reason" means the occurrence of any of the following events, except for the occurrence of such an event in connection with the termination of the Executive's employment for Disability or for death, or except as otherwise agreed to by the Executive, (i) any substantial diminution in the Executive's job responsibilities or a material adverse change in the Executive's title or status, (ii) a reduction by the Bank in the Executive's Annual Base Salary, the failure to maintain on behalf of the Executive (and his dependents) benefits which are at least comparable in the aggregate to those in effect as of the date of this Agreement, or a determination for reasons other than Good Cause not to extend the term of this Agreement or (iii) the relocation of the principal place of the Executive's employment by more than 50 miles from TrustCo's principal executive office as of the date of this Agreement; provided, that any of the events described in clauses (i) through (iii) above shall constitute Good Reason only if the Companies fail to cure such event within 30 days after receipt from the Executive of written notice of the event that constitutes Good Reason; and provided further, that the Executive shall cease to have a right to terminate due to Good Reason on the 180th day following the later of the occurrence of the event or the Executive's knowledge thereof, unless the Executive has given the Companies notice thereof prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination Benefits</u>. The following benefits shall be Termination Benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank shall pay to the Executive within 10 days following the last to occur of both his Termination and a Change in Control a lump sum amount equal to 2.99 times the Executive's Annual Compensation in effect at the time of his Termination or the Change in Control, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Termination, unless the same must be delayed to prevent a violation of the Regulations, the Bank shall cause to be paid to the Executive all benefits payable to the Executive under the Companies' any bonus or incentive compensation program in which Executive participates as referenced in paragraph 5 above, retirement, executive incentive compensation, pension and deferred compensation plans in accordance with the terms of such plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank shall pay to the Executive all legal fees and expenses incurred during the lifetime of the Executive by the Executive directly related to the enforcement of the payment of Termination Benefits and any reimbursement shall be made on or before the last day of the calendar year following the taxable year in which the expense was incurred and the right to reimbursement shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a Termination for any reason other than Good Cause, within two years after a Change in Control, within 30 days of the Termination, the Companies shall transfer, to the extent permitted by the applicable country club, any and all country club memberships owned by the Companies for the benefit of the Executive, to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of a Termination for any reason other than Good Cause, within two years after a Change in Control, within 30 days of the Termination, the Companies shall transfer to the Executive the company car used by the Executive, at the time of Termination.

Notwithstanding anything to the contrary herein contained, if the Executive is a "specified employee" as defined in the Regulations and the Termination Benefits constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Internal Revenue Code and the Regulations and unless otherwise allowed under the Regulations, Termination Benefits shall not be payable until the earlier of (i) the first day of the seventh month following the Executive's Termination and (ii) the Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Companies shall provide indemnification rights and benefits to the Executive to the fullest extent permitted by law and the charter or bylaws of the Companies. Any amendment or revision to such charter or bylaws that adversely affects the indemnification rights or benefits available to the Executive under such charter or bylaws as of the date hereof shall not be effective against the Executive unless the Executive has consented in writing to such amendment or revision or as otherwise required by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification provided by this Section 10 shall not be deemed exclusive of any other rights to which the Executive may be entitled under the charter or bylaws of the Companies or any statute, other agreement, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. Any indemnification rights provided pursuant to this Section 10 shall continue as to the Executive after the Executive has ceased to be a director, officer, employee or agent of the Companies and shall inure to the benefit of the heirs, executors and administrators of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be deemed to have been given at the time when mailed at any general or branch United States Post Office enclosed in a certified post paid envelope and addressed to the address of the respective party stated below or to such changed address as such party may have fixed by notice.

To the Companies: <br> TrustCo Bank Corp NY & Trustco Bank <br>5 Sarnowski Drive <br>Glenville, NY 12302

To the Executive: Michael Hall <br>Address on file with the Companies.

Provided, however, that any notice of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the Companies, their successors and assigns, including without limitation, any person or entity which may acquire all or substantially all of either TrustCo's or the Bank's assets or business or into which either TrustCo or the Bank may be consolidated or merged, and the Executive, as well as the Executive's heirs, executors, administrators and legal representatives. The Executive may assign the right to payment under this Agreement, but not obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>. Except to the extent preempted by federal law, this Agreement shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Complete Agreement</u>. This Agreement supersedes all prior understandings and agreements between the parties, and may not be amended or modified orally, but only by a writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Dispute Resolution</u>. All expenses (including, without limitation, legal fees and expenses) incurred during the lifetime of the Executive by the Executive in connection with, or in prosecuting or defending, any claim or controversy arising out of or relating to, this Agreement shall be paid by the Bank. Any reimbursement shall be made on or before the last day of the calendar year following the taxable year in which the expense was incurred and the right to reimbursement shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Late Payments</u>. If the Bank fails to pay when due any amount provided under this Agreement, the Bank shall pay to the Executive interest on any outstanding amount, at an annual rate of 12%, compounded semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Designation of Beneficiary</u>. In the event that any amount payable to the Executive as provided by this Agreement remains outstanding upon the death of the Executive, the amount due shall be payable to a beneficiary as designated by the Executive, in the same manner as set forth by this Agreement, or if no beneficiary is named, to the trustee of the Executive's revocable living trust, and if none to the trustee of the Executive's testamentary trust, and if none to the personal representative of the Executive's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Survival of Rights</u>. Except as may be expressly provided herein, all of the Executive's rights under this Agreement, including, but not limited to, Sections 6(b), 7 and 9 shall survive the Termination of the Executive and/or the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any jurisdiction is, as to such jurisdiction, ineffective to the extent of any such prohibition, unenforceability or nonauthorization without invalidating the remaining provisions hereof, or affecting the validity, enforceability or legality of such provision in any other jurisdiction, unless the ineffectiveness of such provision would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable.

[Signature Page Follows]

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IN WITNESS WHEREOF, TrustCo, the Bank and the Executive have caused this Agreement to be executed as of this 17th day of February, 2026.

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| | | |
|:---|:---|:---|
| ATTEST: | TRUSTCO BANK CORP NY | TRUSTCO BANK CORP NY |
| /s/ Lauren A. McCormick | By: | /s/ Robert J. McCormick |
| Lauren A. McCormick |  | Robert J. McCormick |
| Vice President, Treasurer, and |  | Chairman, President, and CEO |
| Assistant Corporate Secretary |  |  |
| ATTEST | TRUSTCO BANK | TRUSTCO BANK |
| /s/ Lauren A. McCormick | By: | /s/ Robert J. McCormick |
| Lauren A. McCormick |  | Robert J. McCormick |
| Vice President, Treasurer, and |  | Chairman, President, and CEO |
| Assistant Corporate Secretary |  |  |
|  | EXECUTIVE | EXECUTIVE |
|  | /s/ Michael Hall | /s/ Michael Hall |
|  | Name: Michael Hall | Name: Michael Hall |

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## Ex-10.W

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#### Exhibit 10(w)

#### 2023

#### Performance Share Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Performance Share Award Agreement (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the Participant set forth in Paragraph 3. Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 21, 2023 (that is, December 21, 2023). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

1. <u>Grant of Performance Shares</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of performance shares set forth in Paragraph 3 effective as of the Grant Date (the performance shares granted hereunder are hereafter referred to as the "Performance Shares"). The Award represents an award of performance-based Restricted Stock Units under Section 10 of the Plan. Furthermore, each Performance Share shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company on the last trading day of the Performance Period (as defined in Paragraph 3) or, in the event that payment is owed in connection with a Separation of Service pursuant to Paragraphs 4(f) and 4(g), the trading day immediately prior to the Settlement Date (as defined in Paragraph 5), subject to the terms and conditions set forth in this Agreement and the Plan.

<br> 2. <u>Consideration</u>. The grant of the Performance Shares is made in consideration of the services to be rendered by the Participant to the Company.

<br> 3. <u>Award Summary</u>.

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| | |
|:---|:---|
| Participant |  |
| Grant Date | November 21, 2023 |
| Number of Performance Shares: |  |
| Threshold: |  |
| Target: |  |
| Maximum: |  |
| Performance Period | January 1, 2024 to December 31, 2026 |

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With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 5 below.

<br> 4. <u>Satisfaction of Vesting Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Performance Shares are subject to a substantial risk of forfeiture until vested. Except as otherwise provided herein, the Participant shall be entitled to receive payment in respect of the Performance Shares described in this Agreement ("vesting") only upon the satisfaction of two conditions: a time-based condition and a performance goals condition. The conditions are described in more detail in Paragraphs 4(b), 4(c), and 4(d) below. The Performance Shares shall not vest, and the Participant shall not be entitled to any payment in respect of the Performance Shares, unless both conditions are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Time-Based Condition</u>. Except as otherwise provided herein, the time-based condition will be satisfied only if the Participant has remained an Eligible Employee from the Grant Date through the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance Goals Condition</u>. The payment earned by the Participant for the Performance Period, if any, will be determined by the Compensation Committee of the Board of Directors of the Company ("Committee") as of the end of the Performance Period based on the level of achievement of the performance goals in accordance with Paragraph 4(d) below. The Committee shall make adjustments in the terms and conditions of, and the criteria included in, the Award in accordance with Section 14(b) of the Plan. Subject to the terms of Paragraphs 4(f) and 4(g) of this Agreement, if the threshold level of the performance goals is not reached for the Performance Period, the Award and the Participant's right to receive any payment with respect to the Performance Period shall automatically expire and be forfeited without payment of any consideration, effective as of the last day of the Performance Period, which shall be deemed to be the Period of Restriction for the purposes of the Plan. All determinations of whether and the extent to which the performance goals have been achieved, the amount of cash earned by the Participant, if any, and all other matters related to this Paragraph 4 shall be made by the Committee in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Performance Goals Calculations</u>. Except as otherwise provided herein, achievement of the performance goals condition will be measured by the Company's Return on Average Equity ("ROAE"), which is measured as the average of the Company's ROAE for each of the three years within the Performance Period as set forth in Paragraph 3 compared with the ROAE of members of the comparative group of peer companies set forth on <u>Exhibit A</u> hereto (the "Peer Group") during the same period (calculated by determining the performance of the Peer Group in each year and then calculating the three-year average of each member of the Peer Group set forth on <u>Exhibit A</u> expressed as a percentile rank of the Company compared to the members of the Peer Group ("Percentile Rank"), subject to possible adjustment as described below based upon the Company's non-performing assets, with vesting occurring at the end of the Performance Period and payout prior to March 15, 2027. The amount paid out on account of this Award shall be determined by multiplying the "Factor" corresponding to the Company's Percentile Rank by the number of Performance Shares awarded for "Target" performance as listed in Paragraph 3 above. The Factor to be applied in this formula shall be plotted on a continuous scale utilizing linear interpolation from the "Threshold" level of performance, below which no Performance Shares shall vest, to the "Maximum" level of performance, at which the payout hereunder shall be 150% of the "Target" performance-level award.<sup>1</sup> The following table describes the range of Percentile Ranking and the corresponding adjustment Factors:

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| | |
|:---|:---|
| **Level** | **Factor** |
| Threshold<br> 25<sup>th</sup> percentile of the Peer Group | 25% |
| Target<br> 55<sup>th</sup> percentile of the Peer Group | 100% |
| Maximum<br> 75<sup>th</sup> percentile or above of the Peer Group | 150% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Measure</u>. If non-performing assets to total assets of the Company increases beyond 1.75% for one or more quarters, as published in the quarter-end results during the Performance Period, the total amount of cash to be paid pursuant to this Award will be reduced by one quarter. For clarity, it is intended that an Award amount be determined pursuant to Paragraph 4(d), and that said amount be reduced by the factor set forth in this Paragraph 4(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Death or Disability</u>. In the event of a Participant's Separation from Service because of death or Disability during the Performance Period, a pro rata number of Performance Shares shall vest, and the Company shall calculate the amount of cash to be paid to the Participant, if any, based upon the number of Performance Shares to which the Participant would have received pursuant to this Agreement and the Plan had "Target" performance had been achieved and he or she not experienced a Separation from Service multiplied by a fraction, the denominator of which is 36 and numerator of which is the number of full months of employment or service during the Performance Period prior to the Separation from Service.

------

<sup>1</sup> Share awards calculated hereunder shall be rounded up to the next whole share to determine the number of Performance Shares that shall vest.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Separation from Service</u>. Unless otherwise determined by the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), or unless the Committee, in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of a Participant's Separation from Service for any reason other than death or Disability during the Performance Period, all Performance Shares still subject to the Performance Period at the date of such Separation from Service shall be forfeited without payment of any consideration, effective as of the date of the Separation from Service.

5. <u>Settlement of Performance Shares</u>. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, promptly upon completion of the Performance Period, and in any event no later than March 15, 2027, (i) the Company shall determine (the date of such determination being the "Settlement Date") whether, and to what extent, the performance goals for the Performance Period have been achieved and the amount payable as a result thereof, if any and (ii) pay the total amount of cash earned, if any, to the Participant. Notwithstanding the foregoing, in the event of a Participant's Separation from Service due to death or Disability during the Performance Period, the Company shall pay the total amount of cash amount earned within sixty (60) days following such Separation from Service. The written certification of the Committee shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law.

<br> 6. <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Performance Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Performance Shares; and (ii) does not commit to structure the Performance Shares to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Performance Shares and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

7. <u>Restrictions on Transfer of Performance Shares</u>. Subject to any exceptions set forth in this Agreement, the Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

------

<br> 8. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Performance Shares.

9. <u>No Right to Continued Employment</u>. Neither this award of Performance Shares nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that, except as otherwise provided herein, the satisfaction of the time-based vesting condition is subject to the Participant's continuation of employment with the Company through the end of the Performance Period and not through the act of being hired or being granted this award.

10. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such rules and regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Performance Shares subject to all of such terms and conditions.

11. <u>Compliance with Laws and Regulations</u>. This Award of Performance Shares shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

12. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

13. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Performance Shares shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained or sponsored by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

------

14. <u>Recovery of Incentive Compensation</u>. This Award of Performance Shares and any cash compensation received by the Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment, or clawback policy or program that the Company may adopt from time to time, including, without limitation, any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's Shares of Common Stock may be listed. The Participant shall promptly return any such incentive-based compensation that the Committee determines the Company is required to recover from the Participant under any such policy.

15. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

16. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal and state courts of New York to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

17. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

18. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

19. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Performance Shares pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| By: |  |
|  | Robert J. McCormick |
|  | Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

#### EXHIBIT A

---

| | |
|:---|:---|
| Institution | State |
| Arrow Financial Corp. | NY |
| BCB Bancorp | NJ |
| Capital City Bank Group Inc. | FL |
| CNB Financial | PA |
| ConnectOne Bancorp Inc. | NJ |
| Financial Institutions Inc. | NY |
| First Commonwealth Financial | PA |
| The First Long Island Corp. | NY |
| Flushing Financial Corp. | NY |
| HarborOne Bancorp Inc | MA |
| Kearny Financial Corp. | NJ |
| Lakeland Bancorp | NJ |
| Mid Penn Bancorp | PA |
| NBT Bancorp Inc. | NY |
| Northfield Bancorp | NJ |
| S&T Bancorp | PA |
| Tompkins Financial Corporation | NY |
| Univest Financial Corp. | PA |

---

A company in the Peer Group may be changed as follows:

<br> (i) In the event of a merger, acquisition or business combination transaction of a company within the Peer Group with or by another company within the Peer Group, the surviving entity shall remain a company in the Peer Group.

(ii) In the event of a merger of a company within the Peer Group with an entity that is not a company within the Peer Group, or the acquisition or business combination transaction by or with a company within the Peer Group, or with an entity that is not a company within the Peer Group, in each case where the company within the Peer Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company within the Peer Group.

------

(iii) In the event of a merger or acquisition or business combination transaction of a company within the Peer Group by or with an entity that is not a company within the Peer Group, a "going private" transaction involving a company within the Peer Group or the liquidation of a company within the Peer Group, where the company within the Peer Group is not the surviving entity or is otherwise no longer publicly traded, the company shall no longer be a company within the Peer Group.

(iv) In the event of a bankruptcy, liquidation, or delisting of a Company within the Peer Group such company shall remain a company within the Peer Group and such company's ROAE will be deemed to place it at the 0 percentile.

(v) In the event of a stock distribution from a company in the Peer Group consisting of the shares of a new publicly-traded company (a "spin-off"), the company within the Peer Group shall remain a company within the Peer Group and the stock distribution shall be treated as a dividend from the company within the Peer Group based on the closing price of the shares of the spun-off company on its first trading. The spun-off company shall not thereafter be part of the Peer Group.

------

## Ex-10.Y

------

#### Exhibit 10(y)

#### 2023

#### Time-Based Restricted Stock Unit Award Agreement (Cash Settled)

#### under the

#### TrustCo Bank Corp NY

#### Amended and Restated 2019 Equity Incentive Plan

This Restricted Stock Unit Award Agreement (this "Agreement") under the TrustCo Bank Corp NY Amended and Restated 2019 Equity Incentive Plan (the "Plan"), dated as of the Grant Date set forth below, is made between TrustCo Bank Corp NY (the "Company") and the participant set forth in Paragraph 3 (the "Participant"). Unless defined herein, capitalized terms are as defined in the Plan.

*The Award granted in this Agreement is contingent on the Participant agreeing to be bound by all of the terms and conditions of the Plan and this Agreement by signing and returning this Agreement to the Company on or before the close of business on the thirtieth day after November 21, 2023 (that is, December 21, 2023). If the Participant fails to return a signed copy of this Agreement to the Company on or before such date, this Award will be deemed to be voided and withdrawn and, as such, of no force or effect.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant</u>. Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant an award (the "Award") of the number of Restricted Stock Units set forth in Paragraph 3 (the "Restricted Stock Units"). Each Restricted Stock Unit shall represent the right to receive upon settlement an amount of cash equal to the Fair Market Value of one share of Common Stock of the Company, subject to the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consideration</u>. The grant of the Restricted Stock Units is made in consideration of the services to be rendered by the Participant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Award Summary</u>.

---

| | |
|:---|:---|
| Participant |  |
| Grant Date | November 21, 2023 |
| Number of Restricted Stock Units: |  |
| Period of Restriction (each date below, a "Vesting Date"): |  |
| November 21, 2024 |  |
| November 21, 2025 |  |
| November 21, 2026 |  |

---

With respect to outstanding unvested Awards under the Plan granted pursuant hereto, there shall be no automatic vesting of such Awards solely upon a Change-in-Control. The settlement of the Award granted in this Agreement shall otherwise be governed by Paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Period of Restriction</u>. The Award of Restricted Stock Units described in this Agreement shall be subject to the Period of Restriction as set forth in Paragraph 3. For purposes of this Agreement, "Period of Restriction" means the period of time after which the Award shall be deemed "vested" and settled in cash as provided in the Plan and this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on Transfer of Restricted Stock Units</u>. Subject to any exceptions set forth in this Agreement, the Restricted Stock Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, or disposed of in any manner other than in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Rights as a Shareholder</u>. The Participant shall have no rights as a shareholder with respect to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Separation from Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. Notwithstanding the vesting schedule set forth in Paragraph 3, in the event of the Participant's Separation from Service because of death or Disability during the Period of Restriction, the Period of Restriction applicable to the remaining unvested Restricted Stock Units shall automatically terminate (that is, the unvested Restricted Stock Units shall "vest") as of the date of such Separation from Service, which date shall be the "Vesting Date" for the purposes of settlement of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Separation from Service</u>. Unless the Compensation Committee of the Board of Directors of the Company (the "Committee"), in its sole discretion and insofar as permitted by the Plan, determines otherwise, in the event of the Participant's Separation from Service during the Period of Restriction for any reason other than those set forth in Paragraph 7(a) above, then any Restricted Stock Units still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited by the Participant, and all of the Participant's rights to such unvested Restricted Stock Units shall immediately terminate without any payment or consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Settlement. Subject to the provisions of the Plan (including, but not limited to, Section 13 of the Plan (Change in Control)), and this Agreement, after the Vesting Date as set forth in Paragraphs 3 or 7, as applicable, vested Restricted Stock Units will be settled in cash as soon as reasonably practicable following the Vesting Date; provided, however, that in no event shall such Restricted Stock Units be settled more than sixty (60) days after such Vesting Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Vesting Date. For purposes of this Agreement, the actual date of settlement for the vested Restricted Stock Units shall be known as the "Settlement Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall be required to remit to the Company, and the Company shall have the right, subject to Code Section 409A, to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Stock Units; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant's liability for Tax-Related Items. The Participant acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Restricted Stock Units and that the Participant has been advised to consult a tax advisor prior to such vesting or settlement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Right to Continued Employment</u>. Neither the Award nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be retained in the employment or service of the Company or any affiliate for any period, nor restrict in any way the right of the Company, which right is hereby expressly reserved, to terminate the Participant's employment or service at any time with or without Cause. The Participant acknowledges and agrees that any termination of the restrictions on the Restricted Stock Units awarded herein is earned only by continuing as an employee of the Company or an affiliate at the will of the Company or such affiliate, or satisfaction of any other applicable terms and conditions contained in the Plan and this Agreement, and not through the act of being hired or being granted the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>The Plan</u>. This Agreement is subject to all the terms, provisions, and conditions of the Plan, which are incorporated herein by reference, and to such regulations as may from time to time be adopted by the Committee. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock Units subject to all of such terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compliance with Laws and Regulations</u>. The award of Restricted Stock Units shall be subject in all respects to all applicable federal and state laws, rules, and regulations and any registration, qualification, approvals, or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable, including all applicable requirements of any stock exchange on which the Company's shares of Common Stock are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered by hand or electronically by e-mail to the party for whom it is intended, (i) if to the Participant, to the current home address or e-mail address on file with the Company or delivered by hand personally to Participant and (ii) if to the Company, to the address of the Company's corporate headquarters, currently located at 5 Sarnowski Drive, Glenville, New York 12302, or such other address to which the Company has moved its corporate headquarters, to such other address that the Company may specify from time to time in a notice sent to the Participant, in each case Attention: Human Resource Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Other Plans</u>. The Participant acknowledges that any income derived from the Restricted Stock Units shall not affect the Participant's participation in, or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or any affiliate of the Company, unless otherwise required by law and/or set forth in such other arrangements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Recovery of Incentive Compensation</u>. This Award of Restricted Stock Units and any cash or other compensation received by Participant pursuant to this Award that constitutes incentive-based compensation may be subject to recovery by the Company under any compensation recovery, recoupment or clawback policy that the Company may adopt from time to time, including without limitation any policy that the Company has adopted or is required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the U.S. Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company's shares of Common Stock may be listed. Participant shall promptly return any such incentive-based compensation that the Company determines it is required to recover from Participant under any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Beneficiary Designation</u>. The Participant may, pursuant to the Plan and on a form provided by the Company, name one or more beneficiaries to whom vested benefits under this Agreement shall be paid in case of Participant's death before Participant receives all of such benefits. In the absence of any such designation, benefits remaining unpaid at the Participant's death shall be paid to his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law; Venue</u>. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. The Participant hereby agrees to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Section 409A</u>. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Participant Undertaking</u>. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Stock Units pursuant to the express provisions of this Agreement.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TrustCo Bank Corp NY** | **TrustCo Bank Corp NY** |
| By: |  |
|  | Robert J. McCormick |
|  | Chairman, President, and CEO |

---

---

| |
|:---|
| **Accepted and agreed to:** |
| Name: |

---

------

## Ex-13

?xml version='1.0' encoding='ASCII'?

------

**Exhibit 13

![](image00001.jpg)

TrustCo Bank Corp NY (the "Company," or "TrustCo") is a savings and loan holding company headquartered in Glenville, New York. The Company is headquartered in the Capital Region of New York State, and its principal subsidiary, Trustco Bank (the "Bank" or "Trustco"), operates 134 community banking offices and 154 Automatic Teller Machines throughout the Bank's market areas. The Company serves 5 states and 34 counties with a broad range of community banking services.

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands, except per share data) | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2025 |  | 2024 |  | Percent Change |
| Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net interest income | $168973 |  | $151939 |  | 11.21% |
| &nbsp;&nbsp;&nbsp; Net Income | 61137 |  | 48833 |  | 25.20 |
| Per Share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic earnings | 3.26 |  | 2.57 |  | 26.85 |
| &nbsp;&nbsp;&nbsp; Diluted earnings | 3.25 |  | 2.57 |  | 26.46 |
| &nbsp;&nbsp;&nbsp; Book value at period end | 38.08 |  | 35.56 |  | 7.09 |
| Average Balances: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | 6324139 |  | 6115234 |  | 3.42 |
| &nbsp;&nbsp;&nbsp; Loans, net | 5159337 |  | 5040915 |  | 2.35 |
| &nbsp;&nbsp;&nbsp; Deposits | 5469890 |  | 5286032 |  | 3.48 |
| &nbsp;&nbsp;&nbsp; Shareholders' equity | 688339 |  | 657097 |  | 4.75 |
| Financial Ratios: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Return on average assets | 0.97 | % | 0.80 | % | 21.25 |
| &nbsp;&nbsp;&nbsp; Return on average equity | 8.88 |  | 7.43 |  | 19.52 |
| &nbsp;&nbsp;&nbsp; Consolidated tier 1 capital to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets (leverage capital ratio) | 10.60 |  | 11.05 |  | (4.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-adjusted assets | 18.39 |  | 19.30 |  | (4.72) |
| Common equity tier 1 capital ratio | 18.39 |  | 19.30 |  | (4.72) |
| Total capital to risk-adjusted assets | 19.65 |  | 20.56 |  | (4.43) |
| Allowance for credit losses on loans to nonperforming loans | 2.53 | x | 2.67 | x | (5.24) |
| Efficiency ratio (GAAP) | 56.14 | % | 61.55 | % | (8.79) |
| Adjusted Efficiency ratio\* | 55.76 |  | 61.60 |  | (9.48) |
| Dividend Payout ratio | 45.19 |  | 56.09 |  | (19.43) |

---

\* Adjusted Efficiency ratio is determined by a method other than in accordance with generally accepted accounting principles ("GAAP"). See the Non-GAAP Financial Measures Reconciliation presented herein.

#### Per Share information of common stock

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Range of Stock | Range of Stock |
|  | Basic | Diluted | Cash | Book | Price | Price |
|  | Earnings | Earnings | Dividend | Value | High | Low |
| 2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First quarter | $0.75 | $0.75 | $0.36 | $36.16 | $34.34 | $29.65 |
| &nbsp;&nbsp;&nbsp; Second quarter | 0.79 | 0.79 | 0.36 | 36.75 | 33.42 | 27.56 |
| &nbsp;&nbsp;&nbsp; Third quarter | 0.87 | 0.86 | 0.38 | 37.30 | 40.72 | 32.89 |
| &nbsp;&nbsp;&nbsp; Fourth quarter | 0.85 | 0.85 | 0.38 | 38.08 | 44.85 | 34.65 |
| 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First quarter | $0.64 | $0.64 | $0.36 | $34.12 | $31.19 | $26.38 |
| &nbsp;&nbsp;&nbsp; Second quarter | 0.66 | 0.66 | 0.36 | 34.46 | 29.65 | 25.91 |
| &nbsp;&nbsp;&nbsp; Third quarter | 0.68 | 0.68 | 0.36 | 35.19 | 35.74 | 27.81 |
| &nbsp;&nbsp;&nbsp; Fourth quarter | 0.59 | 0.59 | 0.36 | 35.56 | 37.96 | 31.83 |

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| | |
|:---|:---|
| Financial Highlights | 1 |
| President's Message | 3 |
| Cautionary Note Regarding Forward-Looking Statements | 4-5 |
| Management's Discussion and Analysis of Financial Condition and Results of Operations | 6-32 |
| Glossary of Terms | 33-35 |
| Management's Report on Internal Control Over Financial Reporting | 36 |
| Consolidated Financial Statements and Notes | 37-98 |
| &nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm | 37 |
| &nbsp;&nbsp;&nbsp; Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 | 40 |
| &nbsp;&nbsp;&nbsp; Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 | 41 |
| &nbsp;&nbsp;&nbsp; Consolidated Statements of Financial Condition as of December 31, 2025 and 2024 | 42 |
| &nbsp;&nbsp;&nbsp; Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023 | 43 |
| &nbsp;&nbsp;&nbsp; Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 44 |
| &nbsp;&nbsp;&nbsp; Notes to Consolidated Financial Statements | 45 |
| Branch Locations | 99-104 |
| Officers and Board of Directors | 105-106 |
| General Information | 107-108 |
| Stock Performance Graph | 109 |

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#### TrustCo Bank Corp NY Mission
The Mission of TrustCo Bank Corp NY is to be the premier hometown bank making financial dreams come true in the communities we serve. We achieve this through our commitment to excellence, treating all stakeholders fairly and with respect, while maintaining our tradition of being a pillar of strength.

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![](image00001.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

President's Message

Dear Fellow Shareholders:

At this moment, perhaps more than at any time in recent memory, TrustCo Bank Corp NY is an engine for the creation of long-term shareholder value. Net income is up 25% over the prior year and our total shareholder return was 29% for the year – beating our proxy peer group and a regional bank index by more than three times. We believe that the completion of a million-share buyback and the authorization of the repurchase of another two million shares set the wheels in motion for the creation of even more value going forward. The trend also is positive on share price, which at the end of 2025 was up 24% compared to the end of 2024.

The efforts of bank management over time have created a safe and sound institution that provides value to customers who express their confidence in the bank by depositing their hard-earned money knowing that it will be there when they need it – plus a fair return. We are independent and strong. And we will not compromise our values or fold to pressure to adopt short-sighted business models that will have the effect of draining the value out of Trustco Bank. Rather, we will continue to run a top-notch bank that provides value to its customers through safety and soundness and to its owners through efficient operation that generates meaningful returns over the long run.

TrustCo Bank Corp NY is a true value investment in that it has paid a dividend every quarter since at least 1904. An investment in our company 25 years ago, with dividends reinvested, would have grown 139%. This exceptional rate of return also would be realized by a newer investor – an investment made five years ago would have seen a return of 54%, with dividends reinvested. We have grown loans to an all-time high of over $5 billion and our Wealth Management Department has surpassed $1 billion in assets under management. We have expanded our area of operation from one community on the Mohawk River to five states – and recently purchased a new regional headquarters building in our historic base of southern operations, Longwood, Florida.

Of course, credit quality also is a hallmark of our operation. We continue to see net recoveries rather than losses on our loan portfolio and maintain in place policies and procedures that require solid underwriting and diligent collection of loan balances. We avoid financing gimmicks and other ploys to create the appearance of balance-sheet improvement.

In short, we are proud of the company that we have built with the support of our owners. In fact, we firmly believe that the best investment of any available capital on our books is further investment in TrustCo. We are committed to completing our authorized two-million share buyback – for which funds already have been earmarked – and may continue buying shares after that as circumstances warrant.

We remain grateful not only for the support of our owners, but for that of our customers and the communities that we serve. Our employees donate thousands of hours of time to worthy causes of all sorts including food insecurity, housing, veterans' groups, financial education, and the environment, to name a few.

While the success of the past does not necessarily predict similar future outcomes, good preparation and hard work are great foundations for future and ongoing endeavors. Our team works hard every day to prepare for whatever may be the next challenge or opportunity. Through these efforts, we stand ready to continue delivering exceptional value well into the future.

Very truly yours,

![](image1.jpg)

Robert J. McCormick

Chairman, President, and Chief Executive Officer

TrustCo Bank Corp NY

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#### Cautionary Note Regarding Forward-Looking Statements
Statements included in this report and in future filings by TrustCo with the SEC, in TrustCo's press releases, and in oral statements made with the approval of an authorized 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 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, 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.

The following important factors, among others, in some cases have affected and in the future could affect TrustCo's actual results, and could cause TrustCo's actual financial performance to differ materially from that expressed in any forward-looking statement:

<u>Risks Related to Our Lending Activities</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exposed to credit risk in our lending activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our allowance for credit losses on loans is not sufficient to cover expected loan losses, our earnings could decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

<u>Risks Related to Our Operations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are dependent upon the services of the management team;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exposed to climate risk;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental, social and governance (ESG) risks could adversely affect our reputation and shareholder, employee, client, and third party relationships and may negatively affect our stock price;

<u>Risks Related to Market Conditions</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the soundness of other financial institutions could adversely affect us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

<u>Risks Related to Compliance and Regulation</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be subject to a higher effective tax rate if Trustco Realty Corp. fails to qualify as a real estate investment trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards could impact reported earnings;

<u>Risks Related to Competition</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong competition within the Bank's market areas could hurt profits and slow growth;

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

<u>Risks Related to Cybersecurity, Third Parties, and Technology</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and use of artificial intelligence ("AI") presents risks and challenges that may adversely impact our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

<u>Risks Related to Ownership of Our Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

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![](image00001.jpg)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our results of operations and financial condition for 2025, 2024 and 2023. This discussion should be read in conjunction with our audited financial statements included in "Consolidated Financial Statements and Notes" herein and Part I, Item 1, "Business" set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). The following analysis contains forward-looking statements about our future revenues, operating results and expectations. See "Cautionary Note Regarding Forward-Looking Statements" herein for a discussion of the risks, assumptions and uncertainties affecting these statements, as well as Part I, Item 1A. "Risk Factors" set forth in our 2025 Form 10-K.*

*To review our financial condition and results of operations for 2023 and a comparison between the 2023 and 2024 results, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC on March 14, 2025. Balances discussed are daily averages unless otherwise described.*

#### Financial Review
In 2025, a year that was extraordinary for the economy and the markets, TrustCo continued to make great progress. In management's view, the key results for 2025 are:

&nbsp;&nbsp;&nbsp;&nbsp;• Net income after taxes was $61.1 million or $3.25 diluted earnings per share in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;• Period-end loans were up $154.4 million for 2025 compared to the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Period-end deposits were up $166.4 million for 2025 compared to the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Nonperforming assets was $22.1 million for 2025;

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net interest income was $169.0 million in 2025;

&nbsp;&nbsp;&nbsp;&nbsp;• At 56.14% and 55.76%, the efficiency ratio (GAAP) and adjusted efficiency ratio (non-GAAP), respectively, remained stronger than our peer group levels (see Non-GAAP Financial Measures Reconciliation); and

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory capital levels of both the Company and the Bank continued to remain strong as of December 31, 2025, and the Bank continues to meet the definition of "well capitalized" for regulatory purposes.

Management believes that the Company was able to achieve these accomplishments, by executing its long-term plan focused on traditional lending criteria and sound balance sheet management. Achievement of specific business goals such as the continued expansion of loans, along with tight control of operating expenses and manageable levels of nonperforming assets, is fundamental to the long-term success of the Company as a whole.

Return on average equity was 8.88% in 2025 compared to 7.43% in 2024, while return on average assets was 0.97% in 2025 as compared to 0.80% in 2024.

The U.S. economy continued to demonstrate resilience during 2025, supported by continued consumer spending and generally stable economic growth. In 2024, the Federal Reserve began easing monetary policy, including a 50 basis point cut in September 2024 and additional 25 basis point cuts in November 2024 and December 2024, which resulted in a federal funds target rate range of 4.25 percent to 4.50 percent at year-end 2024. The Federal Reserve continued to reduce short-term interest rates over the course of 2025, and, at its Federal Open Market Committee ("FOMC") meeting in December 2025, it lowered the target range for the federal funds rate to a range of 3.50 percent to 3.75 percent.

For the year ended 2025, equity markets produced positive returns. The Dow Jones Industrial Average increased approximately 13% during 2025, and the S&P 500 Index generated a total return of approximately 18%. United States three-month Treasury bills experienced a decrease in rates ending the year at 3.67%, 20 basis points above the two-year Treasury yield at year-end of 3.47%, and 51 basis points behind the ten-year Treasury yield at year-end of 4.18%. These yields compare to 2024 year-end yields of 4.37% for the three-month Treasury bills, 4.25% for the two-year Treasury bond and 4.58% for the ten-year Treasury bond. These rates are important to the banking industry because deposit rates tend to track the changes in the shorter-term Treasury markets and the mortgage loan products tend to track with the ten-year Treasury yields. Beginning in 2025, the yield on the two-year Treasury bond was 4.25% and decreased 78 basis points during the year to close 2025 at 3.47%, and the ten-year Treasury bond began 2025 at 4.58% and closed the year down 40 basis points to 4.18% at year-end. These rate changes have a significant implication to the broader economic cycle.

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While the FOMC continued its rate easing cycle during 2025, the range of potential rate paths over the coming year remains wide and will ultimately be driven by the path of inflation, labor market performance and economic growth. In its January 2026 "Beige Book," the Federal Reserve reported that overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve Districts, with three Districts reporting no change and one reporting a modest decline. In the Second District (including New York), economic activity continued to decline modestly, with small-to-medium sized banks in the region reporting that loan demand declined since the previous period, especially for consumer loans and residential mortgages. In the Sixth District (including Florida), the Beige Book reported slight growth in economic activity, with financial institutions reporting modest loan growth, with the largest increases in credit cards.

The U.S. government announced changes to its trade policies in 2025 and significantly increased tariffs on certain imports under emergency authorities, including the International Emergency Economic Powers Act ("IEEPA"). In February 2026, the Supreme Court ruled that IEEPA does not authorize the President to impose tariffs. The current tariff environment remains dynamic and uncertain, including regarding potential refunds of tariffs paid under IEEPA, and the U.S. government could respond with replacement measures under other legal authorities. We continue to closely monitor both the impact and potential impact of such measures on our business, our customers and on overall economic conditions in the United States.

Trustco, like most other banking organizations, prices its liabilities (deposits and short-term borrowings) in relation to the shorter end of the Treasury maturity curve. The average for the three-month treasury was 97 basis points lower in 2025 than in 2024, with the median yield of 4.33% in 2025 down 110 basis points over the median yield in 2024. These trends generally reflect a decrease in the cost for deposit products that price in relation to the short-term treasury market yields. At the same time the average yield of the ten-year Treasury has increased to 4.29% in 2025, up 8 basis points from 2024 when the average was 4.21%. Generally longer-term loans are priced consistent with the changes in the ten-year Treasury markets. These two trends – lower shorter-term rates and an increase in longer-term rates – could result in an increase of new loan yields and a decrease in deposit yields.

In November 2023, the FDIC issued a final rule to implement a special assessment to recoup losses to the Deposit Insurance Fund associated with bank failures in the first half of 2023. Under the rule, the assessment base for the special assessment is equal to an insured depository institution's estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The total amount of the special assessment is to be paid in quarterly installments that began with the invoice for the first quarter of 2024 (received in June 2024) and ends with the invoice for the second quarter of 2026. In December 2025, the FDIC adopted an interim final rule modifying the special assessment collection to reflect updated estimated losses and providing for mechanisms to address potential over- or under-collection relative to actual losses. There continues to be no additional cost to TrustCo as a result of its uninsured deposits being under $5 billion.

Management believes that TrustCo's long-term focus on traditional banking services has enabled the Company to avoid significant impact from asset quality problems, and the Company's strong liquidity and solid capital positions have allowed the Company to continue to conduct business in a manner consistent with past practices. While we continue to aim 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 unexpected changes, financial sector 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.

#### Overview
2025 results were marked by growth in the Company's loan portfolio despite a challenging year for loan rates and housing prices. The loan portfolio grew to a total of $5.25 billion, an increase of $154.4 million or 3.0% over the 2024 year-end balance. Deposits ended 2025 at $5.56 billion, up from $5.39 billion the prior year-end. The year-over-year increase in loans reflects the success the Company has had in attracting customers to the Bank given its array of loan products. Management believes that the increase in deposits was driven by the Bank's effective market and pricing strategy. Moreover, management believes that TrustCo's success is predicated on providing core banking services to a wider number of customers and continuing to provide added services to existing customers where possible. Growing the customer base should contribute to continued growth of loans and a renewed growth of deposits, as well as growth in net interest income and non-interest income.

TrustCo earned $61.1 million in net income or $3.25 of diluted earnings per share for the year ended December 31, 2025, compared to $48.8 million in net income or $2.57 of diluted earnings per share for the year ended December 31, 2024.

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During 2025, the following items had a significant effect on net income:

&nbsp;&nbsp;&nbsp;&nbsp;• An increase of $17.0 million in net interest income from 2024 to 2025 primarily as a result of the increase in interest and fees on loans and an increase in interest on federal funds sold and other short-term investments; and

&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in the provision for credit losses of $400 thousand.

Management believes that TrustCo performed well in comparison to its peers with respect to a number of key performance ratios during 2025 and 2024, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Tier 1 risk-based capital ratio of 18.39% for 2025 and 19.30% for 2024, compared to medians of 12.90% in 2025 and 12.41% in 2024 for a peer group comprised of all publicly traded banks and thrifts tracked by S&P Global Market Intelligence with assets of $2 billion to $10 billion, and

&nbsp;&nbsp;&nbsp;&nbsp;• an efficiency ratio and an adjusted efficiency ratio of 56.14% and 55.76% for 2025, and 61.55%and 61.60% for 2024, respectively, as calculated by S&P Global Market Intelligence, compared to the peer group medians of 59.01% in 2025 and 61.84% in 2024.

During 2025, TrustCo's results were affected by loan growth and a changing interest rate environment. The increase in net interest income was due to a 20 basis-point expansion in the net interest margin to 2.74% from 2.54%, primarily as a result of a $192.6 million, or 3.2%, increase in average interest-earning assets and a decrease of 8 basis points in average cost of interest-bearing liabilities from 2024 to 2025. Average loan balances increased 2.3% from 2024 to 2025, and average Federal Funds Sold and other short-term investments increased 30.7%, while available for sale securities and held to maturity securities decreased 17.8%. Average net loans decreased to 83.6% of average earning assets in 2025 from 84.4% in 2024. On average for 2025, non-maturity deposits were 61.5% of total deposits, down from 63.8% in 2024. The Company has traditionally sought to maintain a high liquidity position and taken a conservative stance in its investment portfolio through the use of relatively short-term securities.

Market interest rates moved significantly during the course of 2024 and 2025, with shorter-term three-month treasury rates decreasing year-over-year as well as the longer-term ten-year rates decreasing. This resulted in the average daily spread between the ten-year Treasury and the two-year Treasury increasing to 0.48 basis points in 2025, up from an average of negative 16 basis points in 2024. The spread between the ten-year Treasury and the two-year Treasury changed throughout the year and ended 2025 at a positive 71 basis points. Generally, a more positive slope in the yield curve is beneficial for the Company's earnings derived from its core mix of loans and deposits.

The tables below illustrate the range of key Treasury bond interest rates during 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3 Month T<br> Bill (BEY) | 2 Year T <br> Note | 5 Year T <br> Note | 10 Year T <br> Note | 10 Year - <br> 2 Year |
|  | Yield(%) | Yield(%) | Yield(%) | Yield(%) | Spread(%) |
| <u>2025</u> |  |  |  |  |  |
|  Beginning of Year | 4.37 | 4.25 | 4.38 | 4.58 | 0.33 |
|  Peak | 4.46 | 4.40 | 4.61 | 4.79 | 0.73 |
|  Trough | 3.62 | 3.41 | 3.55 | 3.97 | 0.20 |
|  End of Year | 3.67 | 3.47 | 3.73 | 4.18 | 0.71 |
|  Average | 4.21 | 3.81 | 3.92 | 4.29 | 0.48 |
|  Median | 4.33 | 3.78 | 3.91 | 4.29 | 0.52 |
| <u>2024</u> |  |  |  |  |  |
|  Beginning of Year | 5.45 | 4.26 | 3.83 | 3.84 | (0.42) |
|  Peak | 5.52 | 5.04 | 4.72 | 4.70 | 0.33 |
|  Trough | 4.31 | 3.49 | 3.41 | 3.63 | (0.47) |
|  End of Year | 4.37 | 4.25 | 4.38 | 4.58 | 0.33 |
|  Average | 5.18 | 4.37 | 4.13 | 4.21 | (0.16) |
|  Median | 5.43 | 4.37 | 4.17 | 4.25 | (0.25) |

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Source: www.treasury.gov

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TrustCo focuses on providing high quality service to the communities served by its branch network. The financial results for the Company are influenced by economic events that affect those communities, as well as national economic trends, primarily interest rates, affecting the entire banking industry.

The Company remains focused on building its customer relationships, and deposits and loans throughout its branch network, with a particular emphasis on the newest branches added to our network in recent years.

The Company continually looks for opportunities to open new offices each year by filling in or extending existing markets. The Company has experienced continued growth in all markets as measured by the growth in our loan balances. Branches in all geographies have the same products and features found at other Trustco Bank locations. Additionally, over the last several years the Company has made significant investments in its online and mobile banking platforms, including new automated tools. With a combination of competitive rates, excellent service, technology, and convenient locations, management believes that as branches mature, they will continue to attract deposit and loan customers. As expected, some branches have grown more rapidly than others. Generally, new bank branches continue to grow for years after being opened, although there is no specific time frame that could be characterized as typical. The Company also took the opportunity in 2025 to close two underperforming branches and consolidated the loans and deposits at nearby locations.

#### Asset/Liability Management
In managing its balance sheet, TrustCo utilizes funding and capital sources within credit, investment, interest rate, and liquidity risk guidelines established by management and approved by the Board of Directors. Loans and securities (including Federal Funds sold and other short-term investments) are the Company's primary earning assets. Average interest earning assets were 97.5% and 97.7% of average total assets for 2025 and 2024, respectively.

TrustCo, through its management of liabilities, attempts to provide stable and flexible sources of funding within established liquidity and interest rate risk guidelines. This is accomplished through core deposit banking products offered within the markets served by the Company. TrustCo does not actively seek to attract out-of-area deposits or so-called "hot money," but rather focuses on core relationships with both depositors and borrowers.

TrustCo's objectives in managing its balance sheet are to limit the sensitivity of net interest income to actual or potential changes in interest rates and to enhance profitability through strategies that should provide sufficient reward for predicted and controlled risk. The Company is deliberate in its efforts to maintain adequate liquidity under prevailing and projected economic conditions and to maintain an efficient and appropriate mix of core deposit relationships. The Company relies on traditional banking investment instruments and its large base of core deposits to help in asset and liability management. Predicting the impact of changing rates on the Company's net interest income and net fair value of its balance sheet is complex and subject to uncertainty for a number of reasons. For example, in making a general assumption that rates will rise, a myriad of other assumptions regarding whether the slope of the yield curve remains the same or changes, whether the spreads of various loans, deposits and investments remain unchanged, widen or narrow and what changes occur in customer behavior all need to be made. The Company routinely models various rate change assumptions to determine expected impact on net interest income.

#### Interest Rates
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. The absolute level of interest rates, changes in 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 year.

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. At its meeting in September 2024, the FOMC implemented a 50 basis point cut resulting in a federal funds target rate range of 4.75% to 5.00 %. The rate cut represented the first interest rate change in a year and the first rate cut in more than four years. The FOMC subsequently cut the federal funds target rate another 25 basis points in November 2024 and again in December 2024, and cut the rate three additional times in 2025, to a current range of 3.50% to 3.75%.

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The yield on the ten-year Treasury bond decreased 40 basis points from 4.58% at the beginning of 2025 to the year-end level of 4.18%. The rate on the ten-year Treasury bond and other long-term interest rates have a significant influence on the rates offered for new residential real estate loans. These changes in interest rates have an effect on the Company relative to the interest income on loans, securities, and Federal Funds sold and on 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 ten-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 are recorded at fair value. Generally, as market interest rates decrease, the fair value of the securities will increase 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 with the secondary market rates. The Company did not originate loans for sale into the secondary market during 2025. Higher market interest rates also generally increase the value of retail deposits.

During the third and fourth quarters of 2024, the Federal Funds target range was lowered three times and in 2025 the Federal Funds target range was lowered three additional times. These rate reductions had a positive impact on the Company by offering lower rates on time deposits at a faster pace than offering lower rates on loans, thus aiding in margin expansion. Management believes further rate reductions could provide opportunity for margin expansion if deposit yields fall at a faster pace than investment and loan yields.

#### Earning Assets
Average earning assets during 2025 were $6.2 billion, which was an increase of $192.6 million from 2024. This increase was primarily the result of an increase in net loans of $118.4 million, an increase in Federal Funds Sold and other short-term investments of $151.6 million, partially offset by a decrease in securities available for sale of $76.6 million. The increase in the average loan portfolio is primarily the result of an increase in commercial loans, residential mortgage loans, and home equity lines of credit. TrustCo continues to prioritize the growth of residential real estate loans throughout the Trustco Bank branch network through effective marketing campaigns, competitive rates, and closing costs.

Total average assets were $6.3 billion for 2025 and $6.1 billion for 2024.

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The table "Mix of Average Earning Assets" shows how the mix of the earning assets has changed over the last three years. While the growth in earning assets is critical to improved profitability, changes in the mix also have a significant impact on income levels, as discussed below.

#### MIX OF AVERAGE EARNING ASSETS

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) |  |  |  | 2025 | 2024 | Components of | Components of | Components of |
|  |  |  |  | vs. | vs. | Total Earning Assets | Total Earning Assets | Total Earning Assets |
|  | 2025 | 2024 | 2023 | 2024 | 2023 | 2025 | 2024 | 2023 |
| Loans, net | $5159337 | $5040915 | $4875166 | $118422 | $165749 | 83.6% | 84.3% | 82.5% |
|  Securities available for sale (1): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | 66529 | 105729 | 121574 | (39200) | (15845) | 1.1 | 1.8 | 2.1 |
| &nbsp;&nbsp;&nbsp; State and political subdivisions | 17 | 25 | 33 | (8) | (8) | - | - | - |
| Mortgage-backed securities and collateralized mortgage obligations- residential | 237037 | 247466 | 275565 | (10429) | (28099) | 3.8 | 4.1 | 4.7 |
| &nbsp;&nbsp;&nbsp; Corporate bonds | 34745 | 58447 | 82865 | (23702) | (24418) | 0.6 | 1.0 | 1.4 |
| Small Business Administration-guaranteed participation securities | 13772 | 17003 | 20410 | (3231) | (3407) | 0.2 | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp; Other | 699 | 698 | 686 | 1 | 12 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total securities available for sale | 352799 | 429368 | 501133 | (76569) | (71765) | 5.7 | 7.2 | 8.5 |
|  Held-to-maturity securities: |  |  |  |  |  |  |  |  |
| Mortgage-backed securities and collateralized mortgage obligations-residential | 4845 | 5916 | 7053 | (1071) | (1137) | 0.1 | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total held-to-maturity securities | 4845 | 5916 | 7053 | (1071) | (1137) | 0.1 | 0.1 | 0.1 |
| Federal Reserve Bank and Federal Home Loan Bank stock | 6575 | 6389 | 6018 | 186 | 371 | 0.1 | 0.1 | 0.1 |
| Federal funds sold and other short-term investments | 645154 | 493546 | 521021 | 151608 | (27475) | 10.5 | 8.3 | 8.8 |
|  Total earning assets | $6168710 | $5976134 | $5910391 | $192576 | $65743 | 100.0% | 100.0% | 100.0% |

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(1) The average balances of securities available for sale are presented using amortized cost for these securities.

#### Loans
In 2025, the Company experienced another year of loan growth. The $154.4 million increase or 3.0% in the Company's gross loan portfolio from December 31, 2024 to December 31, 2025 was primarily due to higher balances in commercial and residential loan categories including home equity lines of credit. Average loans increased $118.4 million during 2025 to $5.2 billion. Interest income on the loan portfolio increased to $220.8 million in 2025 from $205.6 million in 2024. The average yield increased 20 basis points to 4.28% in 2025 compared to 4.08% in 2024.

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#### LOAN PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
|  | Amount | Percent | Amount | Percent | Amount | Percent |
|  Commercial | $283478 | 5.4% | $267805 | 5.3% | $252479 | 5.0% |
|  Real estate - construction | 41906 | 0.9 | 29724 | 0.6 | 29053 | 0.6 |
|  Real estate - mortgage | 4451319 | 84.7 | 4377630 | 85.8 | 4357046 | 87.2 |
|  Home equity lines of credit | 464201 | 8.8 | 409261 | 8.0 | 347415 | 6.9 |
|  Installment loans | 11556 | 0.2 | 13638 | 0.3 | 16886 | 0.3 |
|  Total loans | 5252460 | 100.0% | 5098058 | 100.0% | 5002879 | 100.0% |
|  Less: Allowance for loan losses | 52205 |  | 50248 |  | 48578 |  |
|  Net loans (1) | $5200255 |  | $5047810 |  | $4954301 |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances | Average Balances |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 |
|  | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent |
|  Commercial | $282489 | 5.5% | $260522 | 5.2% | $234011 | 4.8% | $185314 | 4.1% | $193370 | 4.5% |
|  Real estate - construction | 35814 | 0.7 | 29388 | 0.6 | 32702 | 0.7 | 36815 | 0.8 | 31014 | 0.7 |
|  Real estate - mortgage | 4394120 | 85.2 | 4361238 | 86.5 | 4279194 | 87.8 | 4065135 | 89.3 | 3870097 | 89.2 |
|  Home equity lines of credit | 434740 | 8.4 | 374841 | 7.4 | 313914 | 6.4 | 254168 | 5.6 | 233628 | 5.4 |
|  Installment loans | 12174 | 0.2 | 14926 | 0.3 | 15345 | 0.3 | 9849 | 0.2 | 8725 | 0.2 |
|  Total loans | 5159337 | 100.0% | 5040915 | 100.0% | 4875166 | 100.0% | 4551281 | 100.0% | 4336834 | 100.0% |
|  Less: Allowance for loan losses | 51303 |  | 49648 |  | 46971 |  | 46124 |  | 49421 |  |
|  Net loans (1) | $5108034 |  | $4991267 |  | $4828195 |  | $4505157 |  | $4287413 |  |

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(1) Presented net of deferred direct loan origination fees and costs.

Through marketing, pricing, and a customer-friendly service delivery network, the Bank has attempted to distinguish itself from other mortgage lenders by highlighting the uniqueness of its loan products, as well as by offering competitive interest rates to expand the loan portfolio. Specifically, key selling points such as low closing costs, no private mortgage insurance for qualified borrowers, quick loan decisions, and fast closings were identified and marketed to prospective customers. The average balance of residential real estate mortgage loans was approximately $4.4 billion in 2025 and approximately $4.37 billion in 2024. Income on residential real estate loans increased to $175.0 million in 2025 from $165.5 million in 2024. The yield on the portfolio increased from 3.79% in 2024 to 3.97% in 2025. The vast majority of Trustco's real estate loans are secured by properties within the Bank's market areas.

Trustco does not make subprime loans or purchase investments collateralized by subprime loans. A loan may be considered subprime for a number of reasons, but effectively subprime loans are loans where the certainty of repayment of principal and interest is lower than for a traditional prime loan due to the structure of the loan itself, the credit worthiness of the borrower, the underwriting standards of the lender, or some combination of these. For instance, adjustable rate loans underwritten at initial low "teaser" rates instead of the fully indexed rate and loans to borrowers with poor payment history would generally be classified as subprime. Trustco underwrites its loan originations in a traditional manner, focusing on key factors that have proven to result in good credit decisions, rather than relying on automated systems or basing decisions primarily on one factor, such as a borrower's credit score.

Average commercial loans increased by $26.4 million from $280.6 million in 2024 to $307.0 million in 2025. Average commercial loans included $30.0 million and $19.0 million of commercial real estate construction loans in 2025 and 2024, respectively. The average yield on the commercial loan portfolio increased to 5.59% for 2025 from 5.38% in 2024, primarily as a result of higher interest rates on originations and repricing of variable rate loans due to the current interest rate environment. Interest income on commercial loans was $17.1 million in 2025 compared to $15.1 million in 2024, up also primarily as a result of the interest rate environment and higher balances.

Trustco's commercial lending activities are focused on balancing the Company's commitment to meeting the credit needs of businesses in its market areas with the necessity of managing its credit risk. In accordance with these goals, the Company has consistently emphasized the origination of loans within its market areas. Trustco's commercial loan portfolio contains no foreign loans, nor does it contain any significant concentrations of credit to any single borrower or industry. The Capital Region commercial loan portfolio reflects the diversity of businesses found in the market area, including light manufacturing, retail, service, and real estate-related businesses. Commercial loans made in the downstate New York market area and in the central Florida market area also reflect the businesses in those areas, with a focus on real estate. Trustco strives to maintain strong asset quality in all segments of its loan portfolio, especially commercial loans. There is significant competition for commercial loans in the Bank's market regions.

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During 2025, the average balance of home equity credit lines was $434.7 million, an increase from $374.8 million in 2024. Trustco Bank competes with both regional and national companies for these lines of credit and faces stiff competition with respect to interest rates, closing costs, and customer service for these loans. Trustco continuously reviews changes made by competitors with respect to the home equity credit line product and adjusts its offerings to remain competitive while meeting evolving needs. Trustco's average yield on this portfolio was 6.40% for 2025 and 6.39% for 2024 reflecting a relatively flat prime lending rate that occurred in 2025 and 2024. Interest income on home equity credit lines increased from $23.9 million in 2024 to $27.8 million in 2025. Management would expect that a decline in interest rates during 2026 should increase demand for residential mortgages, including home equity credit lines.

At December 31, 2025 and 2024, the Company had approximately $41.9 million and $29.7 million of real estate construction loans, respectively. Of the $41.9 million in real estate construction loans at December 31, 2025, approximately $11.9 million was secured by first mortgages to residential borrowers with the remaining $30.0 million were loans 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 was secured by first mortgages to residential borrowers with the remaining $19.0 million were loans to commercial borrowers for residential construction projects.

#### LOAN MATURITY SCHEDULE
The following table sets forth the maturities of our loan portfolio at December 31, 2025. Loans having no stated maturity and overdrafts are shown as due in one year or less. Loans are stated in the following table at contractual maturity and actual maturities could differ due to prepayments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | Amounts Due: | Amounts Due: | Amounts Due: | Amounts Due: | Amounts Due: | Amounts Due: |
|  |  |  |  |  | Total Due |  |
|  | Within 1 Year | 1 to 5 Years | 5 to 15 Years | Over 15 Years | After 1 Year | Total |
| Commercial | $18731 | $56162 | $183380 | $36834 | $276376 | $295107 |
| Commercial - other | 5108 | 4490 | 8738 | - | 13228 | 18336 |
| First Mortgage | 17311 | 14711 | 466527 | 3900675 | 4381913 | 4399224 |
| Home Equity Loans | 67 | 2127 | 26075 | 35767 | 63969 | 64036 |
| Home Equity Lines of Credit | 22209 | 146790 | 236405 | 58797 | 441992 | 464201 |
| Installment | 1780 | 8526 | 1250 | - | 9776 | 11556 |
|  | $65206 | $232806 | $922375 | $4032073 | 5187254 | $5252460 |

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The following table shows the loans as of December 31, 2025 due after December 31, 2026 according to type and loan category:

---

| | | | |
|:---|:---|:---|:---|
|  | Fixed Rates | Floating or<br> Adjustable Rates | Total |
| Commercial | $276376 |  | $276376 |
| Commercial - other | 13228 |  | 13228 |
| First Mortgage | 4381913 |  | 4381913 |
| Home Equity Loans | 63969 |  | 63969 |
| Home Equity Lines of Credit | - | 441992 | 441992 |
| Installment | 9776 |  | 9776 |
|  | $4745262 | $441992 | $5187254 |

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#### INVESTMENT SECURITIES
The following table sets forth the amortized cost and fair value of our securities portfolio at the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, |
|  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
|  | Amortized | Fair | Amortized | Fair | Amortized | Fair |
|  | Cost | Value | Cost | Value | Cost | Value |
|  Securities available for sale: |  |  |  |  |  |  |
| U. S. government sponsored enterprises | $31939 | $31772 | $86833 | $85617 | $121728 | $118668 |
|  State and political subdivisions | 9 | 9 | 18 | 18 | 26 | 26 |
| Mortgage backed securities and collateralized mortgage obligations-residential | 221611 | 206290 | 239420 | 213128 | 263182 | 237677 |
|  Corporate bonds | 59972 | 59932 | 45033 | 44581 | 80150 | 78052 |
| Small Business Adminstration-guaranteed participation securities | 12427 | 11710 | 15471 | 14141 | 18740 | 17186 |
|  Other | 689 | 705 | 688 | 700 | 687 | 680 |
| &nbsp;&nbsp;&nbsp; Total securities available for sale | 326647 | 310418 | 387463 | 358185 | 484513 | 452289 |
|  Held to maturity securities: |  |  |  |  |  |  |
| Mortgage backed securities and collateralized mortgage obligations-residential | 4339 | 4389 | 5365 | 5306 | 6458 | 6396 |
| &nbsp;&nbsp;&nbsp; Total held to maturity securities | 4339 | 4389 | 5365 | 5306 | 6458 | 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment securities | $330986 | $314807 | $392828 | $363491 | $490971 | $458685 |

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#### Securities Available for Sale:
The portfolio of securities available for sale is designed to provide a stable source of interest income and liquidity. The portfolio is also managed by the Company to take advantage of changes in interest rates and is particularly important in providing greater flexibility in the current interest rate environment. The securities available for sale portfolio is managed under a policy detailing the types and characteristics acceptable in the portfolio. Mortgage-backed securities and collateralized mortgage obligations held in the portfolio include only pass-throughs issued by United States government agencies or sponsored enterprises.

Holdings of various types of securities may vary from year-to-year depending on management's assessment of relative risk and reward, and also due to the timing of calls, maturities, prepayments and purchases. Holdings of both municipal and corporate securities are subject to additional monitoring requirements under current regulations, adding to the costs of owning those securities.

Proceeds from sales, calls and maturities of securities available for sale have been typically invested in higher yielding assets, such as loans, or temporarily held in Federal Funds sold and other short-term investments until deployed to fund future loan growth or future investment opportunities.

The designation of securities as "available for sale" is made at the time of purchase, based upon management's intent and ability to hold the securities for an indefinite period of time. These securities are available for sale in response to changes in market interest rates, related changes in prepayment risk, needs for liquidity, or changes in the availability of and yield on alternative investments. At December 31, 2025, some securities in this portfolio had fair values that were less than the amortized cost due to changes in interest rates and market conditions and not related to the credit condition of the issuers. At December 31, 2025, the Company did not intend to sell, and it is not likely that the Company will be required to sell, these securities before market recovery. Accordingly, at December 31, 2025, due to current market interest rates, the net fair value of the investment securities portfolio was below amortized cost and unrealized losses were not credit related.

At December 31, 2025, the carrying value of securities available for sale amounted to $310.4 million, compared to $358.2 million at year-end 2024. For 2025, the average balance of securities available for sale was $352.8 million with an average yield of 2.81%, compared to an average balance in 2024 of $429.4 million with an average yield of 2.54%. The income earned on the securities available for sale portfolio in 2025 was $9.9 million, compared to $10.9 million earned in 2024.

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Securities available for sale are recorded at their fair value, with any unrealized gains or losses, net of taxes, recognized as a component of shareholders' equity. Average balances of securities available for sale are stated at amortized cost. At December 31, 2025, the fair value of TrustCo's portfolio of securities available for sale carried gross unrealized gains of approximately $676 thousand and gross unrealized losses of approximately $16.9 million. At December 31, 2024, the fair value of TrustCo's portfolio of securities available for sale carried gross unrealized gains of approximately $130 thousand and gross unrealized losses of approximately $29.4 million. As previously noted, in both periods, unrealized losses were related to market interest rate levels and were not credit related.

#### Held to Maturity Securities
At December 31, 2025, the Company held $4.3 million of held to maturity securities, compared to $5.4 million at December 31, 2024. For 2025, the average balance of held to maturity securities was $4.8 million, compared to $5.9 million in 2024. Similar to securities available for sale, cash flow from these securities has been reinvested in higher yielding assets, such as loans, or temporarily held in Federal Funds Sold and other short-term investments to fund future loan growth or future investment opportunities. The average yield on held to maturity securities increased slightly from 4.29% in 2024 to 4.39% in 2025 due primarily to changes in average lives from normal pay downs and prepayments on the mortgage-backed securities held in the portfolio. Interest income on held to maturity securities declined from $254 thousand in 2024 to $213 thousand in 2025, reflecting the decline in average balances. Held to maturity securities are recorded at amortized cost. The fair value of these securities as of December 31, 2025 was $4.4 million.

The designation of securities as "held to maturity" is made at the time of purchase, based upon management's intent and ability to hold the securities until final maturity. At December 31, 2025 there were $40 thousand of unrecognized losses and $90 thousand of unrecognized gains on securities in this portfolio.

#### Equity Securities
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 December 31, 2025 and there was no activity during the year ended December 31, 2025.

#### Securities Gains
During 2024 TrustCo recognized net gain on the sale of equity securities of $1.4 million as described above. During 2025 and 2023, TrustCo did not recognize any net gains from securities transactions. There were no sales or transfers of held to maturity securities in 2025, 2024 or 2023.

TrustCo has not invested in any exotic investment products such as interest rate swaps, forward placement contracts, or other instruments commonly referred to as derivatives. In addition, the Company has not invested in securities backed by subprime mortgages or in collateralized debt obligations (CDOs). By actively managing a portfolio of high quality securities, TrustCo believes it can meet the objectives of asset/liability management and liquidity, while at the same time producing a reasonably predictable earnings stream.

Securities pledged totaled $188.5 million, which results in $126.3 million in unpledged securities. In addition to unpledged securities, TrustCo had $730.4 million of cash and cash equivalents and borrowing capacity of $967.9 million as of December 31, 2025.

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#### SECURITIES PORTFOLIO MATURITY DISTRIBUTION AND YIELD

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  | Maturing: | Maturing: | Maturing: | Maturing: | Maturing: |
|  |  | After 1 | After 5 |  |  |
|  | Within | But Within | But Within | After |  |
| Debt securities available for sale: | 1 Year | 5 Years | 10 Years | 10 Years | Total |
| U. S. government sponsored enterprises |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | $24939 | $5000 | $2000 | $- | $31939 |
| &nbsp;&nbsp;&nbsp; Fair Value | 24756 | 5018 | 1998 | - | 31772 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 1.36% | 4.68 | 5.07 | - | 2.37 |
| State and political subdivisions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | 9 | - | - | - | 9 |
| &nbsp;&nbsp;&nbsp; Fair Value | 9 | - | - | - | 9 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 5.28% | - | - | - | 5.28 |
|  Mortgage backed securities and collateralized mortgage obligations-residential |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | 1401 | 135261 | 84949 | - | 221611 |
| &nbsp;&nbsp;&nbsp; Fair Value | 1374 | 128913 | 76003 | - | 206290 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 2.16% | 2.69 | 3.01 | - | 2.76 |
| Corporate bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | - | 59972 | - | - | 59972 |
| &nbsp;&nbsp;&nbsp; Fair Value | - | 59932 | - | - | 59932 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | -% | 4.62 | - | - | 4.62 |
|  Small Business Administration-guaranteed participation securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | 12427 | - | - | - | 12427 |
| &nbsp;&nbsp;&nbsp; Fair Value | 11710 | - | - | - | 11710 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 2.21% | - | - | - | 2.21 |
| Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | 39 | 650 | - | - | 689 |
| &nbsp;&nbsp;&nbsp; Fair Value | 55 | 650 | - | - | 705 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | -% | 4.52 | - | - | 4.52 |
| Total securities available for sale |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | $38815 | $200883 | $86949 | $- | $326647 |
| &nbsp;&nbsp;&nbsp; Fair Value | $37904 | $194513 | $78001 | $- | $310418 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 2.20% | 3.31 | 3.06 | - | 3.05 |
| Held to maturity securities: |  |  |  |  |  |
|  Mortgage backed securities and collateralized mortgage obligations-residential |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | $11 | $- | $1443 | $2885 | $4339 |
| &nbsp;&nbsp;&nbsp; Fair Value | 11 | - | 1403 | 2975 | 4389 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 3.82% | - | 2.94 | 5.57 | 5.33 |
| Total held to maturity securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortized cost | $11 | $- | $1443 | $2885 | 4339 |
| &nbsp;&nbsp;&nbsp; Fair Value | $11 | $- | $1403 | $2975 | $4389 |
| &nbsp;&nbsp;&nbsp; Weighted average yield | 3.82% | - | 2.94 | 5.57 | 5.33 |

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Weighted average yields have not been adjusted for any tax-equivalent factor.

#### Maturity and Call Dates of Securities
Many of the securities in the Company's portfolios have a call date in addition to the stated maturity date. Call dates allow the issuer to redeem the bonds prior to maturity at specified dates and at predetermined prices. Normally, securities are redeemed at the call date when the issuer can reissue the security at a lower interest rate. Therefore, for cash flow, liquidity and interest rate risk management purposes, it is important for TrustCo to monitor both maturity dates and call dates. Given the current interest rate environment, the probability of future calls will depend on future market interest rate levels. The tables labeled "Securities Portfolio Maturity and Call Date Distribution," show the distribution, based on both final maturity and call date of each security, broken out by the available for sale and held to maturity portfolios as of December 31, 2025. Mortgage-backed securities, collateralized mortgage obligations and Small Business Administration securities are reported using an estimate of average life. Actual maturities may differ from contractual maturities because of securities' prepayments and the right of certain issuers to call or prepay their obligations without penalty. The table, "Securities Portfolio Maturity Distribution and Yield," shows the distribution of maturities for each of the securities portfolios, based on final maturity, as well as the average yields at December 31, 2025 on each type/maturity grouping.

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#### SECURITIES PORTFOLIO MATURITY AND CALL DATE DISTRIBUTION

#### Debt securities available for sale:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  | Based on | Based on | Based on | Based on |
|  | Final Maturity | Final Maturity | Call Date | Call Date |
|  | Amortized | Fair | Amortized | Fair |
|  | Cost | Value | Cost | Value |
| Within 1 year | $24987 | $24820 | $93287 | $92331 |
| 1 to 5 years | 67909 | 67820 | 148411 | 142084 |
| 5 to 10 years | 71404 | 67347 | 84949 | 76003 |
| After 10 years | 162347 | 150431 | - | - |
| &nbsp;&nbsp;&nbsp; Total debt securities available for sale | $326647 | $310418 | $326647 | $310418 |

---

#### Held to maturity securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 | As of December 31, 2025 |
|  | Based on | Based on | Based on | Based on |
|  | Final Maturity | Final Maturity | Call Date | Call Date |
|  | Amortized | Fair | Amortized | Fair |
|  | Cost | Value | Cost | Value |
| Within 1 year | $11 | $11 | $82 | $82 |
| 1 to 5 years | - | - | 4257 | 4307 |
| 5 to 10 years | 1443 | 1403 | - | - |
| After 10 years | 2885 | 2975 | - | - |
| &nbsp;&nbsp;&nbsp; Total held to maturity securities | $4339 | $4389 | $4339 | $4389 |

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#### Federal Funds Sold and Other Short-term Investments
During 2025, the average balance of Federal Funds sold and other short-term investments was $645.2 million, an increase from $493.5 million in 2024. The average rate earned on these assets was 4.32% in 2025 and 5.26% in 2024. The decline in yield is consistent with FOMC target rate cuts noted earlier. Trustco utilizes this category of earning assets as a means of maintaining strong liquidity. The Federal Funds sold and other short-term investments portfolio is significantly affected by changes in the target Federal Funds rate, as are virtually all short-term interest-sensitive instruments.

The year-end balance of Federal Funds sold and other short-term investments was approximately $679.9 million for 2025, compared to $594.4 million at year-end 2024. While yields on investment securities with acceptable risk characteristics were insufficient to justify shifting overnight liquidity into other investment types during 2025, some funds were shifted into higher yielding loans. Management will continue to evaluate the overall level of Federal Funds sold and other short-term investments in 2026 and make appropriate adjustments based upon market opportunities and interest rates.

#### Funding Sources
Trustco utilizes various traditional sources of funds to support its earning asset portfolio. The table, "Mix of Average Sources of Funding," presents the various categories of funds used and the corresponding average balances for each of the last three years.

<u>Deposits:</u> Average total deposits were approximately $5.5 billion in 2025, compared to approximately $5.3 billion in 2024, an increase of $183.9 million. Changes in deposit categories (average balances 2025 versus 2024) included: demand deposits were up $44.7 million, interest-bearing checking deposits were up $38.6 million, savings was down $48.8 million, money market was down $44.3 million and time deposits were up $193.7 million. While many customers remain in one product type for many years, others may move funds between product types to maximize the yield earned or as a result of increased or decreased liquidity needs. The balance in time deposits over $250 thousand is not the result of any incentive pricing as Trustco does not offer premium rates on large certificates of deposit.

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The Company has been proactive in retaining deposits, which is evident since total deposits have increased since December 31, 2024. Total deposits as of December 31, 2025 increased $166.4 million to $5.56 billion compared to $5.39 billion as of December 31, 2024. As we move forward, Trustco's objective is to continue to encourage customers to retain these funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.

#### MIX OF AVERAGE SOURCES OF FUNDING

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) |  |  |  | 2025 | 2024 | Components of | Components of | Components of |
|  |  |  |  | vs. | vs. | Total Funding | Total Funding | Total Funding |
|  | 2025 | 2024 | 2023 | 2024 | 2023 | 2025 | 2024 | 2023 |
| Retail deposits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Demand deposits | $783521 | $738816 | $784021 | $44705 | $(45205) | 14.1% | 13.7% | 14.7% |
| &nbsp;&nbsp;&nbsp; Savings | 1079405 | 1128190 | 1323995 | (48785) | (195805) | 19.4 | 21.0 | 24.8 |
| &nbsp;&nbsp;&nbsp; Time deposits under $250 thousand | 1530072 | 1395126 | 1057048 | 134946 | 338078 | 27.5 | 26.0 | 19.8 |
| &nbsp;&nbsp;&nbsp; Interest bearing checking accounts | 1037072 | 998501 | 1067972 | 38571 | (69471) | 18.7 | 18.6 | 20.0 |
| &nbsp;&nbsp;&nbsp; Money market deposits | 465077 | 509409 | 606230 | (44332) | (96821) | 8.4 | 9.5 | 11.4 |
| &nbsp;&nbsp;&nbsp; Total retail deposits | 4895147 | 4770042 | 4839266 | 125105 | (69224) | 88.1 | 88.8 | 90.7 |
| Time deposits over $250 thousand | 574743 | 515990 | 380288 | 58753 | 135702 | 10.3 | 9.6 | 7.1 |
| Short-term borrowings | 89816 | 89707 | 114639 | 109 | (24932) | 1.6 | 1.6 | 2.2 |
| &nbsp;&nbsp;&nbsp; Total purchased liabilities | 664559 | 605697 | 494927 | 58862 | 110770 | 11.9 | 11.2 | 9.3 |
| &nbsp;&nbsp;&nbsp; Total sources of funding | $5559706 | $5375739 | $5334193 | $183967 | $41546 | 100.0% | 100.0% | 100.0% |

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#### AVERAGE BALANCES, YIELDS AND NET INTEREST MARGINS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  |  | Interest |  |  | Interest |  |  | Interest |  |
|  | Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average |
|  | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate |
|  Assets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Loans, net | $5159337 | $220846 | 4.28% | $5040915 | $205600 | 4.08% | $4875166 | $187456 | 3.84% |
| &nbsp;&nbsp;&nbsp; Securities available for sale: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | 66529 | 2159 | 3.25 | 105729 | 3213 | 3.04 | 121574 | 2805 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | 17 | 1 | 6.75 | 25 | 1 | 6.69 | 33 | 2 | 6.71 |
| Mortgage backed securities and collateralized mortgage obligations-residential | 237037 | 6169 | 2.60 | 247466 | 5760 | 2.33 | 275565 | 6146 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 34745 | 1271 | 3.66 | 58447 | 1557 | 2.66 | 82865 | 1987 | 2.40 |
| Small Business Administration-guaranteed participation securities | 13772 | 296 | 2.15 | 17003 | 368 | 2.17 | 20410 | 437 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 699 | 30 | 4.29 | 698 | 13 | 1.86 | 686 | 10 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total securities available for sale | 352799 | 9926 | 2.81 | 429368 | 10912 | 2.54 | 501133 | 11387 | 2.27 |
| &nbsp;&nbsp;&nbsp; Held to maturity securities: |  |  |  |  |  |  |  |  |  |
| Mortgage backed securities and collateralized mortgage obligations-residential | 4845 | 213 | 4.39 | 5916 | 254 | 4.29 | 7053 | 296 | 4.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total held to maturity securities | 4845 | 213 | 4.39 | 5916 | 254 | 4.29 | 7053 | 296 | 4.20 |
| Federal Reserve Bank and Federal Home Loan Bank stock | 6575 | 531 | 8.08 | 6389 | 604 | 9.45 | 6018 | 500 | 8.31 |
| Federal funds sold and other short-term investments | 645154 | 27900 | 4.32 | 493546 | 25946 | 5.26 | 521021 | 26567 | 5.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest earning assets | 6168710 | 259416 | 4.20% | 5976134 | 243316 | 4.07% | 5910391 | 226206 | 3.83% |
| &nbsp;&nbsp;&nbsp; Allowance for loan losses | (51303) |  |  | (49648) |  |  | (46971) |  |  |
| &nbsp;&nbsp;&nbsp; Cash and noninterest earning assets | 206732 |  |  | 188748 |  |  | 172641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $6324139 |  |  | $6115234 |  |  | $6036061 |  |  |
|  Liabilities and shareholders' equity |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest bearing deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest bearing checking accounts | $1037072 | 2078 | 0.20% | $998501 | 1236 | 0.12% | $1067972 | 382 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savings | 1079405 | 2923 | 0.27 | 1128190 | 2876 | 0.25 | 1323995 | 2531 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time deposits and money markets | 2569892 | 84548 | 3.29 | 2420525 | 86474 | 3.57 | 2043566 | 50439 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest bearing deposits | 4686369 | 89549 | 1.91 | 4547216 | 90586 | 1.99 | 4435533 | 53352 | 1.20 |
| &nbsp;&nbsp;&nbsp; Short-term borrowings | 89816 | 894 | 0.99 | 89707 | 791 | 0.88 | 114639 | 1009 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest bearing liabilities | 4776185 | 90443 | 1.89% | 4636923 | 91377 | 1.97% | 4550172 | 54361 | 1.19% |
| &nbsp;&nbsp;&nbsp; Demand deposits | 783521 |  |  | 738816 |  |  | 784021 |  |  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 76094 |  |  | 82398 |  |  | 81656 |  |  |
| &nbsp;&nbsp;&nbsp; Shareholders' equity | 688339 |  |  | 657097 |  |  | 620212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $6324139 |  |  | $6115234 |  |  | $6036061 |  |  |
|  Net interest income |  | 168973 |  |  | 151939 |  |  | 171845 |  |
|  Net interest spread |  |  | 2.31% |  |  | 2.10% |  |  | 2.64% |
| Net interest margin (net interest income to total interest earnings assets) |  |  | 2.74 |  |  | 2.54 |  |  | 2.91 |

---

Portions of income earned on certain commercial loans, obligations of states and political subdivisions, and equity securities are exempt from federal and/or state taxation. Appropriate adjustments have been made to reflect the equivalent amount of taxable income that would have been necessary to generate an equal amount of after-tax income. Federal and state tax rates used to calculate income tax on a tax equivalent basis were 21% and 6%, respectively, for 2025, 2024 and 2023. The average balances of securities available for sale and held to maturity were calculated using amortized costs. Included in the average balance of shareholders' equity is $15.6 million, $30.1 million, and $30.7 million in 2025, 2024, and 2023, respectively, of net unrealized loss, net of tax, in the available for sale securities portfolio. The gross amounts of the net unrealized income (loss) have been included in cash and noninterest earning assets. Non-accrual loans are included in average loans.

------

The overall cost of interest-bearing deposits decreased as a result of lower deposit rates throughout the year as a result of the current interest rate environment. The Company strives to maintain competitive rates on deposit accounts and to attract customers through a combination of competitive interest rates, quality customer service, and convenient banking locations. In this fashion, management believes TrustCo is able to attract deposit customers looking for a long-term banking relationship and to cross-sell banking services utilizing the deposit account relationship as the starting point.

#### Other Funding Sources
<u>Other Funding Sources:</u> The Company had $89.8 million of average short-term borrowings outstanding during 2025, compared to $89.7 million in 2024. The slight increase over the prior year is attributable to customer behavior and the products they choose. These borrowings represent customer repurchase accounts, which behave more like deposit accounts than traditional borrowings. The average cost of short-term borrowings was at 0.99% in 2025 and 0.88% in 2024. Higher balances toward the end 2025 resulted in an increase of interest expense to approximately $894 thousand in 2025, compared to $791 thousand in 2024.

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#### AVERAGE DEPOSITS BY TYPE OF DEPOSITOR

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Individuals, partnerships and corporations | $5443737 | $5261526 | $5195100 | $5262996 | $5144071 |
| States and political subdivisions | 4728 | 5055 | 5421 | 14854 | 15761 |
| Other (certified and official checks, etc.) | 21425 | 19451 | 19033 | 24589 | 28515 |
| &nbsp;&nbsp;&nbsp; Total average deposits by type of depositor | $5469890 | $5286032 | $5219554 | $5302439 | $5188347 |

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#### MATURITY OF TIME DEPOSITS IN EXCESS OF THE FDIC INSURANCE LIMIT

---

| | |
|:---|:---|
| (dollars in thousands) |  |
|  | <u>As of December 31, 2025</u> |
| Under 3 months | $195240 |
| 3 to 6 months | 164946 |
| 6 to 12 months | 138867 |
| Over 12 months | 103520 |
| Total | $602573 |

---

As of December 31, 2025 and 2024, approximately $1.22 billion and $1.11 billion, respectively, of our deposit portfolio was uninsured. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank's regulatory reporting requirements.

#### VOLUME AND YIELD ANALYSIS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | 2025 vs. 2024 | 2025 vs. 2024 | 2025 vs. 2024 | 2024 vs. 2023 | 2024 vs. 2023 | 2024 vs. 2023 |
|  | Increase | Due to | Due to | Increase | Due to | Due to |
|  | (Decrease) | Volume | Rate | (Decrease) | Volume | Rate |
|  Interest income: |  |  |  |  |  |  |
| Federal funds sold and other short-term investments | $1954 | $7074 | $(5120) | $(621) | $(1428) | $807 |
| &nbsp;&nbsp;&nbsp; Securities available for sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable | (986) | (2332) | 1346 | (474) | (1752) | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt | - | 0 | - | (1) | (1) | - |
| &nbsp;&nbsp;&nbsp; Total securities available for sale | (986) | (2332) | 1346 | (475) | (1753) | 1278 |
| &nbsp;&nbsp;&nbsp; Held to maturity securities (taxable) | (41) | (46) | 5 | (42) | (49) | 7 |
| Federal Reserve Bank and Federal Home Loan Bank stock | (73) | 17 | (90) | 104 | 32 | 72 |
| &nbsp;&nbsp;&nbsp; Loans, net | 15246 | 6423 | 8823 | 18144 | 8070 | 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 16100 | 11136 | 4964 | 17110 | 4872 | 12238 |
|  Interest expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest bearing checking accounts | 842 | 50 | 792 | 854 | (27) | 881 |
| &nbsp;&nbsp;&nbsp; Savings | 47 | (127) | 174 | 345 | (412) | 757 |
| &nbsp;&nbsp;&nbsp; Time deposits and money markets | (1926) | 6713 | (8639) | 36035 | 15281 | 20754 |
| &nbsp;&nbsp;&nbsp; Short-term borrowings | 103 | 1 | 102 | (218) | (220) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | (934) | 6637 | (7571) | 37016 | 14622 | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | $17034 | $4499 | $12535 | $(19906) | $(9750) | $(10156) |

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#### Capital Resources
Consistent with its long-term goal of operating a sound and profitable financial organization, Trustco strives to maintain strong capital ratios and to qualify Trustco Bank as a well-capitalized institution in accordance with federal regulatory requirements. Historically, most of the Company's capital requirements have been provided through retained earnings.

Both TrustCo and Trustco Bank are subject to regulatory capital requirements. The regulatory capital rules require a Tier 1 leverage ratio of 4.0% of consolidated assets, a common equity Tier 1 minimum capital requirement of 4.5% of risk-weighted assets, a minimum Tier 1 capital to risk-based assets requirement of 6.0% of risk-weighted assets, and a total risk-based capital ratio or 8.0% of risk-weighted assets. In addition, the Company and the Bank are required to maintain additional levels of Tier 1 common equity (known as the capital conservation buffer) above the minimum risk-based capital levels in order to avoid restrictions on dividends, share repurchases, or payment of discretionary bonuses.

As of December 31, 2025, the capital levels of both TrustCo and the Bank exceeded the minimum standards, including with the capital conservation buffer taken into account.

Under the OCC's "prompt corrective action" regulations, a bank is deemed to be "well-capitalized" when its "Common Equity Tier 1" ("CET1"), Tier 1, total risk-based, and leverage capital ratios are at least 6.5%, 8%, 10%, and 5%, respectively. A bank is deemed to be "adequately capitalized" or better if its capital ratios meet or exceed the minimum federal regulatory capital requirements, and "undercapitalized" if it fails to meet these minimal capital requirements. A bank is "significantly undercapitalized" if its CET1, Tier 1, total risk-based and leverage capital ratios fall below 3%, 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%. At December 31, 2025 and 2024, Trustco Bank met the definition of "well-capitalized."

The federal bank regulatory agencies have adopted rules creating a "community bank leverage ratio" framework designed to simplify capital requirements for qualifying banks and bank or thrift holding companies. Although TrustCo would qualify to take advantage of the community bank leverage ratio framework, it decided not to opt into the framework.

The Company's dividend payout ratio was 45.19% of net income in 2025 and 56.09% of net income in 2024. The per-share dividend paid was $1.48 in 2025 and $1.44 in 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 of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements.

TrustCo's consolidated Tier 1 risk-based capital was 18.39% of risk-adjusted assets at December 31, 2025, and 19.30% of risk-adjusted assets at December 31, 2024. Consolidated Tier 1 capital to assets (leverage ratio) at December 31, 2025 was 10.60%, as compared to 11.05% at year-end 2024. Note 14 to the financial statements includes information on all regulatory capital ratios.

TrustCo maintains a dividend reinvestment and stock purchase plan (DRSPP) with approximately 5,759 participants. During 2025, $2.0 million of dividends paid on the shares held in this plan were reinvested in shares of the Company. The DRSPP also allows for additional purchases of stock by participants and has a discount feature (up to 5%) that can be activated by management as a tool to raise capital. To date, the discount feature has not been utilized.

On December 19, 2025 the Company's Board authorized, and the Company announced, a share repurchase program of up to 2,000,000 shares, or approximately 11% of its currently outstanding common stock. The program expires on December 31, 2026. Prior to that, on March 18, 2025 the Company announced that its Board of Directors authorized a share repurchase program of up to 1,000,000 shares, or approximately 5% of its currently outstanding common stock. The Company purchased all 1,000,000 shares under this share repurchase program as of December 10, 2025. During the twelve months ended December 31, 2025, the Company repurchased a total of 1,000,000 shares at an average price per share of $38.08 for a total of $38.1 million under such share repurchase programs. On March 29, 2024 the Company's Board of Directors authorized, and the Company announced, another share repurchase program of up to 200,000 shares, or approximately 1% of its currently outstanding common stock. During the twelve months ended December 31, 2024, the Company repurchased a total of 14,000 shares at an average price per share of $26.68 for a total of $374 thousand under its Board authorized share repurchase program.

#### Risk Management
The responsibility for balance sheet risk management oversight is the function of the Company's Asset Allocation Committee. The Committee meets monthly and includes the executive officers of the Company as well as other department managers as appropriate. The meetings include a review of balance sheet structure, formulation of strategy in light of anticipated economic conditions, and comparison to Board-established guidelines to control exposures to various types of risk.

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#### Credit Risk
Credit risk is managed through a framework of loan officer authorities, review committees, loan policies, and oversight from the senior executives of the Company. In addition, the Company utilizes an independent loan review function to evaluate management's loan grading of non-homogeneous loans. Management follows a policy of continually identifying, analyzing, and evaluating the credit risk inherent in the loan portfolio. As a result of management's ongoing reviews of the loan portfolio, loans are placed in non-accrual status, either due to the delinquent status of the principal and/or interest payments, or based on a judgment by management that, although payment of principal and/or interest is current, such action is prudent. Thereafter, no interest is taken into income unless received in cash or until such time as the borrower demonstrates a sustained ability to make scheduled payments of interest and principal.

Management has also developed policies and procedures to monitor the credit risk in relation to the Federal Funds sold portfolio. TrustCo maintains an approved list of third-party banks to which Trustco can sell Federal Funds and monitors the credit rating and capital levels of those institutions. At December 31, 2025, virtually all of the Federal Funds sold and other short-term investments were funds on deposit at the Federal Reserve Bank of New York ("FRBNY") and the Federal Home Loan Bank of New York ("FHLBNY"). The Company also monitors the credit ratings on its investment securities and performs initial and periodic reviews of financial information for the issuers of corporate and municipal bonds.

#### Nonperforming Assets
Nonperforming assets include loans in non-accrual status, restructured loans, loans past due by three payments or more and still accruing interest, and foreclosed real estate properties.

Nonperforming assets at year-end 2025 and 2024 totaled $22.0 million and $21.0 million, respectively. Nonperforming loans as a percentage of the total loan portfolio were 0.39% in 2025 and 0.37% in 2024. As of December 31, 2025 and 2024, there were $9.4 million and $8.9 million, respectively, of loans in non-accruing status that were less than 90 days past due.

At December 31, 2025, nonperforming loans included a mix of commercial and residential loans. Of the total nonperforming loans of $20.7 million, $18.7 were residential real estate loans and $2.0 million were commercial loans. The majority of the Company's loan portfolio continues to come from its historical market area in Upstate New York. As of December 31, 2025, 64.3% of loans are in New York, including both the Upstate and Downstate areas, as well as nominal loan balances in adjoining states. The remaining 35.7% of the loan portfolio are Florida loans. At December 31, 2025, 19.7% of nonperforming loans were in Florida and 80.3% were in the Company's New York area markets. At December 31, 2025 nonperforming Florida loans amounted to $4.1 million compared to $3.7 million at December 31, 2024. At December 31, 2025 New York nonperforming loans amounted to $16.6 million compared to $15.1 million at December 31, 2024.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, | As of December 31, |  |
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  |
| Loans in non-accrual status | $20672 |  | $18800 |  | $17663 |  | $17483 |  | $18739 |  |
| Restructured retail loans | - |  | - |  | 3 |  | 10 |  | 17 |  |
| Total nonperforming loans | 20672 |  | 18800 |  | 17666 |  | 17493 |  | 18756 |  |
| Other real estate owned | 1394 |  | 2175 |  | 194 |  | 2061 |  | 362 |  |
| Total nonperforming assets | $22066 |  | $20975 |  | $17860 |  | $19554 |  | $19118 |  |
| Allowance for credit losses on loans | $52205 |  | $50248 |  | $48578 |  | $46032 |  | $44267 |  |
| Allowance coverage of nonperforming loans | 2.53 | x | 2.67 | x | 2.75 | x | 2.63 | x | 2.36 | x |
| Allowance for credit losses on loans to nonaccrual loans | 2.53 | x | 2.67 | x | 2.75 | x | 2.63 | x | 2.36 | x |
| Nonperforming loans as a % of total loans | 0.39 | % | 0.37 | % | 0.35 | % | 0.37 | % | 0.42 | % |
| Nonperforming assets as a % of total assets | 0.34 | % | 0.34 | % | 0.29 | % | 0.33 | % | 0.31 | % |
| Non-accrual loans to total loans outstanding | 0.39 | % | 0.37 | % | 0.35 | % | 0.37 | % | 0.42 | % |

---

The Company places loans on non-accrual at the time the loan is 90 days delinquent or if facts and circumstances warrant classification of non-accrual even if the borrower is not 90 days past due.

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 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.

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There are inherent risks associated with lending; however, based on its review of the loan portfolio, including loans classified as nonperforming, management is aware of no other loans in the portfolio that pose significant risk of the eventual non-collection of principal and interest. As of December 31, 2025, there were no other loans classified for regulatory purposes that management reasonably expects will materially impact future operating results, liquidity, or capital resources. TrustCo has no advances to borrowers or projects located outside the United States. The Bank makes loans to executive officers, directors and to associates of such persons in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions.

At year-end 2025 and 2024 there were $1.4 million and $2.2 million of foreclosed real estate, respectively. We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement. We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to Other Real Estate Owned ("OREO"). We generally attempt to utilize all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans and OREO properties as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. We have not initiated any expected or imminent foreclosure proceedings that are likely to have a material adverse impact on our consolidated financial statements. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and conditions for a period of generally at least six months. Although the length of time to complete a foreclosure has remained elevated in recent years, TrustCo, as a portfolio lender, has generally not encountered issues such as lost notes and other documents, which have been a problem in the foreclosure process for many other mortgagees.

#### 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 December 31, 2025. The Company selected the baseline economic forecast for the allowance for credit losses 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 December 31, 2025.

The ACLL reflects management's estimate of expected credit losses over the life of the loan portfolio. The ACLL level is influenced by past events and current conditions, as well as reasonable and supportable forecasts of future economic conditions. The ACLL level is updated quarterly based on the latest available information and assumptions. During the year ended December 31, 2025, the Company's ACLL calculation incorporated the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The use of a Discounted Cash Flow Methodology using the probability of default and loss given default approach, incorporating peer data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reasonable and supportable forecast period, which is based on a Moody's baseline scenario for four quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reversion period, which is the period after the forecast period when the ACLL factors revert to historical averages, using a four-quarter straight line reversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qualitative considerations, which are adjustments to the ACLL quantitative reserves to account for changes in various internal and external factors that affect the credit quality of the loan portfolio, were allocated utilizing a weighted scorecard framework. The qualitative factors utilized are based on regulatory (interagency) guidelines.

For the year ended December 31, 2025, the Company recorded a provision for credit losses of $1.6 million, which includes a provision for credit losses on loans of $1.5 million as a result of a combination of factors such as loan growth, peer loss data and economic conditions, and a provision for credit losses on unfunded commitments of $100 thousand as a result of a corresponding increase in unfunded commitments. For the year ended December 31, 2024, the Company recorded a provision for credit losses of $2.0 million, which includes a provision for credit losses on loans of $1.9 million as a result of a combination of factors such as loan growth, peer loss data and economic conditions, and a provision for credit losses on unfunded commitments of $100 thousand as a result of a corresponding increase in unfunded commitments. For the year ended December 31, 2023, the Company recorded a provision for credit losses of $1.3 million, which includes a provision for credit losses on loans of $2.5 million as a result of increased unemployment forecast offset by a sustained low level of NPL's and actual charge-offs, and a benefit for credit losses on unfunded commitments of $1.3 million as a result of a corresponding decrease in unfunded commitments.

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The Company evaluates several external forecasts in choosing the forecast element for the economic components of the allowance for credit losses on loans. The Company selected the Moody's baseline forecast scenario for December 31, 2025 for economic modeling.

As of December 31, 2025, the Company utilized Moody's baseline scenario model to assess economic conditions. This model incorporates recent developments and subsequent policy implementations. Key considerations include the administration's tariffs, which may influence trade dynamics and inflation. Additionally, as inflation remained volatile, the Federal Reserve's indication suggests potential adjustments in monetary policy. The Company also acknowledges ongoing geopolitical tensions, such as the conflicts in the Middle East and the Russia-Ukraine situation, which continue to pose risks to market stability. Recognizing that actual outcomes may diverge from the baseline scenario, the Company has incorporated qualitative considerations to account for uncertainties in economic conditions and additional risk factors not fully captured by the quantitative model.

See Notes 1 and 4 of the consolidated financial statements for additional discussion related to the adoption of CECL, and the process for determining the provision for credit losses.

The table, "Summary of Loan Loss Experience", includes an analysis of the changes to the allowance for credit losses on loans for the past five years. Net loans (recovered) charged off in 2025 and 2024 were ($457) thousand and $230 thousand, respectively. The decrease in net charge-offs was primarily the result of a decrease in the number of gross charge-offs in the commercial and real estate mortgage segments for both New York and Florida. New York commercial, residential, and installment gross recoveries were up $7 thousand, down $286 thousand, and up $15 thousand, respectively, from 2025 to 2024. Total gross charge-offs in 2025 were $320 thousand versus $939 thousand in 2024. The decrease in gross charge-offs was primarily the result of the Florida commercial charge-offs decreasing $314 thousand in 2025, and New York commercial charge-offs decreasing $123 thousand from 2025 to 2024. Residential gross charge-offs decreased $229 thousand from 2025 to 2024 and gross installment charge-offs increased $47 thousand from 2025 to 2024. The changes in gross and net charge-offs in these categories reflected economic and real estate market changes.

Conditions in most of the Bank's market areas are stabilizing or improving as compared to 2024; however, should general economic conditions weaken and/or real estate values begin to decline, the level of problem loans may increase, as would the level of the provision for credit losses.

#### SUMMARY OF LOAN LOSS EXPERIENCE

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) |  |  |  |  |  |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Amount of loans outstanding at end of year (less unearned income) | $5252460 | $5098058 | $5002879 | $4733201 | $4438779 |
| Average loans outstanding during year (less average unearned income) | 5159337 | 5040915 | 4875166 | 4551281 | 4336834 |
|  Balance of allowance at beginning of year | 50248 | 48578 | 46032 | 44267 | 49595 |
|  Impact of ASU 2016-13, Current Expected Credit Loss (CECL) | - | - | - | 2353 | - |
|  Balance as of January 1, 2022 as adjusted for ASU 2016-13 | 50248 | 48578 | 46032 | 46620 | 49595 |
|  Loans charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial and commercial real estate | 4 | 441 | - | 40 | 30 |
| &nbsp;&nbsp;&nbsp; Real estate mortgage - 1 to 4 family | 99 | 328 | 371 | 24 | 340 |
| &nbsp;&nbsp;&nbsp; Installment | 217 | 170 | 176 | 88 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 320 | 939 | 547 | 152 | 430 |
|  Recoveries of loans previously charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial and commercial real estate | 322 | - | 129 | 4 | 32 |
| &nbsp;&nbsp;&nbsp; Real estate mortgage - 1 to 4 family | 406 | 675 | 417 | 450 | 466 |
| &nbsp;&nbsp;&nbsp; Installment | 49 | 34 | 47 | 10 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 777 | 709 | 593 | 464 | 552 |
|  Net loan chargeoffs (recoveries) | (457) | 230 | (46) | (312) | (122) |
|  Provision (credit) for credit losses on loans | 1500 | 1900 | 2500 | (900) | (5450) |
|  Balance of allowance at end of year | $52205 | $50248 | $48578 | $46032 | $44267 |
| Net charge offs as a percent of average loans outstanding during year (less average unearned income) | (0.01)% | 0.00% | -% | (0.01)% | -% |
| Allowance as a percent of loans outstanding at end of year | 0.99 | 0.99 | 0.97 | 0.97 | 1.00 |

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The following table presents the ratio of net charge-offs (recoveries) to average loans outstanding by loan category, along with the components of the calculation, for the periods indicated:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| (dollars in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  |  |  | Net charge- |  |  | Net charge- |  |  | Net charge- |
|  |  |  | offs as a |  |  | offs as a |  |  | offs as a |
|  | Net | Average | percent of | Net | Average | percent of | Net | Average | percent of |
|  | charge-offs | loans | average loans | charge-offs | loans | average loans | charge-offs | loans | average loans |
|  | (recoveries) | outstanding | outstanding | (recoveries) | outstanding | outstanding | (recoveries) | outstanding | outstanding |
|  Commercial | $(318) | $306997 | -0.10% | $441 | $280566 | 0.16% | $(129) | $255666 | 0.05% |
|  Real estate mortgage - 1 to 4 family | (307) | 4840166 | -0.01% | (347) | 4745423 | -0.01% | (46) | 4604155 | 0.00% |
|  Installment | 168 | 12174 | 1.38% | 136 | 14926 | 0.91% | 129 | 15345 | 0.84% |
| &nbsp;&nbsp;&nbsp; Total net (recoveries) chargeoffs | $(457) | $5159337 | -0.01% | $230 | $5040915 | 0.00% | $(46) | $4875166 | 0.00% |

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Our loan portfolio experienced an annualized net recovery rate of (0.01%) for the year ended December 31, 2025 compared to 0.00% for the year ended December 31, 2024.

#### Allocation of the Allowance for Credit Losses on Loans
The allocation of the allowance for credit loss on loans is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands) | As of | As of | As of | As of |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  |  | Percent of |  | Percent of |
|  |  | Loans to |  | Loans to |
|  | Amount | Total Loans | Amount | Total Loans |
| Commercial | $2786 | 5.40% | $3195 | 5.25% |
| Real estate - construction | 411 | 0.80% | 328 | 0.58% |
| Real estate mortgage - 1 to 4 family | 42143 | 84.75% | 40866 | 85.87% |
| Home equity lines of credit | 6636 | 8.84% | 5667 | 8.03% |
| Installment Loans | 229 | 0.21% | 192 | 0.27% |
|  | $52205 | 100.00% | $50248 | 100.00% |

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#### MARKET RISK
The Company's principal exposure to market risk is with respect to interest rate risk. Interest rate risk is the potential for economic loss due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current market value.

#### Quantitative and Qualitative Disclosures About Market Risk
Trustco realizes income principally from the difference or spread between the interest earned on loans, investments and other interest-earning assets and the interest paid on deposits and borrowings. Loan volume and yield, as well as the volume of and rates on investments, deposits and borrowings are affected by market interest rates. Additionally, because of the terms and conditions of many of the loan documents and deposit accounts, a change in interest rates could also affect the projected maturities of the loan portfolio and/or the deposit base.

In monitoring interest rate risk, management focuses on evaluating the levels of net interest income and the fair value of capital in varying interest rate cycles within Board-approved policy limits. Interest rate risk management also must take into consideration, among other factors, the Company's overall credit, operating income, operating cost, and capital profile. The Asset Allocation Committee, which includes all members of executive management and reports quarterly to the Board of Directors, monitors and manages interest rate risk to maintain an acceptable level of potential net interest income and change in the fair value of capital as a result of changes in market interest rates.

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The Company uses a third-party industry standard simulation model as the primary tool to identify, quantify and project changes in interest rates and the impact on the balance sheet and forecasted net interest income. The model utilizes assumptions with respect to cash flows and 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 a fair value amount with respect to non-time deposit categories, since these deposits are part of the core deposit products of the Company. All changes in income are measured as percentage changes from the projected net interest income at the base interest rate scenario. Various estimates regarding prepayment assumptions are made at each level of rate shock. However, prepayment penalty income is excluded from this analysis. The assumptions used are inherently uncertain and, as a result, the 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. Actual results could differ from these estimates. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit repricing characteristics including decay rates, and correlations to movements in interest rates, and should not be relied on as indicative of actual results. Our model requires us to make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. However, we also apply consistent parallel yield curve shifts (in both directions) to determine possible changes in net interest income if the theoretical yield curve shifts occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analysis based on changes in prepayment rates resulting from the parallel yield curve shifts. In addition, the net portfolio value and net interest income information presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities.

Using this model, the fair values of capital projections as of December 31, 2025 and 2024 are presented below. The base case 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 December 31, 2025 and 2024. The tables indicate the impact on the fair value of capital, or EVE, assuming interest rates were to instantaneously increase or decrease by 100, 200, 300 and 400 basis points (BP), assuming the yield curve of the rate shocks will be parallel to each other. The tables also indicate the expected change in net interest income ("NII") under those same assumptions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  |  |  | 1 to 12 Months | 1 to 12 Months | 13 to 24 Months | 13 to 24 Months |
| Change in | $ Amount | % Change | $ Amount | % Change | $ Amount | % Change |
| Interest Rates | of EVE | in EVE | of NII | In NII | of NII | In NII |
| +400 BP | 1122506 | -24.3% | 167752 | -10.7% | 165057 | -16.2% |
| +300 BP | 1181424 | -20.4% | 172329 | &nbsp;&nbsp;&nbsp;&nbsp;-8.2% | 171918 | -12.8% |
| +200 BP | 1240156 | -16.4% | 176904 | &nbsp;&nbsp;&nbsp;&nbsp;-5.8% | 178757 | &nbsp;&nbsp;&nbsp;&nbsp;-9.3% |
| +100 BP | 1391074 | &nbsp;&nbsp;&nbsp;&nbsp;-6.2% | 183053 | &nbsp;&nbsp;&nbsp;&nbsp;-2.5% | 189987 | &nbsp;&nbsp;&nbsp;&nbsp;-3.6% |
| Current rates | 1483675 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | 187759 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | 197069 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| -100 BP | 1501937 | &nbsp;&nbsp;&nbsp;&nbsp;1.2% | 189681 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% | 199073 | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| -200 BP | 1450335 | -2.2% | 189798 | &nbsp;&nbsp;&nbsp;&nbsp;1.1% | 197146 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| -300 BP | 1352227 | -8.9% | 187007 | &nbsp;&nbsp;&nbsp;&nbsp;-0.4% | 191556 | &nbsp;&nbsp;&nbsp;&nbsp;-2.8% |
| -400 BP | 1139659 | -23.2% | 189143 | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | 197583 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  |  | 1 to 12 Months | 1 to 12 Months | 13 to 24 Months | 13 to 24 Months |
| Change in | $ Amount | % Change | $ Amount | % Change | $ Amount | % Change |
| Interest Rates | of EVE | in EVE | of NII | In NII | of NII | In NII |
| +400 BP | 1017206 | -26.8% | 146487 | -15.1% | 157503 | -17.8% |
| +300 BP | 1074687 | -22.6% | 152179 | -11.8% | 163625 | -14.6% |
| +200 BP | 1131318 | -18.6% | 157863 | -8.5% | 169763 | -11.4% |
| +100 BP | 1290356 | &nbsp;&nbsp;&nbsp;&nbsp;-7.1% | 165875 | -3.9% | 182489 | -4.7% |
| Current rates | 1389173 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | 172598 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% | 191561 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| -100 BP | 1414204 | &nbsp;&nbsp;&nbsp;&nbsp;1.8% | 176684 | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | 195705 | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| -200 BP | 1375226 | -1.0% | 178576 | &nbsp;&nbsp;&nbsp;&nbsp;3.5% | 195457 | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| -300 BP | 1291656 | -7.0% | 178106 | &nbsp;&nbsp;&nbsp;&nbsp;3.2% | 190864 | -0.4% |
| -400 BP | 1169300 | -15.8% | 175397 | &nbsp;&nbsp;&nbsp;&nbsp;1.6% | 183764 | -4.1% |

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At December 31, 2025 and 2024, the Company's consolidated Tier 1 capital to assets ratio (leverage capital ratio) was 10.60% and 11.05%, respectively.

The fair value of capital is calculated as the fair value of assets less the fair value of liabilities in the interest rate scenario presented. The fair value of capital in the current rate environment is 24.6% of the fair value of assets, whereas the current Tier 1 capital to assets ratio was 10.60% at December 31, 2025, as noted. The significant difference between these two capital ratios reflects the impact that a fair value calculation can have on the capital ratios of a company. The fair value of capital calculations take into consideration the fair value of deposits, including those deposits considered core deposits, along with the fair value of assets such as the loan portfolio.

A secondary method to identify and manage the interest rate risk profile is the static gap analysis. Interest sensitivity gap analysis measures the difference between the assets and liabilities repricing or maturing within specific time periods. An asset-sensitive position indicates that there are more rate-sensitive assets than rate-sensitive liabilities repricing or maturing within specific time periods, which would generally imply a favorable impact on net interest income in periods of rising interest rates and a negative impact in periods of falling rates. A liability-sensitive position would generally imply a negative impact on net interest income in periods of rising rates and a positive impact in periods of falling rates.

Static gap analysis has limitations because it cannot measure precisely the effect of interest rate movements and competitive pressures on the repricing and maturity characteristics of interest-earning assets and interest-bearing liabilities. In addition, a significant portion of the interest sensitive assets are fixed rate with relatively long lives whereas the interest-bearing liabilities are not subject to these same limitations. As a result, certain assets and liabilities may in fact reprice at different times and at different volumes than the static gap analysis would indicate. The Company has deemphasized the use of gap analysis in favor of the more advanced methods provided by the previously noted model, including the sensitivity of the economic value of equity and net interest income.

The Company recognizes the relatively long-term nature of the fixed rate residential loan portfolio. To fund those long-term assets, the Company cultivates long-term deposit relationships (often called core deposits). These core deposit relationships tend to be longer-term in nature and not as susceptible to changes in interest rates. Core deposit balances, along with substantial levels of short-term liquid assets allow the Company to take on certain interest rate risk with respect to the fixed rate loans on its balance sheet.

In practice, the optionality imbedded in many of the Company's assets and liabilities, along with other limitations such as differing timing between changes in rates on varying assets and liabilities limits the effectiveness of static gap analysis. Thus, the table should be viewed as a rough framework in the evaluation of interest rate risk. Management takes these factors, and others, into consideration when reviewing the Bank's gap position and establishing its asset/liability management strategy. As noted, the simulation model is better able to consider these aspects of the Bank's exposure to potential interest rate changes and thus is viewed as the more important of the two methodologies.

The table, "Interest Rate Sensitivity," presents an analysis of the interest-sensitivity gap position at December 31, 2025. All interest-earning assets and interest-bearing liabilities are shown based upon their contractual maturity or repricing date adjusted for forecasted prepayment rates. Asset prepayment and liability repricing periods are selected after considering the current rate environment, industry prepayment information and data specific to the Company. The interest rate sensitivity table indicates that TrustCo is liability sensitive on a cumulative basis when measured in the less than 1 year time frame, and asset sensitive when measured in the 1-5 year and the over 5 year time frames. The effect of being liability sensitive is that rising interest rates should result in liabilities repricing to higher levels faster than assets repricing to higher levels, thus decreasing net interest income. Conversely, should interest rates decline, the Company's interest-bearing liabilities would reprice down faster than assets, resulting in higher net interest income. The effect of being asset sensitive is that rising interest rates should result in assets repricing to higher levels faster than liabilities repricing to higher levels, thus increasing net interest income. Conversely, should interest rates decline, the Company's interest-bearing assets would reprice down faster than liabilities, resulting in lower net interest income.

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#### Interest Rate Sensitivity

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| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | At December 31, 2025 | At December 31, 2025 | At December 31, 2025 |
|  | Repricing in: | Repricing in: | Repricing in: |
|  | Less than 1 | Rate |  |
|  | year | Insensitive | Total |
| Total assets | $1672159 | 203618 | 6440700 |
| Cumulative total assets | $1672159 | 6440700 |  |
| Total liabilities and shareholders' equity | $2572556 | 762978 | 6440700 |
| Cumulative total liabilities and shareholders' equity | $2572556 | 6440700 |  |
| Cumulative interest sensitivity gap | $(900397) |  |  |
| Cumulative gap as a % of interest earning assets for the period | (53.8%) |  |  |
| Cumulative interest sensitive assets to liabilities | 65.0% |  |  |

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#### Liquidity Risk
Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liabilities, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations in a cost-effective manner and to meet current and future potential obligations such as loan commitments, lease obligations, and unexpected deposit outflows. See "Risk Factors – Risks Related to Our Lending Activities – We 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" in the 2025 Form 10-K.

TrustCo seeks to obtain favorable funding sources and to maintain prudent levels of liquid assets in order to satisfy various liquidity demands. In addition to serving as a funding source for maturing obligations, liquidity provides flexibility in responding to customer-initiated needs. Many factors affect the ability to meet liquidity needs, including changes in the markets served by the Bank's network of branches, the mix of assets and liabilities, and general economic conditions.

The Company actively manages its liquidity position through target ratios established under its asset/liability management policies. Continual monitoring of these ratios, both historically and through forecasts under multiple interest rate scenarios, allows TrustCo to employ strategies necessary to maintain adequate liquidity levelsas provided in its asset/liability management policies. Management has also developed various contingent liquidity alternatives, such as borrowings from the FHLBNY and the FRBNY, and through the utilization of brokered CDs, should the need develop.

The Company achieves its liability-based liquidity objectives in a variety of ways. Liabilities can be classified into three categories for the purposes of managing liability-based liquidity: retail deposits, purchased money, and capital market funds. TrustCo seeks deposits that are dependable and predictable and that are based as much on the level and quality of service as they are on interest rate. Average retail deposits (total deposits less time deposits greater than $250 thousand) amounted to $4.90 billion in 2025 and $4.77 billion in 2024. Average balances of core deposits are detailed in the table "Mix of Average Sources of Funding."

In addition to core deposits, another source of liability-based funding available to TrustCo is purchased money, which consists of long-term and short-term borrowings, Federal Funds purchased, securities sold under repurchase agreements, and time deposits greater than $250 thousand. The average balances of these purchased liabilities are detailed in the table "Mix of Average Sources of Funding." During 2025, the average balance of purchased liabilities was $664.6 million, compared with $605.7 million in 2024. Although classified as purchased liabilities for the purposes of this analysis the Company does not offer premium rates on large time deposits and thus views its time deposits as relatively stable funds. The borrowed funds remained relatively flat from $89.7 million in 2024 to $89.8 million in 2025. Borrowed funds fluctuations are the result of customers' behavioral preferences in regard to managing their funds and does not reflect any decision by management to decrease this category of funding. The classification of time deposits over $250 thousand as purchased liabilities is typical industry practice, partly reflecting that some banks pay premium rates for larger balance time deposits.

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The Bank also has a line of credit available with the FHLBNY. The amount of that line is determined by the Bank's total assets and the amount and types of collateral pledged. Assets that are eligible for pledging include most loans and securities. The Bank can borrow up to 30% of its total assets from the FHLBNY without special approval and may apply to borrow up to 50% of its total assets. Securities and loans pledged as collateral against any borrowings must cover certain margin requirements. Eligible securities have a maximum lendable value of 67% to 97%, depending on the security type, with the securities in the Bank's investment portfolio generally having maximum lendable values of 80% to 95%. The maximum lendable value against loans is 90% for 1-4 family residential mortgages, 80% for multifamily mortgages and 75% for commercial mortgages. For both securities and loans, the maximum lendable limits are applied to the market value of the asset pledged. At December 31, 2025 the amount available to borrow from the FHLBNY was $967.4 million, and there were no outstanding borrowings as of December 31, 2025. In addition, as noted, the Bank has access to borrowings from the FRBNY. Borrowings from the FRBNY are subject to collateralization by securities or loans acceptable to the FRBNY and at collateral margins set by the FRBNY.

Management believes that the Company's overall liquidity position remains strong. A simple liquidity proxy often used in the industry is the ratio of loans to deposits, with a lower number representing a more liquid institution. As of December 31, 2025 and 2024, TrustCo's loan to deposit ratio was 94.5% and 94.6%, respectively. In addition, at December 31, 2025 and 2024, the Company had cash and cash equivalents totaling $730.4 million and $641.8 million, respectively, as well as unpledged securities available for sale with a fair value of $126.3 million and $213.9 million, respectively. Management believes that the Company currently has adequate sources of liquidity to cover its contractual obligations and commitments over the next twelve months and beyond.

The following table and narrative below reflect our material short-and long-term cash requirements as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | Payments Due by Period: | Payments Due by Period: | Payments Due by Period: | Payments Due by Period: | Payments Due by Period: |
|  | Less Than | 1-3 | 3-5 | More than |  |
|  | 1 Year | Years | Years | 5 Years | Total |
| Operating lease liabilities | $8046 | $12343 | $7335 | $14070 | $41794 |
| Certificates of deposit | 2000762 | 136951 | 682 | 20 | $2138415 |
| Total contractual obligations | $2008808 | $149294 | $8017 | $14090 | $2180209 |

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In addition, the Company is contractually obligated to pay data processing vendors approximately $10 million to $11 million per year through 2030.

As of December 31, 2025 the Bank has commercial and personal unused lines of credit of $74.2 million that generally have a draw date of one year or less, and also the Bank has unused home equity lines of credit of $528.1 that generally have a draw period of up to 10 years. In addition, there are standby letters of credit of $5.1 million as of December 31, 2025 that generally have a term of one year or less. The Bank also has construction loans in process of $35.5 million with draw periods of up to three years.

Also, the Company is obligated under its various employee benefit plans to make certain payments of approximately $2.0 to $2.3 million per year through 2035. Additionally, the Company is obligated to pay the accumulated benefits under the Company's post retirement pension plan which amounted to $6.7 million and $6.2 million, respectively, as of December 31, 2025 and 2024. Actual payments under the plan are made in accordance with the plan provisions.

#### Off-Balance Sheet Risk
Commitments to extend credit: The Bank makes contractual commitments to extend credit, and extends lines of credit which are subject to the Bank's credit approval and monitoring procedures. At December 31, 2025 and 2024, commitments to extend credit in the form of loans, including unused lines of credit, amounted to $611.6 million and $601.2 million, respectively. In management's opinion, there are no material commitments to extend credit that represent unusual risk.

The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $5.1 million and $4.6 million at December 31, 2025 and 2024, respectively, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios are generally consistent with loan-to-value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company's standby letters of credit at December 31, 2025 and 2024 was insignificant.

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<u>Other off-balance sheet risk</u>: TrustCo does not engage in activities involving interest rate swaps, forward placement contracts, or any other instruments commonly referred to as "derivatives." Management believes these instruments pose a high degree of risk, and that investing in them is unnecessary. TrustCo has no off-balance sheet partnerships, joint ventures, or other risk sharing entities.

The Company's allowance for credit losses on unfunded commitments is recognized as a liability (within accrued expenses and other liabilities) with adjustments to the reserve recognized in provision for credit losses in the consolidated income statement. The Company recorded a provision for credit losses of $100 thousand in both 2025 and 2024. As of December 31, 2025 and 2024 the allowance for unfunded commitments was $1.9 million and $1.8 million, respectively.

#### Noninterest Income and Expense
<u>Noninterest income:</u> Noninterest income is an important source of revenue for the Company and a factor in overall results. Total noninterest income was $18.9 million in 2025, $19.8 million in 2024 and $18.3 million in 2023. The decrease is primarily the result of a gain of $1.4 million recorded on the Visa Class C Common stock exchange in 2024 as previously discussed, and a decrease in fees for services to customers driven by lower interchange income, partially offset by an increase in financial services income due to higher market values of assets under management.

The Company routinely reviews its service charge policies and levels relative to its competitors. Reflecting those reviews, the Company makes changes in fees for services to customers in terms of both the levels of fees, as well as types of fees where appropriate. The changes in reported noninterest income also reflect the volume of services customers utilized and regulatory changes governing overdrafts. Other income was up $206 thousand in 2025 compared to 2024.

Trustco Wealth Management contributes a large recurring portion of noninterest income through fees generated by providing fiduciary and investment management services. Income from these fiduciary activities totaled $7.9 million in 2025, $7.2 million in 2024 and $6.4 million in 2023. Trust fees are generally calculated as a percentage of the assets under management by Trustco Wealth Management. In addition, trust fees include fees for estate settlements, tax preparation, and other services. Assets under management by Trustco Wealth Management are not included on the Company's Consolidated Financial Statements because Trustco Wealth Management holds these assets in a fiduciary capacity. At December 31, 2025, 2024 and 2023, fair value of assets under management by the Trustco Wealth Management were approximately $1.3 billion, $1.2 billion and $967 million, respectively. The changes in levels of assets under management reflects a combination of changing market valuations and the net impact of new customer asset additions, losses of accounts and the settlement of estates. The increase in income is due to the timing of market value fluctuations and fees for other services.

#### NONINTEREST INCOME

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | 2025 vs 2024 | 2025 vs 2024 |
|  | 2025 | 2024 | 2023 | Amount | Percent |
| Wealth Management income | $7855 | $7247 | $6425 | $608 | 8.4% |
| Fees for services to customers | 9532 | 9852 | 10648 | (320) | (3.2) |
| Net gain on equity securities | - | 1383 | - | (1383) | (100.0) |
| Other | 1558 | 1352 | 1242 | 206 | 15.2 |
| &nbsp;&nbsp;&nbsp; Total noninterest income | $18945 | $19834 | $18315 | $(889) | (4.5)% |

---

<u>Noninterest expense:</u> Noninterest expense was $105.5 million in 2025, $105.7 million in 2024, and $111.3 million in 2023. TrustCo's operating philosophy stresses the importance of monitoring and controlling the level of noninterest expense. The efficiency ratio is a strong indicator of how well controlled and monitored these expenses are for a banking enterprise. A low ratio indicates highly efficient performance. The median adjusted efficiency ratio for a peer group composed of banking institutions with assets of $2 to $10 billion was 59.0% for 2025. TrustCo's efficiency ratio was 56.1% in 2025, 61.6% in 2024 and 58.5% in 2023. TrustCo's adjusted efficiency ratio was 55.8% in 2025, 61.6% in 2024 and 56.7% in 2023. In 2024 net gains on equity securities was excluded from this calculation. In 2023 non-recurring losses, non-recurring expenses, and branch closure expenses were excluded from this calculation. See the Non-GAAP Financial Measures Reconciliation presented herein.

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#### NONINTEREST EXPENSE

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, | 2025 vs 2024 | 2025 vs 2024 |
|  | 2025 | 2024 | 2023 | Amount | Percent |
| Salaries and employee benefits | $48739 | $48149 | $51242 | $590 | 1.2% |
| Net occupancy expense | 18134 | 17820 | 17427 | 314 | 1.8 |
| Equipment expense | 8019 | 7889 | 7610 | 130 | 1.6 |
| Professional services | 6266 | 6675 | 6245 | (409) | (6.1) |
| Outsourced services | 9752 | 10858 | 10039 | (1106) | (10.2) |
| Advertising expense | 1584 | 1803 | 1878 | (219) | (12.1) |
| FDIC and other insurance | 4511 | 4116 | 4300 | 395 | 9.6 |
| Other real estate expense, net | 719 | 770 | 524 | (51) | (6.6) |
| Other | 7780 | 7647 | 12032 | 133 | 1.7 |
| &nbsp;&nbsp;&nbsp; Total noninterest expense | $105504 | $105727 | $111297 | $(223) | (0.2)% |

---

Salaries and employee benefits are the most significant component of noninterest expense. For 2025, these expenses amounted to $48.7 million, compared with $48.1 million in 2024 and $51.2 million in 2023. The increase in salaries and benefits in 2025 was primarily the result of an increase in salaries and incentive compensation, partially offset by decreases in other employee benefit plan expenses. Full time equivalent headcount was 743 and 737 as of December 31, 2025 and 2024, respectively. The Company constantly hires qualified candidates and from time-to-time experiences fluctuations in head count.

Net occupancy expense increased $314 thousand during 2025 compared to 2024 primarily as a result of additional costs incurred for common area maintenance. Professional services decreased $409 thousand during 2025 compared to 2024 primarily as a result of decreased use of consultants and experts for various activities. Outsourced services expense decreased $1.1 million during 2025 compared to 2024 primarily as a result of credits earned from one of our banking service providers. FDIC and other insurance increased $395 thousand primarily as a result of increased deposits. Other real estate expense, net was $719 thousand in 2025 and $770 thousand in 2024, compared to other real estate expense of $524 thousand in 2023. Included in ORE expense, net during 2025, 2024 and 2023 were write downs of properties included in ORE totaling $547 thousand, $350 thousand and $143 thousand, respectively. Additionally, included in ORE expense, net during 2025, 2024 and 2023 were gains on sale of $40 thousand, $75 thousand and $355 thousand, respectively. Other noninterest expense was $7.8 million in 2025 compared to $7.6 million in 2024 and $12.0 million in 2023. The increase in 2023 as compared to 2024 and 2025 was primarily as a result of a $2.75 million litigation settlement expense incurred in that year.

#### Income Tax
TrustCo recognized income tax expense of $19.7 million, $15.2 million and $19.0 million in 2025, 2024 and 2023, respectively. The effective tax rates were 24.3% in 2025, 23.8% in 2024, and 24.4% in 2023.

#### Impact of Inflation and Changing Prices
The Consolidated Financial Statements for the years ended 2025, 2024 and 2023 have been prepared in accordance with U.S. generally accepted accounting principles which require the measurement of financial position and operating results in terms of historical dollars without considering the changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the cost of operations, included in noninterest expense.

Nearly all assets and liabilities of the Company are monetary. As a result, changes in interest rates have a greater impact on the Company's performance than do the effects of general levels of inflation, because interest rates do not necessarily move in the same direction or to the same extent as the price of goods and services.

#### Critical Accounting Policies and Estimates
Management's Discussion and Analysis of Financial Condition and Results of Operations is based upon the Company's consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, income taxes and related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company's actual results may differ from these estimates under different assumptions or conditions.

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Management considers the accounting policy relating to the allowance for credit losses on loans to be a critical accounting policy given the measurement uncertainty and subjective judgment 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. Included in Note 1 to the Consolidated Financial Statements contained in this Annual Report to Shareholders is a description of the significant accounting policies that are utilized by the Company in the preparation of the Consolidated Financial Statements.

The estimate of expected credit losses under the CECL methodology required under ASC 326 are based on relevant information about current conditions, past events, and reasonable and supportable forecasts regarding collectability of the reported amounts. In order to estimate the expected credit losses on loans, the Company utilized a discounted cash flow model which calculated a historical loss rate for each of the identified loan segments. The historical loss rates were then adjusted using qualitative factors. The Company uses the regulatory interagency qualitative framework under a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in the Company's portfolio and the economic environment, weighting is assigned based on the Company's evaluation and understanding of the underlying risks and economic conditions within each portfolio segment.

Assumptions evaluated each reporting period include the determination of the forecast scenario to be utilized and the assumption for prepayment speeds. For its largest portfolio, 1-4 family residential real estate, the prepayment assumption applied within the quantitative calculation was 9.56% as of December 31, 2025. Hypothetically, if the prepayment assumption would be increased to 14.56%, the impact of the allowance would be a reduction of $5.2 million. Hypothetically, if the prepayment assumption would be decreased to 4.56%, the impact of the allowance would be an increase of $7.8 million.

#### Recent Accounting Pronouncements
Please refer to Note 19 to the consolidated financial statements for a detailed discussion of new accounting pronouncements and their impact on the Company.

#### Non-GAAP Financial Measures Reconciliation
The Securities and Exchange Commission ("SEC") has adopted certain rules with respect to the use of "non-GAAP financial measures" by companies with a class of securities registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), such as TrustCo. Under the SEC's rules, companies making disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the company's reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. Certain of the financial measures used in this report, such as adjusted efficiency ratio, are determined by methods other than in accordance with GAAP.

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

We believe that this non-GAAP financial measure provides information that is important to investors and that is useful in understanding the Company's financial position, results and ratios. Management internally assesses our performance based, in part, on such measure. However, this non-GAAP financial measure is supplemental and is not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies.

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A reconciliation of the non-GAAP measures of adjusted efficiency ratio to the most directly comparable GAAP financial measures is set forth below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands, except per share amounts) |  |  |  |  |  |  |
| (Unaudited) |  |  |  |  |  |  |
|  |  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  |  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Taxable Equivalent Net Interest Margin |  |  |  |  |  |  |
| Net interest income (GAAP) |  | $168973 | $151939 | $171845 | $180135 | $160408 |
| Taxable Equivalent Adjustment |  | - | - | - | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Net interest income (Taxable Equivalent) (Non-GAAP) |  | $168973 | $151939 | $171845 | $180136 | $160409 |
| Total Interest Earning Assets |  | 6168710 | 5976134 | 5910391 | 6014850 | 5928077 |
| Net Interest Margin (GAAP) |  | 2.74% | 2.54% | 2.91% | 2.99% | 2.71% |
| Taxable Equivalent Net Interest Margin (Non-GAAP) |  | 2.74% | 2.54% | 2.91% | 2.99% | 2.71% |
|  |  | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  |  | 2025 | 2024 | 2023 | 2022 | 2021 |
| Efficiency Ratio |  |  |  |  |  |  |
| Net interest income (Taxable Equivalent) (Non-GAAP) | A | $168973 | $151939 | $171845 | $180136 | $160409 |
| Non-interest income (GAAP) | B | 18945 | 19834 | 18315 | 19260 | 17937 |
| Add: Non-recurring loss | C | - | - | 101 | - | - |
| Less: Net gains on equity securities | D | - | 1383 | - | - | - |
| Less: Net gain on sale of building and net gain | E |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; on sale of nonperforming loans | F | - | - | - | 268 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue used for efficiency ratio (Non-GAAP) | G | $187918 | $170390 | $190261 | $199128 | $178346 |
| Total Noninterest expense (GAAP) | H | $105504 | $105727 | $111297 | $100319 | $101662 |
| Less: Branch closure expense | I | - | - | 114 | - | - |
| Less: Non-recurring expenses | J | - | - | 2750 | - | - |
| Less: Other real estate (income) expense, net | K | 719 | 770 | 524 | 310 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses used for efficiency ratio (Non-GAAP) | L | $104785 | $104957 | $107909 | $100009 | $101479 |
| Efficiency Ratio (GAAP) | H/(A+B) | 56.14% | 61.55% | 58.53% | 50.31% | 57.00% |
| Adjusted Efficiency Ratio (Non-GAAP) | L/G | 55.76% | 61.60% | 56.72% | 50.22% | 56.90% |

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#### Glossary of Terms

#### Adjusted Efficiency Ratio:
Noninterest expense as determined under GAAP, excluding other real estate expense, net, and other non-recurring expenses, divided by net interest income and total noninterest income as determined under GAAP, excluding any non-recurring income. This is an indicator of the total cost of operating the Company in relation to the total income generated.

#### Allowance for Credit Losses on Loans:
A balance sheet account which represents management's estimate of expected credit losses in the loan portfolio. The provision for credit losses is added to the allowance account, charge offs of loans decrease the allowance balance and recoveries on previously charged off loans serve to increase the balance.

#### Basic Earnings Per Share:
Net income divided by the weighted average number of common shares outstanding (including participating securities) during the period.

#### Cash Dividends Per Share:
Total cash dividends for each share outstanding on the record dates.

#### Common equity tier 1 capital ratio
Common equity Tier 1 capital to risk weighted assets

#### Comprehensive Income (Loss):
Net income plus the change in selected items recorded directly to capital such as the net change in unrealized market gains and losses on securities available for sale and the overfunded/underfunded positions in the retirement plans.

#### Core Deposits:
Deposits that are traditionally stable, including all deposits other than time deposits of $250,000 or more.

#### Derivative Investments:
Investments in futures contracts, forwards, swaps, or other investments with similar characteristics.

#### Diluted Earnings Per Share:
Net income divided by the weighted average number of common shares outstanding during the period, taking into consideration the effect of any dilutive stock options.

#### Earning Assets:
The sum of interest-bearing deposits with banks, securities available for sale, securities held to maturity, trading securities, loans, net of unearned income, and Federal Funds sold and other short-term investments.

#### Efficiency Ratio:
Noninterest expense divided by net interest income plus noninterest income. This is an indicator of the total cost of operating the Company in relation to the total income generated.

#### Federal Funds Sold:
A short-term (generally one business day) investment of excess cash reserves from one bank to another.

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Glossary of Terms *(continued)*

#### Government Sponsored Enterprises ("GSE"):
Corporations sponsored by the United States government and include the Federal Home Loan Bank (FHLB), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), the Federal National Mortgage Association (FNMA or Fannie Mae) and the Small Business Administration (SBA).

#### Individually Evaluated Loans:
Loans that no longer match the risk profile of the pool are individually assessed for credit losses. Non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as financial difficulty modification ("FDM") are individually assessed.

#### Interest-Bearing Liabilities:
The sum of interest-bearing deposits, Federal Funds purchased, securities sold under agreements to repurchase, short-term borrowings, and long-term debt.

#### Interest Rate Spread:
The difference between the taxable equivalent yield on earning assets and the rate paid on interest bearing-liabilities.

#### Liquidity:
The ability to meet loan commitments, deposit withdrawals, and maturing borrowings as they come due.

#### Loan Modifications:
A refinanced loan in which the bank allows the borrower certain concessions that would normally not be considered. The concessions are made in light of the borrower's financial difficulties and the bank's objective to maximize recovery on the loan. Loan modifications are considered individually analyzed loans.

#### Net Interest Income:
The difference between income on earning assets and interest expense on interest-bearing liabilities.

#### Net Interest Margin:
Net interest income as a percentage of average earning assets.

#### Net Loans Charged Off:
Reductions to the allowance for credit losses on loans written off as losses, net of the recovery of loans previously charged off.

#### Non-accrual Loans:
Loans for which no periodic accrual of interest income is recognized.

#### Nonperforming Assets:
The sum of nonperforming loans plus foreclosed real estate properties.

#### Nonperforming Loans:
The sum of loans in a non-accrual status (for purposes of interest recognition), plus accruing loans three payments or more past due as to principal or interest payments.

#### Parent Company:
A company that owns or controls a subsidiary through the ownership of voting stock.

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Glossary of Terms *(continued)*

#### Real Estate Owned:
Real estate acquired through foreclosure proceedings.

#### Return on Average Assets:
Net income as a percentage of average total assets.

#### Return on Average Equity:
Net income as a percentage of average equity.

#### Risk-Adjusted Assets:
A regulatory calculation that assigns risk factors to various assets on the balance sheet.

#### Risk-Based Capital:
The amount of capital required by federal regulatory standards, based on a risk-weighting of assets.

#### Subprime Loans:
Loans, including mortgages, that are underwritten based on non-traditional guidelines or structured in non-traditional ways, typically with the goal of facilitating the approval of loans that more conservative lenders would likely decline.

#### Tier 1 Capital:
Total shareholders' equity excluding accumulated other comprehensive income.

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#### Management's Report on Internal Control over Financial Reporting
The management of TrustCo Bank Corp NY is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)). TrustCo's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management has completed an assessment of TrustCo Bank Corp NY's internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth by the 2013 Internal Control - Integrated Framework promulgated by the Committee of Sponsoring Organizations of the Treadway Commission, commonly referred to as the "COSO" criteria. Based on our assessment, we believe that, as of December 31, 2025, the Company maintained effective internal control over financial reporting.

The Company's internal control over financial reporting as of December 31, 2025 has been audited by Crowe LLP, the Company's independent registered public accounting firm, as stated in their report which is included herein.

![](image1.jpg)

Robert J. McCormick

Chairman, President, and Chief Executive Officer

![](image4.jpg)

Michael M. Ozimek

Executive Vice President, and Chief Financial Officer

March 16, 2026

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| | |
|:---|:---|
| ![](image00007.jpg) | ![](image6.jpg) |
| ![](image00007.jpg) | Crowe LLP<br> 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

#### Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated statements of condition of Trustco Bank Corp NY (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on Internal Control – Integrated Framework: (2013) issued by COSO.

#### Basis for Opinions
The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("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.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

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#### Definition and Limitations of Internal Control Over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

#### Allowance for Credit Losses – Qualitative Factors
As described in Notes 1 and 4, the allowance for credit losses on loans ("ACLL") is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The Company has identified the ACLL as a critical accounting estimate.

The estimate of expected credit losses under the CECL methodology required under ASC 326 are based on relevant information about current conditions, past events, and reasonable and supportable forecasts regarding collectability of the reported amounts. In order to estimate the expected credit losses for loans, the Company utilized a discounted cash flow model which calculated a historical loss rate for each of the identified loan segments. The historical loss rates were then adjusted with qualitative factors. The Company uses the regulatory interagency qualitative framework under a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in the Company's portfolio and the economic environment, weighting is assigned based on the Company's evaluation and understanding of the underlying risks and economic conditions within each portfolio segment.

We identified auditing the qualitative factors to be a critical audit matter due to the significant professional judgment and use of subjective measurements by management in determining the qualitative factors using the weighted scorecard approach. This resulted in a high degree of auditor effort and judgment in evaluating the qualitative factors due to the subjective nature and the resulting measurement uncertainty associated with the qualitative factors.

The primary procedures we performed to address this critical audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;• Testing of design and operating effectiveness of management's internal controls over the (i) appropriateness of management's methodology for developing the qualitative factors; (ii) relevance and reliability of the internal and external data used in the determination of the qualitative factors; and (iii) reasonableness of management's judgments applied in determining the risk tranches and allocations for the selected qualitative factors.

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&nbsp;&nbsp;&nbsp;&nbsp;• Substantively testing management's process to estimate the allowance for credit losses for loans qualitative factors calculation, which included (i) testing the relevance and reliability of internal and external data utilized in the determination of the qualitative factors; (ii) evaluating the reasonableness of management's judgments and subjective measurements used in the qualitative factor calculation; and (iii) evaluating the appropriateness of management's qualitative factor methodology.

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| | |
|:---|:---|
|  | /s/Crowe LLP |
| We have served as the Company's auditor since 2009. |  |
| Boston, Massachusetts<br> March 16, 2026 |  |

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**

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#### TRUSTCO BANK CORP NY
Consolidated Statements of Income

(dollars in thousands, except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2025** | 2024 | 2023 |
| Interest and dividend income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest and fees on loans | $**220846** | $205600 | $187456 |
| &nbsp;&nbsp;&nbsp; Interest and dividends on securities available for sale: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. S. government sponsored enterprises | **2159** | 3213 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | **1** | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities and collateralized mortgage obligations-residential | **6169** | 5760 | 6146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | **1271** | 1557 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Business Administration-guaranteed participation securities | **296** | 368 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **30** | 13 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest and dividends on securities available for sale | **9926** | 10912 | 11387 |
| &nbsp;&nbsp;&nbsp; Interest on held to maturity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities and collateralized mortgage obligations-residential | **213** | 254 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest on held to maturity securities | **213** | 254 | 296 |
| Federal Home Loan Bank stock | **531** | 604 | 500 |
| Interest on federal funds sold and other short-term investments | **27900** | 25946 | 26567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest and dividend income | **259416** | 243316 | 226206 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest on deposits | **89549** | 90586 | 53352 |
| &nbsp;&nbsp;&nbsp; Interest on short-term borrowings | **894** | 791 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | **90443** | 91377 | 54361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | **168973** | 151939 | 171845 |
| Provision for credit losses | **1600** | 2000 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for credit losses | **167373** | 149939 | 170595 |
| Noninterest income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Trustco Financial Services income | **7855** | 7247 | 6425 |
| &nbsp;&nbsp;&nbsp; Fees for services to customers | **9532** | 9852 | 10648 |
| &nbsp;&nbsp;&nbsp; Net gain on equity securities | **-** | 1383 | - |
| &nbsp;&nbsp;&nbsp; Other | **1558** | 1352 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest income | **18945** | 19834 | 18315 |
| Noninterest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and employee benefits | **48739** | 48149 | 51242 |
| &nbsp;&nbsp;&nbsp; Net occupancy expense | **18134** | 17820 | 17427 |
| &nbsp;&nbsp;&nbsp; Equipment expense | **8019** | 7889 | 7610 |
| &nbsp;&nbsp;&nbsp; Professional services | **6266** | 6675 | 6245 |
| &nbsp;&nbsp;&nbsp; Outsourced services | **9752** | 10858 | 10039 |
| &nbsp;&nbsp;&nbsp; Advertising expense | **1584** | 1803 | 1878 |
| &nbsp;&nbsp;&nbsp; FDIC and other insurance expense | **4511** | 4116 | 4300 |
| &nbsp;&nbsp;&nbsp; Other real estate expense, net | **719** | 770 | 524 |
| &nbsp;&nbsp;&nbsp; Other | **7780** | 7647 | 12032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | **105504** | 105727 | 111297 |
| Income before income taxes | **80814** | 64046 | 77613 |
| Income taxes | **19677** | 15213 | 18967 |
| Net income | $**61137** | $48833 | $58646 |
| Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic | $3.26 | $2.57 | $3.08 |
| &nbsp;&nbsp;&nbsp; Diluted | $3.25 | $2.57 | $3.08 |

---

See accompanying notes to consolidated financial statements.

Page **41** of **108**<br>

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TRUSTCO BANK CORP NY

#### Consolidated Statements of Comprehensive Income

#### (dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2025** | 2024 | 2023 |
| Net income | $**61137** | $48833 | $58646 |
| Net unrealized holding gain on securities available for sale | **13049** | 2946 | 11293 |
| Tax effect | **(3391)** | (760) | (2921) |
| &nbsp;&nbsp;&nbsp; Net unrealized gain on securities available for sale, net of tax | **9658** | 2186 | 8372 |
| Change in overfunded position in pension and postretirement plans arising during the year  | **7695** | 10524 | 7955 |
| Tax effect | **(1999)** | (2734) | (2067) |
| Change in overfunded position in pension and postretirement plans arising during the year, net of tax | **5696** | 7790 | 5888 |
| Amortization of net actuarial gain | **(1998)** | (824) | (423) |
| Amortization of prior service cost | **13** | 13 | 13 |
| Tax effect | **516** | 211 | 107 |
| Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax | **(1469)** | (600) | (303) |
| Other comprehensive income, net of tax | **13885** | 9376 | 13957 |
| Comprehensive income | $**75022** | $58209 | $72603 |

---

See accompanying notes to consolidated financial statements.

Page **42** of **108**<br>

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TRUSTCO BANK CORP NY

Consolidated Statements of Condition

(dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | As of December 31, | As of December 31, |
|  | **2025** | 2024 |
| **ASSETS** |  |  |
| Cash and due from banks | $**50569** | $47364 |
| Federal funds sold and other short term investments | **679858** | 594448 |
| &nbsp;&nbsp;&nbsp; Total cash and cash equivalents | **730427** | 641812 |
| Securities available for sale | **310418** | 358185 |
| Held to maturity securities ($4,389 and $5,306 fair value at December 31, 2025 and 2024, respectively) | **4339** | 5365 |
| Federal Home Loan Bank stock | **6601** | 6507 |
| Loans, net of deferred costs | **5252460** | 5098058 |
| &nbsp;&nbsp;&nbsp; Less: Allowance for credit losses on loans | **52205** | 50248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans | **5200255** | 5047810 |
| Bank premises and equipment, net | **40707** | 33782 |
| Operating lease right-of-use assets | **33638** | 36627 |
| Other assets | **114315** | 108656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $**6440700** | $6238744 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Deposits: |  |  |
| &nbsp;&nbsp;&nbsp; Demand | $**814908** | $762101 |
| &nbsp;&nbsp;&nbsp; Savings accounts | **1069564** | 1086534 |
| &nbsp;&nbsp;&nbsp; Interest-bearing checking | **1077141** | 1027540 |
| &nbsp;&nbsp;&nbsp; Money market deposit accounts | **457389** | 465049 |
| &nbsp;&nbsp;&nbsp; Time accounts | **2138415** | 2049759 |
| &nbsp;&nbsp;&nbsp; Total deposits | **5557417** | 5390983 |
| Short-term borrowings | **120054** | 84781 |
| Operating lease liabilities | **36391** | 40159 |
| Accrued expenses and other liabilities | **40249** | 46478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | **5754111** | 5562401 |
| Commitments and contingent liabilities |  |  |
| **SHAREHOLDERS' EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock: $1.00 par value; 30,000,000 shares authorized, 20,118,509 and 20,097,152<br> shares issued and 18,029,107 and 19,019,749 shares outstanding at December 31, 2025 and 2024, respectively<br>| **20119** | 20097 |
| Surplus | **260333** | 258874 |
| Undivided profits | **479996** | 446503 |
| Accumulated other comprehensive income (loss), net of tax | **10024** | (3861) |
| &nbsp;&nbsp;&nbsp; Treasury stock: 2,089,402 and 1,077,403 shares, at cost, at <br> December 31, 2025 and 2024, respectively<br>| **(83883)** | (45270) |
| &nbsp;&nbsp;&nbsp; Total shareholders' equity | **686589** | 676343 |
| &nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $**6440700** | $6238744 |

---

See accompanying notes to consolidated financial statements.

Page **43** of **108**<br>

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TRUSTCO BANK CORP NY

#### Consolidated Statements of Changes in Shareholders' Equity

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated |  |  |
|  |  |  |  | Other |  |  |
|  | Capital |  | Undivided | Comprehensive | Treasury |  |
|  | Stock | Surplus | Profits | Income (Loss) | Stock | Total |
| Balance, January 1, 2023 | $20058 | $257078 | $393831 | $(27194) | $(43786) | $599987 |
| Net income | - | - | 58646 | - | - | 58646 |
| Change in other comprehensive income, net of tax | - | - | - | 13957 | - | 13957 |
| Cash dividend declared, $1.44 per share | - | - | (27408) | - | - | (27408) |
| Stock based compensation expense | - | 103 | - | - | - | 103 |
| Ending balance, December 31, 2023 | $20058 | $257181 | $425069 | $(13237) | $(43786) | $645285 |
| Net income | - | - | 48833 | - | - | 48833 |
| Change in other comprehensive income, net of tax | - | - | - | 9376 | - | 9376 |
| Exercise of stock options, net of repurchases | 30 | 982 | - | - | (958) | 54 |
| Restricted stock vesting, net of repurchaes | 9 | (9) | - | - | (152) | (152) |
| Cash dividend declared, $1.44 per share | - | - | (27399) | - | - | (27399) |
| Purchase of treasury stock, 14,973 shares | - | - | - | - | (374) | (374) |
| Stock based compensation expense | - | 720 | - |  | - | 720 |
| Ending balance, December 31, 2024 | $20097 | $258874 | $446503 | $(3861) | $(45270) | $676343 |
| Net Income | - | - | **61137** | - | - | **61137** |
| Change in other comprehensive income, net of tax | - | - | - | **13885** | - | **13885** |
| Exercise of stock options, net of repurchases | **7** | **204** | - | - | **(198)** | **13** |
| Restricted stock vesting, net of repurchaes | **15** | **(15)** |  |  | **(281)** | **(281)** |
| Cash Dividend Declared, $1.48 per share | - | - | **(27644)** | - |  | **(27644)** |
| Purchase of treasury stock 1,000,000 shares | - | - | - | - | **(38134)** | **(38134)** |
| Stock Based Compensation Expense | - | **1270** | - | - | - | **1270** |
| Ending balance, December 31, 2025 | $**20119** | $**260333** | $**479996** | $**10024** | **(83883)** | $**686589** |

---

See accompanying notes to consolidated financial statements.

Page **44** of **108**<br>

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TRUSTCO BANK CORP NY

**Consolidated Statements of Cash Flows**

(dollars in thousands, except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2025** | 2024 | 2023 |
| Cash flows from operating activities: |  |  |  |
| Net income | $**61137** | $48833 | $58646 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided<br> by operating activities:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | **4815** | 4540 | 4114 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use asset | **6645** | 6895 | 6672 |
| &nbsp;&nbsp;&nbsp; Net gain on sale of other real estate owned | **(40)** | (75) | (355) |
| &nbsp;&nbsp;&nbsp; Writedown of other real estate owned | **547** | 350 | 143 |
| &nbsp;&nbsp;&nbsp; Net gain on securities transactions | **-** | (1383) | - |
| &nbsp;&nbsp;&nbsp; Provision for credit losses | **1600** | 2000 | 1250 |
| &nbsp;&nbsp;&nbsp; Deferred tax expense | **4134** | 1986 | 2156 |
| &nbsp;&nbsp;&nbsp; Net amortization of securities | **884** | 1137 | 1734 |
| &nbsp;&nbsp;&nbsp; Stock based compensation expense | **1270** | 720 | 103 |
| &nbsp;&nbsp;&nbsp; Net loss (gain) on sale of bank premises and equipment | **125** | (144) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in taxes receivable | **(3873)** | 6351 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in interest receivable | **(635)** | 489 | (2192) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) Increase in interest payable | **(171)** | 204 | 3010 |
| &nbsp;&nbsp;&nbsp; Increase in other assets | **(7162)** | (6341) | (5588) |
| &nbsp;&nbsp;&nbsp; Decrease in operating lease liabilities | **(7424)** | (7292) | (6996) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) Increase in accrued expenses and other liabilities | **(4249)** | 1172 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments | **(3534)** | 10609 | 5483 |
| Net cash provided by operating activities | **57603** | 59442 | 64129 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from paydowns and calls of securities available for sale | **86019** | 68119 | 53503 |
| &nbsp;&nbsp;&nbsp; Purchases of securities available for sale | **(96113)** | (42773) | (19678) |
| &nbsp;&nbsp;&nbsp; Proceeds from maturities of securities available for sale | **70059** | 70608 | 5008 |
| &nbsp;&nbsp;&nbsp; Proceeds from paydowns of held to maturity securities | **993** | 1052 | 1199 |
| &nbsp;&nbsp;&nbsp; Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | **(94)** | (304) | (406) |
| &nbsp;&nbsp;&nbsp; Net increase in loans | **(154203)** | (97989) | (269952) |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of securities transactions | **-** | 1383 | - |
| &nbsp;&nbsp;&nbsp; Proceeds from dispositions of other real estate owned | **531** | 325 | 2399 |
| &nbsp;&nbsp;&nbsp; Proceeds from dispositions of bank premises and equipment | **-** | 713 | - |
| &nbsp;&nbsp;&nbsp; Purchases of bank premises and equipment | **(11865)** | (4884) | (5666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | **(104673)** | (3750) | (233593) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in deposits | **166434** | 40206 | 157967 |
| &nbsp;&nbsp;&nbsp; Net change in short-term borrowings | **35273** | (4209) | (33710) |
| &nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options and related tax benefits | **24** | 95 | - |
| &nbsp;&nbsp;&nbsp; Stock based award tax withholding payments<br>| **(292)** | (193) | - |
| &nbsp;&nbsp;&nbsp; Purchases of treasury stock | **(38134)** | (374) | - |
| &nbsp;&nbsp;&nbsp; Dividends paid | **(27620)** | (27409) | (27388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | **135685** | 8116 | 96869 |
| Net (decrease) increase in cash and cash equivalents | **88615** | 63808 | (72595) |
| Cash and cash equivalents at beginning of period | **641812** | 578004 | 650599 |
| Cash and cash equivalents at end of period | $**730427** | $641812 | $578004 |
| Cash paid during the year for: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest paid | $**90614** | $91173 | $51351 |
| &nbsp;&nbsp;&nbsp; Income taxes paid<br>| **19078** | 9152 | 19064 |
| Non cash investing and financing activites: |  |  |  |
| &nbsp;&nbsp;&nbsp; Transfer of loans to real estate owned | **258** | 2580 | 320 |
| &nbsp;&nbsp;&nbsp; Change in dividends payable | **24** | (10) | 20 |
| &nbsp;&nbsp;&nbsp; Change in unrealized gain on securities available for sale - gross of deferred taxes | **13049** | 2946 | 11293 |
| &nbsp;&nbsp;&nbsp; Change in deferred tax effect on unrealized gain on securities available for sale, net of reclassification adjustment | **(3391)** | (760) | (2921) |
| &nbsp;&nbsp;&nbsp; Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes | **(1985)** | (811) | (410) |
| &nbsp;&nbsp;&nbsp; Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans | **516** | 211 | 107 |
| &nbsp;&nbsp;&nbsp; Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes | **7695** | 10524 | 7955 |
| &nbsp;&nbsp;&nbsp; Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) | **(1999)** | (2734) | (2067) |

---

See accompanying notes to consolidated financial statements.

Page **45** of **108**<br>

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#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Basis of Presentation** 

The accounting and financial reporting policies of TrustCo Bank Corp NY (the Company or TrustCo), ORE Subsidiary Corp., Trustco Bank (referred to as Trustco Bank or the Bank), and its wholly owned subsidiaries, Trustco Realty Corporation, Trustco Insurance Agency, Inc., ORE Property, Inc. and its subsidiaries ORE Property One, Inc. and ORE Property Two, Inc. conform to general practices within the banking industry and are in conformity with U.S. generally accepted accounting principles. A description of the more significant policies follows.

#### Consolidation
The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions.

#### Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

#### Securities Available for Sale and Held to Maturity (Debt Securities)
Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method.

A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income.

The Company measures expected credit losses on securities held to maturity debt on a collective basis. Accrued interest receivable on held to maturity debt securities is excluded from the estimate of credit losses and was not material as of December 31, 2025 and 2024. The estimate of expected credit losses considers nature of the issuers, historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Based on the nature of the issuer, there is no allowance for credit losses on held to maturity securities for the periods ended December 31, 2025 and 2024.

The Company evaluates securities available for sale in an unrealized loss position by first assessing whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

#### Equity Securities
Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment. Restrictions on the sale of equity securities held are not considered in the fair value measurement unless the restriction is a characteristic of the actual securities.

Page **46** of **108**<br>

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#### Federal Home Loan Bank of New York (FHLB) stock
The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income.

#### Loans
Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

Interest income from mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured.

#### Allowance for Credit Losses on Loans
The allowance for credit losses on loans ("ACLL") is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses.

During the year-ended December 31, 2025, the Company made no enhancements to its ACLL calculation. The estimate of expected credit losses is based on relevant information about current conditions, past events, and reasonable and supportable forecasts regarding collectability of the reported amounts. In order to estimate the expected credit losses for loans, the Company utilized a discounted cash flow model which calculated a historical loss rate for each of the identified loan segments. The historical loss rates were then adjusted with qualitative factors. The Company uses the regulatory interagency qualitative framework under a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in the Company's portfolio and the economic environment, weighting is assigned based on the Company's evaluation and understanding of the underlying risks and economic conditions within each portfolio segment to make adjustments to historical loss information ("qualitative factors"). The determination of qualitative factors involves significant judgement and subjective measurement.

The level of the ACLL represents management's estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses the Discounted Cash Flow Methodology using the probability of default and loss given default approach, incorporating peer data. The level of the ACLL is based on management's ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a four-quarter reasonable and supportable forecast period, followed by a four-quarter straight-line reversion to historical averages. As part of its economic forecast methodology, management evaluates various economic indicators for key metropolitan areas in New York and Florida. Management utilizes the regulatory interagency qualitative framework, with a weighted scorecard approach.

The ACLL is measured on a collective (pool) basis when similar risk characteristics exist. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on geographic territory (New York and Florida). Risk characteristics relevant to each portfolio segment are as follows:

<u>Commercial:</u> Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank's geographic territories; while collateral for non-real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower's ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained.

Page **47** of **108**<br>

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<u>Residential real estate:</u> Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one-to-four family residences generally located within the Bank's market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required.

<u>Installment:</u> Installment loans are primarily made up of installment loans, personal lines of credit, as well as secured and unsecured credit cards. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured as are most credit card loans.

Loans that do not share risk characteristics are evaluated on an individual basis, which the Company has determined are non-accrual residential loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as loan modifications. Loans evaluated individually are not included in the collective evaluation. Estimates of specific allowance may be determined by the present value of anticipated future cash flows or the loan's observable fair market value, or the fair value of the collateral less costs to sell, if the loan is collateral dependent. However, for collateral dependent loans, the amount of the amortized cost in a loan that exceeds the fair value of the collateral is charged-off against the allowance for credit losses on loans in lieu of an allocation of a specific allowance amount when such an amount has been identified.

A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered a loan modification. 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 near future without the modification. This evaluation is performed under the Company's underwriting policy. Generally, the modification of the terms of loans was 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 was no modification of terms, the borrowers' debt to the Company was discharged and they may not reaffirm the debt.

Loan modifications that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as loan modifications, and a charge-off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis.

The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The allowance for unfunded commitments is recorded as a separate liability and is included with Accrued expenses and other liabilities on the Consolidated Statements of Condition. Changes in the reserve are recorded through the provision for credit losses on the Consolidated Statements of Income.

#### Bank Premises and Equipment
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight-line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements.

#### Other Real Estate Owned
Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At December 31, 2025 and 2024, there were $1.4 million and $2.2 million, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition.

#### Income Taxes
Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management's judgment that realization is more likely than not. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the "more likely than not" test, no benefit is recorded. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company recognizes interest and/or penalties (if incurred) related to income tax matters in income tax expense.

Page **48** of **108**<br>

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#### Dividend Restrictions
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 of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices with the Bank's and the Company's regulators. The Bank's primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation, or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution.

#### Benefit Plans
The Company has a defined benefit pension plan covering substantially all of its employees who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee's compensation.

The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company's medical plan by which retirees pay all of their premiums.

Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements.

The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in Accumulated other comprehensive income (loss).

#### Stock-Based Compensation Plans
The Company has stock-based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company's common stock at the date of grant is used.

Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award's vesting period or the retirement date for any awards that vest immediately upon eligible retirement.

Awards to be settled in cash based on the fair value of the Company's stock at vesting are treated as liability based awards.

Compensation costs for liability based awards are re-measured at each reporting date and recognized over the vesting period. For awards with performance-based conditions, compensation cost is recognized over the performance period based on the Company's expectation of the likelihood of meeting the specific performance criteria.

#### Earnings Per Share
Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. At December 31, 2025, 2024, and 2023, the Company did not have any unvested awards that would be considered participating securities.

#### 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 segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. Additional information is presented in Note 18.

Page **49** of **108**<br>

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#### Cash and Cash Equivalents
The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes.

#### Trust Assets
Assets under management with the Trustco Financial Services Department are not included in the Company's consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity.

#### Comprehensive Income
Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders' equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders' equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company's pension plan and postretirement benefit plans, net of tax.

#### Fair Value of Financial Instruments
Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

#### Recently Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company adopted the guidance retrospectively, with comparative period tax disclosures adjusted to reflect the change in accounting guidance. The impact was not deemed to be material.

#### Accounting Standards Pending Adoption
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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Cash and Cash Equivalents** 

Cash and Cash Equivalents includes cash on hand, due from banks, and Federal fund sold and short-term investments with original maturities of 90 days or less. The Federal Reserve Bank requires the bank to maintain certain reserve requirements. As of December 31, 2025 and 2024 this reserve requirement was zero.

Page **50** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Investment Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Debt securities available for sale* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands) | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Gross | Gross |  |
|  | Amortized | Unrealized | Unrealized | Fair |
|  | Cost | Gains | Losses | Value |
| U.S. government sponsored enterprises | $**31939** | $**18** | $**185** | $**31772** |
| State and political subdivisions | **9** | **-** | **-** | **9** |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| **221611** | **543** | **15864** | **206290** |
| Corporate bonds | **59972** | **99** | **139** | **59932** |
| &nbsp;&nbsp;&nbsp; Small Business Administration - guaranteed<br> participation securities<br>| **12427** | **-** | **717** | **11710** |
| Other | **689** | **16** | **-** | **705** |
| Total securities available for sale | $**326647** | $**676** | $**16905** | $**310418** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands) | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  | Gross | Gross |  |
|  | Amortized | Unrealized | Unrealized | Fair |
|  | Cost | Gains | Losses | Value |
| U.S. government sponsored enterprises | $86833 | $4 | $1220 | $85617 |
| State and political subdivisions | 18 | - | - | 18 |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| 239420 | 114 | 26406 | 213128 |
| Corporate bonds | 45033 | - | 452 | 44581 |
| &nbsp;&nbsp;&nbsp; Small Business Administration - guaranteed<br> participation securities<br>| 15471 | - | 1330 | 14141 |
| Other | 688 | 12 | - | 700 |
| Total securities available for sale | $387463 | $130 | $29408 | $358185 |

---

The following table categorizes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 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. Securities not due at a single maturity are shown separately.

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | Amortized | Fair |
|  | Cost | Value |
| Due in one year or less | $**24987** | $**24820** |
| Due in after one year through five years | **65622** | **65600** |
| Due after five years through ten years | **2000** | **1998** |
| Mortgage backed securities and collateralized mortgage obligations - residential | **221611** | **206290** |
| Small Business Administration - guaranteed participation securities | **12427** | **11710** |
|  | $**326647** | $**310418** |

---

Page **51** of **108**<br>

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Gross unrealized losses on 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | Less than | Less than | 12 months | 12 months |  |  |
|  | 12 months | 12 months | or more | or more | Total | Total |
|  |  | Gross |  | Gross |  | Gross |
|  | Fair | Unreal. | Fair | Unreal. | Fair | Unreal. |
|  | Value | Loss | Value | Loss | Value | Loss |
| U.S. government sponsored enterprises | $**1998** | $**2** | $**24756** | $**183** | $**26754** | $**185** |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized mortgage<br> obligations - residential<br>| **-** | **-** | **178551** | **15864** | **178551** | **15864** |
| Corporate bonds | **34842** | **139** | **-** | **-** | **34842** | **139** |
| &nbsp;&nbsp;&nbsp; Small Business Administration - guaranteed<br> participation securities<br>| **-** | **-** | **11710** | **717** | **11710** | **717** |
| Total | $**36840** | $**141** | $**215017** | $**16764** | $**251857** | $**16905** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Less than | Less than | 12 months | 12 months |  |  |
|  | 12 months | 12 months | or more | or more | Total | Total |
|  |  | Gross |  | Gross |  | Gross |
|  | Fair | Unreal. | Fair | Unreal. | Fair | Unreal. |
|  | Value | Loss | Value | Loss | Value | Loss |
| U.S. government sponsored enterprises | $**11961** | $**38** | $**68651** | $**1182** | $**80612** | $**1220** |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| **12346** | **280** | **194636** | **26126** | **206982** | **26406** |
| Corporate bonds | **-** | **-** | **44581** | **452** | **44581** | **452** |
| &nbsp;&nbsp;&nbsp; Small Business Administration - guaranteed<br> participation securities<br>| **-** | **-** | **14141** | **1330** | **14141** | **1330** |
| Total | $**24307** | $**318** | $**322009** | $**29090** | $**346316** | $**29408** |

---

The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during 2025, 2024, and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years ended December 31, | Years ended December 31, | Years ended December 31, |
| (dollars in thousands) | **2025** | 2024 | 2023 |
| Proceeds from sales | $**-** | $- | $- |
| Proceeds from calls/paydowns | **86019** | 68119 | 53503 |
| Proceeds from maturities | **70059** | 70608 | 5008 |
| Gross realized losses | **-** | - | - |
| Gross realized gains | **-** | - | - |

---

The amount of securities pledged to secure short-term borrowings and for other purposes amounted to $188.5 million and $149.5 million at December 31, 2025 and 2024, respectively. There was no allowance for credit losses recorded for securities available for sale as of December 31, 2025 and 2024, respectively. All securities are performing in accordance with contractual terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Held to maturity securities* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (dollars in thousands) |  | Gross | Gross |  |
|  | Amortized | Unrecognized | Unrecognized | Fair |
|  | Cost | Gains | Losses | Value |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| $**4339** | $**90** | $**40** | $**4389** |
| Total held to maturity | $**4339** | $**90** | $**40** | $**4389** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (dollars in thousands) |  | Gross | Gross |  |
|  | Amortized | Unrecognized | Unrecognized | Fair |
|  | Cost | Gains | Losses | Value |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| $5365 | $45 | $104 | $5306 |
| Total held to maturity | $5365 | $45 | $104 | $5306 |

---

The following table categorizes the debt securities included in the held to maturity portfolio as of December 31, 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. Securities not due at a single maturity date are shown separately.

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | Amortized | Fair |
|  | Cost | Value |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| $**4339** | **4389** |
|  | $**4339** | **4389** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | Less than | Less than | 12 months | 12 months |  |  |
| (dollars in thousands) | 12 months | 12 months | or more | or more | Total | Total |
|  |  | Gross |  | Gross |  | Gross |
|  | Fair | Unrec. | Fair | Unrec. | Fair | Unrec. |
|  | Value | Loss | Value | Loss | Value | Loss |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| $**123** | $**-** | $**1485** | $**40** | $**1608** | $**40** |
| Total | $**123** | $**-** | $**1485** | $**40** | $**1608** | $**40** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Less than | Less than | 12 months | 12 months |  |  |
| (dollars in thousands) | 12 months | 12 months | or more | or more | Total | Total |
|  |  | Gross |  | Gross |  | Gross |
|  | Fair | Unrec. | Fair | Unrec. | Fair | Unrec. |
|  | Value | Loss | Value | Loss | Value | Loss |
| &nbsp;&nbsp;&nbsp; Mortgage backed securities and collateralized<br> mortgage obligations - residential<br>| $592 | $7 | $2047 | $97 | $2639 | $104 |
| Total | $592 | $7 | $2047 | $97 | $2639 | $104 |

---

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There was no allowance for credit losses recorded for held to maturity securities during 2025, 2024 and 2023 and as of December 31, 2025 and 2024. As of December 31, 2025 and 2024, there were no securities on non-accrual status and all securities were performing in accordance with contractual terms. All securities were investment grade.

(c) Equity Securities

During the year ended December 31, 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, the Company marked it Visa Class C common stock to fair value and recorded an unrealized gain of $1.4 million. The Visa Class C common stock was sold during 2024, thus resulting in no remaining carrying value on the Company's Statement of Financial Condition. The Company originally obtained the shares in 2008. The carrying value of Visa B-2 shares is nominal as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Concentrations* 

The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2025 that represent greater than 10% of shareholders' equity:

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | Amortized | Fair |
|  | Cost | Value |
| Federal National Mortgage Association | $**128639** | $**120148** |
| Federal Home Loan Mortgage Corporation | **81772** | **76588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Securities in an unrealized loss position* 

As of December 31, 2025, the Company's security portfolio included certain securities which were in an unrealized loss position, and are discussed below.

<u>U.S. government sponsored enterprises</u>

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 2025. As of December 30, 2025, 6 out of 7 securities were in an unrealized loss position. All securities are performing.

<u>Mortgage backed securities and collateralized mortgage obligations – residential</u>

At December 31, 2025, 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 2025. As of December 30, 2025, 108 out of 120 securities were in an unrealized loss position. All securities are performing.

<u>Small Business Administration (SBA) - guaranteed participation securities:</u>

At December 31, 2025, 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 2025. As of December 30, 2025, 8 out of 8 securities were in an unrealized loss position. All securities are performing.

<u>Corporate Bonds</u>

At December 31, 2025, 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 2025. As of December 30, 2025, 4 out of 9 securities were in an unrealized loss position. All securities are performing.

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(4) Loan Portfolio and Allowance for Credit Losses

The following table presents loans by portfolio segment:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (dollars in thousands) | New York and |  |  |
|  | other states\* | Florida | Total |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**245799** | $**49308** | $**295107** |
| &nbsp;&nbsp;&nbsp; Other | **17841** | **495** | **18336** |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **2794515** | **1604709** | **4399224** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **46421** | **17615** | **64036** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **265060** | **199141** | **464201** |
| Installment | **8497** | **3059** | **11556** |
| Total loans, net | $**3378133** | $**1874327** | **5252460** |
| Less: Allowance for credit losses on loans |  |  | **52205** |
| Net loans |  |  | $**5200255** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (dollars in thousands) | New York and |  |  |
|  | other states\* | Florida | Total |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $227771 | $39529 | $267300 |
| &nbsp;&nbsp;&nbsp; Other | 19144 | 413 | 19557 |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 2741334 | 1590229 | 4331563 |
| &nbsp;&nbsp;&nbsp; Home equity loans | 43096 | 13643 | 56739 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 235939 | 173322 | 409261 |
| Installment | 9885 | 3753 | 13638 |
| Total loans, net | $3277169 | $1820889 | 5098058 |
| Less: Allowance for credit losses on loans |  |  | 50248 |
| Net loans |  |  | $5047810 |

---

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

At December 31, 2025 and 2024, the Company had approximately $41.9 million and $29.7 million, respectively, of real estate construction loans. Of the $41.9 million in real estate construction loans at December 31, 2025, approximately $11.9 million are secured by first mortgages to residential borrowers while approximately $30.0 million were 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 are secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects.

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At December 31, 2025 and 2024, loans to executive officers, directors, and to associates of such persons aggregated $28.0 million and $27.6 million, respectively. During 2025, approximately $1.7 million of new loans were made, and repayments of loans totaled approximately $1.3 million. During 2024, approximately $6.4 million of new loans were made, repayments of loans totaled approximately $3.6 million, and the composition of the related parties' loan balances were reduced by $4.5 million as a result of a director resignation. All loans are current according to their term.

TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors' ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory.

#### Allowance for credit losses on loans
The level of the 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 December 31, 2025. The Company selected the baseline economic forecast for the allowance for credit losses 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 December 31, 2025.

The Company recorded a provision for credit losses of $1.6 million for the year ended December 31, 2025, which consists of a provision for credit losses on loans of $1.5 million, and a provision for credit losses on unfunded commitments of $100 thousand.

The Company recorded a provision for credit losses of $2.0 million for the year ended December 31, 2024, which consists of a provision for credit losses on loans of $1.9 million, and a provision for credit losses on unfunded commitments of $100 thousand.

Activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2025, and 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
| (dollars in thousands) |  | Real Estate |  |  |
|  |  | Mortgage- |  |  |
|  | Commercial | 1 to 4 Family | Installment | Total |
| Balance at beginning of period | $**3420** | $**46636** | $**192** | $**50248** |
| Loans charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* | **4** | **99** | **56** | **159** |
| &nbsp;&nbsp;&nbsp; Florida | **-** | **-** | **161** | **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loan chargeoffs | **4** | **99** | **217** | **320** |
| Recoveries of loans previously charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* | **7** | **389** | **49** | **445** |
| &nbsp;&nbsp;&nbsp; Florida | **315** | **17** | **-** | **332** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total recoveries | **322** | **406** | **49** | **777** |
| Net loan (recoveries) charged off | **(318)** | **(307)** | **168** | **(457)** |
| Provision for credit losses | **(657)** | **1952** | **205** | **1500** |
| Balance at end of period | $**3081** | $**48895** | $**229** | $**52205** |

---

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

Page **56** of **108**<br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
| (dollars in thousands) |  | Real Estate |  |  |
|  |  | Mortgage- |  |  |
|  | Commercial | 1 to 4 Family | Installment | Total |
| Balance at beginning of period | $2735 | $45625 | $218 | $48578 |
| Loans charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* | 127 | 311 | 120 | 558 |
| &nbsp;&nbsp;&nbsp; Florida | 314 | 17 | 50 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loan chargeoffs | 441 | 328 | 170 | 939 |
| Recoveries of loans previously charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* | - | 675 | 34 | 709 |
| &nbsp;&nbsp;&nbsp; Florida | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total recoveries | - | 675 | 34 | 709 |
| Net loan (recoveries) charged off | 441 | (347) | 136 | 230 |
| Provision for loan losses | 1126 | 664 | 110 | 1900 |
| Balance at end of period | $3420 | $46636 | $192 | $50248 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 |
| (dollars in thousands) |  | Real Estate |  |  |
|  |  | Mortgage- |  |  |
|  | Commercial | 1 to 4 Family | Installment | Total |
| Balance at beginning of period | $2596 | $43271 | $165 | $46032 |
| Loans charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* |  | 371 | 97 | 468 |
| &nbsp;&nbsp;&nbsp; Florida |  |  | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loan chargeoffs |  | 371 | 176 | 547 |
| Recoveries of loans previously charged off: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New York and other states\* | 129 | 392 | 45 | 566 |
| &nbsp;&nbsp;&nbsp; Florida | - | 25 | 2 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total recoveries | 129 | 417 | 47 | 593 |
| Net loan (recoveries) charged off | (129) | (46) | 129 | (46) |
| Provision for loan losses | 10 | 2308 | 182 | 2500 |
| Balance at end of period | $2735 | $45625 | $218 | $48578 |

---

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

Page **57** of **108**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| (dollars in thousands) | Commercial<br> Loans | 1-to-4 Family<br> Residential<br> Real Estate | Installment<br> Loans | Total |
| Allowance for credit losses on loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ending allowance balance attributable to loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individually evaluated for impairment | $**-** | $**-** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collectively evaluated for impairment | **3081** | **48895** | **229** | **52205** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total ending allowance balance | $**3081** | $**48895** | $**229** | $**52205** |
| Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Individually evaluated for impairment | $**2083** | $**23663** | $**22** | $**25768** |
| &nbsp;&nbsp;&nbsp; Collectively evaluated for impairment | **311360** | **4903798** | **11534** | **5226692** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total ending loans balance | $**313443** | $**4927461** | $**11556** | $**5252460** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| (dollars in thousands) | Commercial<br> Loans | 1-to-4 Family<br> Residential<br> Real Estate | Installment<br> Loans | Total |
| Allowance for credit losses on loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ending allowance balance attributable to loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Individually evaluated for impairment | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collectively evaluated for impairment | 3420 | 46636 | 192 | 50248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total ending allowance balance | $3420 | $46636 | $192 | $50248 |
| Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Individually evaluated for impairment | $443 | $23833 | $112 | $24388 |
| &nbsp;&nbsp;&nbsp; Collectively evaluated for impairment | 286414 | 4773730 | 13526 | 5073670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total ending loans balance | $286857 | $4797563 | $13638 | $5098058 |

---

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 (credit) provision for credit losses in the consolidated statements of income.

Page **58** of **108**<br>

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The Company's activity in the allowance for credit losses on unfunded commitments were as follows:

---

| | |
|:---|:---|
| (In thousands) | **For the year ended**<br> **December 31, 2025** |
| Balance at January 1, 2025 | $**1762** |
| Provision for credit losses | **100** |
| Balance at December 31, 2025 | $**1862** |

---

---

| | |
|:---|:---|
| (In thousands) | For the year ended<br> December 31, 2024 |
| (In thousands) | For the year ended<br> December 31, 2024 |
| Balance at January 1, 2024 | $1662 |
| Provision for credit losses | 100 |
| Balance at December 31, 2024 | $1762 |

---

---

| | |
|:---|:---|
| (In thousands) | For the year ended<br> December 31, 2023 |
| (In thousands) | For the year ended<br> December 31, 2023 |
| Balance at January 1, 2023 | $2912 |
| (Credit) provision for credit losses | (1250) |
| Balance at December 31, 2023 | $1662 |

---

#### 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 Company's internal loan review department in accordance with the Company's internal loan review policy reviews the loan grades assigned to all loan types.

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 December 31, 2025 and December 31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over 90 days past due and accruing.

Page **59** of **108**<br>

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As of December 31, 2025 and 2024, 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** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** |
| (in thousands) | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** | **Term Loans Amortized Cost Basis by Origination Year** |
| **Commercial :** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Revolving Loan Converted to Term** | **Total** |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pass | $**47620** | $**47818** | $**49673** | $**65902** | $**21050** | $**55543** | $**4694** | $**-** | $**292300** |
| &nbsp;&nbsp;&nbsp; Special Mention | **-** | **-** | **-** | **237** | **-** | **-** | **-** | **-** | **237** |
| &nbsp;&nbsp;&nbsp; Substandard | **-** | **890** | **-** | **990** | **-** | **690** | **-** | **-** | **2570** |
| &nbsp;&nbsp;&nbsp; Doubtful | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| Total Commercial Loans | $**47620** | $**48708** | $**49673** | $**67129** | $**21050** | $**56233** | $**4694** | $**-** | $**295107** |
| Commercial Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**-** | $**-** | $**-** | $**-** | $**4** | $**-** | $**-** | $**-** | $**4** |
|  | $**-** | $**-** | $**-** | $**-** | $**4** | $**-** | $**-** | $**-** | $**4** |
| **Commercial Other:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pass | $**4453** | $**1322** | $**6346** | $**1228** | $**136** | $**1218** | $**3538** | $**-** | $**18241** |
| &nbsp;&nbsp;&nbsp; Special mention | **-** | **-** | **-** | **-** | **-** | **-** | **45** | **-** | **45** |
| &nbsp;&nbsp;&nbsp; Substandard | **-** | **10** | **-** | **-** | **1** | **-** | **39** | **-** | **50** |
| Total Commercial Real Estate Loans | $**4453** | $**1332** | $**6346** | $**1228** | $**137** | $**1218** | $**3622** | $**-** | $**18336** |
| Other Commercial Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
|  | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **Residential First Mortgage:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $**382926** | $**307952** | $**366470** | $**499812** | $**757834** | $**2066631** | $**1653** | $**-** | $**4383278** |
| &nbsp;&nbsp;&nbsp; Nonperforming | **-** | **171** | **1213** | **1202** | **1636** | **11724** | **-** | **-** | **15946** |
| Total First Mortgage: | $**382926** | $**308123** | $**367683** | $**501014** | $**759470** | $**2078355** | $**1653** | $**-** | $**4399224** |
| Residential First Mortgage Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**-** | $**-** | $**-** | $**-** | $**-** | $**99** | $**-** | $**-** | $**99** |
|  | $**-** | $**-** | $**-** | $**-** | $**-** | $**99** | $**-** | $**-** | $**99** |
| **Home Equity Loans:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $**17600** | $**5386** | $**7138** | $**4384** | $**5328** | $**23770** | $**-** | $**-** | $**63606** |
| &nbsp;&nbsp;&nbsp; Nonperforming | **-** | **-** | **-** | **66** | **-** | **364** | **-** | **-** | **430** |
| Total Home Equity Loans: | $**17600** | $**5386** | $**7138** | $**4450** | $**5328** | $**24134** | $**-** | $**-** | $**64036** |
| Home Equity Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
|  | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **Home Equity Lines of Credit:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $**1718** | $**3985** | $**1471** | $**1196** | $**1504** | $**19145** | $**432926** | $**-** | $**461945** |
| &nbsp;&nbsp;&nbsp; Nonperforming | **-** | **-** | **-** | **-** | **-** | **1879** | **377** | **-** | **2256** |
| Total Home Equity Credit Lines: | $**1718** | $**3985** | $**1471** | $**1196** | $**1504** | $**21024** | $**433303** | $**-** | $**464201** |
| Home Equity Lines of Credit: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
|  | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **Installments:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $**3089** | $**1973** | $**3191** | $**1542** | $**257** | $**561** | $**892** | $**-** | $**11505** |
| &nbsp;&nbsp;&nbsp; Nonperforming | **-** | **-** | **4** | **46** | **-** | **1** | **-** | **-** | **51** |
| Total Installments | $**3089** | $**1973** | $**3195** | $**1588** | $**257** | $**562** | $**892** | $**-** | $**11556** |
| Installments Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $**9** | $**102** | $**17** | $**20** | $**27** | $**42** | $**-** | $**-** | $**217** |
|  | $**9** | $**102** | $**17** | $**20** | $**27** | $**42** | $**-** | $**-** | $**217** |

---

Page **60** of **108**<br>

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** | **Loan Credit Quality** |
| (in thousands) | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year |
| **Commercial :** | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pass | $47687 | $54877 | $73094 | $22215 | $15014 | $50052 | $2169 | $- | $265108 |
| &nbsp;&nbsp;&nbsp; Special Mention | - | - | 242 | - | - | - | - | - | 242 |
| &nbsp;&nbsp;&nbsp; Substandard | - | - | 1003 | - | 22 | 887 | - | - | 1912 |
| &nbsp;&nbsp;&nbsp; Doubtful | - | - | - | - | - | 38 | - | - | 38 |
| Total Commercial Loans | $47687 | $54877 | $74339 | $22215 | $15036 | $50977 | $2169 | $- | $267300 |
| Commercial Loans: | $- | $- | $10 | $431 | $- | $- | $- | $- | $441 |
| Current-period Gross writeoffs | $- | $- | $10 | $431 | $- | $- | $- | $- | $441 |
| **Commercial Other:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pass | $1842 | $7417 | $1796 | $407 | $184 | $2108 | $5634 | $- | $19388 |
| &nbsp;&nbsp;&nbsp; Special mention | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Substandard | 13 | - | - | 22 | - | 134 | - | - | 169 |
| Total Commercial Real Estate Loans | $1855 | $7417 | $1796 | $429 | $184 | $2242 | $5634 | $- | $19557 |
| Other Commercial Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $- | $- | $- | $- | $- | $- | $- | $- | $- |
|  | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| **Residential First Mortgage:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $313944 | $398722 | $535702 | $821804 | $681840 | $1563659 | $938 | $- | $4316609 |
| &nbsp;&nbsp;&nbsp; Nonperforming | - | 987 | 391 | 870 | 243 | 12463 | - | - | 14954 |
| Total First Mortgage: | $313944 | $399709 | $536093 | $822674 | $682083 | $1576122 | $938 | $- | $4331563 |
| Residential First Mortgage Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $194 | $- | $- | $- | $- | $18 | $- | $- | $212 |
|  | $194 | $- | $- | $- | $- | $18 | $- | $- | $212 |
| **Home Equity Loans:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $6621 | $8586 | $5354 | $6490 | $5066 | $24096 | $- | $- | $56213 |
| &nbsp;&nbsp;&nbsp; Nonperforming | - | - | 155 | - | - | 371 | - | - | 526 |
| Total Home Equity Loans: | $6621 | $8586 | $5509 | $6490 | $5066 | $24467 | $- | $- | $56739 |
| Home Equity Lines Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $- | $- | $- | $- | $- | $- | $- | $- | $- |
|  | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| **Home Equity Credit Lines:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $4793 | $1558 | $1110 | $887 | $46 | $14595 | $383425 | $- | $406414 |
| &nbsp;&nbsp;&nbsp; Nonperforming | - | - | 70 | - | - | 2532 | 245 | - | 2847 |
| Total Home Equity Credit Lines: | $4793 | $1558 | $1180 | $887 | $46 | $17127 | $383670 | $- | $409261 |
| Home Equity Lines of Credit: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $- | $- | $- | $- | $- | $116 | $- | $- | $116 |
|  | $- | $- | $- | $- | $- | $116 | $- | $- | $116 |
| **Installments:** |  |  |  |  |  |  |  |  |  |
| Risk rating |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Performing | $2846 | $5513 | $2788 | $705 | $123 | $505 | $1028 | $- | $13508 |
| &nbsp;&nbsp;&nbsp; Nonperforming | 16 | 5 | 55 | 19 | - | 35 | - | - | 130 |
| Total Installments | $2862 | $5518 | $2843 | $724 | $123 | $540 | $1028 | $- | $13638 |
| Installments Loans: |  |  |  |  |  |  |  |  |  |
| Current-period Gross writeoffs | $- | $53 | $47 | $35 | $4 | $31 | $- | $- | $170 |
|  | $- | $53 | $47 | $35 | $4 | $31 | $- | $- | $170 |

---

Page **61** of **108**<br>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| New York and other states\*: | 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**1984** |  | $**1984** | $**243815** | $**245799** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **7** |  | **7** | **17834** | **17841** |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **3174** | **1790** | **6830** |  | **11794** | **2782721** | **2794515** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **50** | **-** | **266** |  | **316** | **46105** | **46421** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **370** | **176** | **1158** |  | **1704** | **263356** | **265060** |
| Installment | **5** | **32** | **7** |  | **44** | **8453** | **8497** |
| Total | $**3599** | $**1998** | $**10252** |  | $**15849** | $**3362284** | $**3378133** |
| 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**-** |  | $**-** | $**49308** | $**49308** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **-** |  | **-** | **495** | **495** |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **1683** | **978** | **2149** |  | **4810** | **1599899** | **1604709** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **369** | **-** | **-** |  | **369** | **17246** | **17615** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **671** | **116** | **92** |  | **879** | **198262** | **199141** |
| Installment | **46** | **-** | **22** |  | **68** | **2991** | **3059** |
| Total | $**2769** | $**1094** | $**2263** |  | $**6126** | $**1868201** | $**1874327** |
| Total: | 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**1984** |  | $**1984** | $**293123** | $**295107** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **7** |  | **7** | **18329** | **18336** |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **4857** | **2768** | **8979** |  | **16604** | **4382620** | **4399224** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **419** | **-** | **266** |  | **685** | **63351** | **64036** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **1041** | **292** | **1250** |  | **2583** | **461618** | **464201** |
| Installment | **51** | **32** | **29** |  | **112** | **11444** | **11556** |
| Total | $**6368** | $**3092** | $**12515** |  | $**21975** | $**5230485** | $**5252460** |

---

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

Page **62** of **108**<br>

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| New York and other states\*: | 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $1189 | - | 329 |  | 1518 | 226253 | 227771 |
| &nbsp;&nbsp;&nbsp; Other | - | - | 14 |  | 14 | 19130 | 19144 |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 2438 | 773 | 6091 |  | 9302 | 2732032 | 2741334 |
| &nbsp;&nbsp;&nbsp; Home equity loans | 15 | 22 | 318 |  | 355 | 42741 | 43096 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 401 | - | 1267 |  | 1668 | 234271 | 235939 |
| Installment | 18 | 19 | 69 |  | 106 | 9779 | 9885 |
| Total | $4061 | 814 | 8088 |  | 12963 | 3264206 | 3277169 |
| 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $- | - | - |  | - | 39529 | 39529 |
| &nbsp;&nbsp;&nbsp; Other | - | - | - |  | - | 413 | 413 |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 2037 | 629 | 1773 |  | 4439 | 1585790 | 1590229 |
| &nbsp;&nbsp;&nbsp; Home equity loans | - | 6 | - |  | 6 | 13637 | 13643 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 220 | - | - |  | 220 | 173102 | 173322 |
| Installment | 109 | 22 | 16 |  | 147 | 3606 | 3753 |
| Total | $2366 | 657 | 1789 |  | 4812 | 1816077 | 1820889 |
| Total: | 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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $1189 | - | 329 |  | 1518 | 265782 | 267300 |
| &nbsp;&nbsp;&nbsp; Other | - | - | 14 |  | 14 | 19543 | 19557 |
| Real estate mortgage - 1 to 4 family: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 4475 | 1402 | 7864 |  | 13741 | 4317822 | 4331563 |
| &nbsp;&nbsp;&nbsp; Home equity loans | 15 | 28 | 318 |  | 361 | 56378 | 56739 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 621 | - | 1267 |  | 1888 | 407373 | 409261 |
| Installment | 127 | 41 | 85 |  | 253 | 13385 | 13638 |
| Total | $6427 | 1471 | 9877 |  | 17775 | 5080283 | 5098058 |

---

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

Page **63** of **108**<br>

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At December 31, 2025 and 2024, 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 or modified loans.

The 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 legal title or through a deed in lieu). Other real estate owned is included in Other assets on the Consolidated Statements of Condition. As of December 31, 2025 other real estate owned included $1.4 million of residential and commercial foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $9.1 million as of December 31, 2025. As of December 31, 2024 other real estate owned included $2.2 million of residential and commercial foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $8.1 million as of December 31, 2024.

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 December 31, 2025, there was no allowance for credit losses based on 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.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| (dollars in thousands) | New York and<br> other states\* | Florida | Total |
| Loans in non-accrual status: |  |  |  |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**1983** | $**-** | $**1983** |
| &nbsp;&nbsp;&nbsp; Other | **7** | **-** | **7** |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **12241** | **3705** | **15946** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **425** | **5** | **430** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **1917** | **338** | **2255** |
| Installment | **29** | **22** | **51** |
| Total nonperforming loans | $**16602** | $**4070** | $**20672** |

---

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

Page **64** of **108**<br>

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---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| (dollars in thousands) | New York and<br> other states\* | Florida | Total |
| Loans in non-accrual status: |  |  |  |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $329 | $- | $329 |
| &nbsp;&nbsp;&nbsp; Other | 14 | - | 14 |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 11586 | 3368 | 14954 |
| &nbsp;&nbsp;&nbsp; Home equity loans | 432 | 94 | 526 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 2653 | 194 | 2847 |
| Installment | 108 | 22 | 130 |
| Total non-accrual loans | 15122 | 3678 | 18800 |
| Restructured real estate mortgages - 1 to 4 family | - | - | - |
| Total nonperforming loans | $15122 | $3678 | $18800 |

---

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

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 December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| (dollars in thousands) | Non-accrual With<br> No Allowance for<br> Credit Loss | Non-accrual With<br> Allowance for<br> Credit Loss | Loans Past Due<br> Over 89 Days<br> Still Accruing |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**1983** | $**-** |  |
| &nbsp;&nbsp;&nbsp; Other | **7** | **-** |  |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **14324** | **1622** |  |
| &nbsp;&nbsp;&nbsp; Home equity loans | **419** | **11** |  |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **2010** | **245** |  |
| Installment | **22** | **29** |  |
| Total loans, net | $**18765** | $**1907** |  |

---

Page **65** of **108**<br>

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---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
| (dollars in thousands) | Non-accrual With<br> No Allowance for<br> Credit Loss | Non-accrual With<br> Allowance for<br> Credit Loss | Loans Past Due<br> Over 89 Days<br> Still Accruing |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $329 | $- |  |
| &nbsp;&nbsp;&nbsp; Other | 14 | - |  |
| Real estate mortgage - 1 to 4 family: |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | 13560 | 1394 |  |
| &nbsp;&nbsp;&nbsp; Home equity loans | 526 | - |  |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 2724 | 123 |  |
| Installment | 112 | 18 |  |
| Total loans, net | $17265 | $1535 |  |

---

The non-accrual balance of $1.9 million and $1.5 million disclosed above was collectively evaluated and the associated allowance for credit losses on loans was not material as of December 31, 2025 and 2024, 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.

The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Type of Collateral** | **Type of Collateral** | **Type of Collateral** |
| (dollars in thousands) |  |  |  |
|  | **Real Estate** | **Investment Securities/Cash** | **Other** |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | $**2076** |  | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | - |  | **7** |
| Real estate mortgage - 1 to 4 family: | **-** |  | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;First mortgages | **20591** |  | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans | **511** |  | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity lines of credit | **2561** |  | **-** |
| Installment | **-** |  | **22** |
| Total | $**25739** |  | **29** |

---

Page **66** of **108**<br>

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---

| | | | |
|:---|:---|:---|:---|
|  | As of December 31, 2024<br> Type of Collateral | As of December 31, 2024<br> Type of Collateral | As of December 31, 2024<br> Type of Collateral |
| (dollars in thousands) | Real Estate | Investment<br> Securities/Cash | Other |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $429 |  | - |
| &nbsp;&nbsp;&nbsp; Other | - |  | 14 |
| Real estate mortgage - 1 to 4 family: | - |  | - |
| &nbsp;&nbsp;&nbsp; First mortgages | 19928 |  | - |
| &nbsp;&nbsp;&nbsp; Home equity loans | 535 |  | - |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | 3372 |  | - |
| Installment | - |  | 112 |
| Total | $24264 |  | 126 |

---

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 years ended December 31, 2025, 2024 and 2023.

A loan for which the terms have been modified, and for which a borrower is experiencing financial difficulties, is considered a loan modification and is classified as individually evaluated. Loan modifications at December 31, 2025 are measured at the amortized cost using the loan's effective rate at inception or fair value of the underlying collateral if the loan is considered collateral dependent. As of December 31, 2025 and 2024 loans individually evaluated included approximately $7.0 million and $7.0 million, respectively, of loans in accruing status that were identified as loan modifications.

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.

Page **67** of **108**<br>

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The following table presents the amortized cost basis of loans at December 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the year ended December 31, 2025 and 2024, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended:** | **For the year ended:** | **For the year ended:** | **For the year ended:** | **For the year ended:** |
|  New York and other states\*: | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Payment** | **% of Total Class** | **Payment** | **% of Total Class** |
|  (dollars in thousands) | **Delay** | **of Loans** | **Delay** | **of Loans** |
|  Commercial: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | **-** | $- | - |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | - | - |
|  Real estate mortgage - 1 to 4 family: | **-** | **-** | - | - |
| &nbsp;&nbsp;&nbsp; First mortgages | **391** | 0.01<br>**%** | 267 | 0.01% |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | **-** | 19 | 0.04% |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **122** | 0.05<br>**%** | 238 | 0.09% |
|  Installment | **-** | **-** | - | - |
|  Total | $**513** | 0.02<br>**%** | $524 | 0.02% |
|  Florida: |  |  |  |  |
|  | **Payment** | **% of Total Class** | Payment | % of Total Class |
|  (dollars in thousands) | **Delay** | **of Loans** | Delay | of Loans |
|  Commercial: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | - | $- | - |
| &nbsp;&nbsp;&nbsp; Other | **-** | - | - | - |
|  Real estate mortgage - 1 to 4 family: |  | - |  | - |
| &nbsp;&nbsp;&nbsp; First mortgages | **754** | 0.05<br>**%** | 84 | 0.01% |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | - | 88 | 0.65% |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **-** | - | 70 | 0.04% |
|  Installment | **-** | - | - | - |
|  Total | $**754** | 0.04<br>**%** | $242 | 0.01% |
|  Total |  |  |  |  |
|  | Payment | **% of Total Class** | Payment | % of Total Class |
|  (dollars in thousands) | Delay | **of Loans** | Delay | of Loans |
|  Commercial: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | - | $- | - |
| &nbsp;&nbsp;&nbsp; Other | **-** | - | - | - |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **1145** | 0.03<br>**%** | 351 | 0.01% |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | - | 107 | 0.19% |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **122** | 0.03<br>**%** | 308 | 0.08% |
|  Installment | **-** | **-** | - | - |
|  Total | $**1267** | 0.02<br>**%** | $766 | 0.02% |

---

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

Page **68** of **108**<br>

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The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 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: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**-** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **-** | **-** | **-** |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **153** | **-** | **-** | **238** | **391** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | **-** | **-** |  | **-** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **-** | **-** | **122** | **-** | **122** |
|  Installment | **-** | **-** | **-** | **-** | **-** |
|  Total | $**153** | $**-** | $**122** | $**238** | $**513** |
|  Florida: |  | 30-59 | 60-89 | 90 + |  |
|  |  | Days | Days | Days |  |
|  (dollars in thousands) | Current | Past Due | Past Due | Past Due | Total |
|  Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**-** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **-** |  | **-** |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **754** | **-** | **-** | **-** | **754** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **-** | **-** | **-** | **-** | **-** |
|  Installment | **-** | **-** | **-** | **-** | **-** |
|  Total | $**754** | $**-** | $**-** | $**-** | $**754** |
|  Total |  | 30-59 | 60-89 | 90 + |  |
|  |  | Days | Days | Days |  |
|  (dollars in thousands) | Current | Past Due | Past Due | Past Due | Total |
|  Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** | $**-** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Other | **-** | **-** | **-** | **-** | **-** |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **907** | **-** | **-** | **238** | **1145** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **-** | **-** | **122** | **-** | **122** |
|  Installment | **-** | **-** | **-** | **-** | **-** |
|  Total | $**907** | $**-** | $**122** | $**238** | $**1267** |

---

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

Page **69** of **108**<br>

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  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: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp; Other | - | - | - | - | - |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **137** | **49** | - | **81** | **267** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **19** | - | - |  | **19** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **238** | - | - | - | **238** |
|  Installment | - | - | - | - | - |
|  Total | $**394** | $**49** | $**-** | $**81** | $**524** |
|  Florida: |  | 30-59 | 60-89 | 90 + |  |
|  |  | Days | Days | Days |  |
|  (dollars in thousands) | Current | Past Due | Past Due | Past Due | Total |
|  Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp; Other | - | - | - |  | - |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **84** | - | - | - | **84** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **88** | - | - | - | **88** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **70** | - | - | - | **70** |
|  Installment | - | - | - | - | - |
|  Total | $**242** | $**-** | $**-** | $**-** | $**242** |
|  Total |  | 30-59 | 60-89 | 90 + |  |
|  |  | Days | Days | Days |  |
|  (dollars in thousands) | Current | Past Due | Past Due | Past Due | Total |
|  Commercial: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp; Other | - | - | - | - | - |
|  Real estate mortgage - 1 to 4 family: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **221** | **49** | - | **81** | **351** |
| &nbsp;&nbsp;&nbsp; Home equity loans | **107** | - | - | - | **107** |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **308** | - | - | - | **308** |
|  Installment | - | - | - | - | - |
|  Total | $**636** | $**49** | $**-** | $**81** | $**766** |

---

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

Page **70** of **108**<br>

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

---

| | | |
|:---|:---|:---|
| **For the year ended:** | **For the year ended:** | **For the year ended:** |
|  | **December 31, 2025** | **December 31, 2024** |
|  | **Weighted** | Weighted |
|  New York and other states\*: | **Average** | Average |
|  | **Payment** | Payment |
|  (dollars in thousands) | **Delay (Months)** | Delay (Months) |
|  Commercial: |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Other | **-** | - |
|  Real estate mortgage - 1 to 4 family: | **-** | - |
| &nbsp;&nbsp;&nbsp; First mortgages | **24** | 15 |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | 24 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **24** | 17 |
|  Installment | **-** | - |
|  Total | $**48** | $56 |
|  | **Weighted** | Weighted |
|  Florida: | **Average** | Average |
|  | **Payment** | Payment |
|  (dollars in thousands) | **Delay (Months)** | Delay (Months) |
|  Commercial: |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Other | **-** | - |
|  Real estate mortgage - 1 to 4 family: |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **7** | 12 |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | 9 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **-** | 6 |
|  Installment | **-** | - |
|  Total | $**7** | $27 |
|  | **Weighted** | Weighted |
|  Total | **Average** | Average |
|  | **Payment** | Payment |
|  (dollars in thousands) | **Delay (Months)** | Delay (Months) |
|  Commercial: |  |  |
| &nbsp;&nbsp;&nbsp; Commercial real estate | $**-** | $- |
| &nbsp;&nbsp;&nbsp; Other | **-** | - |
|  Real estate mortgage - 1 to 4 family: |  |  |
| &nbsp;&nbsp;&nbsp; First mortgages | **31** | 27 |
| &nbsp;&nbsp;&nbsp; Home equity loans | **-** | 33 |
| &nbsp;&nbsp;&nbsp; Home equity lines of credit | **24** | 23 |
|  Installment | **-** | - |
|  Total | $**55** | $83 |

---

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

Page **71** of **108**<br>

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There were no commitments to lend additional funds to the borrowers and there were no charge-offs recorded against the modified loans. The Company had no allowance for credit losses recorded against these loans as of December 31, 2025 and 2024. The Company had 2 loan modifications totaling $360 thousand that had a payment default during the year ended December 31, 2025. The Company had 13 loan modifications totaling $1.2 million that had a payment default during the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Bank Premises and Equipment** 

A summary of premises and equipment at December 31, 2025 and 2024 follows:

---

| | | |
|:---|:---|:---|
| (dollars in thousands) |  |  |
|  | **2025** | 2024 |
| Land | $**2856** | $2651 |
| Buildings | **43454** | 37103 |
| Furniture, fixtures and equipment | **56547** | 64059 |
| Leasehold improvements | **36865** | 36448 |
| Total bank premises and equipment | **139722** | 140261 |
| Accumulated depreciation and amortization | **(99015)** | (106479) |
| Total | $**40707** | $33782 |

---

Depreciation and amortization expense was approximately $4.8 million, $4.5 million, and $4.1 million for the years 2025, 2024, and 2023, respectively. Occupancy expense of the Bank's premises included rental expense of $8.0 million in 2025, 8.4 million in 2024, and 8.2 million in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Deposits** 

Interest expense on deposits was as follows:

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | For the year ended December 31, | For the year ended December 31, | For the year ended December 31, |
|  | **2025** | 2024 | 2023 |
| Interest bearing checking accounts | $**2078** | $1236 | $382 |
| Savings accounts | **2923** | 2876 | 2531 |
| Time deposits and money market accounts | **84548** | 86474 | 50439 |
| Total | $**89549** | $90586 | $53352 |

---

At December 31, 2025, the maturity of total time deposits is as follows:

---

| | |
|:---|:---|
| (dollars in thousands) |  |
| &nbsp;&nbsp;&nbsp; Under 1 year | $**2000762** |
| &nbsp;&nbsp;&nbsp; 1 to 2 years | **135792** |
| &nbsp;&nbsp;&nbsp; 2 to 3 years | **1159** |
| &nbsp;&nbsp;&nbsp; 3 to 4 years | **472** |
| &nbsp;&nbsp;&nbsp; 4 to 5 years | **210** |
| &nbsp;&nbsp;&nbsp; Over 5 years | **20** |
|  | $**2138415** |

---

Included in total time deposits as of December 31, 2025 and 2024 is $602.6 million and $561.3 million in time deposits with balances in excess of $250,000.

Page **72** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Borrowings** 

Short-term borrowings (repurchase agreements) of the Company were cash management accounts as follows:

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | **2025** | 2024 | 2023 |
| Amount outstanding at December 31, | $**120054** | $84781 | $88990 |
| Maximum amount outstanding at any month end | **120054** | 102954 | 134293 |
| Average amount outstanding | **89816** | 89707 | 114639 |
| Weighted average interest rate: |  |  |  |
| &nbsp;&nbsp;&nbsp; For the year | 0.99<br>**%** | 0.88<br>**%** | 0.88% |
| &nbsp;&nbsp;&nbsp; As of year end | 1.40 | 0.88 | 0.86 |

---

Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral.

As of December 31, 2025 the Company also has borrowing capacity of $967.4 million available with the Federal Home Loan Bank of New York. The borrowings capacity is secured by the loans pledged by the Company. As of December 31, 2025 and 2024, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.

Trustco Bank is approved to borrow on short-term basis from the Federal Reserve Bank of New York. The Bank can pledge certain securities to the Federal Reserve Bank to support this arrangement. As of December 31, 2025 and 2024, the bank had no outstanding borrowings and loans with the Federal Reserve Bank of New York.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Income Taxes** 

All of the Company's income tax expense is attributable to domestic operations. Income tax expense from continuing operations was as follows for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  (dollars in thousands) | **2025** | 2024 | 2023 |
|  Current expense |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal | $**14197** | $12300 | $15224 |
| &nbsp;&nbsp;&nbsp; State | **1346** | 927 | 1587 |
|  Total current expense | **15543** | 13227 | 16811 |
|  Deferred expense |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal | **3412** | 1598 | 1700 |
| &nbsp;&nbsp;&nbsp; State | **722** | 388 | 456 |
|  Total deferred expense | **4134** | 1986 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**19677** | $15213 | $18967 |

---

Page **73** of **108**<br>

------

The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 | 2023 | 2023 |
|  (dollars in thousands) |  |  |  |  |  |  |
|  Federal income tax at statutory rate | $**16971** | 21.0<br>**%** | $13450 | 21.0% | $16299 | 21.0% |
| &nbsp;&nbsp;&nbsp; Effect of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State income taxes, net of federal benefit\* | **1634** | 2.0<br>**%** | 1039 | 1.6% | 1614 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nontaxable or nondeductible items \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nondeductible compensation | **993** | 1.2<br>**%** | 701 | 1.1% | 1013 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **79** | 0.1<br>**%** | 23 | 0.1% | 41 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | $**19677** | 24.3<br>**%** | $15213 | 23.8% | $18967 | 24.4% |

---

\* State taxes in Florida and New York made up the majority (greater than 50%) of the tax effect of this category.

\*\* The 'nontaxable or nondeductible items' category includes items such as non-taxable interest income, non-deductible meals and entertainment, and other non-deductible expenses. None of those items individually or in the aggregate exceeded the 5% quantitative threshold for separate disaggregation.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
|  (dollars in thousands) | **2025** | **2024** |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp; Allowance for credit losses on loans | $**13810** | $13271 |
| &nbsp;&nbsp;&nbsp; OCI net unrealized losses on securities available for sale | **4221** | 7610 |
| &nbsp;&nbsp;&nbsp; Lease Liability | **9627** | 10606 |
| &nbsp;&nbsp;&nbsp; Other | **5583** | 6750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets | $**33241** | $38237 |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid pension | $**(9295)** | $(8429) |
| &nbsp;&nbsp;&nbsp; Prepaid post-retirement | **(6358)** | (5724) |
| &nbsp;&nbsp;&nbsp; OCI pension and post retirement benefit | **(7744)** | (6260) |
| &nbsp;&nbsp;&nbsp; Right of use asset | **(8899)** | (9673) |
| &nbsp;&nbsp;&nbsp; Deferred loan fees | **(4671)** | (3485) |
| &nbsp;&nbsp;&nbsp; Depreciation | **(3152)** | (2432) |
| &nbsp;&nbsp;&nbsp; REIT deferral | **(2592)** | (2684) |
| &nbsp;&nbsp;&nbsp; Other | **(353)** | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities | $**(43064)** | $(39053) |
|  Net deferred tax liability | $**(9823)** | $(816) |

---

Management assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on our evaluation, as of December 31, 2025, management has determined that no valuation allowance is necessary because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and future taxable income.

Page **74** of **108**<br>

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Income taxes paid, net of refunds, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| (dollars in thousands) |  |  |  |
| Federal | $**17600** | $7800 | $17000 |
| State and local: |  |  |  |
| &nbsp;&nbsp;&nbsp; Florida | **1250** | 550 | 1275 |
| &nbsp;&nbsp;&nbsp; New York | **104** | 777 | 651 |
| &nbsp;&nbsp;&nbsp; Other | **124** | 25 | 138 |
| Total | $**19078** | $9152 | $19064 |

---

On a periodic basis, the Company evaluates its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the status of taxing authorities' current examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment in relation to uncertain tax positions. As of December 31, 2025 and 2024, no uncertain tax positions have been recorded.

The Company recognizes interest and/or penalties related to income tax matters in noninterest expense. For the years 2025, 2024, and 2023, these amounts were not material. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as in various states. In the normal course of business, the Company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The Company's federal and state income tax returns for the years 2021 through 2025 remain open to examination.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Benefit Plans** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Retirement Plan* 

The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service while the plan was in effect. This plan was frozen as of December 31, 2006. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees' highest five consecutive years' compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank's Financial Services Department.

The following tables set forth the plan's funded status and amounts recognized in the Company's Consolidated Statements of Condition at December 31, 2025 and 2024:

#### Change in Projected Benefit Obligation:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (dollars in thousands) | **2025** | 2024 |
| Projected benefit obligation at beginning of year | $**21592** | $23159 |
| Service cost | **-** | - |
| Interest cost | **1187** | 1155 |
| Benefit payments and expected expenses | **(1693)** | (1664) |
| Net actuarial loss (gain) | **349** | (1058) |
| Projected benefit obligation at end of year | $**21435** | $21592 |

---

Page **75** of **108**<br>

------

#### Change in Plan Assets and Reconciliation of Funded Status:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (dollars in thousands) | **2025** | 2024 |
| Fair value of plan assets at beginning of year | $**67421** | $59641 |
| Actual gain on plan assets | **8549** | 9491 |
| Benefit payments and actual expenses | **(1738)** | (1711) |
| Fair value of plan assets at end of year | **74232** | 67421 |
| Funded status at end of year | $**52797** | $45829 |

---

Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp; Net actuarial gain | $**17658** | $13915 |

---

The accumulated benefit obligation was $21.4 million and $21.6 million at December 31, 2025 and 2024, respectively.

#### Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (loss):

---

| | | | |
|:---|:---|:---|:---|
|  ` | For the years ended | For the years ended | For the years ended |
|  | December 31, | December 31, | December 31, |
|  (dollars in thousands) | **2025** | 2024 | 2023 |
|  Service cost | $**-** | $- | $- |
|  Interest cost | **1187** | 1155 | 1213 |
|  Expected return on plan assets | **(3448)** | (3050) | (2684) |
|  Amortization of net gain | **(964)** | (86) | - |
|  Net periodic pension credit | **(3225)** | (1981) | (1471) |
|  Amortization of net gain | **964** | 86 | - |
| Net actuarial gain included in other comprehensive income (loss) | **(4707)** | (7451) | (5380) |
|  Total recognized in other comprehensive income (loss) | **(3743)** | (7365) | (5380) |
| Total recognized in net periodic benefit credit and other comprehensive income (loss) | $**(6968)** | $(9346) | $(6851) |

---

Page **76** of **108**<br>

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#### Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

---

| | |
|:---|:---|
| (dollars in thousands) |  |
| Year | Pension Benefits |
| 2026 | $**1731** |
| 2027 | **1738** |
| 2028 | **1786** |
| 2029 | **1787** |
| 2030 | **1774** |
| 2031 - 2035 | **8411** |

---

The assumptions used to determine benefit obligations at December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Discount rate | 5.56<br>**%** | 5.69% | 5.18% |

---

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Discount rate | 5.69<br>**%** | 5.18% | 5.44% |
| Expected long-term rate of return on assets, net of tax | 4.00 | 4.00 | 4.00 |

---

The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company's actuaries.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Supplemental Retirement Plan* 

The Company also has a supplementary pension plan under which additional retirement benefits are accrued for eligible executive officers. This plan supplements the defined benefit retirement plan for eligible employees that exceed the Internal Revenue Service limit on the amount of pension payments that are allowed from a retirement plan. The supplemental plan provides eligible employees with total benefit payments as calculated by the retirement plan without regard to this limitation. Benefits under this plan are calculated using the same actuarial assumptions and interest rates as used for the retirement plan calculations. The accumulated benefits under this supplementary pension plan were approximately $1.8 million as of December 31, 2025 and $2.3 million as of December 31, 2024. Effective as of December 31, 2008, this plan has been frozen and no additional benefits will accrue. Instead, the amount of the Company's annual contribution to the plan plus interest is paid directly to each eligible employee. The expense recorded for this plan was $2.0 million in 2025 and $2.8 million in 2024.

Rabbi trusts have been established for this plan. These trust accounts are administered by the Trustco Financial Services Department and invest primarily in bonds issued by government-sponsored enterprises and money market instruments. These assets are recorded at their fair value and are included in short-term investments in the Consolidated Statements of Condition. As of December 31, 2025 and 2024, the trusts had assets totaling $1.8 million and $2.5 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Postretirement Benefits* 

The Company permits retirees under age 65 to participate in the Company's medical plan by making certain payments. In addition, the plan provides a death benefit to certain eligible employees and retirees. In 2003, the Company amended the medical plan to reflect changes to the retiree medical insurance coverage portion. The Company's subsidy of the retiree medical insurance premiums was eliminated at that time. The Company continues to provide postretirement medical benefits for a limited number of executives in accordance with their employment contracts.

Page **77** of **108**<br>

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The following tables show the plan's funded status and amounts recognized in the Company's Consolidated Statements of Condition at December 31, 2025 and 2024:

#### Change in Accumulated Benefit Obligation:

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | December 31, | December 31, |
|  | **2025** | 2024 |
| Accumulated benefit obligation at beginning of year | $**6214** | $5628 |
| Service cost | **18** | 18 |
| Interest cost | **352** | 284 |
| Prior Service cost | **-** | - |
| Benefits paid | **(206)** | (194) |
| Net actuarial loss | **282** | 478 |
| Accumulated benefit obligation at end of year | $**6660** | $6214 |

---

#### Change in Plan Assets and Reconciliation of Funded Status:

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | December 31, | December 31, |
|  | **2025** | 2024 |
| Fair value of plan assets at beginning of year | $**38079** | $33224 |
| Actual gain on plan assets | **4787** | 4877 |
| Company contributions | **194** | 172 |
| Benefits paid and actual expenses | **(206)** | (194) |
| Fair value of plan assets at end of year | **42854** | 38079 |
| Funded status at end of year | $**36194** | $31865 |

---

---

| | | |
|:---|:---|:---|
| **Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of:** | | |
| (dollars in thousands) | December 31, | December 31, |
|  | **2025** | 2024 |
| Net actuarial gain | $**(12201)** | $(10247) |
| Prior service cost | **42** | 55 |
| Total | $**(12159)** | $(10192) |

---

The accumulated benefit obligation was $6.7 million and $6.2 million at December 31, 2025 and 2024, respectively.

Page **78** of **108**<br>

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#### Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (loss):

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | December 31, | December 31, | December 31, |
|  | **2025** | 2024 | 2023 |
| Service cost | $**18** | $18 | $11 |
| Interest cost | **352** | 284 | 271 |
| Expected return on plan assets | **(1517)** | (1326) | (1157) |
| Amortization of net actuarial gain | **(1034)** | (738) | (423) |
| Amortization of prior service cost | **13** | 13 | 13 |
| Net periodic benefit credit | **(2168)** | (1749) | (1285) |
| Net (gain) loss | **(2988)** | (3073) | (2575) |
| Amortization of prior service (cost) credit | **(13)** | (13) | (13) |
| Prior service cost | **-** | - | - |
| Amortization of net gain | **1034** | 738 | 423 |
| Total amount recognized in other comprehensive income (loss) | **(1967)** | (2348) | (2165) |
| Total amount recognized in net periodic benefit income and other comprehensive income (loss) | $**(4135)** | $(4097) | $(3450) |

---

The estimated amount of net gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income over the next fiscal year is approximately $1.4 million. The estimated amount of prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income (loss) over the next fiscal year is approximately $13 thousand.

#### Expected Future Benefit Payments
The following benefit payments are expected to be paid:

---

| | |
|:---|:---|
| (dollars in thousands) |  |
| Year | Postretirement Benefits |
| 2026 | $**332** |
| 2027 | **377** |
| 2028 | **425** |
| 2029 | **462** |
| 2030 | **508** |
| 2031 - 2035 | **2109** |

---

The discount rate assumption used to determine benefit obligations at December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Discount rate | 5.56<br>**%** | 5.69% | 5.18% |

---

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| Discount rate | 5.69<br>**%** | 5.18% | 5.44% |
| Expected long-term rate of return on assets, net of tax | 4.00 | 4.00 | 4.00 |

---

The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company's actuaries.

Page **79** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Components of Accumulated Other Comprehensive Income (Loss) Related to Retirement and Postretirement Benefit Plans* 

The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2025 and 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  (dollars in thousands) | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Post- |  |
|  | Retirement | Retirement |  |
|  | Plan | Benefit Plan | Total |
|  Change in overfunded position of pension and postretirement benefits | $**(4707)** | $**(2988)** | $**(7695)** |
|  Prior service cost | **-** | **-** | **-** |
|  Amortization of net actuarial gain | **964** | **1034** | **1998** |
|  Amortization of prior service cost | **-** | **(13)** | **(13)** |
|  Total | $**(3743)** | $**(1967)** | $**(5710)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  | Post- |  |
|  | Retirement | Retirement |  |
|  | Plan | Benefit Plan | Total |
|  Change in overfunded position of pension and postretirement benefits | $(7451) | $(3073) | $(10524) |
|  Prior service cost | **-** | - | - |
|  Amortization of net actuarial gain | 86 | 738 | 824 |
|  Amortization of prior service cost | - | (13) | (13) |
|  Total | $(7365) | $(2348) | $(9713) |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Major Categories of Pension and Postretirement Benefit Plan Assets:* 

The asset allocations of the Company's pension and postretirement benefit plans at December 31, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pension Benefit | Pension Benefit | Postretirement Benefit | Postretirement Benefit |
|  | Plan Assets | Plan Assets | Plan Assets | Plan Assets |
|  | **2025** | 2024 | **2025** | 2024 |
| Debt Securities | **27%** | 34<br>**%** | **31%** | 32<br>**%** |
| Equity Securities | **64** | 62 | **62** | 62 |
| Other | **9** | 4 | **7** | 6 |
| Total | **100%** | 100<br>**%** | **100%** | 100<br>**%** |

---

The expected long-term rate-of-return on plan assets, noted in sections (a) and (b) above, reflects long-term earnings expectations on existing plan assets. In estimating that rate, appropriate consideration was given to historical returns earned by plan assets and the rates of return expected to be available for reinvestment. Rates of return were adjusted to reflect current capital market assumptions and changes in investment allocations.

The Company's investment policies and strategies for the pension benefit and postretirement benefit plans prescribe a target allocation of 50% to 70% equity securities, 25% to 40% debt securities, and 0% to 10% for other securities for the asset categories. The Company's investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit direct investments in equity and debt securities and mutual funds while prohibiting direct investment in derivative financial instruments. The Company addresses diversification by the use of mutual fund investments whose underlying investments are in domestic and international debt and equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable.

Page **80** of **108**<br>

------

<u>Fair Value of Plan Assets:</u>

Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date.

The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

<u>Equity mutual funds, Fixed Income mutual funds and Debt Securities</u>: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2).

The fair value of the plan assets at December 31, 2025 and 2024, by asset category, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  |  | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** |
| Retirement Plan |  |  | Significant |  |
| (dollars in thousands) |  | Quoted Prices in | Other | Significant |
|  |  | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
|  | Value | (Level 1) | (Level 2) | (Level 3) |
| Plan Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $**6561** | $**6561** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Equity mutual funds | **47460** | **47460** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | **19671** | **-** | **19671** | **-** |
| &nbsp;&nbsp;&nbsp; Fixed income mutual funds | **540** | **540** | **-** | **-** |
| Total Plan Assets | $**74232** | $54561 | $**19671** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  |  | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** |
|  |  |  | Significant |  |
| Postretirement Benefits |  | Quoted Prices in | Other | Significant |
| (dollars in thousands) |  | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
|  | Value | (Level 1) | (Level 2) | (Level 3) |
| Plan Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $**2918** | $**2918** | $**-** | $**-** |
| &nbsp;&nbsp;&nbsp; Equity mutual funds | **26820** | **26820** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | **13116** | **-** | **13116** | **-** |
| Total Plan Assets | $**42854** | $**29738** | $**13116** | $**-** |

---

Page **81** of **108**<br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  |  | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: |
|  |  |  | Significant |  |
| Retirement Plan |  | Quoted Prices in | Other | Significant |
| (dollars in thousands) |  | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
|  | Value | (Level 1) | (Level 2) | (Level 3) |
| Plan Assets |  |  |  |  |
| Cash and cash equivalents | $2848 | $2848 | $- | $- |
| Equity mutual funds | 41384 | 41384 | - | - |
| U.S. government sponsored enterprises | 22659 | - | 22659 | - |
| Corporate bonds | - | - | - | - |
| Fixed income mutual funds | 530 | 530 | - | - |
| Total Plan Assets | $67421 | $44762 | $22659 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  | | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: |
|  | | | Significant | |
| Postretirement Benefits |  | Quoted Prices in | Other | Significant |
| (dollars in thousands) |  | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
|  | Value | (Level 1) | (Level 2) | (Level 3) |
| Plan Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2407 | $2407 | $- | $- |
| Equity mutual funds | 23377 | 23377 | - | - |
| U.S. government sponsored enterprises | 12295 | - | 12295 | - |
| Total Plan Assets | $38079 | $25784 | $12295 | $- |

---

At December 31, 2025 and 2024, the majority of the equity mutual funds included in the plan assets of the retirement plan and postretirement benefit plan consist of large-cap index funds, while the remainder of the equity mutual funds consists of mid-cap, small-cap and international funds.

There were no transfers between Level 1 and Level 2 in 2025 and 2024.

The Company made no contributions to its pension and postretirement benefit plans in 2025 or 2024. The Company does not expect to make any contributions to its pension and postretirement benefit plans in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Incentive and Bonus Plans* 

During 2006, the Company amended its profit-sharing plan to include a 401(k) feature. Under the 401(k) feature, the Company matches 100% of the aggregate salary contribution up to the first 3% of compensation and 50% of the aggregate contribution of the next 3%. No profit-sharing contributions were made in 2025, 2024 or 2023 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan equaled $1.4 million for 2025, 2024 and 2023. The Company also has an officers and executive incentive plan. The expense of these plans generally is based on the Company's performance and estimated distributions to participants are accrued during the year and generally paid in the following year. The expense recorded for this plan was $3.5 million, $625 thousand, and $2.3 million in 2025, 2024 and 2023, respectively.

The Company has also awarded 179 thousand performance bonus units to the executive officers and directors. These units become vested and exercisable only under a change of control as defined in the plan. The units were awarded based upon the stock price at the time of grant and, if exercised under a change of control, allow the holder to receive the increase in value offered in the exchange over the stock price at the date of grant for each unit, if any. As of December 31, 2025, the weighted average strike price of each unit was $46.50.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Stock-Based Compensation Plans-Equity Awards* 

Equity awards are types of stock-based compensation that are to be settled in shares. As such, the amount of compensation expense to be paid at the time of settlement is included in surplus in the Consolidated Statement of Condition.

Page **82** of **108**<br>

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In May 2019, shareholders of the Company approved the TrustCo Bank Corp NY 2019 Equity Incentive Plan ("2019 Equity Incentive Plan") which replaced and combined into one plan both the Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan ("2010 Equity Incentive Plan") and the Amended and Restated TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan ("Directors Plan"), and all remaining shares eligible for issuance thereunder were canceled. The shareholders of the Company subsequently approved the amendment and restatement of the 2019 Equity Incentive Plan ("A&R 2019 Equity Incentive Plan") in May 2023. Under the A&R 2019 Equity Incentive Plan, the Company may provide for the issuance of 700,000 shares of our common stock which is available for issuance pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance-based), to eligible employees and directors. This allotment of 700,000 shares includes the authorized but unissued shares remaining available for issuance under the 2010 Equity Incentive Plan and the Directors Plan. As of December 31, 2025, the Company did not issue any shares of our common stock pursuant to options or SARs. The Company did, however, grant restricted stock units (both time based and performance-based) to certain executives beginning in November 2023 and annually thereafter that settle in shares of common stock upon vesting as described below. The Company also granted restricted stock units (both time based and performance-based) to directors and certain eligible officers that settle in cash upon vesting as described below.

Under the A&R 2019 Equity Incentive Plan, the exercise price of each option may not be less than 100% of the fair value of the Company's stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten-percent shareholder the option price may not be less than 110% of the fair value of the Company's stock on the date of the ISO grant. The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement. Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire ten years, and vest over five years, from the date the options were granted.

A summary of the status of the Company's stock option awards as of December 31, 2025 and changes during the year then ended, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Outstanding Options | Outstanding Options | Outstanding Options |
|  |  |  | Weighted |
|  |  | Weighted | Average |
|  |  | Average | Remaining |
|  | Number of | Exercise | Contractual |
|  | Options | Price | Life |
| Balance, January 1, 2025 | **8036** | $32.15 |  |
| New options awarded - 2025 | **-** | **-** |  |
| Expired options - 2025 | **(1460)** | 32.15 |  |
| Options forfeited - 2025 | **-** | **-** |  |
| Exercised options - 2025 | **(6576)** | 32.15 |  |
| Balance, December 31, 2025 | **-** | $**-** | **0 years** |
|  | Exercisable Options | Exercisable Options | Exercisable Options |
| Balance, December 31, 2025 | **-** | $**-** | **0 years** |

---

At December 31, 2025, the intrinsic value of stock options was $0. As of December 31, 2025, there were no outstanding or exercisable shares remaining.

During 2025 approximately 7 thousand stock options were exercised. In 2024 approximately 30 thousand stock options were exercised and during 2023 there were no stock options exercised.

The intrinsic value and related tax benefits of stock options exercised in these years were not material. It is the Company's policy to generally issue stock upon stock option exercises from previously unissued shares of common stock or treasury shares.

Income tax benefits recognized in the accompanying Consolidated Statements of Income related to stock-based compensation were not material.

Page **83** of **108**<br>

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Valuation of Stock-Based Compensation: The fair value of the Company's employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The Company did not grant new stock option awards in 2025, 2024, or 2023.

There was no stock-based compensation expense for stock options recognized in 2025, 2024, and 2023.

#### Restricted stock units

---

| | | |
|:---|:---|:---|
|  | | Weighted-Average |
|  | | Grant-Date |
|  | Shares | Fair Value |
| Nonvested at January 1, 2025 | 38559 | $31.99 |
| Granted | 22671 |  |
| Vested | (14781) |  |
| Forfeited | (2215) |  |
| Nonvested at December 31, 2025 | 44234 | $36.17 |

---

Service-Based Awards: During 2025 and 2024, the Company issued restricted stock units to certain eligible officers. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. Depending on the year of the grant the awards vest in whole units in equal installments from the first through the third year following the award date. Upon issuance, the fair value of these awards is the fair value of the Company's common stock on the grant date. Thereafter, the amount of compensation expense recognized is based on the fair value of the Company's stock.

During 2025, 2024 and 2023, the Company recognized $508 thousand, $287 thousand, and $41 thousand, respectively, in compensation expense related to these awards. Unrecognized compensation expense related to the outstanding restricted share units totaled approximately $1.5 million at December 31, 2025. During 2025, one third of the awards granted in 2023 and 2024 became vested and settled. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 27 months as of December 31, 2025.

#### Performance share units

---

| | | |
|:---|:---|:---|
|  | | Weighted-Average |
|  | | Grant-Date |
|  | Shares | Fair Value |
| Nonvested at January 1, 2025 | 71497 | $31.05 |
| Granted | 34005 |  |
| Vested | - |  |
| Forfeited | (3323) |  |
| Nonvested at December 31, 2025 | 102179 | $33.91 |

---

Performance-Based Awards: During 2025 and 2024, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. Upon issuance, the fair value of these units was the fair value of the Company's common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company's achievement of certain performance criteria in accordance with Plan provisions, as well as the fair value of the Company's stock.

During 2025, 2024 and 2023, the Company recognized approximately $762 thousand, $432 thousand and $62 thousand, respectively, in compensation expense related to these units. Unrecognized compensation expense related to the outstanding performance share units totaled $2.2 million at December 31, 2025. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 27 months as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Stock-Based Compensation Plans-Liability Awards* 

Liability awards are types of compensation that are settled in cash (not shares). As such, the amount of compensation expense to be paid at the time of settlement is included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The Company granted both service-based and performance-based liability awards in 2025, 2024 and 2023.

Page **84** of **108**<br>

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The activity for service-based awards during 2025 was as follows:

#### Restricted share units

---

| | |
|:---|:---|
|  | Outstanding<br>Units |
| Balance, December 31, 2024 | **45065** |
| New cash settled awards granted | **19758** |
| Forfeited awards | **(3839)** |
| Awards settled | **(25268)** |
| Balance, December 31, 2025 | **35716** |

---

Service-Based Awards: During 2025 and 2024, the Company issued restricted share units to certain eligible officers, executives and members of its board of directors. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. The awards granted to the members of the board of directors become 100% vested after one year, and all other awards granted vest in whole units in equal installments from the first through the third year following the award date. Upon issuance, the fair value of these awards is the fair value of the Company's common stock on the grant date. Thereafter, the amount of compensation expense recognized is based on the fair value of the Company's stock.

During 2025, 2024 and 2023, the Company recognized $1.1 million, $1.3 million and $1.1 million, respectively, in compensation expense related to these awards. Unrecognized compensation expense related to the outstanding restricted share units totaled approximately $1.3 million at December 31, 2025. During 2025, one third of the awards granted in 2022, 2023, and 2024 became vested and settled. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 25 months as of December 31, 2025.

The liability related to service-based liability awards was approximately $134 thousand and $156 thousand at December 31, 2025 and 2024, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition.

The activity for performance-based awards during 2025 was as follows:

#### Performance share units

---

| | |
|:---|:---|
|  | Outstanding<br>Units |
| Balance, December 31, 2024 | **100723** |
| New cash settled awards granted | **28432** |
| Forfeited awards | **(2629)** |
| Awards settled | **(67857)** |
| Balance, December 31, 2025 | **58669** |

---

Performance-Based Awards: During 2025 and 2024, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. Upon issuance, the fair value of these units was the fair value of the Company's common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company's achievement of certain performance criteria in accordance with Plan provisions, as well as the fair value of the Company's stock.

For units granted in 2021, those have been fully vested and paid. For units granted subsequent to 2021, all of the units are unvested as of December 31, 2025, and the Company expects to meet the required performance criteria of the awards.

During 2025, 2024 and 2023, the Company recognized approximately $780 thousand, $2.1 million and $1.5 million, respectively, in compensation expense related to these units. Unrecognized compensation expense related to the outstanding performance share units totaled $516 thousand at December 31, 2025. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 25 months as of December 31, 2025.

The liability related to performance-based liability awards totaled $2.1 million and $3.6 million at December 31, 2025 and 2024, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition.

Page **85** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Commitments and Contingent Liabilities** 

(a) Litigation

In the normal course of business, TrustCo and Trustco Bank become involved in a variety of routine legal proceedings. At present, there are no legal proceedings pending or threatened, which in the opinion of management and counsel, would result in a material loss to TrustCo or Trustco Bank.

(b) Outsourced Services

The Company contracted with third-party service providers to perform certain banking functions. The outsourced services include data and item processing for the Bank and trust operations. The service expense can vary based upon the volume and nature of transactions processed. Outsourced service expense was $9.8 million in 2025, $10.9 million in 2024 and $10.0 million in 2023. The Company is contractually obligated to pay these third-party service providers approximately $10 million to $11 million per year through 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11)** **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"). TrustCo adopted FASB Staff Position on Emerging Issues Task Force 03-6-1, *Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities,* as codified in FASB ASC 260-10 ("ASC 260-10"), which clarified that unvested share-based payment awards that contain non-forfeitable rights to receive dividends or divided equivalents (whether paid or unpaid) are participating securities, and thus, should be included in the two-class method of computing earnings per share ("EPS"). Participating securities under this statement include the unvested employees' and directors' restricted stock awards with time-based vesting, which receive non-forfeitable dividend payments. For the years presented, the Company no longer has unvested awards that would be considered participating securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A reconciliation of the component parts of earnings per share for 2025, 2024, and 2023 follows:

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands, |  |  |  |
| except per share data) | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | **2025** | 2024 | 2023 |
| Net income | $**61137** | $48833 | $58646 |
| Weighted average common shares | **18752** | 19018 | 19024 |
| Effect of dilutive common stock options | **38** | 19 | 1 |
| Weighted average common shares including potential dilutive shares | **18790** | 19037 | 19025 |
| Basic EPS | $3.26 | $2.57 | $3.08 |
| Diluted EPS | $3.25 | $2.57 | $3.08 |

---

For the year ended December 31, 2025 there were no antidilutive stock options excluded from diluted earnings per share. For the year ended December 31, 2024, there were 42 thousand antidilutive stock options excluded from diluted earnings per share. The stock options are antidilutive because the strike price is greater than the average fair value of the Company's common stock for the periods presented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12)** **Off-Balance Sheet Financial Instruments** 

Loan commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a fee. Commitments sometimes expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Bank's normal credit policies, including obtaining collateral. The Bank's maximum exposure to credit loss for loan commitments, including unused lines of credit, at December 31, 2025 and 2024, was $611.6 million and $601.2 million, respectively. Approximately 49% and 62% of these commitments were for variable rate products at the end of 2025 and 2024, respectively.

The Company does not issue any guarantees that require liability-recognition or disclosure, other than its standby letters of credit. The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $5.1 million and $4.6 million at December 31, 2025 and 2024, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan-to-value ratios are generally consistent with loan-to-value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company's standby letters of credit at December 31, 2025 and 2024 was insignificant.

No losses are anticipated as a result of loan commitments or standby letters of credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13)** **Fair Value** 

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 or 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:

<u>Securities Available for Sale</u>: The fair value of securities available for sale are 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 included in the income statement in the respective investment class under total interest income. The Company does not have any securities that would be designated as Level 3.

<u>Other Real Estate Owned</u>: 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.

<u>Individually Evaluated Loans</u>: Loans individually evaluated carried at fair value generally have had a charge-off through the allowance for credit losses on loans. 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.

Page **87** of **108**<br>

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

There were no transfers between Level 1 and Level 2 in 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** |
|  | | | Significant | |
|  | | Quoted Prices in | Other | Significant |
|  | | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
| (dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) |
| Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | $**31772** | $**-** | $**31772** | $**-** |
| &nbsp;&nbsp;&nbsp; State and political subdivisions | **9** | **-** | **9** | **-** |
| Mortgage backed securities and collateralized mortgage obligations - residential | **206290** | **-** | **206290** | **-** |
| &nbsp;&nbsp;&nbsp; Corporate bonds | **59932** | **-** | **59932** | **-** |
| Small Business Administration - guaranteed participation securities | **11710** | **-** | **11710** | **-** |
| &nbsp;&nbsp;&nbsp; Other | **705** | **-** | **705** | **-** |
| Total securities available for sale | $**310418** | $**-** | $**310418** | $**-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
|  | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: |
|  |  |  | Significant |  |
|  |  | Quoted Prices in | Other | Significant |
|  |  | Active Markets for | Observable | Unobservable |
|  | Carrying | Identical Assets | Inputs | Inputs |
| (dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) |
| Securities available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. government sponsored enterprises | $85617 | $- | $85617 | $**-** |
| &nbsp;&nbsp;&nbsp; State and political subdivisions | 18 | - | 18 | **-** |
| Mortgage backed securities and collateralized mortgage obligations - residential | 213128 | - | 213128 | **-** |
| &nbsp;&nbsp;&nbsp; Corporate bonds | 44581 | - | 44581 | **-** |
| Small Business Administration - guaranteed participation securities | 14141 | - | 14141 | **-** |
| &nbsp;&nbsp;&nbsp; Other | 700 | - | 700 | **-** |
| Total securities available for sale | $358185 | $- | $358185 | $- |

---

Page **88** of **108**<br>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |  |  |  |
|  | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** |  |  |  |
|  |  |  | Significant |  |  |  |  |
|  |  | Quoted Prices in | Other | Significant |  |  |  |
|  |  | Active Markets for | Observable | Unobservable |  |  |  |
|  | Carrying | Identical Assets | Inputs | Inputs |  |  |  |
| (dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) |
| Other real estate owned | $**1394** | $**-** | $**-** | $**1394** | Sales comparison<br> approach | Adjustments for<br> differences between<br> comparable sales<br>| 0% - 58% (29%) |
| Individually evaluated loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real estate mortgage - 1 to 4 family | **86** | - | - | **86** | Sales comparison<br> approach<br>| Adjustments for<br> differences between<br> comparable sales<br>| 0% - 52% (26%) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |  |  |  |
|  | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: |  |  |  |
|  |  |  | Significant |  |  |  |  |
|  |  | Quoted Prices in | Other | Significant |  |  |  |
|  |  | Active Markets for | Observable | Unobservable |  |  |  |
|  | Carrying | Identical Assets | Inputs | Inputs |  |  |  |
| (dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) |
| Other real estate owned | $**2174** | $**-** | $**-** | $**2174** | Sales comparison<br> approach | Adjustments for<br> differences between<br> comparable sales<br>| 0% - 44% (18%) |
| Individually evaluated loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real estate mortgage - 1 to 4 family | **-** | - | - | **-** | Sales comparison<br> approach | Adjustments for<br> differences between<br> comparable sales<br>| N/A |

---

Other real estate owned, which is carried at fair value less costs to sell, was approximately $1.4 million at December 31, 2025, and consisted of residential and commercial real estate properties. A valuation charge of $547 thousand is included in earnings for the year ended December 31, 2025.

Of the total individually evaluated loans of $25.8 million at December 31, 2025, there were real estate mortgage loans that were collateral dependent and 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 individually analyzed reserves for these loans at December 31, 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.

Other real estate owned, which is carried at fair value less costs to sell, was approximately $2.2 million at December 31, 2024, and consisted of residential and commercial real estate properties. A valuation charge of $350 thousand is included in earnings for the year ended December 31, 2024.

Of the total individually evaluated loans of $24.4 million at December 31, 2024, there are no loans that were collateral dependent and 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 valuation allowances for these loans at December 31, 2024. There were no gross charge-offs related to residential individually analyzed loans included in the table above.

Page **89** of **108**<br>

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In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2025 and 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
| (dollars in thousands) | Carrying | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** | **December 31, 2025 Using:** |
|  | Value | Level 1 | Level 2 | Level 3 | Total |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $**730427** | **730427** | **-** | **-** | **730427** |
| &nbsp;&nbsp;&nbsp; Securities available for sale | **310418** | **-** | **310418** | **-** | **310418** |
| &nbsp;&nbsp;&nbsp; Held to maturity securities | **4339** | **-** | **4389** | **-** | **4389** |
| &nbsp;&nbsp;&nbsp; Federal Reserve Bank and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Bank stock | **6601** | **N/A** | **N/A** | **N/A** | **N/A** |
| &nbsp;&nbsp;&nbsp; Net loans | **5200255** | **-** | **-** | **4803366** | **4803366** |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | **13828** | **325** | **1266** | **12237** | **13828** |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Demand deposits | **814908** | **814908** | **-** | **-** | **814908** |
| &nbsp;&nbsp;&nbsp; Interest bearing deposits | **4742509** | **2604094** | **2132833** | **-** | **4736927** |
| &nbsp;&nbsp;&nbsp; Short-term borrowings | **120054** | **-** | **120054** | **-** | **120054** |
| &nbsp;&nbsp;&nbsp; Accrued interest payable | **3646** | **159** | **3487** | **-** | **3646** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at | Fair Value Measurements at |
| (dollars in thousands) | Carrying | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: | December 31, 2024 Using: |
|  | Value | Level 1 | Level 2 | Level 3 | Total |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $641812 | 641812 | - | - | 641812 |
| &nbsp;&nbsp;&nbsp; Securities available for sale | 358185 | - | 358185 | - | 358185 |
| &nbsp;&nbsp;&nbsp; Held to maturity securities | 5365 | - | 5306 | - | 5306 |
| &nbsp;&nbsp;&nbsp; Federal Reserve Bank and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Bank stock | 6507 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Net loans | 5047810 | - | - | 4589822 | 4589822 |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | 13194 | 271 | 1317 | 11606 | 13194 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Demand deposits | 762101 | 762101 | - | - | 762101 |
| &nbsp;&nbsp;&nbsp; Interest bearing deposits | 4628882 | 2579123 | 2038200 | - | 4617323 |
| &nbsp;&nbsp;&nbsp; Short-term borrowings | 84781 | - | 84781 | - | 84781 |
| &nbsp;&nbsp;&nbsp; Accrued interest payable | 3817 | 216 | 3601 | - | 3817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14)** **Regulatory Capital Requirements** 

Depository institutions and their holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy rules and 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. The capital rules include a capital conservation buffer of 2.5% that is designed to absorb losses during periods of economic stress and to require increased capital levels before capital distributions and certain other payments can be made. Failure to meet the full amount of the buffer will result in restrictions on capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. For regulatory capital purposes, the ratios exclude the impact of accumulated other comprehensive income (loss). As of December 31, 2025, the Company and Bank meet all capital adequacy requirements to which they are subject and reported capital in levels that exceeded the capital conservation buffer.

Prompt corrective action regulations, to which banks, but not their holding companies, are subject, provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. If a bank is not classified as well capitalized, its ability to accept brokered deposits is restricted. 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 December 31, 2025 and December 31, 2024, the most recent regulatory notifications 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.

Page **90** of **108**<br>

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The following is a summary of actual capital amounts and ratios as of December 31, 2025 and 2024, for Trustco Bank:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Minimum for** |
|  |  |  |  | **Capital Adequacy plus** |
|  | **As of December 31, 2025** | **As of December 31, 2025** | Well | **Capital Conservation** |
| (dollars in thousands) | Amount | Ratio | Capitalized<sup>(1)</sup> | **Buffer <sup>(1)(2)</sup>** |
| Tier 1 leverage ratio | $**513719** | 8.058<br>**%** | 5.000<br>**%** | 4.000<br>**%** |
| Common equity Tier 1 capital | **513719** | 13.981 | 6.500 | 7.000 |
| Tier 1 risk-based capital | **513719** | 13.981 | 8.000 | 8.500 |
| Total risk-based capital | **559750** | 15.234 | 10.000 | 10.500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Minimum for |
|  |  |  |  | Capital Adequacy plus |
|  | As of December 31, 2024 | As of December 31, 2024 | Well | Capital Conservation |
| (dollars in thousands) | Amount | Ratio | Capitalized<sup>(1)</sup> | Buffer <sup>(1)(2)</sup> |
| Tier 1 leverage ratio | $652668 | 10.618% | 5.000% | 4.000% |
| Common equity Tier 1 capital | 652668 | 18.542 | 6.500 | 7.000 |
| Tier 1 risk-based capital | 652668 | 18.542 | 8.000 | 8.500 |
| Total risk-based capital | 696767 | 19.795 | 10.000 | 10.500 |

---

The following is a summary of actual capital amounts and ratios as of December 31, 2025 and 2024 for TrustCo on a consolidated basis.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Minimum for** |
|  |  |  | **Capital Adequacy plus** |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **Capital Conservation** |
| (dollars in thousands) | Amount | Ratio | **Buffer <sup>(1)(2)</sup>** |
| Tier 1 leverage ratio | $**676012** | 10.601<br>**%** | 4.000<br>**%** |
| Common equity Tier 1 capital | **676012** | 18.393 | 7.000 |
| Tier 1 risk-based capital | **676012** | 18.393 | 8.500 |
| Total risk-based capital | **722055** | 19.646 | 10.500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Minimum for |
|  |  |  | Capital Adequacy plus |
|  | As of December 31, 2024 | As of December 31, 2024 | Capital Conservation |
| (dollars in thousands) | Amount | Ratio | Buffer <sup>(1)(2)</sup> |
| Tier 1 leverage ratio | $679651 | 11.054% | 4.000% |
| Common equity Tier 1 capital | 679651 | 19.303 | 7.000 |
| Tier 1 risk-based capital | 679651 | 19.303 | 8.500 |
| Total risk-based capital | 723762 | 20.556 | 10.500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The December 31, 2025 and 2024 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent.

Page **91** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(15)** **Accumulated Other Comprehensive Income (Loss)** 

The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | Other | Amount | Other |  |
|  |  | Comprehensive | reclassified | Comprehensive |  |
|  |  | Income (loss)- | from Accumulated | Income (loss)- |  |
|  | Balance at | Before | Other Comprehensive | year ended | Balance at |
|  (dollars in thousands) | 12/31/2024 | Reclassifications | Income | 12/31/2025 | 12/31/2025 |
|  Net unrealized holding gain on securities available for sale, net of tax | $**(21713)** | $**9658** | $**-** | $**9658** | $**(12055)** |
| &nbsp;&nbsp;&nbsp; Net change in overfunded position in pension and <br> postretirement plans arising during the year, net of tax<br>| **21266** | **5696** | **-** | **5696** | **26962** |
| &nbsp;&nbsp;&nbsp; Net change in net actuarial gain and prior service cost on<br> pension and pension and postretirement benefit plans, net of tax<br>| **(3414)** | **-** | **(1469)** | **(1469)** | **(4883)** |
|  Accumulated other comprehensive income (loss), net of tax | $**(3861)** | $**15354** | $**(1469)** | $**13885** | $**10024** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  |  | Other | Amount | Other |  |
|  |  | Comprehensive | reclassified | Comprehensive |  |
|  |  | Income (loss)- | from Accumulated | Income (loss)- |  |
|  | Balance at | Before | Other Comprehensive | year ended | Balance at |
| (dollars in thousands) | 12/31/2023 | Reclassifications | Income | 12/31/2024 | 12/31/2024 |
| Net unrealized holding gain on securities available for sale, net of tax | $(23899) | $2186 | $- | $2186 | $(21713) |
| &nbsp;&nbsp;&nbsp; Net change in overfunded position in pension and<br> postretirement plans arising during the year, net of tax<br>| 13476 | 7790 | - | 7790 | $21266 |
| &nbsp;&nbsp;&nbsp; Net change in net actuarial gain and prior service credit on<br> pension and pension and postretirement benefit plans, net of tax<br>| (2814) | - | (600) | (600) | $(3414) |
| Accumulated other comprehensive loss, net of tax | $(13237) | $9976 | $(600) | $9376 | $(3861) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  |  | Other | Amount | Other |  |
|  |  | Comprehensive | reclassified | Comprehensive |  |
|  |  | Income (loss)- | from Accumulated | Income (loss)- |  |
|  | Balance at | Before | Other Comprehensive | year ended | Balance at |
| (dollars in thousands) | 12/31/2022 | Reclassifications | Income | 12/31/2023 | 12/31/2023 |
|  Net unrealized holding (loss) gain on securities available for sale, net of tax | $(32271) | $8372 | $- | $8372 | $(23899) |
| &nbsp;&nbsp;&nbsp; Net change in overfunded position in pension and<br> postretirement plans arising during the year, net of tax<br>| 7588 | 5888 | - | 5888 | 13476 |
| &nbsp;&nbsp;&nbsp; Net change in net actuarial gain and prior service credit on<br> pension and pension and postretirement benefit plans, net of tax<br>| (2511) | - | (303) | (303) | (2814) |
| Accumulated other comprehensive loss, net of tax | $(27194) | $14260 | $(303) | $13957 | $(13237) |

---

The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years ended | Years ended | Years ended |  |
| (dollars in thousands) | December 31, | December 31, | December 31, |  |
|  | **2025** | 2024 | 2023 | Affected Line Item in Financial Statements |
| Amortization of pension and postretirement benefit items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of net actuarial gain | $**1998** | $824 | $423 | Salaries and employee benefits |
| &nbsp;&nbsp;&nbsp; Amortization of prior service (cost) credit | **(13)** | (13) | (13) | Salaries and employee benefits |
| &nbsp;&nbsp;&nbsp; Income tax benefit | **(516)** | (211) | (107) | Income taxes |
| &nbsp;&nbsp;&nbsp; Net of tax | **1469** | 600 | 303 |  |
| &nbsp;&nbsp;&nbsp; Total reclassifications, net of tax | $**1469** | $600 | $303 |  |

---

Page **92** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16)** **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 for the years ended December 31, 2025, 2024 and 2023. Items outside the scope of ASC 606 are noted as such.

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | December 31, | December 31, | December 31, |
|  | **2025** | 2024 | 2023 |
| Non-interest income |  |  |  |
| &nbsp;&nbsp;&nbsp; Service Charges on Deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdraft fees | $**2794** | $2733 | $2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **2327** | 2172 | 2110 |
| Interchange Income | **4520** | 5139 | 5819 |
| Net gain on equity securities (a) | **-** | 1383 | - |
| Wealth management fees | **7855** | 7247 | 6425 |
| Other (a) | **1449** | 1160 | 1022 |
| Total non-interest income | $**18945** | $19834 | $18315 |

---

(a) Not within the scope of ASC 606.

A description of the Company's revenue streams accounted in accordance with ASC 606 as follows:

<u>Service charges on Deposit Accounts</u>: 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, statement rendering and ACH 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.

<u>Interchange Income:</u> 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.

<u>Wealth Management fees:</u> 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.

<u>Gains/Losses on Sales of Other Real Estate Owned "OREO":</u> 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.

Page **93** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **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 Consolidated Statements of Condition.

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 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 December 31, 2025, the Company did not have any leases with terms of twelve months or less.

As of December 31, 2025 the Company did not have any leases for which any related construction had not yet started. At December 31, 2025 lease expiration dates ranged from three months to 18.8 years and have a weighted average remaining lease term of 8.2 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.

Other information related to leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | **2025** | 2024 | 2023 |
| Operating lease cost | $**8034** | $8422 | $8165 |
| Variable lease cost | **2535** | 2232 | 2226 |
| Total Lease costs | $**10569** | $10654 | $10391 |

---

---

| | | | |
|:---|:---|:---|:---|
| Supplemental cash flows information: |  |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| Operating cash flows from operating leases | $**8623** | $8524 | $8393 |
| Right-of-use assets obtained in exchange for lease obligations: | $**3657** | $2980 | $2487 |
| Weighted average remaining lease term (years) | 8.2 | 8.3 | 8.5 |
| Weighted average discount rate | 3.4<br>**%** | 3.2% | 3.1% |

---

Page **94** of **108**<br>

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Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
| (dollars in thousands) |  |
| Year ending Decemebr 31, |  |
| 2025 | $**8046** |
| 2026 | **6764** |
| 2027 | **5579** |
| 2028 | **4204** |
| 2029 | **3131** |
| Thereafter | **14070** |
| Total lease payments | $**41794** |
| Less: Interest | **5403** |
| Present value of lease liabilities | $**36391** |

---

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, at December 31, 2025, were $1.9 million, which includes interest in the amount of $171 thousand. The Company paid total rent and fees to these entities in the amounts of $577 thousand, $564 thousand, and $534 thousand for the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, the Company had no amounts outstanding due to the entities.

As of December 31, 2025 and 2024, the operating lease right-of-use asset was $33.6 million and $36.6 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18)** **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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19)** **Recent Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The Company adopted the guidance retrospectively, with comparative period tax disclosures adjusted to reflect the change in accounting guidance. The impact was not deemed to be material.

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.

Page **95** of **108**<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20)** **Parent Company Only** 

The following statements pertain to TrustCo Bank Corp NY (Parent Company):

**Statements of Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2025** | 2024 | 2023 |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest from subsidiaries | $**202345** | $34244 | $34220 |
| &nbsp;&nbsp;&nbsp; Net gain on securities transactions | **-** | - | - |
| &nbsp;&nbsp;&nbsp; Miscellaneous income | **-** | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | **202345** | 34244 | 34220 |
| Expense: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating supplies | **-** | - | - |
| &nbsp;&nbsp;&nbsp; Professional services | **775** | 865 | 972 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expense | **403** | 408 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expense | **1178** | 1273 | 2343 |
| Income before income taxes and subsidiaries' undistributed earnings | **201167** | 32971 | 31877 |
| Income tax benefit | **(176)** | (228) | (530) |
| Income before subsidiaries' undistributed earnings | **201343** | 33199 | 32407 |
| &nbsp;&nbsp;&nbsp; Equity in undistributed earnings of subsidiaries | **(140206)** | 15634 | 26239 |
| Net income | $**61137** | $48833 | $58646 |
| Change in other comprehensive income | **13885** | 9376 | 13957 |
| Comprehensive income | $**75022** | $58209 | $72603 |

---

#### Statements of Condition

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | December 31, | December 31, |
|  | **2025** | 2024 |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash in subsidiary bank | $**167203** | $32083 |
| &nbsp;&nbsp;&nbsp; Investments in subsidiaries | **524309** | 649373 |
| &nbsp;&nbsp;&nbsp; Securities available for sale | **55** | 49 |
| &nbsp;&nbsp;&nbsp; Other assets | **913** | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | **692480** | 682395 |
| Liabilities and shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | **6052** | 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | **6052** | 6052 |
| &nbsp;&nbsp;&nbsp; Shareholders' equity | **686428** | 676343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $**692480** | $682395 |

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Page **96** of **108**<br>

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#### Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| (dollars in thousands) | Years ended December 31, | Years ended December 31, | Years ended December 31, |
|  | **2025** | 2024 | 2023 |
|  Increase/(decrease) in cash and cash equivalents: |  |  |  |
|  Cash flows from operating activities: |  |  |  |
|  Net income | $**61137** | $48833 | $58646 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Equity in undistributed earnings of subsidiaries | **140206** | (15634) | (26239) |
| &nbsp;&nbsp;&nbsp; Stock based compensation expense | **-** | - | - |
| &nbsp;&nbsp;&nbsp; Net change in other assets and accrued expenses | **(214)** | (1796) | (1563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments | **139992** | (17430) | (27802) |
|  Net cash provided by operating activities | **201129** | 31403 | 30844 |
|  Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchases of securities available for sale | **-** | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | **-** | - | - |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Stock based award tax withholding payments | **(292)** | (193) | - |
| &nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options | **24** | 95 | - |
| &nbsp;&nbsp;&nbsp; Dividends paid | **(27607)** | (27395) | (27376) |
| &nbsp;&nbsp;&nbsp; Payments to acquire treasury stock | **(38134)** | (374) | - |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of treasury stock | **-** | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | **(66009)** | (27867) | (27376) |
| Net increase in cash and cash equivalents | **135120** | 3536 | 3468 |
| Cash and cash equivalents at beginning of year | **32083** | 28547 | 25079 |
| Cash and cash equivalents at end of year | $**167203** | $32083 | $28547 |

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Page **97** of **108**<br>

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| | | |
|:---|:---|:---|
| **Branch Locations** |  |  |
| **New York** |  |  |
| Airmont Office | Campbell West Plaza Office | Elmsford Office |
| 327 Route 59 East | 141 West Campbell Rd. | 100 Clearbrook Rd. |
| Airmont, NY | Rotterdam, NY | Elmsford, NY |
| Telephone: (845) 357-2435 | Telephone: (518) 377-2393 | Telephone: (914) 345-1808 |
| Altamont Ave. Office | Catskill Office | Exit 8 Office |
| 1400 Altamont Ave. | 238 West Bridge St. | 1541 Crescent Rd. |
| Schenectady, NY | Catskill, NY | Clifton Park, NY |
| Telephone: (518) 356-1317 | Telephone: (518) 943-5090 | Telephone: (518) 383-0039 |
| Amsterdam Office | Chatham Office | Exit 11 Office |
| 4931 Route 30 | 193 Hudson Ave. | 43 Round Lake Rd. |
| Amsterdam, NY | Chatham, NY | Ballston Lake, NY |
| Telephone: (518) 842-5459 | Telephone: (518) 392-0031 | Telephone: (518) 899-1558 |
| Ardsley Office | Clifton Country Road Office | Fishkill Office |
| 33-35 Center St. | 7 Clifton Country Rd. | 1545 Route 52 |
| Ardsley, NY | Clifton Park, NY | Fishkill, NY |
| Telephone: (914) 693-3254 | Telephone: (518) 371-5002 | Telephone: (845) 896-8260 |
| Ballston Spa Office | Clifton Park Office | Freemans Bridge Rd. Office |
| 235 Church Ave. | 1026 Route 146 | 1 Sarnowski Dr. |
| Ballston Spa, NY | Clifton Park, NY | Glenville, NY |
| Telephone: (518) 885-1561 | Telephone: (518) 371-8451 | Telephone: (518) 344-7510 |
| Balltown Road Office | Cobleskill Office | Glenmont Office |
| 1475 Balltown Rd. | 104 Merchant Pl. | 380 Route 9W |
| Niskayuna, NY | Cobleskill, NY | Glenmont, NY |
| Telephone: (518) 377-2460 | Telephone: (518) 254-0290 | Telephone: (518) 449-2128 |
| Brandywine Office | Colonie Office | Glens Falls Office |
| 1048 State St. | 1818 Central Ave. | 100 Glen St. |
| Schenectady, NY | Albany, NY | Glens Falls, NY |
| Telephone: (518) 346-4295 | Telephone: (518) 456-0041 | Telephone: (518) 798-8131 |
| Briarcliff Manor Office | Crestwood Plaza Office | Greenwich Office |
| 75 North State Rd. | 415 Whitehall Rd. | 131 Main St. |
| Briarcliff Manor, NY | Albany, NY | Greenwich, NY |
| Telephone: (914) 762-7133 | Telephone: (518) 482-0693 | Telephone: (518) 692-2233 |
| Bronxville Office | Delmar Office | Guilderland Office |
| 5-7 Park Pl. | 167 Delaware Ave. | 3900 Carman Rd. |
| Bronxville, NY | Delmar, NY | Schenectady, NY |
| Telephone: (914) 771-4180 | Telephone: (518) 439-9941 | Telephone: (518) 355-4890 |
| Brunswick Office | East Greenbush Office | Halfmoon Office |
| 740 Hoosick Rd. | 501 Columbia Tpk. | 215 Guideboard Rd. |
| Troy, NY | Rensselaer, NY | Halfmoon, NY |
| Telephone: (518) 272-0213 | Telephone: (518) 479-7233 | Telephone: (518) 371-0593 |

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Page **98** of **108**<br>

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| | | |
|:---|:---|:---|
| **Branch Locations**  |  |  |
| **(continued)** |  |  |
| Hartsdale Office | Mahopac Office | New Scotland Office |
| 220 East Hartsdale Ave. | 945 South Lake Blvd. | 301 New Scotland Ave. |
| Hartsdale, NY | Mahopac, NY | Albany, NY |
| Telephone: (914) 722-2640 | Telephone: (845) 803-8756 | Telephone: (518) 438-7838 |
| Hoosick Falls Office | Malta 4 Corners Office | Newton Plaza Office |
| 47 Main St. | 2471 Route 9 | 602 New Loudon Rd. |
| Hoosick Falls, NY | Malta, NY | Latham, NY |
| Telephone: (518) 686-5352 | Telephone: (518) 899-1056 | Telephone: (518) 786-3687 |
| Hudson Office | Mamaroneck Office | Niskayuna-Woodlawn Office |
| 507 Warren St. | 180-190 East Boston Post Rd. | 3461 State St. |
| Hudson, NY | Mamaroneck, NY | Schenectady, NY |
| Telephone: (518) 828-9434 | Telephone: (914) 777-3023 | Telephone: (518) 377-2264 |
| Hudson Falls Office | Mayfair Office | Northern Pines Office |
| 3750 Burgoyne Ave. | 286 Saratoga Rd. | 649 Maple Ave. |
| Hudson Falls, NY | Glenville, NY | Saratoga Springs, NY |
| Telephone: (518) 747-0886 | Telephone: (518) 399-9121 | Telephone: (518) 583-2634 |
| Katonah Office | Mechanicville Office | Nyack Office |
| 18 Woods Bridge Rd. | 9 Price Chopper Plaza | 388 Route 59 |
| Katonah, NY | Mechanicville, NY | Nyack, NY |
| Telephone: (914) 666-6230 | Telephone: (518) 664-1059 | Telephone: (845) 535-3728 |
| Kimberly Square Office | Milton Office | Peekskill Office |
| 477 Albany Shaker Rd. | 2 Trieble Ave. | 20 Welcher Ave. |
| Loudonville, NY | Ballston Spa, NY | Peekskill, NY |
| Telephone: (518) 992-7323 | Telephone: (518) 885-0498 | Telephone: (914) 739-1839 |
| Lake George Office | Monroe Office | Pelham Office |
| 4066 Route 9L | 791 Route 17M | 132 Fifth Ave. |
| Lake George, NY | Monroe, NY | Pelham, NY |
| Telephone: (518) 668-2352 | Telephone: (845) 782-1100 | Telephone: (914) 632-1983 |
| Latham Office | Mont Pleasant Office | Poughkeepsie Office |
| 1 Johnson Rd. | 959 Crane St. | 2656 South Rd. |
| Latham, NY | Schenectady, NY | Poughkeepsie, NY |
| Telephone: (518) 785-0761 | Telephone: (518) 346-1267 | Telephone: (845) 485-7413 |
| Loudon Plaza Office | Mt. Kisco Office | Queensbury Office |
| 372 Northern Blvd. | 222 Main St. | 118 Quaker Rd. |
| Albany, NY | Mt. Kisco, NY | Suite 1 |
| Telephone: (518) 462-6668 | Telephone: (914) 666-2362 | Queensbury, NY |
| Madison Ave. Office | New City Office | Red Hook Office |
| 1084 Madison Ave. | 20 Squadron Blvd. | 4 Morgans Way |
| Albany, NY | New City, NY | Red Hook, NY |
| Telephone: (518) 489-4711 | Telephone: (845) 634-4571 | Telephone: (845) 752-2224 |

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| | | |
|:---|:---|:---|
| **Branch Locations**  |  |  |
| **(continued)** |  |  |
| Rotterdam Office | State Farm Road Office | Warrensburg Office |
| 1416 Curry Rd. | 2050 Western Ave. | 9 Lake George Plaza Rd. |
| Schenectady, NY | Guilderland, NY | Warrensburg, NY |
| Telephone: (518) 355-8330 | Telephone: (518) 452-6913 | Telephone: (518) 623-3707 |
| Route 2 Office | State St. Albany Office | West Sand Lake Office |
| 201 Troy-Schenectady Rd. | 112 State St. | 3690 NY Route 43 |
| Latham, NY | Albany, NY | West Sand Lake, NY |
| Telephone: (518) 785-7155 | Telephone: (518) 436-9043 | Telephone: (518) 674-3327 |
| Route 7 Office | State St. Schenectady - Main Office | Wilton Office |
| 1156 Troy-Schenectady Rd. | 320 State St. | 4208 Route 50 |
| Latham, NY | Schenectady, NY | Saratoga Springs, NY |
| Telephone: (518) 785-4744 | Telephone: (518) 381-3831 | Telephone: (518) 583-1716 |
| Saratoga Springs Office | Stuyvesant Plaza Office | Wolf Road Office |
| 34 Congress St. | 1475 Western Ave. | 34 Wolf Rd. |
| Saratoga Springs, NY | Albany, NY | Albany, NY |
| Telephone: (518) 587-3520 | Telephone: (518) 489-2616 | Telephone: (518) 458-7761 |
| Schaghticoke Office | Troy Office | Wynantskill Office |
| 2 Main St. | 1700 5<sup>th</sup> Ave. | 134-136 Main St. |
| Schaghticoke, NY | Troy, NY | Wynantskill, NY |
| Telephone: (518) 753-6509 | Telephone: (518) 274-5420 | Telephone: (518) 286-2674 |
| Scotia Office | Upper Union Street Office |  |
| 123 Mohawk Ave. | 1620 Union St. |  |
| Scotia, NY | Schenectady, NY |  |
| Telephone: (518) 372-9416 | Telephone: (518) 374-4056 |  |
| Red Hook Office |  |  |
|  | Ushers Road Office |  |
| Slingerlands Office | 308 Ushers Rd. |  |
| 400 Maple Road | Ballston Lake, NY |  |
| Slingerlands, NY | Telephone: (518) 877-8069 |  |
| Telephone: (518) 439-9352 | State Farm Road Office |  |
| South Glens Falls Office | Valatie Office |  |
| 133 Saratoga Rd. | 2929 Route 9 |  |
| Suite 1 | Valatie, NY |  |
| South Glens Falls, NY | Telephone: (518) 758-2265 |  |
| Telephone: (518) 793-7668 |  |  |

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| | | |
|:---|:---|:---|
| **Branch Locations**  |  |  |
| **(continued)** |  |  |
| **Florida** |  |  |
| Alafaya Woods Office | Curry Ford West Office | Lake Mary Office |
| 1500 Alafaya Trl. | 2838 West Curry Ford Rd. | 350 West Lake Mary Blvd. |
| Oviedo, FL | Orlando, FL | Sanford, FL |
| Telephone: (407) 359-5991 | Telephone: (407) 893-9878 | Telephone: (407) 330-7106 |
| Aloma Office | Davenport Office | Lake Nona Office |
| 4070 Aloma Ave. | 2300 Deer Creek Commerce Ln. | 9360 Narcoossee Rd. |
| Winter Park, FL | Suite 600 | Orlando, FL |
| Telephone: (407) 677-1969 | Davenport, FL | Telephone: (407) 801-7330 |
|  | Telephone: (863) 424-9493 |  |
| Apollo Beach Office |  | Lake Square Office |
| 205 Apollo Beach Blvd. | Dean Road Office | 10105 Route 441 |
| Apollo Beach, FL | 3920 Dean Rd. | Leesburg, FL |
| Telephone: (813) 649-0460 | Orlando, FL | Telephone: (352) 323-8147 |
|  | Telephone: (407) 657-8001 |  |
| Apopka Office |  |  |
| 1134 North Rock Springs Rd. | Downtown Orlando Office | Lee Vista Office |
| Apopka, FL | 415 East Pine St. | 8288 Lee Vista Blvd., Suite E |
| Telephone: (407) 464-7371 | Orlando, FL | Orlando, FL |
|  | Telephone: (407) 422-7129 | Telephone: (321) 235-5583 |
| Avalon Park Office |  |  |
| 3662 Avalon Park East Blvd. | East Colonial Office | Leesburg Office |
| Orlando, FL | 12901 East Colonial Dr. | 1330 Citizens Blvd., Suite 101 |
| Telephone: (407) 380-2264 | Orlando, FL | Leesburg, FL |
|  | Telephone: (407) 275-3075 | Telephone: (352) 365-1305 |
| Bay Hill Office |  |  |
| 6084 Apopka Vineland Rd. | Englewood Office | Maitland Office |
| Orlando, FL | 2930 South McCall Rd. | 9400 US Route 17/92, Suite 101 |
| Telephone: (321) 251-1859 | Englewood, FL | Maitland, FL |
|  | Telephone: (941) 460-0601 | Telephone: (407) 332-6071 |
| BeeLine Center Office |  |  |
| 10249 South John Young Pkwy. | Gateway Commons Office | Melbourne Office |
| Suite 101 | 1525 East Osceola Pkwy., Suite 120 | 2481 Croton Rd. |
| Orlando, FL | Kissimmee, FL | Melbourne, FL |
| Telephone: (407) 240-0945 | Telephone: (407) 932-0398 | Telephone: (321) 752 0446 |
| Beneva Village Office | Juno Beach Office | Metro West Office |
| 5950 South Beneva Rd. | 14051 US Highway 1 | 2619 S. Hiawassee Rd. |
| Sarasota, FL | Juno Beach, FL | Orlando, FL |
| Telephone: (941) 923-8269 | Telephone: (561) 630-4521 | Telephone: (407) 293-1580 |
| Bradenton Office | Lady Lake Office | North Clermont Office |
| 5858 Cortez Rd. West | 873 North US Highway 27/441 | 12302 Roper Blvd. |
| Bradenton, FL | Lady Lake, FL | Clermont, FL |
| Telephone: (941) 792-2604 | Telephone: (352) 205-8893 | Telephone: (352) 243-2563 |
| Colonial Drive Office | Lake Brantley Office | Orange City Office |
| 4301 East Colonial Dr. | 909 North State Rd 434 | 902 Saxon Blvd., Suite 101 |
| Orlando, FL | Altamonte Springs, FL | Orange City, FL |
| Telephone: (407) 895-6393 | Telephone: (407) 339-3396 | Telephone: (386) 775-1392 |

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Page **101** of **108**<br>

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| | | |
|:---|:---|:---|
| **Branch Locations**  |  |  |
| **(continued)** |  |  |
| Ormond Beach Office | South Clermont Office | Windermere Office |
| 115 North Nova Rd. | 16908 High Grove Blvd. | 2899 Maguire Rd. |
| Ormond Beach, FL | Clermont, FL | Windermere, FL |
| Telephone: (386) 256-3813 | Telephone: (352) 243-9511 | Telephone: (407) 654-0498 |
| Osprey Office | Stuart Office | Winter Garden Office |
| 1300 South Tamiami Trl. | 951 SE Federal Highway | 16100 Marsh Rd. |
| Osprey, FL | Stuart, FL | Winter Garden, FL |
| Telephone: (941) 918-9380 | Telephone: (772) 286-4757 | Telephone: (407) 654-4609 |
| Oviedo Office | Sun City Center Office | Winter Haven Office |
| 1875 West County Rd. 419 | 4441 Sun City Center Blvd. | 7476 Cypress Gardens Blvd. SE |
| Suite 600 | Sun City Center, FL | Winter Haven, FL |
| Oviedo, FL | Telephone: (813) 633-1468 | Telephone: (863) 326-1918 |
| Telephone: (407) 365-1145 |  |  |
|  | Sweetwater Office | Winter Springs Office |
| Palm Coast Office | 671 North Hunt Club Rd. | 851 East State Route 434 |
| 120 Belle Terre Pkwy. | Longwood, FL | Winter Springs, FL |
| Palm Coast, FL | Telephone: (407) 774-1347 | Telephone: (407) 327-6064 |
| Telephone: (386)524-5044 |  |  |
|  | Tuskawilla Road Office |  |
| Pleasant Hill Commons Office | 1295 Tuskawilla Rd., Suite 10 |  |
| 3307 South Orange Blossom Trl. | Winter Springs, FL |  |
| Kissimmee, FL | Telephone: (407) 695-5558 |  |
| Telephone: (407) 846-8866 |  |  |
|  | Venice Office |  |
| Port Orange Office | 2057 South Tamiami Trl. |  |
| 3751 Clyde Morris Blvd. | Venice, FL |  |
| Port Orange, FL | Telephone: (941) 496-9100 |  |
| Telephone: (386) 322-3730 |  |  |
|  | Vero Beach Office |  |
| Rinehart Road Office | 4125 20th St. |  |
| 1185 Rinehart Rd. | Vero Beach, FL |  |
| Sanford, FL | Telephone: (772) 492-9295 |  |
| Telephone: (407) 268-3720 |  |  |
|  | Westwood Plaza Office |  |
| Sarasota Office | 4942 West State Route 46 |  |
| 2704 Bee Ridge Rd. | Suite 1050 |  |
| Sarasota, FL | Sanford, FL |  |
| Telephone: (941) 929-9451 | Telephone: (407) 321-4925 |  |

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Page **102** of **108**<br>

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| | | |
|:---|:---|:---|
| **Branch Locations**  |  |  |
| **(continued)** |  |  |
| **Massachusetts** | **New Jersey** | **Vermont** |
| Allendale Office | Northvale Office | Bennington Office |
| 5 Cheshire Rd. | 220 Livingston St. | 215 North St. |
| Suite 18 | Northvale, NJ | Bennington, VT |
| Pittsfield, MA | Telephone: (201) 750-1501 | Telephone: (802) 447-4952 |
| Telephone: (413) 236-8400 |  |  |

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Page **103** of **108**<br>

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---

| | |
|:---|:---|
| **TRUSTCO BANK CORP NY** | **TRUSTCO BANK CORP NY** |
|  | **BOARD OF DIRECTORS** |
| **EXECUTIVE OFFICERS** |  |
|  | **Steffani Cotugno**, D.O. |
| **CHAIRMAN, PRESIDENT, AND** | Physician |
| **CHIEF EXECUTIVE OFFICER** | Community Care Physicians |
| Robert J. McCormick |  |
|  | **Brian C. Flynn**, CPA |
| **EXECUTIVE VICE PRESIDENT AND** | Retired Partner |
| **CHIEF FINANCIAL OFFICER** | KPMG LLP |
| Michael M. Ozimek |  |
|  | **Lisa M. Lucarelli** |
| **EXECUTIVE VICE PRESIDENT AND** | Private Investor |
| **CHIEF OPERATING OFFICER** |  |
| Robert M. Leonard | **Thomas O. Maggs** |
|  | Managing Director |
| **EXECUTIVE VICE PRESIDENT AND** | Brown & Brown, Inc. |
| **CHIEF BANKING OFFICER** |  |
| Kevin M. Curley | **Anthony J. Marinello**, M.D., Ph.D. |
|  | Vice President |
| **GENERAL COUNSEL AND** | MVP Healthcare |
| **CORPORATE SECRETARY** |  |
| Michael Hall | **Robert J. McCormick** |
|  | Chairman, President, and Chief Executive Officer |
| **VICE PRESIDENT, TREASURER, AND** | TrustCo Bank Corp NY |
| **ASSISTANT CORPORATE SECRETARY** | and TrustCo Bank |
| Lauren A. McCormick |  |
|  | **Curtis N. Powell** |
| **HONORARY DIRECTORS** | Member |
| Nancy A. McNamara | Walker Powell Investments, LLC |
| James H. Murphy, D.D.S. |  |
| William F. Terry | **Kimberly A. Russell** |
|  | Chief Executive Officer |
|  | Frank Adams Jewelers, Inc. |
|  | **Frank B. Silverman** |
|  | Managing member of Vision Development and Management |
|  | Managing member of Central Florida Championship Karate |
| *Directors of TrustCo Bank Corp NY* | Executive Director of the Martial Arts Industry Association |
| *are also Directors of Trustco Bank* | Owner, Silverman Consulting |

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Page **104** of **108**<br>

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| | | |
|:---|:---|:---|
| **TRUSTCO BANK OFFICERS** | **TRUSTCO BANK OFFICERS** | **TRUSTCO BANK OFFICERS** |
| **CHAIRMAN, PRESIDENT AND** | **BRANCH ADMINISTRATION,** | **LENDING** |
| **CHIEF EXECUTIVE OFFICER** | **MARKETING, AND TREASURY** | Senior Vice President and |
| Robert J. McCormick | **SERVICES (CONTINUED)** | Chief Lending Officer |
|  | Assistant Vice Presidents | Michael J. Lofrumento |
| **EXECUTIVE VICE PRESIDENT** | Albert N. Estopinal | First Vice President |
| **AND CHIEF BANKING OFFICER** | William B. Jansz | Thomas L. McCormick |
| Kevin M. Curley | Philip J. Kaufman | Vice Presidents |
|  | James J. Smith | Patrick M. Canavan |
| **EXECUTIVE VICE PRESIDENT** | Berkley K. Young | William J. Chow |
| **AND CHIEF OPERATING** | Senior Officer | Senior Officers |
| **OFFICER** | Ronald G. Patterson | Trinity L. Lamarche |
| Robert M. Leonard | Officers | Nicolette C. Messina |
|  | Victor J. Berger | Samantha L. Nauth |
| **EXECUTIVE VICE PRESIDENT** | Barbara M. Carlsson | Rebecca O'Hare |
| **AND CHIEF FINANCIAL** | Philip G. Celentano |  |
| **OFFICER** | Peggy S. Eastwood |  |
| Michael M. Ozimek | John D. Mariani |  |
|  | Kathryn F. Nasr | **PERSONNEL, QUALITY** |
| **GENERAL COUNSEL AND** | Adam E. Roselan | **CONTROL AND TRAINING** |
| **CORPORATE SECRETARY** | Daniel T. Tricozzi | First Vice President |
| Michael Hall | Jason B. Vann | Jason T. Goodell |
|  |  | Officer |
|  | **COMPLIANCE, BSA, RISK, AND** | Gina M. Drobneck |
| **ACCOUNTING AND FINANCE** | **INFORMATION SECURITY** |  |
| Vice Presidents | Senior Vice President and | **PLANNING & SYSTEMS,** |
| Carol J. Rhatigan | Chief Risk Officer | **OPERATIONS, CUSTOMER** |
| Michael Rydberg | Michael J. Ewell | **SERVICE, LOAN SERVICING,** |
|  | Vice Presidents | **AND CREDIT ADMINISTRATION** |
| **AUDIT** | Lara Ann Gough | Senior Vice President and |
| Director of Internal Audit | Jennifer L. Meadows | Chief Operations Officer |
| Daniel R. Saullo | Assistant Vice President | Carly K. Batista |
| Senior Officer | Michael V. Pitnell | Vice President |
| Allison R. Downs | Senior Officer | Chief Technology Officer |
| Officers | Jonathon R. Goodell | Sean P. Dougherty |
| Thomas V. Moore | Officers | Vice Presidents |
| Dennis M. Pitaniello | Timothy A. Taylor | Lesly Jean-Louis |
|  | Lisa M. Tully | Stacy L. Marble |
| **BRANCH ADMINISTRATION,** |  | Aislinn E. Melia |
| **MARKETING, AND TREASURY** | **FACILITIES** |  |
| **SERVICES** | Vice President | **WEALTH MANAGEMENT** |
| Senior Vice President and | Michelle L. Simmonds | Senior Vice President and |
| Chief Retail Banking Officer | Senior Officer | Chief Trust Officer |
| John R. George | Amanda L. Biance | Patrick J. LaPorta |
| Vice Presidents | Officer | Vice President |
| Mark J. Cooper | James R. Pallman | John W. Bresonis |
| Justin C. Maggs |  | Assistant Vice President |
| Gloryvel Morales | **LEGAL** | Michael T. Hadsell |
| Pratik A. Shah | Associate Counsel | Senior Officers |
| Jocelyn E. Vizcarra | Victoria L. Kass | Michael D. Bates |
|  |  | Michael F. McMahon |
|  |  | Officer |
|  |  | Kaitlyn E. Goodell |

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Page **105** of **108**<br>

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#### General Information

#### ANNUAL MEETING
Tuesday, May 19, 2026

10:30 AM

Albany, NY 12205

#### CORPORATE HEADQUARTERS
5 Sarnowski Drive

Glenville, NY 12302

(518) 377-3311

#### DIVIDEND REINVESTMENT PLAN
A Dividend Reinvestment Plan is available to shareholders of TrustCo Bank Corp NY. It provides for the reinvestment of cash dividends and optional cash payments to purchase additional shares of TrustCo stock. The Dividend Reinvestment Plan has certain administrative charges and provides a convenient method of acquiring additional shares. Computershare acts as administrator for this service and is the agent for shareholders in these transactions. Shareholders who want additional information may contact Computershare at 1-800-368-5948.

#### DIRECT DEPOSIT OF DIVIDENDS
Electronic deposit of dividends, which offers safety and convenience, is available to TrustCo shareholders who wish to have dividends deposited directly to personal checking, savings or other accounts. If you would like to arrange direct deposit, please write to Computershare listed as transfer agent on the next page.

#### ANNUAL REPORT FORM 10-K
TrustCo Bank Corp NY will provide, without charge, a copy of its Annual Report on Form 10-K for the year ended December 31, 2025 upon written request. Requests and related inquiries should be directed to Michael Hall, Corporate Secretary, TrustCo Bank Corp NY, P.O. Box 1082, Schenectady, New York 12301-1082.

#### CODE OF CONDUCT
TrustCo Bank Corp NY will provide, without charge, a copy of its Code of Conduct upon written request. Requests and related inquiries should be directed to Michael Hall, Corporate Secretary, TrustCo Bank Corp NY, P.O. Box 1082, Schenectady, New York 12301-1082. The Code of Conduct also is available on the Company's web site at www.trustcobank.com under the "Investor Relations" link.

#### NASDAQ SYMBOL: TRST
The Corporation's common stock trades on The Nasdaq Global Select under the symbol TRST. There were approximately 6,556 shareholders of record of TrustCo common stock as of January 31, 2026.

#### SUBSIDIARIES:

#### Trustco Bank
Glenville, New York

Member FDIC

(and its wholly owned subsidiaries)

#### Trustco Realty Corp
Glenville, New York

#### Trustco Insurance Agency, Inc.
Glenville, New York

#### ORE Property, Inc.
Glenville, New York

(and its wholly owned subsidiaries)

#### ORE Property One, Inc.
Orlando, Florida

#### ORE Property Two, Inc.
Orlando, Florida

#### ORE Subsidiary Corporation
Glenville, New York

Page **106** of **108**<br>

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#### TRANSFER AGENT
Computershare

Regular Mail

PO Box 43006

Providence, RI 02940-3006

UNITED STATES

Overnight Delivery

150 Royall Street

Suite 101 Canton, MA 02021

UNITED STATES

Toll Free: 1-800-368-5948 (Toll-free within the United States and Canada) or 1-781-575-4223 (International Direct Dial)

Trustco Bank<sup>®</sup> is a registered service mark with the U.S. Patent & Trademark Office.

Page **107** of **108**<br>

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#### Performance Graph
The following graph shows changes over a five-year period in the value of $100 invested in: (1) TrustCo's common stock; (2) Russell 2000; (3) the S&P U.S BMI Banks Index; and (4) The S&P SmallCap 600 Banks Index. Historically, we have used the S&P Global BMI Banks Index as our peer group. This year, we have selected the S&P Small Cap 600 Banks Index because we think it is more representative of companies that we view as our peers for comparison, benchmarking, and other purposes. We have included the performance of both peer group indices below. The S&P U.S. BMI Banks Index is an industry group compiled by S&P Global Market Intelligence, that includes all major exchange (NYSE, NYSE MKT, NASDAQ) banks and thrifts in S&P's coverage universe. The index included 263 companies as of December 31, 2025. The S&P SmallCap 600 Banks Index is a market-capitalization-weighted index that selects profitable companies based on strict financial viability criteria. The index included 56 companies as of December 31. 2025. A list of each indices' component companies can be obtained by contacting TrustCo. This presentation assumes that the value of the investment in TrustCo's common stock and in each index was $100 and that all dividends were reinvested. In accordance with the rules of the SEC, this section, captioned "Common Stock Performance Graph," is not incorporated by reference into any of our future filings made under the Exchange Act or the Securities Act of 1933 ("Securities Act"). The Stock Performance Graph, including its accompanying table and footnotes, is not deemed to be soliciting material or to be filed under the Exchange Act or the Securities Act.

![](image00005.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | ***Period Ending*** | ***Period Ending*** | ***Period Ending*** | ***Period Ending*** | |
| ***Index*** | **12/31/20** | **12/31/21** | **12/31/22** | **12/31/23** | **12/31/24** | **12/31/25** |
| TrustCo Bank Corp NY | 100.00 | 103.97 | 122.25 | 106.02 | 119.22 | 154.15 |
| Russell 2000 Index | 100.00 | 114.82 | 91.35 | 106.82 | 119.14 | 134.40 |
| S&P SmallCap 600 Banks Index | 100.00 | 134.24 | 120.97 | 121.01 | 138.72 | 145.06 |
| S&P U.S. BMI Banks Index | 100.00 | 135.97 | 112.77 | 123.02 | 164.70 | 211.47 |

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Page **108** of **108**<br>

## Ex-21

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#### Exhibit 21

#### SUBSIDIARIES OF TRUSTCO BANK CORP NY

---

| | |
|:---|:---|
| Trustco Bank | Federal savings bank |
| ORE Subsidiary Corp. | New York corporation |
| Trustco Realty Corp. | New York corporation (Subsidiary of Trustco Bank) |
| Trustco Insurance Agency, Inc. | New York corporation (Subsidiary of Trustco Bank) |
| ORE Property, Inc. | New York corporation (Subsidiary of Trustco Bank) |
| ORE Property One, Inc. | Florida corporation (Subsidiary of ORE Property, Inc.) |
| ORE Property Two, Inc. | Florida corporation (Subsidiary of ORE Property, Inc.) |

---

Each subsidiary does business under its own name. The activities of each are described in Part I, Item 1 of Form 10-K.

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## Ex-23

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#### Exhibit 23

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors

TrustCo Bank Corp NY and Subsidiaries<br>

We consent to incorporation by reference in the Registration Statements, Form S-8 (No. 333-233122), Form S-8 (No. 333-175867), Form S-8 (333-272169), and Form S-3 (333-272184) of TrustCo Bank Corp NY and Subsidiaries of our report dated March 16, 2026 with respect to the consolidated financial statements of TrustCo Bank Corp NY and Subsidiaries and the effectiveness of internal control over financial reporting which is incorporated by reference in the Annual Report on Form 10-K of TrustCo Bank Corp NY and Subsidiaries for the year ended December 31, 2025.

---

| | |
|:---|:---|
|  | /s/ Crowe LLP |
| Boston, Massachusetts |  |
| March 16, 2026 |  |

---

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## Ex-24

------

#### Exhibit 24

#### Power of Attorney

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, being a director of TrustCo Bank Corp NY, a New York corporation (the "Company"), hereby constitutes and appoints Michael M. Ozimek and Robert M. Leonard, and each of them, his or her true and lawful attorney-in-fact and agent, with full power to act separately and full power of substitution and resubstitution, for him and in his name, place and stead in any and all capacities, to sign the Annual Report on Form 10-K for the year ended December 31, 2025, and any amendments thereto, each in such form as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has hereunto set his or her signature on the dates indicated.

---

| | |
|:---|:---|
| /s/ Steffani Cotugno | /s/ Brian C. Flynn |
| Steffani Cotugno | Brian C. Flynn |
| February 17, 2026 | February 17, 2026 |
| /s/ Lisa M. Lucarelli | /s/ Thomas O. Maggs |
| Lisa M. Lucarelli | Thomas O. Maggs |
| February 17, 2026 | February 17, 2026 |
| /s/ Anthony J. Marinello | /s/ Robert J. McCormick |
| Anthony J. Marinello | Robert J. McCormick |
| February 17, 2026 | February 17, 2026 |
| /s/ Curtis N. Powell | /s/ Kimberly A. Russell |
| Curtis N. Powell | Kimberly A. Russell |
| February 17, 2026 | February 17, 2026 |
| /s/ Frank B. Silverman |  |
| Frank B. Silverman |  |
| February 17, 2026 |  |

---

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## Ex-31.Ia

------

#### Exhibit 31(i)(a)

#### Certification

I, Robert J. McCormick***,*** certify that:

1. I have reviewed this Annual Report on Form 10-K of TrustCo Bank Corp NY (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 16, 2026

<u>/s/ Robert J. McCormick</u>

Robert J. McCormick

Chairman, President and Chief Executive Officer

(Principal Executive Officer)

------

## Ex-31.Ia

------

#### Exhibit 31(i)(b)

#### Certification

I, Michael M. Ozimek***,*** certify that:

1. I have reviewed this Annual Report on Form 10-K of TrustCo Bank Corp NY (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I, are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 16, 2026

<u>/s/ Michael M. Ozimek</u>

Michael M. Ozimek

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

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## Ex-32

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#### Exhibit 32

#### Section 1350 Certifications

In connection with the Annual Report on Form 10-K for the year ended December 31, 2025 (the "Report") of TrustCo Bank Corp NY (the "Company"), as filed with the Securities and Exchange Commission on the date hereof, the undersigned each hereby certifies pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company for the periods described therein.

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| | |
|:---|:---|
|  | /s/ Robert J. McCormick |
|  | Robert J. McCormick<br>Chairman, President and Chief Executive Officer<br>/s/ Michael M. Ozimek |
|  | Michael M. Ozimek |
|  | Executive Vice President and Chief Financial Officer |
| March 16, 2026 |  |

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