Financial Data and Key Metrics Changes - The company reported a net income of $75.2 million for 2022, an increase of over 22% from 2021, marking a record year [4] - The return on average assets (ROA) and return on average equity (ROE) for Q4 2022 were 1.38% and 13.91% respectively, both showing improvement compared to the previous year [6] - The efficiency ratio improved to 48.8% in Q4 2022 from 58.5% in Q4 2021 [13] Business Line Data and Key Metrics Changes - The loan portfolio grew by 5.7% year-over-year, with significant growth in residential mortgages, commercial loans, and home equity lending [4][14] - The average commercial loan portfolio increased by 10.4% year-over-year, while residential real estate loans increased by 4.6% [7] - Non-performing loans decreased from $18.7 million to $17.5 million, with a non-performing loans ratio of 0.37% [17] Market Data and Key Metrics Changes - Total average deposits decreased by $25.4 million or 0.5% year-over-year, primarily due to a decrease in money market deposits [10] - The cost of interest-bearing deposits increased to 25 basis points from 11 basis points year-over-year, driven by higher time deposit rates [10] Company Strategy and Development Direction - The company plans to maintain a conservative approach to deposit pricing and focus on retaining existing deposits rather than aggressive growth [5][22] - There is an intention to add loan originators in the residential area and to begin originating secondary market products, which is a new venture for the company [16][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, citing a strong backlog of loans and a cautious approach to deposit offerings [6][24] - The company is closely monitoring the changing interest rate environment and is prepared to adjust its strategies accordingly [5][24] Other Important Information - The financial services division managed approximately $954 million in assets as of December 31, 2022, contributing to non-interest income [12] - The capital ratios remained strong, with a consolidated equity to assets ratio of 10% for Q4 2022 [13] Q&A Session Summary Question: Can you elaborate on the cautious approach to deposit pricing? - Management indicated a focus on retaining existing deposits and not aggressively pursuing new deposits at high rates [22] Question: Is there a target to keep deposits flat or grow them? - Management confirmed that they are more focused on maintaining deposits rather than aggressive growth [23] Question: Any changes in delinquencies in Florida or New York? - Management reported no changes in early-stage delinquencies across the board [27] Question: Can you provide details on the increase in commercial loan NPLs in Florida? - Management clarified that it pertains to a residential mortgage on a multi-family property [27] Question: What is the competitive environment in residential mortgage underwriting? - Management emphasized a conservative underwriting approach and a consistent performance strategy, welcoming competition [30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 0-10592 TRUSTCO BANK CORP NY (Exact name of registrant as specified in its charter) NEW YORK 14-1630287 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK 12302 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (518) 377-3311 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION ...

TrustCo Bank Corp NY (NASDAQ:TRST) Q3 2022 Earnings Conference Call October 25, 2022 9:00 AM ET Company Participants Robert J. McCormick - Chairman, President, and CEO Michael M. Ozimek - EVP and CFO Scot R. Salvador - EVP, Commercial Banking Conference Call Participants Alexander Twerdahl - Piper Sandler Operator Good day and welcome to the TrustCo Bank Corp Earnings Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]. Before proceeding, we would like to mention that ...

Part I. Financial Information [Consolidated Interim Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Interim%20Financial%20Statements%20(Unaudited):) TrustCo Bank Corp NY's unaudited consolidated financial statements detail increased net income, balance sheet growth, CECL adoption, and significant unrealized investment losses [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q2 2022 increased by 23.8% to $17.9 million, driven by higher net interest income and a credit for credit losses Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | Change | Six Months 2022 | Six Months 2021 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | $43,060 | $40,122 | +7.3% | $83,156 | $80,229 | +3.6% | | **(Credit) Provision for credit losses** | ($491) | $0 | N/A | ($691) | $350 | N/A | | **Noninterest Income** | $4,916 | $4,688 | +4.9% | $10,099 | $9,116 | +10.8% | | **Noninterest Expenses** | $25,005 | $25,440 | -1.7% | $47,770 | $50,775 | -5.9% | | **Net Income** | $17,871 | $14,433 | +23.8% | $34,960 | $28,516 | +22.6% | | **Diluted EPS** | $0.933 | $0.748 | +24.7% | $1.822 | $1.478 | +23.3% | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q2 2022 was $10.8 million, significantly lower than net income due to a $9.2 million unrealized loss on available-for-sale securities Comprehensive Income Reconciliation (in thousands) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $17,871 | $14,433 | $34,960 | $28,516 | | **Other Comprehensive (Loss) Gain, net of tax** | ($7,053) | $572 | ($21,569) | ($4,096) | | *Net unrealized (loss) gain on securities, net of tax* | *($6,829)* | *$622* | *($21,080)* | *($3,839)* | | **Comprehensive Income** | $10,818 | $15,005 | $13,391 | $24,420 | [Consolidated Statements of Financial Condition](index=6&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased slightly to $6.23 billion, driven by growth in net loans and deposits, while shareholders' equity decreased due to unrealized securities losses Financial Condition Highlights (in thousands) | Metric | June 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $6,226,791 | $6,196,546 | +0.5% | | Net Loans | $4,495,274 | $4,394,512 | +2.3% | | Securities Available for Sale | $502,415 | $407,713 | +23.2% | | **Total Liabilities** | $5,632,159 | $5,595,418 | +0.7% | | Total Deposits | $5,396,841 | $5,268,129 | +2.4% | | **Total Shareholders' Equity** | $594,632 | $601,128 | -1.1% | [Notes to Consolidated Interim Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Interim%20Financial%20Statements) The notes detail significant accounting policies, including CECL adoption, a residential real estate-focused loan portfolio, substantial unrealized investment losses, and the company's well-capitalized status - The Company adopted the CECL standard on January 1, 2022, resulting in a **$2.4 million increase** in the allowance for credit losses on loans and a **$2.3 million increase** for unfunded commitments, leading to a **$3.5 million net decrease** in undivided profits[28](index=28&type=chunk)[30](index=30&type=chunk) - Management elected the **'Stagflation' economic forecast scenario** for its CECL calculation, considering current and prospective inflationary pressures and monetary policies[42](index=42&type=chunk)[43](index=43&type=chunk)[80](index=80&type=chunk) - The available-for-sale securities portfolio had gross unrealized losses of **$28.6 million** as of June 30, 2022, a substantial increase from **$3.9 million** at year-end 2021, primarily due to interest rate changes, with no credit losses recorded[62](index=62&type=chunk)[63](index=63&type=chunk) - The loan portfolio is heavily concentrated in **1-to-4 family residential real estate**, constituting **$4.33 billion (95.4%)** of the total **$4.54 billion** loan portfolio as of June 30, 2022[77](index=77&type=chunk) - As of June 30, 2022, both the Company and the Bank were categorized as **'well capitalized'** under regulatory frameworks, with all capital ratios significantly exceeding minimum requirements[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [Management's Discussion and Analysis (MD&A)](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2022 performance to higher net interest income, expanded net interest margin, loan portfolio growth, stable nonperforming loans, CECL adoption, and strong capital levels Q2 2022 vs Q2 2021 Performance Drivers (in millions/thousands) | Metric | Change | Reason | | :--- | :--- | :--- | | **Net Income** | +$3.5M | Increased net interest income and a credit for credit losses | | **Net Interest Income** | +$2.9M | Higher yield on earning assets and lower cost of interest-bearing liabilities | | **Net Interest Margin** | +13 bps to 2.83% | Benefit from rising Federal Funds rate on short-term investments | | **Provision for Credit Losses** | ($491K) credit | Improved unemployment and housing price forecasts under CECL model | | **Noninterest Expense** | -$435K | Decrease in salaries and benefits, partially offset by higher outsourced services costs | - The average loan portfolio grew by **$196.2 million** to **$4.50 billion** in Q2 2022 compared to Q2 2021, with residential mortgage loans increasing by **5.3%**[186](index=186&type=chunk)[187](index=187&type=chunk) - Nonperforming loans (NPLs) were stable at **$18.7 million** at June 30, 2022, compared to **$18.8 million** at December 31, 2021, with the allowance for credit losses on loans at **1.00%** of the total loan portfolio[205](index=205&type=chunk)[219](index=219&type=chunk) - The company's liquidity position remains strong, with average Federal Funds sold and other short-term investments at **$1.1 billion**, and the yield on this portfolio increased from **0.10%** in Q2 2021 to **0.82%** in Q2 2022 due to Fed rate hikes[195](index=195&type=chunk) - Total shareholders' equity was **$594.6 million**, and the company declared a dividend of **$0.35 per share** in Q2 2022, representing a payout ratio of **37.46%**[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's principal market risk is interest rate risk, with an internal model indicating asset sensitivity in rising rate scenarios and decreased capital fair value in falling rate scenarios Interest Rate Sensitivity Analysis (as of June 30, 2022) | Rate Shock Scenario | Estimated Fair Value of Capital to Fair Value of Assets | | :--- | :--- | | +400 BP | 28.90% | | +300 BP | 28.40% | | +200 BP | 29.10% | | +100 BP | 28.90% | | **Current Rates (Base)** | **27.60%** | | -100 BP | 25.00% | | -200 BP | 21.50% | [Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of June 30, 2022[252](index=252&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting[254](index=254&type=chunk) Part II. Other Information [Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material legal proceedings during the period - None[255](index=255&type=chunk) [Risk Factors](index=71&type=section&id=Item%201A.%20Risk%20Factors) The company updated its risk factors to include potential material adverse effects from global economic instability, geopolitical matters, high inflation, and Federal Reserve actions - The company highlights that instability in global economic conditions, geopolitical matters like the Russia-Ukraine conflict, and financial market volatility could materially and adversely affect its operations and financial condition[257](index=257&type=chunk) - Risks from high inflation and responsive actions by the Federal Reserve (e.g., rate hikes) are noted as potentially reducing demand for products, adversely affecting borrower creditworthiness, and lowering the value of investment securities[258](index=258&type=chunk) [Share Repurchases](index=72&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2022, the company repurchased 75,000 shares of common stock for approximately $2.4 million under an authorized program Share Repurchases for Q2 2022 | Period | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | April 2022 | 25,000 | $31.42 | | May 2022 | 50,000 | $31.49 | | June 2022 | 0 | - | | **Total Q2** | **75,000** | **$31.47** | - The repurchases were made under a program authorized on March 9, 2022, for up to **200,000 shares**, with **106,886 shares** yet to be purchased as of June 30, 2022[259](index=259&type=chunk) [Exhibits](index=73&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including certifications by the CEO and CFO, a letter from the independent accounting firm, and XBRL data files

TrustCo Bank Corp NY (NASDAQ:TRST) Q2 2022 Earnings Conference Call July 22, 2022 9:00 AM ET Company Participants Robert McCormick - President, Chief Executive Officer Michael Ozimek - Executive Vice President, Chief Financial Officer Scot Salvador - Executive Vice President, Chief Lending Officer Michelle Simmonds - Administrative Vice President Conference Call Participants Alex Twerdahl - Piper Sandler Ian Lapey - Gabelli Funds Operator Good day and welcome to the TrustCo Bank Corp earnings call and webca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 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 0-10592 TRUSTCO BANK CORP NY | Title of each class | Trading Symbol (s) | Name of each exchange on which registered | | -- ...

TrustCo Bank Corp NY (NASDAQ:TRST) Q1 2022 Earnings Conference Call April 22, 2022 9:00 AM ET CompanyParticipants Mike Ozimek - Executive Vice President & Chief Financial Officer Robert McCormick - President & Chief Executive Officer Scot Salvador - Executive Vice President of Commercial Banking Conference Call Participants Alex Twerdahl - Piper Sandler Operator Good day and welcome to the TrustCo Bank Corp Earnings Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] Afte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2021 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 0-10592 TRUSTCO BANK CORP N Y (Exact name of registrant as specified in its charter) NEW YORK 14-1630287 ( ...

TrustCo Bank Corp NY (NASDAQ:TRST) Q4 2021 Earnings Conference Call January 25, 2022 9:00 AM ET Company Participants Robert McCormick - Chairman, President, and Chief Executive Officer Eric Schreck - Executive Vice President and Florida Regional President Michael Ozimek - Executive Vice President and Chief Financial Officer Scot Salvador - Executive Vice President and Chief Lending Officer Conference Call Participants Alex Twerdahl - Piper Sandler Operator Good day, and welcome to the TrustCo Bank Corp Earn ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Commission File Number 0-10592 TRUSTCO BANK CORP NY (Exact name of registrant as specified in its charter) NEW YORK 14-1630287 (State or othe ...