• M&T Bank, but a smaller version focused on New York, New Jersey, and Florida.
• A traditional regional bank like PNC, but with a stronger emphasis on residential mortgages in its NY, NJ, and FL markets.

• Deposit Accounts: Services that allow individuals and businesses to save money and manage transactions, including checking, savings, money market, and certificates of deposit.
• Residential Mortgage Loans: Financing provided to individuals for the purchase or refinancing of homes.
• Commercial Real Estate and Business Loans: Loans offered to businesses for various purposes, including the acquisition or refinancing of commercial properties, working capital, and equipment.
• Consumer Loans: A range of loans provided to individuals for personal use, such as home equity lines of credit, auto loans, and personal loans.

Trustco Bank N Y (TRST) operates as a community bank primarily selling financial services directly to individuals and businesses rather than a few major customer companies. Therefore, its customers are best described by categories.

The major categories of customers that Trustco Bank N Y serves include:

• Retail/Individual Customers: This category encompasses consumers seeking personal banking products and services such as checking accounts, savings accounts, certificates of deposit, residential mortgages, home equity loans, and personal loans.
• Small to Medium-sized Business (SMB) Customers: Trustco Bank serves local and regional businesses by providing commercial loans, lines of credit, business checking and savings accounts, treasury management services, and other financial solutions tailored to their operational needs.
• Commercial Real Estate (CRE) Investors and Developers: A significant portion of the bank's lending activities is directed towards individuals and entities involved in the acquisition, development, and refinancing of commercial properties, including office buildings, retail centers, multi-family residences, and industrial properties.

Robert J. McCormick, Chairman, President, and Chief Executive Officer

Mr. McCormick joined Trustco Bank in 1995 and has served as President and Chief Executive Officer of TrustCo Bank Corp NY since January 2004, and Chairman of the Board since January 2019. He also served as Chairman from 2009 to 2010. Under his leadership, the bank expanded its branch network into Florida and the Lower Hudson Valley region of New York. His father, Robert A. McCormick, was also President and CEO of Trustco Bank and was succeeded by Robert J. McCormick.

Michael M. Ozimek, Executive Vice President and Chief Financial Officer

Mr. Ozimek joined TrustCo and Trustco Bank in 2002. He has held the position of Chief Financial Officer and Executive Vice President since 2018. Prior to this, he served as Senior Vice President and Chief Financial Officer from 2014 to 2018. He previously worked as an Auditor at KPMG.

Robert M. Leonard, Executive Vice President - Corporate Services and Risk and Chief Operating Officer

Mr. Leonard began his career with Trustco Bank in 1986. He has been Executive Vice President of Corporate Services and Risk since 2023 and assumed the role of Chief Operating Officer in July 2024. His prior roles include Senior Vice President from 2010 to 2013, and Administrative Vice President from 2004 to 2009.

Kevin M. Curley, Executive Vice President and Chief Banking Officer

Mr. Curley has been with Trustco Bank since 1990. He was promoted to Executive Vice President in 2018 and named Chief Banking Officer in July 2024, overseeing the bank's branch network and marketing departments. He previously served as Senior Vice President from 2011 to 2018.

Michael Hall, General Counsel and Corporate Secretary

Mr. Hall joined Trustco Bank in 2015, having previously served as one of the bank's outside attorneys. In July 2024, he formally assumed responsibility for investor relations.

Trustco Bank N Y faces clear emerging threats from the continued growth and technological advancement of digital-first financial institutions and specialized online lenders. These entities, including neobanks and online mortgage originators, offer superior digital user experiences, often with lower overhead costs allowing for more competitive rates on deposits and loans. This directly threatens Trustco's traditional branch-based model by siphoning away customers, particularly younger demographics, who prefer seamless digital interactions for their banking needs, and by eroding market share in its core residential mortgage lending business through faster, more efficient online application processes.

Trustco Bank N.Y. (TRST) primarily focuses on providing personal and business banking services, with its main products including residential and commercial mortgages, home equity lines of credit, installment loans, and various deposit accounts such as checking, savings, retirement, time deposits, and money market accounts. The company operates in several states, with a significant presence in New York and Florida.

Addressable Markets for Main Products/Services:

Residential Mortgages (Home Loans)

• Florida: In 2024, approximately $143 billion in home loans were originated in Florida. Florida represents about a 9% share of the national mortgage market. The U.S. home mortgage market was valued at approximately $180.91 billion in 2023 and is projected to reach around $501.67 billion by 2032.
• New York: New York is identified as a leading state with high demand for home mortgages. In September 2025, home prices in New York were up 3.8% compared to the previous year, with a median price. While a specific annual origination volume for residential mortgages across the entire state of New York is not readily available, the median sales price in New York State increased by about 6% between spring 2024 and spring 2025. The median sales price in New York City alone was $830,000 in April 2024.

Deposits

• Florida: Total deposits in Florida amounted to $878 billion in 2022. As of Q2 2025, major metropolitan areas within Florida show significant deposit volumes: Miami-Fort Lauderdale-West Palm Beach had $336.260 billion, Tampa-St. Petersburg-Clearwater had $128.130 billion, Jacksonville had $118.651 billion, and Orlando-Kissimmee-Sanford had $70.077 billion.
• New York: The total deposits in the New York-Newark-Jersey City, NY-NJ metropolitan area reached approximately $2.76 trillion in Q2 2025. In the Albany-Schenectady-Troy, NY metropolitan area, where Trustco Bank is headquartered, total deposits were about $30.2 billion in Q2 2025.

Commercial Lending

• Florida: The market size for the Commercial Banking industry in Florida is estimated to be $65.5 billion in 2025.
• New York: The market size for the Commercial Banking industry in New York is estimated to be $259.1 billion in 2025.

1. Sustained Loan Portfolio Growth: Trustco Bank anticipates continued growth across its loan portfolio, specifically in residential mortgages, home equity loans, and commercial lending. This growth has been highlighted in recent financial reports and is expected to contribute to increased interest income.
2. Net Interest Margin Expansion: The bank expects to sustain healthy net interest income growth by effectively repricing its loan portfolio to higher yields and maintaining disciplined control over deposit costs. Management has indicated "meaningful net interest income upside" in the coming quarters, even while proactively preparing for potential Federal Reserve interest rate adjustments.
3. Growth in Non-Interest Income through Wealth Management: Trustco Bank has seen an increase in non-interest income, primarily driven by its wealth management and financial services fees. This growth is attributed to strong client demand and higher assets under management, a trend expected to continue.
4. Strategic Market Expansion and Digital/Relationship Banking Focus: Trustco Bank is committed to expanding its presence, particularly in its key Northeast and Florida markets. The bank's focus on digital banking capabilities and relationship banking strategies is intended to attract new customers and deepen existing client relationships, supporting overall revenue growth in these regions.

Share Repurchases

• TrustCo Bank Corp NY repurchased 298,000 shares of common stock during the third quarter of 2025, resulting in 467,000 shares repurchased year-to-date under a previously announced stock repurchase program.
• As of October 2025, TrustCo Bank had the ability to repurchase another 533,000 shares under its current repurchase program.
• In March 2025, TrustCo's Board of Directors approved a stock repurchase program authorizing the company to repurchase up to 1,000,000 shares of its common stock, representing approximately 5% of its outstanding shares.
• In March 2024, TrustCo Bank Corp NY announced a stock repurchase program to acquire up to 200,000 shares of its common stock, representing approximately 1% of its outstanding shares.

Capital Expenditures

• Property, Plant & Equipment was reported at $75.01 million for the trailing twelve months (TTM) ending September 30, 2025.
• Property, Plant & Equipment was $70.41 million in 2024, $74.55 million in 2023, $77.28 million in 2022, $81.12 million in 2021, and $82.3 million in 2020.