On this page of StockholderLetter.com we present the latest annual shareholder letter from TRUSTCO BANK CORP N Y — ticker symbol TRST. Reading current and past TRST letters to shareholders can bring important insights into the investment thesis.

 •  4/1/2025 Letter Continued (Full PDF)
 •  4/3/2023 TRST Stockholder Letter
 •  4/1/2024 TRST Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  TRST Benford's Law Stock Score = 93

TRST Shareholder/Stockholder Letter Transcript:

2024
Annual
Report
TRUSTCO
Bank Corp NY

Independent & Strong SINCE 1902.
Participating in local home shows
Annual Workforce Team Challenge in Albany, NY
Employees volunteer preparing boxes to send to
troops overseas with the JOSH Project
Employees participating in the annual
Bowl-For-Kids-Sake for Big Brothers &
Big Sisters
The Operations Department celebrating the holidays

Our employees in the community.
Trustco Bank New York Advisory Board visiting the Regional Food Bank
Employees participating in the annual Niska-Day
Parade
Employees volunteering to unload donated blankets
for the Joseph   s House and Shelter
Trustco Bank celebrates the
100th Anniversary of
the Mont Pleasant branch
Trustco Bank presents Veterans & Community
Housing Coalition a donation

Branch and Lending Areas
New York - 17 Counties, 82 Branches
New York:
Albany County
Columbia County
Dutchess County
Fulton County*
Greene County
Montgomery County
Orange County
Putnam County
Rensselaer County
Rockland County
Saratoga County
Schenectady County
Schoharie County
Ulster County
Warren County
Washington County
Westchester County
Florida:
New Jersey 1 Count3, 1 Branch
Massachusetts 1 County, 1 Branch
Florida - 21 Counties, 51 Branches
Vermont 1 County, 1 Branch
Brevard County
Charlotte County
Collier County*
Flagler County
Hillsborough County
Indian River County
Lake County
Lee County*
Manatee County
Martin County
Orange County
Osceola County
Palm Beach County
Pasco County*
Pinellas County*
Polk County
St. Johns County*
St. Lucie County*
Sarasota County
Seminole County
Volusia County
Massachusetts:
Berkshire County
New Jersey:
Bergen County
Vermont:
Bennington County
*Counties are included in Trustco Banks
lending area. No physical branch locations.

TRUSTCO
Bank Corp NY
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 136 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,
Income:
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Per Share:
Basic earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Book value at period end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average Balances:
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders    equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Ratios:
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return on average equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated tier 1 capital to:
Total assets (leverage capital ratio) . . . . . . . . . . . . . . . . . . . . . . . . .
Risk-adjusted assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common equity tier 1 capital ratio . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total capital to risk-adjusted assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for credit losses on loans to nonperforming loans . . . . . .
Efficiency ratio (GAAP). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted Efficiency ratio* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividend Payout ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2024
2023
Percent
Change
$ 151,939
48,833
$ 171,845
58,646
(11.58)
(16.73)
2.57
2.57
35.56
3.08
3.08
33.92
(16.56)
(16.56)
4.83
6,115,234
5,040,915
5,286,032
657,097
6,036,061
4,875,166
5,219,554
620,212
1.31
3.40
1.27
5.95
0.80%
7.43
0.97%
9.46
(17.53)
(21.46)
11.05
19.30
19.30
20.56
2.67x
61.55
61.60%
56.09
10.78
18.90
18.90
20.15
2.75x
58.53
56.72%
46.71
2.50
2.12
2.12
2.03
(2.91)
5.16
8.60
20.08
Per Share information of common stock
2024
First quarter . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . .
Third quarter . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter . . . . . . . . . . . . . . . . . . . . . .
2023
First quarter . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . .
Third quarter . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter . . . . . . . . . . . . . . . . . . . . . .

Range of Stock Price
High
Low
Basic
Earnings
Diluted
Earnings
Cash
Dividend
Book Value
$0.64
0.66
0.68
0.59
$0.64
0.66
0.68
0.59
$0.36
0.36
0.36
0.36
$34.12
34.46
35.19
35.56
$31.19
29.65
35.74
37.96
$26.38
25.91
27.81
31.83
$0.93
0.86
0.77
0.52
$0.93
0.86
0.77
0.52
$0.36
0.36
0.36
0.36
$32.31
32.66
32.80
33.92
$38.70
31.76
31.11
31.91
$31.72
27.43
26.50
24.62
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.
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 4/1/2025 Letter Continued (Full PDF)