Good morning, everyone, and thank you for joining the call. I'm Rob McCormick, the Chairman of TrustCo Bank.

I'm joined today, as usual, by Mike Ozimek, our CFO, who will go through the numbers, and Kevin Curley, our Chief Banking Officer, who will talk about lending. The results announced yesterday are the culmination of years of strategic long-term planning and nimble near-term execution.

We resisted risky lending concentrations, borrowing, and other gimmicks, in favor of building solid customer relationships through the delivery of top-notch loan and deposit products and services. This enabled us to keep our cost of funds low and grow loans, leading to a healthy margin expansion.

We deployed capital through the continuation of our century-long dividend payout, a robust stock repurchase program, and our bedrock practice of lending gathered deposits right back in the communities we serve. All of these factors together contributed to a 38% increase in net income, and a return on average assets of almost 33% for the quarter.

Total shareholder value returned three times that of our proxy peers year-over-year, stellar performance by any measure. Now Mike will go through the details, and Kevin will provide some color on lending.

Thank you, Rob, and good morning, everyone. I will now review TrustCo's financial results for the fourth quarter 2025.

As we noted in the press release, the company continued to see strong financial results for the fourth quarter of 2025, marked by increases in both net income and net interest income of TrustCo Bank during the fourth quarter of '25, compared to the fourth quarter of 2024. This performance is underscored by rising net interest income, continued margin expansion, and sustained loan and deposit growth across key portfolios.

This resulted in a fourth-quarter net income of $15.6 million, and an increase of 38% over the prior-year quarter, which yielded a return on average assets and average equity of 0.97% and 8.99%, respectively. Capital remains strong.

Consolidated equity-to-assets ratio was 10.66% for the fourth quarter of 2025, compared to 10.84% in the fourth quarter 2024. Book value per share at December 31st, 2025, was $38.08, up 7.1% compared to $35.56 a year earlier.

During the fourth quarter of 2025, TrustCo repurchased 533,000 shares of common stock under the previously announced stock repurchase program, resulting in 1 million shares, or 5.3% of common stock repurchased year-to-date, the maximum allowable under the stock repurchase program. We have also renewed the stock repurchase program, which now allows for the repurchase of up to 2 million shares, or another 11.1% during 2026.

We remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. Credit quality continues to be consistent, as we saw nonperforming loans modestly increase to $20.7 million in the fourth quarter of 2025, from $18.8 million in the fourth quarter of '24.

Nonperforming loans to total loans increased to 0.39% in the fourth quarter 2025, from 0.37% in the fourth quarter 2024. Nonperforming assets to total assets was 0.34% for both the fourth quarter '25 and 2024.

Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. Average loans for the fourth quarter of '25 grew 2.5%, or $126.8 million, to $5.2 billion from the fourth quarter of '24, an all-time high.

Consequently, overall loan growth has continued to increase, and leading the charge was home equity lines of credit, which increased by $54.1 million, or 13.5% in the fourth quarter '25, over the same period in '24. The residential real estate portfolio increased $50.6 million, or 1.2%, average commercial loans increased $24.5 million, or 8.6%, and installment loans decreased $2.4 million, or 17.3% over the same period in '24.

This uptick continues to reflect a strong local economy and increased demand for credit. For the fourth quarter '25, the provision for credit losses was $400,000.

Retaining deposits has been a key focus as we navigated through 2025. Total deposits ended the quarter at $5.6 billion, was up $166 million compared to the prior-year quarter.

We believe the increase in these deposits compared to the same period in '24 continues to indicate strong customer confidence in the bank's competitive deposit offerings. The bank's continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has continued to a stable deposit base that supports ongoing loan growth and expansion.

Net interest income was $43.7 million for the fourth quarter 2025, an increase of $4.8 million, or 12.4% compared to the prior-year quarter. Net interest margin for the fourth quarter of '25 was 2.82%, up 22 basis points from the prior-year quarter.

The yield on interest-earning assets increased to 4.24%, up 12 basis points from the prior-year quarter, and the cost of interest-bearing liabilities decreased to 1.84% for the fourth quarter 2025, from 1.97%. The bank is well-positioned to continue delivering strong net interest income performance, even as the Federal Reserve contemplates rate changes in the months ahead.

The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities' banking needs. Our Wealth Management division continues to be a significant recurring source of non-interest income.

It had approximately $1.27 billion of assets under management as of December 31. Non-interest income attributable to Wealth Management and financial services fees represents 44% of non-interest income.

The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to non-interest expense.

Total non-interest expense, net of ORE expense, came in at $26.5 million, down $1.5 million from the prior-year quarter. ORE expense net came in at an expense of $161,000 for the quarter, as compared to $476,000 in the prior-year quarter.

We're going to continue to hold the anticipated level of expense not to exceed $250,000 per quarter. All of the other categories of non-interest expense were in line with our expectations for the fourth quarter.

We would expect 2026 total recurring non-interest expense, net of ORE expense, to be in the range of $27.7 to $28.2 million per quarter. Now Kevin will review the loan portfolio and nonperforming loans.

Thanks, Mike, and good morning to everyone. Our average loans grew by $126.8 million, or 2.5% year-over-year.

The growth was centered in our residential loan portfolio, with our first mortgage segment growing by $50.6 million, or 1.2%, and our home equity loans growing $54.1 million, or 13.5% over last year. In addition, our commercial loans grew by $24.5 million, or 8.6% over last year.

For the fourth quarter, actual loans increased by $60.7 million compared to the third quarter. Purchase mortgage loans including refinances grew by $42.4 million.

Home equity loans increased by $17 million, and commercial loans were up by $2 million for the quarter. Overall, residential activity improved during the quarter.

For purchase and refinances, we did see a slight uptick in activity, and we were able to close more loans during the quarter. As we have said in the past, we are well-situated in the market and will capture more growth as these segments pick up.

Also as a portfolio lender, we are uniquely positioned to manage pricing and offer promotions to increase lending volume. Our home equity products continue to see consistent demand as customers continue to use their equity in their home for home improvements or paying off loans with high rates such as credit cards.

In all of our markets, rates continue to be moving in approximately 25 basis points range. Our current rate is 5.875% for our base 30-year fixed-rate loan.

We also offer a low-rate 5/1 ARM and a very competitive home equity credit line product. Overall, we are positive about our loan growth for the quarter and remain focused on driving stronger results this year.

Now moving to asset quality. At TrustCo, we work hard to maintain strong credit quality in our loan portfolio.

As a portfolio lender, we have consistently used prudent underwriting standards to build our loan portfolios. Our residential loans, originated in-house, focus on key underwriting factors that have proven to lead to sound credit decisions.

These loans are originated with the intent to be held by us for the full term, rather than originated for sale. In addition, we have no foreign or subprime loans in our residential loan portfolio.

In our commercial loan portfolio, which makes up about 6% of our total loans, we focus on relationship-based loans, secured mostly by real estate within our primary market areas. We also avoid concentrations of any credit to any single borrower or business and continue to require personal guarantees on all of our loans.

Now for our numbers. Asset quality for the bank remains very strong.

Early-stage delinquencies for our portfolio continue to be steady. Charge-offs for the quarter amount to a net recovery of $14,000, which follows a net recovery of $176,000 in the third quarter and $457,000 over the past year.

Nonperforming loans were $20.7 million at this quarter-end, $18.5 million last quarter, and $18.8 million a year ago. Nonperforming loans to total loans was 0.39% at this quarter-end, compared to 0.36% last quarter and 0.37% a year ago.

Nonperforming assets were $22.1 million at quarter-end versus $19.7 million last quarter and $21 million a year ago. At quarter-end, our allowance for credit losses remained solid at $52.2 million, with a coverage ratio of 253%, compared to $51.9 million with a coverage ratio of 281% last quarter, and $50.2 million and a coverage ratio of 267% a year ago.

Rob?

Thanks, Kevin. We're happy to answer any questions.

That's our story.

Good morning, gentlemen. Congratulations on a great quarter, great quarter and year.

A few

maybe start with asset quality. Obviously, great to see another quarter of net recoveries.

I did notice a increase in the New York commercial NPLs of about $1.7 million. Was that one relationship or a couple, maybe could just expand a little bit what happened there?

I think it's two relationships, Ian. They're multi-families.

One is in the city of Schenectady, and one is in the city of Albany.

Are those typical where you have good collateral and personal guarantees?

Oh, yeah. We don't have an unguaranteed loan in our portfolio, Ian.

Good.

These particular cases, they're both retirees who are knowledgeable with regard to this, and I think they've relocated to Florida. At least one of them has.

Okay. Then a couple on expenses.

First, the other expense was up a little bit, $2.55 versus $1.7 in 3Q. Anything in particular driving that?

No, just at the end of the year, there were some of the benefit plans that we look at. We also took the opportunity for tax purposes to fund the TrustCo Foundation for about $0.5 million, just to be able to take that tax benefit of that.

Just a few larger expenses that we put through in the fourth quarter, but nothing really notable.

Okay. Then I thought I heard for the guidance for '26 expenses, you said 27.7 to 28.2 excluding other real estate.

Is that right?

It just gives us a little breathing room going into next year, but there's nothing really that's really driving this up.

Okay. Cuz that is a decent uptick from the run rate this year.

Is that anything in particular or is that sort of across the board?

That's really just across the board. There's nothing really that's standing out there.

Just like I said, just kind of gives us a little bit of room for next year.

Okay.

I would expect this to probably be on the lower end range of that.

Okay. Then lastly for me, for the branches, they declined by two.

What's the outlook? I know you've mentioned last call, Rob, you were looking at Pasco County in Florida.

What's sort of your expectation for branch growth or declines in '26?

You touched on the expenses earlier, Ian, and we are pretty cheap people when it comes to that, we want to get in at the right price, and who knew Pasco would be as difficult it would be to find a location as it is. We are still actively looking in Pasco.

There's a lot of mortgage business there, as the market changes down there they're pushing people further north. As Tampa becomes less affordable and some of the other West Coast cities become unaffordable, they move into Pasco.

We are still looking for a location there, but we want to do it the right way.

Great. Again, congratulations, a great year.

Thanks for your interest, Ian.

Thank you for your interest in our company, and we hope you have a great day. Thank you.