Form 8-K

8-K — TRUSTCO BANK CORP N Y

Accession: 0001140361-26-015892

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000357301

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20071047_8k.htm (Primary)

EX-99.A — EXHIBIT 99(A) (ef20071047_ex99a.htm)

GRAPHIC (image0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20071047_8k.htm · Sequence: 1

false0000357301NY00003573012026-04-212026-04-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): April 21, 2026

TrustCo Bank Corp NY

(Exact name of registrant as specified in its charter)

New York

0-10592

14-1630287

State or Other Jurisdiction of Incorporation or Organization

Commission File No.

I.R.S. Employer Identification Number

5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK 12302

(Address of principal executive offices)

(518) 377-3311

(Registrant’s Telephone Number,

Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of

the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

TRST

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

TrustCo Bank Corp NY

Item 2.02.

Results of Operations and Financial Condition

On April 21, 2026 TrustCo Bank Corp NY (“TrustCo”) issued a press release with results for the quarter ending March 31, 2026. Attached is a copy of the

press release labeled as Exhibit 99(a).

Item 9.01.

Financial Statements and Exhibits

(d)

Exhibits

Reg S-K Exhibit No.

Description

99(a)

Press release dated April 21, 2026 for the period ending March 31, 2026, regarding quarterly results.

104

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

-2-

SIGNATURES

Pursuant to the requirements 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.

Dated: April 21, 2026

TrustCo Bank Corp NY

(Registrant)

By:

/s/ Michael M. Ozimek

Michael M. Ozimek

Executive Vice President and

Chief Financial Officer

-3-

EX-99.A — EXHIBIT 99(A)

EX-99.A

Filename: ef20071047_ex99a.htm · Sequence: 2

Exhibit 99(a)

5 Sarnowski Drive, Glenville, New York, 12302

News Release

Subsidiary: Trustco Bank

Nasdaq -- TRST

Contact:

Robert Leonard

Executive Vice President

(518) 381-3693

Lauren A. McCormick

Vice President, Treasurer, and

Assistant Corporate Secretary

(518) 381-3673

FOR IMMEDIATE RELEASE:

TrustCo Reports First Quarter 2026 Net Income of $16.3 Million;

Notes Loan Portfolio Repricing

Executive Snapshot:

•

Financial results:

Key metrics for the first quarter 2026 compared to the first quarter of 2025:

◾

Net income of $16.3 million increased 14.1%

compared to $14.3 million

◾

Diluted earnings per share of $0.91 increased 21.3%

compared to $0.75

◾

Net interest margin of 2.84%, up 20 basis points

from 2.64%

◾

Return on Average Assets of 1.02%, up 9.7% from

0.93%

◾

Return on Average Equity of 9.66%, up 13.8% from

8.49%

◾

Net interest income of $44.7 million, up 10.7% from

$40.4 million

•

Capital position and Stock Repurchase Program:

Book value per share as of March 31, 2026 was $38.32, up from $36.16 as of March 31, 2025

More than a half million shares (522,226), or 2.9%, of

TrustCo common stock were purchased under the Stock Repurchase Program during the first quarter of 2026

On pace to complete the repurchase of two million shares or 11.1% of TrustCo common stock during 2026

Glenville, New York – April 21, 2026

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the

first quarter of 2026 highlighted by a substantial increase in net interest income, continued margin expansion, and sustained loan and deposit growth across core lending and deposit categories. For the three months ended March 31, 2026, net

interest income increased 10.7% year over year to $44.7 million, supported by the ongoing asset repricing across our loan portfolio at higher yields and effective execution of deposit pricing strategies, which together more than offset competitive

pressures on deposit pricing. For the three months ended March 31, 2026, net interest margin expanded to 2.84% from 2.64% in the prior year period, driven by enhanced asset yields and disciplined deposit pricing strategies. This resulted in first

quarter 2026 net income of $16.3 million, or $0.91 diluted earnings per share, compared to net income of $14.3 million, or $0.75 diluted earnings per share, for the first quarter 2025. Loan balances expanded throughout the quarter, with total

average loans increasing $158.9 million for the first quarter 2026 over the same period in 2025. Following this period of sustained growth, TrustCo remains confident in the quality of its loan portfolio amid broader market concerns. We believe

that 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.

Page | 1

Overview

Chairman, President, and CEO, Robert J. McCormick said “Our shareholders can be proud of the net income of $16.3 million we posted for the quarter, a 14% increase

year-over-year. As expected, this performance is due in significant part to repricing in our loan portfolio, which now exceeds $5.29 billion. Our trademark discipline with respect to deposit pricing resulted in a 4% year-over-year improvement in

interest expense. Together, these successes contributed to margin expansion of 7.6% over the year. Nonperforming loans remain immaterial as we continue to prioritize high-quality credit and maintain a clean asset profile, while reaching another

all-time high in our loan portfolio. Over the latest one-year period, our share price is up $13 and while we realize that market valuation is always a moving target, delivering a 49% total return with dividends reinvested represents substantial

value creation for our owners and is a testament to the effectiveness our team’s strategy.”

Details

We have continued to see meaningful net interest income improvement, and management expects net interest income improvement to remain sustainable. The Bank’s loan and

investment portfolios continue to reprice upward as lower yielding assets mature and are replaced with higher rate loan originations and investment purchases, driving steady improvement in overall asset yields. We believe that this ongoing

repricing reflects disciplined loan production aligned with current market conditions. Complementing this, the Bank maintains a strong liquidity position, providing flexibility to support future growth as funding conditions continue to evolve. We

believe that, together, these factors position the Bank to continue net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $44.7 million for the first quarter of 2026, an increase of

$4.3 million, or 10.7%, compared to the first quarter of 2025, driven by loan growth at higher interest rates, and a decrease in interest expense. The net interest margin for the first quarter of 2026 was 2.84%, up 20 basis points from 2.64% in

the first quarter of 2025. The yield on interest earnings assets increased to 4.23% in the first quarter of 2026, up 10 basis points from 4.13% in the first quarter of 2025. The cost of interest bearing liabilities decreased to 1.79% in the first

quarter of 2026, down from 1.92% in the first quarter of 2025.

Average loans were up $158.9 million, or 3.1%, in the first quarter of 2026 over the same period in 2025. Average residential loans and Home Equity Credit Lines

(HECLs), our primary lending focus, were up $93.2 million, or 2.1%, and $50.8 million, or 12.3%, respectively, in the first quarter 2026 over the same period in 2025. Average commercial loans also increased $17.1 million, or 5.8%, in the first

quarter 2026 over the same period in 2025. Loan growth in the first quarter of 2026 remained steady, driven by continued strength in core relationship lending. Credit quality metrics were stable, while the Bank increased reserves modestly to

reflect a more cautious economic outlook. Interest rates and selective underwriting standards contributed to the measured pace of originations during the quarter. The consistent growth in the loan portfolio will likely enhance net interest income

in the quarters ahead. Average deposits were up $157.7 million, or 2.9%, for the first quarter of 2026 compared to the first quarter of 2025, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand

deposits. The Bank’s ongoing emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a broadening deposit base that supports ongoing loan growth and expansion.

Page | 2

During the first quarter of 2026, the Bank remained focused on capital deployment and allocation, guided by a disciplined framework, with share repurchases continuing

to serve as a key tool to enhance shareholder value. This reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. For the three months ended March 31, 2026, TrustCo repurchased 522 thousand shares,

or 2.9%, of TrustCo’s outstanding common stock under its previously announced stock repurchase program that allows the Company to repurchase up to two million shares, or 11.1%, of TrustCo common stock in 2026. We continue to believe that our

approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of March 31, 2026, our equity to asset ratio was 10.31%, compared to 10.85% as of March 31, 2025.

Book value per share as of March 31, 2026 was $38.32, up 6.0% compared to $36.16 as of a year earlier.

Asset quality remains strong and has been consistent over the past twelve months. TrustCo recorded a provision for credit losses of $950 thousand in the first quarter

of 2026, an increase of $650 thousand compared to the same period in 2025. For the three months ended March 31, 2026, the provision for credit losses was the result of a provision for credit losses on loans of $750 thousand and a provision for

credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 1.00% and 0.99% as of March 31, 2026 and 2025, respectively. The allowance for credit losses on loans was $53.0 million

as of March 31, 2026, compared to $50.6 million as of March 31, 2025. Nonperforming loans (NPLs) were $21.5 million as of March 31, 2026, compared to $18.8 million as of March 31, 2025. NPLs were 0.41% and 0.37% of total loans as of March 31,

2026 and 2025, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 246.9% as of March 31, 2026, compared to 269.8% as of March 31, 2025. Nonperforming assets (NPAs) were $22.8 million as of March 31, 2026,

compared to $20.9 million as of March 31, 2025. While NPLs increased modestly during the quarter, asset quality metrics remain stable and well covered by reserves, reflecting the Bank’s conservative underwriting standards.

A conference call to discuss first quarter 2026 results will be held at 9:00 a.m. Eastern Time on April 22, 2026. Those wishing to

participate in the call may dial toll-free for the United States and Canada at 1-888-672-2415, Conference ID 4207347. A replay of the call will be available for thirty days by dialing toll-free for the United States and Canada at 1-800-770-2030,

Playback ID 4207347. The call will also be audio webcast at https://events.q4inc.com/attendee/269280990, and

will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.5 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 133 offices in New York, New Jersey,

Vermont, Massachusetts, and Florida as of March 31, 2026.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The

common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Page | 3

Forward-Looking Statements

All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor”

provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,”

“likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including

our expectations regarding net interest income and shareholder value for future quarters; the impact of the continued repricing of our loan and investment portfolios, as well as our liquidity position, on our future net interest income and overall

asset yields; the amount of shares that we expect to repurchase in 2026; and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current

expectations, as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual

results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. 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: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk

of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or

borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact

on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business

continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the rising popularity of alternative financial products,

including fintech platforms, cryptocurrencies, money market funds, and digital wallets; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve,

including societal responses to climate change; environmental, social and governance risks and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area;

instability in global economic conditions and geopolitical matters, including as a result of the conflict between the United States (U.S.) and Iran, as well as volatility in financial markets; the chance of a downgrade in the credit rating of the

U.S. government or a default by the U.S. government; the soundness of other financial institutions; U.S. government shutdowns; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of

regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; our compliance with laws designed to protect consumers, including the CRA and fair lending laws; restrictions on

data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty

Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service

providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an

unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact

of the manner in which we allocate capital; the impact of the actions of activist shareholders; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our Annual

Report on Form 10-K for the year ended December 31, 2025, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2026, and future reports to be filed with the SEC. The forward-looking statements contained in this news

release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise,

except as may be required by law.

Page | 4

TRUSTCO BANK CORP NY

GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

(Unaudited)

Three months ended

3/31/2026

12/31/2025

3/31/2025

Summary of operations

Net interest income

44,708

43,735

40,373

Provision for credit losses

950

400

300

Noninterest income

4,841

4,430

4,974

Noninterest expense

26,982

26,710

26,329

Net income

16,285

15,565

14,275

Per share

Net income per share:

- Basic

0.91

0.85

0.75

- Diluted

0.91

0.85

0.75

Cash dividends

0.38

0.36

Book value at period end

38.32

38.08

36.16

Market price at period end

43.78

41.33

30.48

At period end

Full time equivalent employees

740

743

740

Full service banking offices

133

134

136

Performance ratios

Return on average assets

1.02

0.97

0.93

Return on average equity

9.66

8.99

8.49

Efficiency ratio (GAAP)

54.46

55.46

58.06

Adjusted Efficiency ratio (1)

54.35

55.12

58.00

Net interest spread

2.44

2.40

2.21

Net interest margin

2.84

2.82

2.64

Dividend payout ratio

41.40

44.14

47.97

Capital ratios at period end

Consolidated equity to assets (GAAP)

10.31

10.66

10.85

Consolidated tangible equity to tangible assets (1)

10.30

10.65

10.84

Asset quality analysis at period end

Nonperforming loans to total loans

0.41

0.39

0.37

Nonperforming assets to total assets

0.35

0.34

0.33

Allowance for credit losses on loans to total loans

1.00

0.99

Coverage ratio (2)

2.5

2.7

(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.

(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.

Page | 5

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

Three months ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Interest and dividend income:

Interest and fees on loans

57,565

56,886

55,953

54,557

53,450

Interest and dividends on securities available for sale:

U. S. government sponsored enterprises

149

350

599

614

596

State and political subdivisions

Mortgage-backed securities and collateralized mortgage obligations - residential

1,469

1,490

1,583

1,613

1,483

Corporate bonds

694

536

265

210

260

Small Business Administration - guaranteed participation securities

Other securities

Total interest and dividends on securities available for sale

2,383

2,452

2,527

2,520

2,427

Interest on held to maturity securities:

Mortgage-backed securities and collateralized mortgage obligations - residential

Total interest on held to maturity securities

Federal Home Loan Bank stock

126

125

129

151

Interest on federal funds sold and other short-term investments

6,105

6,580

7,376

7,212

6,732

Total interest income

66,226

66,094

66,033

64,472

62,817

Interest expense:

Interest on deposits:

Interest-bearing checking

533

501

483

536

558

Savings

675

715

741

733

734

Money market deposit accounts

1,552

1,810

2,065

2,086

1,989

Time deposits

18,357

18,993

19,427

19,195

18,983

Interest on short-term borrowings

401

340

198

176

180

Total interest expense

21,518

22,359

22,914

22,726

22,444

Net interest income

44,708

43,735

43,119

41,746

40,373

Less: Provision for credit losses

950

400

250

650

300

Net interest income after provision for credit losses

43,758

43,335

42,869

41,096

40,073

Noninterest income:

Trustco Financial Services income

2,135

1,950

1,967

1,818

2,120

Fees for services to customers

2,340

2,192

2,429

2,266

2,645

Other

366

288

293

768

209

Total noninterest income

4,841

4,430

4,689

4,852

4,974

Noninterest expenses:

Salaries and employee benefits

12,219

12,242

12,727

11,876

11,894

Net occupancy expense

4,542

4,592

4,470

4,518

4,554

Equipment expense

2,022

2,219

1,938

1,918

1,944

Professional services

1,526

1,083

1,571

1,886

1,726

Outsourced services

2,700

2,100

2,492

2,460

2,700

Advertising expense

394

629

290

304

361

FDIC and other insurance

1,153

1,135

1,052

1,136

1,188

Other real estate expense, net

161

522

Other

2,376

2,549

1,694

1,603

1,934

Total noninterest expenses

26,982

26,710

26,242

26,223

26,329

Income before taxes

21,617

21,055

21,316

19,725

18,718

Income taxes

5,332

5,490

5,058

4,686

4,443

Net income

16,285

15,565

16,258

15,039

14,275

Net income per common share:

- Basic

0.91

0.85

0.87

0.79

0.75

- Diluted

0.91

0.85

0.86

0.79

0.75

Weighted average basic shares (in thousands)

17,813

18,275

18,755

18,965

19,020

Weighted average diluted shares (in thousands)

17,876

18,327

18,805

18,994

19,044

Page | 6

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

(Unaudited)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

ASSETS:

Cash and due from banks

43,165

50,569

42,026

45,218

48,782

Federal funds sold and other short term investments

724,943

679,858

653,530

668,373

707,355

Total cash and cash equivalents

768,108

730,427

695,556

713,591

756,137

Securities available for sale:

U. S. government sponsored enterprises

14,887

31,772

51,557

71,241

65,942

States and political subdivisions

Mortgage-backed securities and collateralized mortgage obligations - residential

205,209

206,290

215,466

221,721

219,333

Small Business Administration - guaranteed participation securities

10,796

11,710

12,330

12,945

13,683

Corporate bonds

69,137

59,932

39,800

29,943

24,779

Other securities

708

705

701

698

Total securities available for sale

300,746

310,418

319,872

336,566

324,453

Held to maturity securities:

Mortgage-backed securities and collateralized mortgage obligations-residential

4,097

4,339

4,593

4,836

5,090

Total held to maturity securities

4,097

4,339

4,593

4,836

5,090

Federal Reserve Bank and Federal Home Loan Bank stock

6,601

6,507

Loans:

Commercial

316,763

313,443

311,491

314,273

302,753

Residential mortgage loans

4,497,911

4,463,260

4,420,813

4,394,317

4,380,561

Home equity line of credit

464,887

464,201

447,235

435,433

419,806

Installment loans

10,617

11,556

12,231

12,678

13,017

Loans, net of deferred net costs

5,290,178

5,252,460

5,191,770

5,156,701

5,116,137

Less: Allowance for credit losses on loans

52,994

52,205

51,891

51,265

50,606

Net loans

5,237,184

5,200,255

5,139,879

5,105,436

5,065,531

Bank premises and equipment, net

41,071

40,707

39,718

38,129

37,178

Operating lease right-of-use assets

33,305

33,638

35,291

36,322

34,968

Other assets

116,767

114,315

107,514

106,894

108,681

Total assets

6,507,879

6,440,700

6,349,024

6,348,375

6,338,545

LIABILITIES:

Deposits:

Demand

811,637

814,908

795,508

784,351

793,306

Interest-bearing checking

1,078,520

1,077,141

1,025,582

1,045,043

1,067,948

Savings accounts

1,070,319

1,069,564

1,063,763

1,082,489

1,094,968

Money market deposit accounts

442,760

457,389

455,488

467,087

478,872

Time deposits

2,249,117

2,138,415

2,140,932

2,111,344

2,061,576

Total deposits

5,652,353

5,557,417

5,481,273

5,490,314

5,496,670

Short-term borrowings

112,930

120,054

97,749

82,370

82,275

Operating lease liabilities

35,920

36,391

38,180

39,350

38,324

Accrued expenses and other liabilities

35,756

40,249

39,809

43,536

33,468

Total liabilities

5,836,959

5,754,111

5,657,011

5,655,570

5,650,737

SHAREHOLDERS’ EQUITY:

Capital stock

20,119

20,103

20,097

Surplus

260,808

260,333

259,980

259,490

259,182

Undivided profits

489,540

479,996

471,314

462,158

453,931

Accumulated other comprehensive income (loss), net of tax

8,241

10,024

2,955

1,663

(132

)

Treasury stock at cost

(107,788

)

(83,883

)

(62,339

)

(50,603

)

(45,270

)

Total shareholders’ equity

670,920

686,589

692,013

692,805

687,808

Total liabilities and shareholders’ equity

6,507,879

6,440,700

6,349,024

6,348,375

6,338,545

Outstanding shares (in thousands)

17,507

18,029

18,554

18,851

19,020

Page | 7

NONPERFORMING ASSETS

(dollars in thousands)

(Unaudited)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Nonperforming Assets

New York and other states*

Loans in nonaccrual status:

Commercial

1,968

1,990

292

684

688

Real estate mortgage - 1 to 4 family

15,212

14,584

14,568

14,048

14,795

Installment

139

Total nonperforming loans

17,223

16,603

14,890

14,766

15,622

Other real estate owned

1,364

1,394

1,234

1,136

2,107

Total nonperforming assets

18,587

17,997

16,124

15,902

17,729

Florida

Loans in nonaccrual status:

Commercial

Real estate mortgage - 1 to 4 family

4,222

4,047

3,574

3,132

3,135

Installment

Total nonperforming loans

4,242

4,069

3,587

3,144

3,138

Other real estate owned

Total nonperforming assets

4,242

4,069

3,587

3,144

3,138

Total

Loans in nonaccrual status:

Commercial

1,968

1,990

292

684

688

Real estate mortgage - 1 to 4 family

19,434

18,631

18,142

17,180

17,930

Installment

142

Total nonperforming loans

21,465

20,672

18,477

17,910

18,760

Other real estate owned

1,364

1,394

1,234

1,136

2,107

Total nonperforming assets

22,829

22,066

19,711

19,046

20,867

Quarterly Net (Recoveries) Chargeoffs

New York and other states*

Commercial

)

Real estate mortgage - 1 to 4 family

(43

)

(33

)

(194

)

(121

)

Installment

(13

)

Total net chargeoffs (recoveries)

(13

)

(46

)

(196

)

(103

)

Florida

Commercial

(40

)

(315

)

Real estate mortgage - 1 to 4 family

Installment

Total net (recoveries) chargeoffs

(26

)

(300

)

Total

Commercial

(21

)

(318

)

Real estate mortgage - 1 to 4 family

(43

)

(33

)

(194

)

(121

)

Installment

112

Total net (recoveries) chargeoffs

(39

)

(14

)

(176

)

(258

)

Asset Quality Ratios

Total nonperforming loans (1)

21,465

20,672

18,477

17,910

18,760

Total nonperforming assets (1)

22,829

22,066

19,711

19,046

20,867

Total net (recoveries) chargeoffs (2)

(39

)

(14

)

(176

)

(258

)

Allowance for credit losses on loans (1)

52,994

52,205

51,891

51,265

50,606

Nonperforming loans to total loans

0.41

0.39

0.36

0.35

0.37

Nonperforming assets to total assets

0.35

0.34

0.31

0.30

0.33

Allowance for credit losses on loans to total loans

1.00

0.99

1.00

0.99

Coverage ratio (1)

246.9

252.5

280.8

286.2

269.8

Annualized net (recoveries) chargeoffs to average loans (2)

0.00

-0.01

0.00

-0.02

Allowance for credit losses on loans to annualized net chargeoffs (2)

N/A

* Includes New York, New Jersey, Vermont and Massachusetts.

(1) At period-end

(2) For the three-month period ended

Page | 8

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY -

INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)

(Unaudited)

Three months ended

March 31, 2026

March 31, 2025

Average

Interest

Average

Interest

Average

Balance

Rate

Balance

Rate

Assets

Securities available for sale:

U. S. government sponsored enterprises

27,264

149

2.19

74,680

596

3.19

Mortgage backed securities and collateralized mortgage obligations - residential

220,628

1,469

2.64

239,509

1,483

2.46

State and political subdivisions

6.77

Corporate bonds

63,528

694

4.37

40,019

260

2.60

Small Business Administration - guaranteed participation securities

11,740

2.14

15,003

2.15

Other

707

4.53

699

4.01

Total securities available for sale

323,876

2,383

2.94

369,928

2,427

2.62

Federal funds sold and other short-term Investments

669,961

6,105

3.70

613,646

6,732

4.45

Held to maturity securities:

Mortgage backed securities and collateralized mortgage obligations - residential

4,215

4.47

5,233

4.34

Total held to maturity securities

4,215

4.47

5,233

4.34

Federal Home Loan Bank stock

6,601

126

7.64

6,507

151

9.28

Commercial loans

315,065

4,405

5.59

297,926

4,165

5.59

Residential mortgage loans

4,478,837

45,767

4.09

4,385,646

42,614

3.89

Home equity lines of credit

464,778

7,173

6.26

413,981

6,435

6.30

Installment loans

10,741

220

8.31

12,967

236

7.37

Loans, net of unearned income

5,269,421

57,565

4.38

5,110,520

53,450

4.19

Total interest earning assets

6,274,074

66,226

4.23

6,105,834

62,817

4.13

Allowance for credit losses on loans

(52,583

)

(50,475

)

Cash & non-interest earning assets

222,763

201,154

Total assets

6,444,254

6,256,513

Liabilities and shareholders’ equity

Deposits:

Interest bearing checking accounts

1,060,232

533

0.20

1,038,218

558

0.22

Money market accounts

450,548

1,552

1.40

469,070

1,989

1.72

Savings

1,066,835

675

0.26

1,089,358

734

0.27

Time deposits

2,191,810

18,357

3.40

2,054,494

18,984

3.75

Total interest bearing deposits

4,769,425

21,117

1.80

4,651,140

22,265

1.94

Short-term borrowings

116,476

401

1.40

83,207

180

0.88

Total interest bearing liabilities

4,885,901

21,518

1.79

4,734,347

22,445

1.92

Demand deposits

801,238

761,800

Other liabilities

73,700

78,748

Shareholders’ equity

683,415

681,618

Total liabilities and shareholders’ equity

6,444,254

6,256,513

Net interest income

44,708

40,372

Net interest spread

2.44

2.21

Net interest margin (net interest income to total interest earning assets)

2.84

2.64

Page | 9

Non-GAAP Financial Measures Reconciliation

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and

tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible

assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to

many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measure 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 as determined under GAAP by the sum of net interest income and total non-interest income as determined under GAAP. We calculate the adjusted efficiency ratio by dividing total noninterest

expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities (if applicable). 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 these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our

management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and 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. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and adjusted

efficiency ratio to the most directly comparable GAAP measures is set forth below.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)

(Unaudited)

3/31/2026

12/31/2025

3/31/2025

Tangible Equity to Tangible Assets

Equity (GAAP)

670,920

686,589

687,808

Less: Intangible assets

553

Tangible equity (Non-GAAP)

670,367

686,036

687,255

Total Assets (GAAP)

6,507,879

6,440,700

6,338,545

Less: Intangible assets

553

Tangible assets (Non-GAAP)

6,507,326

6,440,147

6,337,992

Consolidated Equity to Assets (GAAP)

10.31

10.66

10.85

Consolidated Tangible Equity to Tangible Assets (Non-GAAP)

10.30

10.65

10.84

Three months ended

Efficiency and Adjusted Efficiency Ratios

3/31/2026

12/31/2025

3/31/2025

Net interest income (GAAP)

44,708

43,735

40,373

Non-interest income (GAAP)

4,841

4,430

4,974

Revenue used for efficiency ratio (Non-GAAP)

49,549

48,165

45,347

Total noninterest expense (GAAP)

26,982

26,710

26,329

Less: Other real estate expense, net

161

Expense used for efficiency ratio (Non-GAAP)

26,932

26,549

26,301

Efficiency Ratio (GAAP)

D/(A+B)

54.46

55.46

58.06

Adjusted Efficiency Ratio (Non-GAAP)

F/C

54.35

55.12

58.00

Page | 10

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