Form 8-K

8-K — TRUSTCO BANK CORP N Y

Accession: 0001140361-26-029118

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000357301

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20078312_8k.htm (Primary)

EX-99.A — EXHIBIT 99.A (ef20078312_ex99-a.htm)

GRAPHIC (image1.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20078312_8k.htm · Sequence: 1

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): July 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 July 21, 2026 TrustCo Bank Corp NY (“TrustCo”) issued a press release with results for the quarter ending June 30, 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 July 21, 2026 for the period ending June 30, 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: July 21, 2026

TrustCo Bank Corp NY

(Registrant)

By:

/s/ Michael M. Ozimek

Michael M. Ozimek

Executive Vice President and

Chief Financial Officer

-3-

0000357301

false

0000357301

2026-07-21

EX-99.A — EXHIBIT 99.A

EX-99.A

Filename: ef20078312_ex99-a.htm · Sequence: 5

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

FOR IMMEDIATE RELEASE:

TrustCo Reports 12.8% Increase in Net Income for the Second Quarter of 2026

to $17 Million

Executive Snapshot:

Financial results:

●

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

■

Diluted earnings per share of $0.98 increased 24.1% compared to $0.79

■

Net interest income of $45.6 million, up 9.2% from $41.7 million

■

Net interest margin of 2.87%, up 16 basis points from 2.71%

■

Net income of $17.0 million increased 12.8% compared to $15.0 million

■

Average loans increased $197.5 million, or 3.8%

■

Average deposits increased $208.6 million, or 3.8%

●

Capital position and Stock Repurchase Program:

■

Book value per share as of June 30, 2026 was $38.53, up from $36.75 as of June 30, 2025

■

Purchased 10.5% of TrustCo outstanding common stock under the 2026 and 2025 Stock Repurchase Programs through the acquisition of over one million shares in the first half of 2026, following the purchase of one million shares in 2025, reinforcing a disciplined long-term capital allocation strategy

■

On pace to complete the repurchase of a total of three million shares, or 15.8%, of TrustCo common stock by the end of 2026

Glenville, New York – July 21, 2026

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced financial results for the second quarter of 2026 highlighted by a continued increase in net interest income and sustained loan and deposit growth across core lending and deposit categories. For the three months ended June 30, 2026, net interest income increased 9.2% year over year to $45.6 million. This was driven by the ongoing asset repricing across our loan portfolio at higher yields and effective execution of deposit growth and pricing strategies. For the three months ended June 30, 2026, net interest margin expanded to 2.87% from 2.71% in the prior year period. This resulted in second quarter 2026 net income of $17.0 million, or $0.98 diluted earnings per share, compared to net income of $15.0 million, or $0.79 diluted earnings per share, for the second quarter 2025; and net income of $33.3 million, or $1.89 diluted earnings per share, for the six months ended June 30, 2026, compared to net income of $29.3 million, or $1.54 diluted earnings per share, for the six months ended June 30, 2025.

During the second quarter of 2026, TrustCo recognized an $844 thousand unrealized gain on equity securities resulting from the conversion of Visa Class B-2 shares into a combination of Visa Class B‑3 and Visa Class C shares and the fair-value recognition of the Class C shares received. The Company had not sold the resulting Class C shares as of June 30, 2026. The Company originally obtained the Visa Class B shares in 2008. The strategic decision to retain the Class C shares and not sell them sooner, allowed the Company to avoid commissions and other expenses thus recognizing the full market value.

Page | 1

Overview

Chairman, President, and CEO, Robert J. McCormick, said “We are very pleased to report another quarter of stellar results. As expected, we have seen favorable repricing in our loan portfolio that has contributed to improving net interest margin. We also have seen steady growth in loans and deposits – each of which is up 3.8% year over year. This kind of symmetry in loan and deposit growth represents the ongoing realization of one of our long-time business goals. We take the deposits that we gather and lend those funds right back out into the communities that we serve. We also are realizing success on our long-term capital allocation strategy which has seen the company repurchase two million shares over the past year and a half, and we are on pace to purchase another million shares by the end of this year, which would bring the total for 2025-2026 to nearly 16% of TrustCo’s outstanding shares. We also are pleased to announce that we have moved into the building that we repurposed into our regional corporate headquarters in historic Longwood, Florida, which speaks volumes about our commitment to that great state.”

Details

We have continued to see meaningful net income and net interest income improvement. Management expects these improvements to remain sustainable. The loan and investment portfolios of TrustCo Bank (the “Bank”) 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, driven by deposit growth while decreasing funding costs which underscores the Bank's disciplined relationship banking strategy and the value customers place on stability and service. We believe that these factors position the Bank to generate continued net income and net interest income growth in the coming quarters and deliver long-term value to shareholders. Net interest income was $45.6 million for the second quarter of 2026, an increase of $3.8 million, or 9.2%, compared to the second quarter of 2025, driven by loan growth at higher interest rates and a decrease in interest expense. The net interest margin for the second quarter of 2026 was 2.87%, up 16 basis points from 2.71% in the second quarter of 2025. The yield on interest-earning assets increased to 4.27% in the second quarter of 2026, up 8 basis points from 4.19% in the second quarter of 2025. The cost of interest bearing liabilities decreased to 1.79% in the second quarter of 2026, down from 1.91% in the second quarter of 2025.

Average loans were up $197.5 million, or 3.8%, in the second quarter of 2026 over the same period in 2025. Average residential loans and Home Equity Credit Lines (HECLs), our primary lending focus, were up $142.0 million, or 3.2%, and $44.8 million, or 10.4%, respectively, in the second quarter of 2026 over the same period in 2025. Average commercial loans also increased $13.4 million, or 4.4%, in the second quarter of 2026 over the same period in 2025. Loan growth in the second quarter of 2026 remained steady, driven by continued strength in core relationship lending. Credit quality metrics were stable. 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 strong underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. The consistent growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $208.6 million, or 3.8%, for the second quarter of 2026 compared to the second 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 second 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 six months ended June 30, 2026, TrustCo repurchased one million shares, or 5.6%, of TrustCo’s outstanding common stock under its previously announced stock repurchase program, which authorizes TrustCo to repurchase up to two million shares, or 11.1%, of TrustCo’s outstanding 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 June 30, 2026, our equity to asset ratio was 10.05%, compared to 10.91% as of June 30, 2025. Book value per share as of June 30, 2026 was $38.53, up 4.8% compared to $36.75 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 $650 thousand in the second quarter of 2026, flat compared to the same period in 2025. For the three months ended June 30, 2026, the provision for credit losses was the result of a provision for credit losses on loans of $1.0 million and a benefit for credit losses on unfunded commitments of $350 thousand. The ratio of allowance for credit losses on loans to total loans was 1.01% and 0.99% as of June 30, 2026 and June 30, 2025, respectively. The allowance for credit losses on loans was $54.1 million as of June 30, 2026, compared to $51.3 million as of June 30, 2025. Nonperforming loans (NPLs) were $21.8 million as of June 30, 2026, compared to $17.9 million as of June 30, 2025. NPLs were 0.40% and 0.35% of total loans as of June 30, 2026 and June 30, 2025, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 248.6% as of June 30, 2026, compared to 286.2% as of June 30, 2025. Nonperforming assets (NPAs) were $23.0 million as of June 30, 2026, compared to $19.0 million as of June 30, 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 second quarter

2026 results will be held at 9:00 a.m. Eastern Time

on July 22, 2026. Those wishing to participate in the call

may dial toll-free for North America 1-833-461-5787,

Meeting ID 562 250 806. The call will also be audio webcast at https://events.q4inc.com/attendee/562250806. The webcast replay will be available for one year

at the same link.

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 132 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of June 30, 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 income, net interest income and shareholder value for future quarters; the anticipated impact of our focus on underwriting within our loan portfolio and conservative lending standards; the expected 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 TrustCo’s actual results to differ materially 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 to 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 Community Reinvestment Act 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, our Quarterly Report on Form 10-Q for the first quarter of 2026, our upcoming quarterly report on Form 10-Q for the second 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

6/30/2026

3/31/2026

6/30/2025

Summary of operations

Net interest income

$ 45,590

$ 44,708

$ 41,746

Provision for credit losses

650

950

650

Net gains on equity securities

844

Noninterest income, excluding net gains on equity securities

5,068

4,841

4,852

Noninterest expense

28,333

26,982

26,223

Net income

16,965

16,285

15,039

Per share

Net income per share:

- Basic

$ 0.98

$ 0.91

$ 0.79

- Diluted

0.98

0.91

0.79

Cash dividends

0.38

0.36

Book value at period end

38.53

38.32

36.75

Market price at period end

54.91

43.78

33.42

At period end

Full time equivalent employees

742

740

733

Full service banking offices

132

133

136

Performance ratios

Return on average assets

1.04

1.02

0.96

Return on average equity

10.22

9.66

8.73

Efficiency ratio (GAAP)

55.01

54.46

56.27

Adjusted Efficiency ratio (1)

55.71

54.35

55.15

Net interest spread

2.48

2.44

2.28

Net interest margin

2.87

2.84

2.71

Dividend payout ratio

38.36

41.40

45.27

Capital ratios at period end

Consolidated equity to assets (GAAP)

10.05

10.31

10.91

Consolidated tangible equity to tangible assets (1)

10.05

10.30

10.91

Asset quality analysis at period end

Nonperforming loans to total loans

0.40

0.41

0.35

Nonperforming assets to total assets

0.35

0.30

Allowance for credit losses on loans to total loans

1.01

1.00

0.99

Coverage ratio (2)

2.5

2.9

(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

FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)

(Unaudited)

Six Months Ended

06/30/26

06/30/25

Summary of operations

Net interest income

$ 90,298

$ 82,119

Provision for credit losses

1,600

950

Net gains on equity securities

844

Noninterest income, excluding net gains on equity securities

9,909

9,826

Noninterest expense

55,315

52,552

Net income

33,250

29,314

Per share

Net income per share:

- Basic

$ 1.89

$ 1.54

- Diluted

1.89

1.54

Cash dividends

0.76

0.72

Book value at period end

38.53

36.75

Market price at period end

54.91

33.42

Performance ratios

Return on average assets

1.03

0.94

Return on average equity

9.94

8.61

Efficiency ratio (GAAP)

54.74

57.16

Adjusted Efficiency ratio (1)

55.04

56.56

Net interest spread

2.47

2.24

Net interest margin

2.86

2.68

Dividend payout ratio

39.85

46.58

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

Page | 6

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

Three months ended

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

Interest and dividend income:

Interest and fees on loans

$ 58,757

$ 57,565

$ 56,886

$ 55,953

$ 54,557

Interest and dividends on securities available for sale:

U. S. government sponsored enterprises

111

149

350

599

614

State and political subdivisions

Mortgage-backed securities and collateralized mortgage obligations - residential

1,486

1,469

1,490

1,583

1,613

Corporate bonds

776

694

536

265

210

Small Business Administration - guaranteed participation securities

Other securities

Total interest and dividends on securities available for sale

2,439

2,383

2,452

2,527

2,520

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

123

126

125

129

Interest on federal funds sold and other short-term investments

6,344

6,105

6,580

7,376

7,212

Total interest income

67,707

66,226

66,094

66,033

64,472

Interest expense:

Interest on deposits:

Interest-bearing checking

551

533

501

483

536

Savings

703

675

715

741

733

Money market deposit accounts

1,631

1,552

1,810

2,065

2,086

Time deposits

18,863

18,357

18,993

19,427

19,195

Interest on short-term borrowings

369

401

340

198

176

Total interest expense

22,117

21,518

22,359

22,914

22,726

Net interest income

45,590

44,708

43,735

43,119

41,746

Less: Provision for credit losses

650

950

400

250

650

Net interest income after provision for credit losses

44,940

43,758

43,335

42,869

41,096

Noninterest income:

Trustco Financial Services income

1,980

2,135

1,950

1,967

1,818

Fees for services to customers

2,487

2,340

2,192

2,429

2,266

Net gains on equity securities

844

Other

601

366

288

293

768

Total noninterest income

5,912

4,841

4,430

4,689

4,852

Noninterest expenses:

Salaries and employee benefits

13,047

12,219

12,242

12,727

11,876

Net occupancy expense

4,381

4,542

4,592

4,470

4,518

Equipment expense

2,082

2,022

2,219

1,938

1,918

Professional services

1,968

1,526

1,083

1,571

1,886

Outsourced services

2,704

2,700

2,100

2,492

2,460

Advertising expense

586

394

629

290

304

FDIC and other insurance

1,101

1,153

1,135

1,052

1,136

Other real estate expense, net

112

161

522

Other

2,352

2,376

2,549

1,694

1,603

Total noninterest expenses

28,333

26,982

26,710

26,242

26,223

Income before taxes

22,519

21,617

21,055

21,316

19,725

Income taxes

5,554

5,332

5,490

5,058

4,686

Net income

$ 16,965

$ 16,285

$ 15,565

$ 16,258

$ 15,039

Net income per common share:

- Basic

$ 0.98

$ 0.91

$ 0.85

$ 0.87

$ 0.79

- Diluted

0.98

0.91

0.85

0.86

0.79

Weighted average basic shares (in thousands)

17,304

17,813

18,275

18,755

18,965

Weighted average diluted shares (in thousands)

17,386

17,876

18,327

18,805

18,994

Page | 7

CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)

(Unaudited)

Six Months Ended

06/30/26

06/30/25

Interest and dividend income:

Interest and fees on loans

$ 116,322

$ 108,007

Interest and dividends on securities available for sale:

U. S. government sponsored enterprises

260

1,210

State and political subdivisions

Mortgage-backed securities and collateralized mortgage obligations - residential

2,955

3,096

Corporate bonds

1,470

470

Small Business Administration - guaranteed participation securities

122

156

Other securities

Total interest and dividends on securities available for sale

4,822

4,947

Interest on held to maturity securities:

Mortgage-backed securities-residential

111

Total interest on held to maturity securities

111

Federal Home Loan Bank stock

249

280

Interest on federal funds sold and other short-term investments

12,449

13,944

Total interest income

133,933

127,289

Interest expense:

Interest on deposits:

Interest-bearing checking

1,084

1,094

Savings

1,378

1,467

Money market deposit accounts

3,183

4,075

Time deposits

37,220

38,178

Interest on short-term borrowings

770

356

Total interest expense

43,635

45,170

Net interest income

90,298

82,119

Less: Provision for credit losses

1,600

950

Net interest income after provision for credit losses

88,698

81,169

Noninterest income:

Trustco Financial Services income

4,115

3,938

Fees for services to customers

4,827

4,911

Net gains on equity securities

844

Other

967

977

Total noninterest income

10,753

9,826

Noninterest expenses:

Salaries and employee benefits

25,266

23,770

Net occupancy expense

8,923

9,072

Equipment expense

4,104

3,862

Professional services

3,494

3,612

Outsourced services

5,404

5,160

Advertising expense

980

665

FDIC and other insurance

2,254

2,324

Other real estate expense, net

162

550

Other

4,728

3,537

Total noninterest expenses

55,315

52,552

Income before taxes

44,136

38,443

Income taxes

10,886

9,129

Net income

$ 33,250

$ 29,314

Net income per common share:

- Basic

$ 1.89

$ 1.54

- Diluted

1.89

1.54

Weighted average basic shares (in thousands)

17,557

18,992

Weighted average diluted shares (in thousands)

17,630

19,019

Page | 8

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

(Unaudited)

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

ASSETS:

Cash and due from banks

$ 44,503

$ 43,165

$ 50,569

$ 42,026

$ 45,218

Federal funds sold and other short term investments

652,136

724,943

679,858

653,530

668,373

Total cash and cash equivalents

696,639

768,108

730,427

695,556

713,591

Securities available for sale:

U. S. government sponsored enterprises

14,956

14,887

31,772

51,557

71,241

States and political subdivisions

Mortgage-backed securities and collateralized mortgage obligations - residential

203,601

205,209

206,290

215,466

221,721

Small Business Administration - guaranteed participation securities

10,153

10,796

11,710

12,330

12,945

Corporate bonds

73,804

69,137

59,932

39,800

29,943

Other securities

718

708

705

701

698

Total securities available for sale

303,241

300,746

310,418

319,872

336,566

Held to maturity securities:

Mortgage-backed securities and collateralized mortgage obligations-residential

3,842

4,097

4,339

4,593

4,836

Total held to maturity securities

3,842

4,097

4,339

4,593

4,836

Federal Reserve Bank and Federal Home Loan Bank stock

6,756

6,601

Loans:

Commercial

322,439

316,763

313,443

311,491

314,273

Residential mortgage loans

4,560,717

4,497,911

4,463,260

4,420,813

4,394,317

Home equity line of credit

484,197

464,887

464,201

447,235

435,433

Installment loans

9,882

10,617

11,556

12,231

12,678

Loans, net of deferred net costs

5,377,235

5,290,178

5,252,460

5,191,770

5,156,701

Less: Allowance for credit losses on loans

54,082

52,994

52,205

51,891

51,265

Net loans

5,323,153

5,237,184

5,200,255

5,139,879

5,105,436

Bank premises and equipment, net

42,273

41,071

40,707

39,718

38,129

Operating lease right-of-use assets

33,872

33,305

33,638

35,291

36,322

Other assets

115,137

116,767

114,315

107,514

106,894

Total assets

$ 6,524,913

$ 6,507,879

$ 6,440,700

$ 6,349,024

$ 6,348,375

LIABILITIES:

Deposits:

Demand

$ 824,717

$ 811,637

$ 814,908

$ 795,508

$ 784,351

Interest-bearing checking

1,089,746

1,078,520

1,077,141

1,025,582

1,045,043

Savings accounts

1,076,934

1,070,319

1,069,564

1,063,763

1,082,489

Money market deposit accounts

438,799

442,760

457,389

455,488

467,087

Time deposits

2,251,370

2,249,117

2,138,415

2,140,932

2,111,344

Total deposits

5,681,566

5,652,353

5,557,417

5,481,273

5,490,314

Short-term borrowings

108,382

112,930

120,054

97,749

82,370

Operating lease liabilities

36,361

35,920

36,391

38,180

39,350

Accrued expenses and other liabilities

42,595

35,756

40,249

39,809

43,536

Total liabilities

5,868,904

5,836,959

5,754,111

5,657,011

5,655,570

SHAREHOLDERS' EQUITY:

Capital stock

20,119

20,103

20,097

Surplus

261,283

260,808

260,333

259,980

259,490

Undivided profits

499,997

489,540

479,996

471,314

462,158

Accumulated other comprehensive income, net of tax

6,967

8,241

10,024

2,955

1,663

Treasury stock at cost

(132,357 )

(107,788 )

(83,883 )

(62,339 )

(50,603 )

Total shareholders' equity

656,009

670,920

686,589

692,013

692,805

Total liabilities and shareholders' equity

$ 6,524,913

$ 6,507,879

$ 6,440,700

$ 6,349,024

$ 6,348,375

Outstanding shares (in thousands)

17,028

17,507

18,029

18,554

18,851

Page | 9

NONPERFORMING ASSETS

(dollars in thousands)

(Unaudited)

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

Nonperforming Assets

New York and other states*

Loans in nonaccrual status:

Commercial

$ 1,964

$ 1,968

$ 1,990

$ 292

$ 684

Real estate mortgage - 1 to 4 family

15,343

15,212

14,584

14,568

14,048

Installment

Total nonperforming loans

17,344

17,223

16,603

14,890

14,766

Other real estate owned

1,234

1,364

1,394

1,234

1,136

Total nonperforming assets

$ 18,578

$ 18,587

$ 17,997

$ 16,124

$ 15,902

Florida

Loans in nonaccrual status:

Commercial

Real estate mortgage - 1 to 4 family

4,392

4,222

4,047

3,574

3,132

Installment

Total nonperforming loans

4,408

4,242

4,069

3,587

3,144

Other real estate owned

Total nonperforming assets

$ 4,408

$ 4,242

$ 4,069

$ 3,587

$ 3,144

Total

Loans in nonaccrual status:

Commercial

$ 1,964

$ 1,968

$ 1,990

$ 292

$ 684

Real estate mortgage - 1 to 4 family

19,735

19,434

18,631

18,142

17,180

Installment

Total nonperforming loans

21,752

21,465

20,672

18,477

17,910

Other real estate owned

1,234

1,364

1,394

1,234

1,136

Total nonperforming assets

$ 22,986

$ 22,829

$ 22,066

$ 19,711

$ 19,046

Quarterly Net (Recoveries) Chargeoffs

New York and other states*

Commercial

$ 19

Real estate mortgage - 1 to 4 family

(72 )

(43 )

(33 )

(194 )

(121 )

Installment

(21 )

(13 )

(2 )

Total net chargeoffs (recoveries)

$ (93 )

$ (13 )

$ (46 )

$ (196 )

$ (103 )

Florida

Commercial

$ (40 )

Real estate mortgage - 1 to 4 family

Installment

Total net (recoveries) chargeoffs

$ 5

$ (26 )

$ 32

$ 20

$ 94

Total

Commercial

$ (21 )

Real estate mortgage - 1 to 4 family

(72 )

(43 )

(33 )

(194 )

(121 )

Installment

(16 )

112

Total net (recoveries) chargeoffs

$ (88 )

$ (39 )

$ (14 )

$ (176 )

$ (9 )

Asset Quality Ratios

Total nonperforming loans (1)

$ 21,752

$ 21,465

$ 20,672

$ 18,477

$ 17,910

Total nonperforming assets (1)

22,986

22,829

22,066

19,711

19,046

Total net (recoveries) chargeoffs (2)

(88 )

(39 )

(14 )

(176 )

(9 )

Allowance for credit losses on loans (1)

54,082

52,994

52,205

51,891

51,265

Nonperforming loans to total loans

0.40 %

0.41 %

0.39 %

0.36 %

0.35 %

Nonperforming assets to total assets

0.35 %

0.34 %

0.31 %

0.30 %

Allowance for credit losses on loans to total loans

1.01 %

1.00 %

0.99 %

1.00 %

0.99 %

Coverage ratio (1)

248.6 %

246.9 %

252.5 %

280.8 %

286.2 %

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

(0.01 )%

0.00 %

(0.01 )%

0.00 %

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 | 10

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY -

INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)

(Unaudited)

Three months ended

June 30, 2026

June 30, 2025

Average

Interest

Average

Interest

Average

Balance

Rate

Balance

Rate

Assets

Securities available for sale:

U. S. government sponsored enterprises

$ 14,980

$ 111

2.97

$ 73,468

$ 614

3.34

Mortgage backed securities and collateralized mortgage obligations - residential

220,507

1,486

2.68

244,628

1,613

2.62

State and political subdivisions

6.77

Corporate bonds

71,842

776

4.32

25,707

210

3.26

Small Business Administration - guaranteed participation securities

11,130

2.13

14,083

2.14

Other

711

3.94

697

4.59

Total securities available for sale

319,179

2,439

3.06

358,601

2,520

2.81

Federal funds sold and other short-term Investments

687,216

6,344

3.70

648,457

7,212

4.46

Held to maturity securities:

Mortgage backed securities and collateralized mortgage obligations - residential

3,964

4.47

4,970

4.37

Total held to maturity securities

3,964

4.47

4,970

4.37

Federal Home Loan Bank stock

6,753

123

7.29

6,591

129

7.83

Commercial loans

319,748

4,505

5.64

306,373

4,261

5.56

Residential mortgage loans

4,529,147

46,665

4.12

4,387,181

43,236

3.94

Home equity lines of credit

473,705

7,385

6.25

428,933

6,830

6.39

Installment loans

9,864

202

8.19

12,523

230

7.35

Loans, net of unearned income

5,332,464

58,757

4.41

5,135,010

54,557

4.25

Total interest earning assets

6,349,576

$ 67,707

4.27

6,153,629

$ 64,472

4.19

Allowance for credit losses on loans

(53,380

)

(50,777

)

Cash & non-interest earning assets

220,854

204,006

Total assets

$ 6,517,050

$ 6,306,858

Liabilities and shareholders' equity

Deposits:

Interest bearing checking accounts

$ 1,085,204

$ 551

0.20

$ 1,039,242

$ 536

0.21

Money market accounts

442,104

1,631

1.48

470,824

2,086

1.78

Savings

1,073,370

703

0.26

1,087,467

733

0.27

Time deposits

2,252,095

18,863

3.36

2,085,329

19,195

3.69

Total interest bearing deposits

4,852,773

21,748

1.80

4,682,862

22,550

1.93

Short-term borrowings

108,910

369

1.36

81,055

176

0.87

Total interest bearing liabilities

4,961,683

$ 22,117

1.79

4,763,917

$ 22,726

1.91

Demand deposits

816,688

777,956

Other liabilities

72,604

73,903

Shareholders' equity

666,075

691,082

Total liabilities and shareholders' equity

$ 6,517,050

$ 6,306,858

Net interest income

$ 45,590

$ 41,746

Net interest spread

2.48

2.28

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

2.87

2.71

Page | 11

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY -

INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)

(Unaudited)

Six Months Ended

June 30, 2026

June 30, 2025

Average

Interest

Average

Interest

Average

Balance

Rate

Balance

Rate

Assets

Securities available for sale:

U. S. government sponsored enterprises

$ 21,088

260

2.47 %

$ 74,071

1,210

3.27 %

Mortgage backed securities and collateralized mortgage obligations - residential

220,568

2,955

2.68

242,083

3,096

2.56

State and political subdivisions

6.77

Corporate bonds

67,708

1,470

4.34

32,823

470

2.86

Small Business Administration - guaranteed participation securities

11,433

122

2.14

14,540

156

2.15

Other

710

4.23

698

4.30

Total securities available for sale

321,516

4,822

3.00

364,233

4,947

2.72

Federal funds sold and other short-term Investments

678,636

12,449

3.70

631,148

13,944

4.46

Held to maturity securities:

Mortgage backed securities and collateralized mortgage obligations - residential

4,089

4.48

5,101

111

4.35

Total held to maturity securities

4,089

4.48

5,101

111

4.35

Federal Home Loan Bank stock

6,677

249

7.46

6,549

280

8.55

Commercial loans

317,420

8,911

5.61

302,173

8,426

5.58

Residential mortgage loans

4,504,163

92,431

4.11

4,386,418

85,851

3.92

Home equity lines of credit

469,267

14,558

6.26

421,498

13,265

6.35

Installment loans

10,300

422

8.26

12,744

465

7.36

Loans, net of unearned income

5,301,150

116,322

4.40

5,122,833

108,007

4.22

Total interest earning assets

6,312,068

133,933

4.25

6,129,864

127,289

4.16

Allowance for credit losses on loans

(52,983 )

(50,627 )

Cash & non-interest earning assets

221,773

202,590

Total assets

$ 6,480,858

$ 6,281,827

Liabilities and shareholders' equity

Deposits:

Interest bearing checking accounts

$ 1,072,787

1,084

0.20 %

$ 1,038,733

1,094

0.21 %

Money market accounts

446,303

3,183

1.44

469,952

4,075

1.75

Savings

1,070,121

1,378

0.26

1,088,408

1,467

0.27

Time deposits

2,222,120

37,220

3.38

2,069,998

38,178

3.72

Total interest bearing deposits

4,811,331

42,865

1.80

4,667,091

44,814

1.94

Short-term borrowings

112,672

770

1.38

82,125

356

0.87

Total interest bearing liabilities

4,924,003

43,635

1.79

4,749,216

45,170

1.92

Demand deposits

809,007

769,923

Other liabilities

73,151

76,308

Shareholders' equity

674,697

686,380

Total liabilities and shareholders' equity

$ 6,480,858

$ 6,281,827

Net interest income

90,298

82,119

Net interest spread

2.47 %

2.24 %

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

2.86 %

2.68 %

Page | 12

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 non-interest expenses as determined under GAAP, excluding other real estate expense, net, by the sum of net interest income and total non-interest income as determined under GAAP, excluding net gains on equity securities. 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)

6/30/2026

3/31/2026

6/30/2025

Tangible Equity to Tangible Assets

Equity (GAAP)

$ 656,009

$ 670,920

$ 692,805

Less: Intangible assets

553

Tangible equity (Non-GAAP)

$ 655,456

$ 670,367

$ 692,252

Total Assets (GAAP)

$ 6,524,913

$ 6,507,879

$ 6,348,375

Less: Intangible assets

553

Tangible assets (Non-GAAP)

$ 6,524,360

$ 6,507,326

$ 6,347,822

Consolidated Equity to Assets (GAAP)

10.05 %

10.31 %

10.91

Consolidated Tangible Equity to Tangible Assets (Non-GAAP)

10.05 %

10.30 %

10.91

Three months ended

Six Months Ended

Efficiency and Adjusted Efficiency Ratios

6/30/2026

3/31/2026

6/30/2025

6/30/2026

6/30/2025

Net interest income (GAAP)

$ 45,590

$ 44,708

$ 41,746

$ 90,298

$ 82,119

Non-interest income (GAAP)

5,912

4,841

4,852

10,753

9,826

Less: Net gains on equity securities

844

Revenue used for efficiency ratio (Non-GAAP)

$ 50,658

$ 49,549

$ 46,598

$ 100,207

$ 91,945

Total noninterest expense (GAAP)

$ 28,333

$ 26,982

$ 26,223

$ 55,315

$ 52,552

Less: Other real estate expense, net

112

522

162

550

Expense used for efficiency ratio (Non-GAAP)

$ 28,221

$ 26,932

$ 25,701

$ 55,153

$ 52,002

Efficiency Ratio (GAAP)

E/(A+B)

55.01 %

54.46 %

56.27 %

54.74 %

57.16 %

Adjusted Efficiency Ratio (Non-GAAP)

G/D

55.71 %

54.35 %

55.15 %

55.04 %

56.56 %

Page | 13

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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