Annual Meeting

From the North:
Take Exit 4 on I-87 S toward NY-155 W
Turn left onto NY-155 W (0.3 mi)
Use the middle lane to turn left onto Albany Shaker Rd (0.1 mi)
Use the right 2 lanes to turn right onto Wolf Rd (0.6 mi)
Turn left onto Metro Park Rd (479 ft)
Turn Left into destination

From the South:
Take exit 4 from I-87 N
Turn right onto Wolf Rd (0.5 mi)
Turn left onto Metro Park Rd (479 ft)
Turn Left into destination

From the East and West:
Take exit 24 for I-87 N on I-90
Take exit 1N to merge onto I-87 N toward Albany Int'l Airport/Montreal (3.4 mi)
Take exit 4 from I-87 N
Turn right onto Wolf Rd (0.5 mi)
Turn left onto Metro Park Rd (479 ft)
Turn Left into destination

Dear Fellow Shareholder,

As we report our financial results for 2022, we reflect on a year during which we celebrated Trustco Bank’s 120th year. While our communities, our customers, and our shareholders celebrated the bank’s history, our team was making history of its own. We grew our core lending business by $294 million – an unprecedented level of growth. We delivered record earnings in each quarter of the year increasing net income after taxes by 22.3% or $13.7 million to $72.5 million for the year. We maintained rock-solid credit quality, holding non-performing loans as a percent of total loans and total assets to a negligible 0.37% and 0.33%, respectively. Our team accomplished all of that while achieving nearly 13% growth in our stock price year over year, in contrast to both our industry and the overall stock market, which contracted in value.

Our company is known for its very long-standing dividend payment – every quarter since 1904. While achieving the results highlighted above and detailed in this report, our company accomplished something else extraordinary. We increased our dividend for the second time in as many years and for the third time since 2018. In so doing, we continued to fulfill our mission of delivering a meaningful return to our owners.

The sense of history runs deep at TrustCo and is a key part of our sustained success. This year also saw a new generation of leaders advance in the ranks of executive management at the bank. Three new Senior Vice Presidents were named and each of these bankers already has served long and true at our venerable institution. Carly Batista started with the bank in 2004 as a floating customer service representative in Upstate New York. Michael Ewell’s tenure dates to 2001 when he was a customer service representative at our State Street Albany branch. Michelle Simmonds became a clerk in the Deposit Operations Department in 1996, working in our Erie Boulevard location in Schenectady. Carly, Michael and Michelle all have held numerous titles over the years and now have key roles in Branch Administration, Compliance, and Retail Lending, respectively. Their stories are typical of people at Trustco Bank. A great many of our leaders, both established and up-and-coming, have been with us for decades. Over time, people develop expertise and institutional knowledge that inure to the benefit of our customers and bring long-term value to our owners through our enduring corporate culture.

Well embedded in our culture is service to the community. As a company, we have supported veterans and active-duty service members, victims of natural disasters, aspiring homeowners, and residents of underserved communities. This year we also started the Home Town Commitment Pledge Program, which allows newly hired employees to direct a contribution to the community group of their choosing. Through this program, we have made 427 donations to 80 charities. Participants report that they are excited that their new employer is empowering them to direct contributions to the organizations that are important to them.

Sadly, we also lost our longest-tenured employee this year. Mary-Jean Riley was a proud member of the TrustCo team for 47 years before her retirement in 2020. She mentored many members of our family with sincerity and grace. We are diminished by her passing, but are better for her many contributions.

More and more it seems that managing the uncertainty of the economic and interest-rate environments, evolving technologies, and the challenges presented by an ever-changing labor market are as much a part of what we do as designing loan and deposit products that serve the needs of our customers. Lesser groups have faltered when faced with such challenges, but what TrustCo accomplished in 2022 plainly demonstrates that our team is better than that. We look forward to the year, and years, to come with confidence that our products and our people are the best in the business and the certainty that Trustco Bank is well positioned to grow, evolve, and thrive for another century.

Yours sincerely,
Robert J. McCormick
Chairman, President, and Chief Executive Officer
TrustCo Bank Corp NY

Annual Meeting Agenda

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