The 2023 Annual Meeting of Shareholders will be held at the following date, time, and location for shareholders as of the record date:
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.