Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Mar. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	000-10592
Entity Registrant Name	TRUSTCO BANK CORP NY
Entity Central Index Key	0000357301
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	14-1630287
Entity Address, Address Line One	5 SARNOWSKI DRIVE
Entity Address, City or Town	GLENVILLE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12302
City Area Code	518
Local Phone Number	377-3311
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	TRST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 529.8
Entity Common Stock, Shares Outstanding		19,019,749
Auditor Firm ID	173
Auditor Name	Crowe LLP
Auditor Location	Boston, Massachusetts

Consolidated Statements of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Interest and dividend income:

Interest and fees on loans

$ 205,600

$ 187,456

$ 162,214

Interest and dividends on securities available for sale:

U. S. government sponsored enterprises

3,213

2,805

1,405

State and political subdivisions

1

2

Mortgage-backed securities and collateralized mortgage obligations-residential

5,760

6,146

5,677

Corporate bonds

1,557

1,987

1,804

Small Business Administration-guaranteed participation securities

368

437

551

Other

13

10

9

Total interest and dividends on securities available for sale

10,912

11,387

9,448

Interest on held to maturity securities:

Mortgage-backed securities and collateralized mortgage obligations-residential

254

296

343

Total interest on held to maturity securities

254

296

343

Federal Home Loan Bank stock

604

500

305

Interest on federal funds sold and other short-term investments

25,946

26,567

14,292

Total interest and dividend income

243,316

226,206

186,602

Interest expense:

Interest on deposits

90,586

53,352

5,727

Interest on short-term borrowings

791

1,009

740

Total interest expense

91,377

54,361

6,467

Net interest income

151,939

171,845

180,135

Provision (Credit) for credit losses

2,000

1,250

(341)

Net interest income after provision (credit) for credit losses

149,939

170,595

180,476

Noninterest income:

Trustco Financial Services income

7,247

6,425

7,037

Fees for services to customers

9,852

10,648

10,947

Net gain on equity securities

^[1]

1,383

0

Other

1,352

1,242

1,276

Total noninterest income

19,834

18,315

19,260

Noninterest expense:

Salaries and employee benefits

48,149

51,242

45,904

Net occupancy expense

17,820

17,427

17,527

Equipment expense

7,889

7,610

6,487

Professional services

6,675

6,245

5,577

Outsourced services

10,858

10,039

9,210

Advertising expense

1,803

1,878

2,046

FDIC and other insurance expense

4,116

4,300

3,159

Other real estate expense, net

770

524

310

Other

7,647

12,032

10,099

Total noninterest expense

105,727

111,297

100,319

Income before income taxes

64,046

77,613

99,417

Income taxes

15,213

18,967

24,183

Net income

$ 48,833

$ 58,646

$ 75,234

Earnings per share:

Basic (in dollars per share)

$ 2.57

$ 3.08

$ 3.93

Diluted (in dollars per share)

$ 2.57

$ 3.08

$ 3.93

[1]	Not within the scope of ASC 606.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 48,833	$ 58,646	$ 75,234
Net unrealized holding gain (loss) on securities available for sale	2,946	11,293	(43,513)
Tax effect	(760)	(2,921)	11,268
Net unrealized gain (loss) on securities available for sale, net of tax	2,186	8,372	(32,245)
Change in overfunded position in pension and postretirement plans arising during the year	10,524	7,955	(8,266)
Tax effect	(2,734)	(2,067)	2,148
Change in overfunded position in pension and postretirement plans arising during the year, net of tax	7,790	5,888	(6,118)
Amortization of net actuarial gain	(824)	(423)	(1,008)
Amortization of prior service cost (credit)	13	13	(313)
Tax effect	211	107	343
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans, net of tax	(600)	(303)	(978)
Other comprehensive income (loss), net of tax	9,376	13,957	(39,341)
Comprehensive income	$ 58,209	$ 72,603	$ 35,893

Consolidated Statements of Condition - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 47,364	$ 49,274
Federal funds sold and other short term investments	594,448	528,730
Total cash and cash equivalents	641,812	578,004
Securities available for sale	358,185	452,289
Held to maturity securities ($5,306 and $6.396 fair value at December 31, 2024 and 2023, respectively)	5,365	6,458
Federal Home Loan Bank stock	6,507	6,203
Loans, net of deferred costs	5,098,058	5,002,879
Less: Allowance for credit losses on loans	50,248	48,578
Net loans	5,047,810	4,954,301
Bank premises and equipment, net	33,782	34,007
Operating lease right-of-use assets	36,627	40,542
Other assets	108,656	96,387
Total assets	6,238,744	6,168,191
Deposits:
Demand	762,101	754,532
Savings accounts	1,086,534	1,179,241
Interest-bearing checking	1,027,540	1,015,213
Money market deposit accounts	465,049	565,767
Time accounts	2,049,759	1,836,024
Total deposits	5,390,983	5,350,777
Short-term borrowings	84,781	88,990
Operating lease liabilities	40,159	44,471
Accrued expenses and other liabilities	46,478	38,668
Total liabilities	5,562,401	5,522,906
Commitments and contingent liabilities
SHAREHOLDERS' EQUITY:
Capital stock: $1.00 par value; 30,000,000 shares authorized, 20,097,152 and 20,158,142 shares issued and 19,019,749 and 19,024,433 shares outstanding at December 31, 2024 and 2023, respectively	20,097	20,058
Surplus	258,874	257,181
Undivided profits	446,503	425,069
Accumulated other comprehensive loss, net of tax	(3,861)	(13,237)
Treasury stock: 1,077,403 and 1,033,709 shares, at cost, at December 31, 2024 and 2023, respectively.	(45,270)	(43,786)
Total shareholders' equity	676,343	645,285
Total liabilities and shareholders' equity	$ 6,238,744	$ 6,168,191

Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Held to maturity securities, fair value	$ 5,306	$ 6,396
SHAREHOLDERS' EQUITY:
Capital stock, par value (in dollars per share)	$ 1	$ 1
Capital stock, shares authorized (in shares)	30,000,000	30,000,000
Capital stock, shares issued (in shares)	20,097,152	20,058,142
Capital stock, shares outstanding (in shares)	19,019,749	19,024,433
Treasury stock, at cost (in shares)	1,077,403	1,033,709

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Capital Stock [Member]	Surplus [Member]	Undivided Profits [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Undivided Profits [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Capital Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Surplus [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Undivided Profits [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance at Dec. 31, 2021	$ 20,046	$ 256,661	$ 349,056	$ 12,147	$ (36,782)	$ 601,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]							ASU 2016-13 [Member]				ASU 2016-13 [Member]
Net income	0	0	75,234	0	0	75,234
Change in other comprehensive income (loss), net of tax	0	0	0	(39,341)	0	(39,341)
Exercise of stock option, net of repurchases	12	417	0	0	0	429
Cash dividend declared	0	0	(26,989)	0	0	(26,989)
Purchase of treasury stock	0	0	0	0	(7,004)	(7,004)
Balance at Dec. 31, 2022	20,058	257,078	393,831	(27,194)	(43,786)	599,987	$ (3,470)	$ (3,470)	$ 20,046	$ 256,661	$ 345,586	$ 12,147	$ (36,782)	$ 597,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	58,646	0	0	58,646
Change in other comprehensive income (loss), net of tax	0	0	0	13,957	0	13,957
Cash dividend declared	0	0	(27,408)	0	0	(27,408)
Purchase of treasury stock	0	0	0	0	0	0
Sale of treasury stock	0	0	0	0	0	0
Stock based compensation expense	0	103	0	0	0	103
Balance at Dec. 31, 2023	20,058	257,181	425,069	(13,237)	(43,786)	645,285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	48,833	0	0	48,833
Change in other comprehensive income (loss), net of tax	0	0	0	9,376	0	9,376
Exercise of stock option, net of repurchases	30	982	0	0	(958)	54
Restricted stock vesting, net of repurchase	9	(9)	0	0	(152)	(152)
Cash dividend declared	0	0	(27,399)	0	0	(27,399)
Purchase of treasury stock	0	0	0	0	(374)	(374)
Stock based compensation expense	0	720	0	0	0	720
Balance at Dec. 31, 2024	$ 20,097	$ 258,874	$ 446,503	$ (3,861)	$ (45,270)	$ 676,343

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Stock options exercises (in shares)			12,458
Cash dividend declared (in dollars per share)	$ 1.44	$ 1.44	$ 1.41
Purchase of treasury stock (in shares)	14,973	0	208,014

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 48,833	$ 58,646	$ 75,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,540	4,114	4,101
Amortization of right-of-use asset	6,895	6,672	6,452
Net gain on sale of other real estate owned	(75)	(355)	(122)
Writedown of other real estate owned	350	143	68
Net gain on securities transactions	(1,383)	0	0
Provision (Credit) for credit losses	2,000	1,250	(341)
Deferred tax expense	1,986	2,156	4,114
Net amortization of securities	1,137	1,734	2,266
Stock based compensation expense	720	103	0
Net (gain) loss on sale of bank premises and equipment	(144)	101	(315)
Decrease (Increase) in taxes receivable	6,351	(79)	4,906
Decrease (Increase) in interest receivable	489	(2,192)	(2,393)
Increase in interest payable	204	3,010	439
Increase in other assets	(6,341)	(5,588)	(8,432)
Decrease in operating lease liabilities	(7,292)	(6,996)	(6,829)
Increase (Decrease) in accrued expenses and other liabilities	1,172	1,410	(522)
Total adjustments	10,609	5,483	3,392
Net cash provided by operating activities	59,442	64,129	78,626
Cash flows from investing activities:
Proceeds from paydowns and calls of securities available for sale	68,119	53,503	68,954
Purchases of securities available for sale	(42,773)	(19,678)	(203,516)
Proceeds from maturities of securities available for sale	70,608	5,008	15,057
Proceeds from paydowns of held to maturity securities	1,052	1,199	2,142
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock	(304)	(406)	(193)
Net decrease in loans	(97,989)	(269,952)	(296,343)
Proceeds from sale of securities transactions	1,383	0	0
Proceeds from dispositions of other real estate owned	325	2,399	588
Proceeds from dispositions of bank premises and equipment	713	0	470
Purchases of bank premises and equipment	(4,884)	(5,666)	(3,785)
Net cash used in investing activities	(3,750)	(233,593)	(416,626)
Cash flows from financing activities:
Net change in deposits	40,206	157,967	(75,319)
Net change in short-term borrowings	(4,209)	(33,710)	(121,986)
Proceeds from exercise of stock options and related tax benefits	95	0	429
Stock based award tax withholding payments	(193)	0	0
Purchases of treasury stock	(374)	0	(7,004)
Dividends paid	(27,409)	(27,388)	(26,991)
Net cash provided by (used in) financing activities	8,116	96,869	(230,871)
Net (decrease) increase in cash and cash equivalents	63,808	(72,595)	(568,871)
Cash and cash equivalents at beginning of period	578,004	650,599	1,219,470
Cash and cash equivalents at end of period	641,812	578,004	650,599
Cash paid during the year for:
Interest paid	91,173	51,351	6,028
Income taxes paid	8,869	19,064	19,459
Non cash investing and financing activities:
Transfer of loans to real estate owned	2,580	320	2,233
Change in dividends payable	(10)	20	(2)
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes	2,946	11,293	(43,513)
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment	(760)	(2,921)	11,268
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes	(811)	(410)	(1,321)
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans	211	107	343
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes	10,524	7,955	(8,266)
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715)	$ (2,734)	$ (2,067)	$ 2,148

Basis of Presentation

12 Months Ended

Dec. 31, 2024

Basis of Presentation [Abstract]

Basis of Presentation

(1)	Basis of Presentation

The accounting and financial reporting policies of TrustCo Bank Corp NY (the Company or TrustCo), ORE Subsidiary Corp., Trustco Bank (referred to as Trustco Bank or the Bank), and its wholly owned subsidiaries, Trustco Realty Corporation, Trustco Insurance Agency, Inc., ORE Property, Inc. and its subsidiaries ORE Property One, Inc. and ORE Property Two, Inc. conform to general practices within the banking industry and are in conformity with U.S. generally accepted accounting principles. A description of the more significant policies follows.

Consolidation

The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities Available for Sale and Held to Maturity (Debt Securities)

Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method.

A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income.

The Company measures expected credit losses on securities held to maturity debt on a collective basis. Accrued interest receivable on held to maturity debt securities is excluded from the estimate of credit losses and was not material as of December 31, 2024 and 2023. The estimate of expected credit losses considers nature of the issuers, historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Based on the nature of the issuer, there is no allowance for credit losses on held to maturity securities for the periods ended December 31, 2024 and 2023.

The Company evaluates securities available for sale in an unrealized loss position by first assessing whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Equity Securities

Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment. Restrictions on the sale of equity securities held are not considered in the fair value measurement unless the restriction is a characteristic of the actual securities.

Federal Reserve Bank of New York (Reserve Bank) stock

The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income.

Loans

Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

Interest income from mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured.

Allowance for Credit Losses on Loans

The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses.

During the year ended December 31, 2024, the Company enhanced its ACLL calculation as follows:

•	Continued to use a Discounted Cash Flow Methodology using the probability of default and loss given default approach, now incorporating peer data.

•	Reasonable and supportable forecast period, which is now based on four quarters.

•	Reversion period - which is the period after the forecast period when the ACLL factors revert to historical averages, using a four-quarter straight line reversion.

•

Qualitative considerations, which are adjustments to the ACLL quantitative reserves to account for changes in various internal and external factors that affect the credit quality of the loan portfolio, were allocated utilizing a weighted scorecard framework. The qualitative factors utilized continued to be based on regulatory (interagency) guidelines.

The enhancement did not have a material impact on the Company’s financial statements. The rationale for the enhancement was part of an ongoing effort related model governance and alignment with regulatory expectations under CECL. The estimate of expected credit losses are based on relevant information about current conditions, past events, and reasonable and supportable forecasts regarding collectability of the reported amounts. In order to estimate the expected credit losses for loans, the Company utilized a discounted cash flow model which calculated a historical loss rate for each of the identified loan segments. The historical loss rates were then adjusted with qualitative factors. The Company uses the regulatory interagency qualitative framework under a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in the Company’s portfolio and the economic environment, weighting is assigned based on the Company’s evaluation and understanding of the underlying risks and economic conditions within each portfolio segment. The determination of qualitative factors involves significant judgement and subjective measurement.

The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses the Discounted Cash Flow Methodology using the probability of default and loss given default approach, incorporating peer data. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing an four-quarter reasonable and supportable forecast period, followed by a four-quarter straight-line reversion to historical averages. As part of its economic forecast methodology, management evaluates various economic indicators for key metropolitan areas in New York and Florida. Management utilizes the regulatory interagency qualitative framework, with a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in our portfolio and the economic environment, weighting is assigned based on our evaluation and understanding of the underlying risks and economic conditions within each portfolio segment to make adjustments to historical loss information (“qualitative factors”). The determination of qualitative factors involves significant judgement and subjective measurement.

The ACLL is measured on a collective (pool) basis when similar risk characteristics exist. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on geographic territory (New York and Florida). Risk characteristics relevant to each portfolio segment are as follows:

Commercial: Commercial real estate loans and other commercial loans are made based primarily on the identified cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. Commercial real estate collateral is generally located within the Bank’s geographic territories; while collateral for non‑real estate secured commercial loans is typically accounts receivable, inventory, and/or equipment. Repayment is primarily dependent upon the borrower’s ability to service the debt based upon cash flows generated from the underlying business. Additional support involves liquidation of the pledged collateral and enforcement of a personal guarantee, if a guarantee is obtained.

Residential real estate: Residential real estate loans, including first mortgages, home equity loans and home equity lines of credit, are collateralized by first or second liens on one‑to‑four family residences generally located within the Bank’s market areas. Proof of ownership title, clear mortgage title, and hazard insurance coverage are normally required.

Installment: The Company’s installment loans are primarily made up of installment loans, personal lines of credit, as well as secured and unsecured credit cards. The installment loans represent a relatively small portion of the loan portfolio and are primarily used for personal expenses and are secured by automobiles, equipment and other forms of collateral, while personal lines of credit are unsecured as are most credit card loans.

Loans that do not share risk characteristics are evaluated on an individual basis, which the Company has determined are non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as loan modifications. Loans evaluated individually are not also included in the collective evaluation. Estimates of specific allowance may be determined by the present value of anticipated future cash flows or the loan’s observable fair market value, or the fair value of the collateral less costs to sell, if the loan is collateral dependent. However, for collateral dependent loans, the amount of the amortized cost in a loan that exceeds the fair value of the collateral is charged-off against the allowance for credit losses on loans in lieu of an allocation of a specific allowance amount when such an amount has been identified.

A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered a loan modification. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the near future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there was no modification of terms, the borrowers’ debt to the Company was discharged and they may not reaffirm the debt.

Loan modifications that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as loan modifications, and a charge-off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis.

The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The allowance for unfunded commitments is recorded as a separate liability and is included with Accrued expenses and other liabilities on the consolidated statements of condition. Changes in the reserve are recorded through the provision for credit losses on the consolidated statements of income.

Prior to the adoption of CECL, the Company calculated the allowance for loan losses under the incurred loss methodology.

The impact of the January 1, 2022 adoption entry is summarized in the table below:

(in thousands)	December 31, 2021 Pre-CECL Adoption		Impact of Adoption			January 1, 2022 Post-CECL Adoption
Assets:
Allowance for credit losses on loans	$	44,267	$	2,353		$	46,620
Allowance for credit losses on securities		-		-			-
Liabilities and shareholders' equity:
Other liabilities (ACL unfunded loan commitments)		18		2,335			2,353
Tax Effect, net (included in other assets)		-		(1,218	)		-
Total		44,285		3,470			48,973

Undivided Profits	$	349,056	$	(3,470	)	$	345,586

Bank Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight‑line or accelerated methods over the remaining useful lives of the assets; generally 20 to 40 years for buildings, 3 to 7 years for furniture and equipment, and the shorter of the estimated life of the asset or the lease term for leasehold improvements.

Other Real Estate Owned

Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At December 31, 2024 and 2023, there were $2.2 million and $194 thousand, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition.

Income Taxes

Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no benefit is recorded.

Dividend Restrictions

The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices with the Bank’s and the Company’s regulators. The Bank’s primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation, or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution.

Benefit Plans

The Company has a defined benefit pension plan covering substantially all of its employees who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee’s compensation.

The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums.

Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements.

The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income (loss).

Stock-Based Compensation Plans

The Company has stock-based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company’s common stock at the date of grant is used.

Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement.

Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards.

Compensation costs for liability based awards are re‑measured at each reporting date and recognized over the vesting period. For awards with performance based conditions, compensation cost is recognized over the performance period based on the Company’s expectation of the likelihood of meeting the specific performance criteria.

Earnings Per Share

Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share‑based payment awards that contain rights to non‑forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. At December 31, 2024, 2023, and 2022, the Company did not have any unvested awards that would be considered participating securities.

Segment Reporting

The Company’s reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. Consolidated net income of the company is the primary performance metric utilized by the CODM. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar.

Cash and Cash Equivalents

The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes.

Trust Assets

Assets under management with the Trustco Financial Services Department are not included in the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity.

Comprehensive Income

Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax.

Fair Value of Financial Instruments

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 implements a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, expands certain annual disclosures to interim periods, clarifies that single reportable segment entities must apply Topic 280 in its entirety and permits more than one measure of segment profit or loss to be reported under certain conditions. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has evaluated the requirements of the expanded segment disclosures and has determined that they did not have a material impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

(2)	Cash and Cash Equivalents

Cash and Cash Equivalents includes cash on hand, due from banks, and Federal fund sold and short-term investments with original maturities of 90 days or less. The Federal Reserve Bank requires the bank to maintain certain reserve requirements. As of December 31, 2024 and 2023 this reserve requirement was zero.

Investment Securities

12 Months Ended

Dec. 31, 2024

Investment Securities [Abstract]

Investment Securities

(3)	Investment Securities

(a)	Debt securities available for sale

The amortized cost and fair value of the securities available for sale are as follows:

(dollars in thousands)	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. government sponsored enterprises	$	86,833	$	4	$	1,220	$	85,617
State and political subdivisions		18		-		-		18
Mortgage backed securities and collateralized mortgage obligations - residential		239,420		114		26,406		213,128
Corporate bonds		45,033		-		452		44,581
Small Business Administration - guaranteed participation securities		15,471		-		1,330		14,141
Other		688		12		-		700
Total securities available for sale	$	387,463	$	130	$	29,408	$	358,185

(dollars in thousands)	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. government sponsored enterprises	$	121,728	$	5	$	3,065	$	118,668
State and political subdivisions		26		-		-		26
Mortgage backed securities and collateralized mortgage obligations - residential		263,182		270		25,775		237,677
Corporate bonds		80,150		-		2,098		78,052
Small Business Administration - guaranteed participation securities		18,740		-		1,554		17,186
Other		687		11		18		680
Total securities available for sale	$	484,513	$	286	$	32,510	$	452,289

The following table categorizes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity are shown separately:

(dollars in thousands)	Amortized Cost		Fair Value

Due in one year or less	$	70,130	$	69,623
Due in after one year through five years		50,442		49,332
Due after five years through ten years		12,000		11,961
Mortgage backed securities and collateralized mortgage obligations - residential		239,420		213,128
Small Business Administration - guaranteed participation securities		15,471		14,141
	$	387,463	$	358,185

Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

(dollars in thousands)	December 31, 2024
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss
U.S. government sponsored enterprises	$	11,961	$	38	$	68,651	$	1,182	$	80,612	$	1,220
Mortgage backed securities and collateralized mortgage obligations - residential		12,346		280		194,636		26,126		206,982		26,406
Corporate bonds		-		-		44,581		452		44,581		452
Small Business Administration - guaranteed participation securities		-		-		14,141		1,330		14,141		1,330

Total	$	24,307	$	318	$	322,009	$	29,090	$	346,316	$	29,408

(dollars in thousands)	December 31, 2023
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss		Fair Value		Gross Unreal. Loss
U.S. government sponsored enterprises	$	-	$	-	$	116,163	$	3,065	$	116,163	$	3,065
Mortgage backed securities and collateralized mortgage obligations - residential		-		-		227,891		25,775		227,891		25,775
Corporate bonds		-		-		78,052		2,098		78,052		2,098
Small Business Administration - guaranteed participation securities		-		-		17,186		1,554		17,186		1,554
Other		-		-		631		18		631		18

Total	$	-	$	-	$	439,923	$	32,510	$	439,923	$	32,510

The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during 2024, 2023, and 2022 are as follows:

	Years ended December 31,
(dollars in thousands)	2024		2023		2022

Proceeds from sales	$	-	$	-	$	-
Proceeds from calls/paydowns		68,119		53,503		68,954
Proceeds from maturities		70,608		5,008		15,057
Gross realized losses		-		-		-
Gross realized gains		-		-		-

The amount of securities pledged to secure short-term borrowings and for other purposes amounted to $149.5 million and $155.3 million at December 31, 2024 and 2023, respectively. There was no allowance for credit losses recorded for securities available for sale as of December 31, 2024 and 2023, respectively. All securities are performing in accordance with contractual terms.

(b)	Held to maturity securities

The amortized cost and fair value of the held to maturity securities are as follows:

	December 31, 2024
(dollars in thousands)	Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	5,365		$	45		$	104		$	5,306
Total held to maturity		$	5,365		$	45		$	104		$	5,306

	December 31, 2023
(dollars in thousands)	Amortized Cost			Gross Unrecognized Gains			Gross Unrecognized Losses			Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential		$	6,458		$	74		$	136		$	6,396
Total held to maturity		$	6,458		$	74		$	136		$	6,396

The following table categorizes the debt securities included in the held to maturity portfolio as of December 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are shown separately.

(dollars in thousands)	Amortized Cost		Fair Value
Mortgage backed securities and collateralized mortgage obligations - residential	$	5,365		5,306
	$	5,365		5,306

Gross unrealized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows:

	December 31, 2024
(dollars in thousands)	Less than 12 months						12 months or more						Total
	Fair Value			Gross Unrec. Loss			Fair Value			Gross Unrec. Loss			Fair Value			Gross Unrec. Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	592		$	7		$	2,047		$	97		$	2,639		$	104
Total		$	592		$	7		$	2,047		$	97		$	2,639		$	104

	December 31, 2023
(dollars in thousands)	Less than 12 months						12 months or more						Total
	Fair Value			Gross Unrec. Loss			Fair Value			Gross Unrec. Loss			Fair Value			Gross Unrec. Loss
Mortgage backed securities and collateralized mortgage obligations - residential		$	283		$	3		$	2,703		$	133		$	2,986		$	136
Total		$	283		$	3		$	2,703		$	133		$	2,986		$	136

There were no allowance for credit losses recorded for held to maturity securities during 2024 and 2023 and as of December 31, 2024 and 2023. As of December 31, 2024 and 2023, there were no securities on non-accrual status and all securities were performing in accordance with contractual terms. All securities were investment grade.

(c)	Equity Securities

During the year ended December 31, 2024, Visa Inc. accepted the Company’s tender of its 6,528 shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. As a result, the Company marked its Visa Class C common stock to fair value and recorded an unrealized gain of $1.4 million. The Visa Class C common stock was sold during the year, thus resulting in no remaining carrying value on the Company’s Statement of Financial Condition. The Company originally obtained the shares in 2008. The carrying value of Visa B-2 shares is nominal as of December 31, 2024.

(d)	Concentrations

The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2024 that represent greater than 10% of shareholders’ equity:

(dollars in thousands)	Amortized Cost		Fair Value
Federal National Mortgage Association	$	145,419	$	130,046
Federal Home Loan Mortgage Corporation		98,208		89,081

(e)	Securities in an unrealized loss position

As of December 31, 2024, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below.

U.S. government sponsored enterprises

In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during 2024. All securities are performing.

Mortgage backed securities and collateralized mortgage obligations – residential

At December 31, 2024, all mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during 2024. All securities are performing.

Small Business Administration (SBA) - guaranteed participation securities:

At December 31, 2024, all of the SBA securities held by the Company were issued and guaranteed by the U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during 2024. All securities are performing.

Corporate Bonds

At December 31, 2024, corporate bonds held by the Company are investment grade quality. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the securities are investment grade rated and there were no material underlying credit downgrades during 2024. All securities are performing.

Loan Portfolio and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Loan Portfolio and Allowance for Credit Losses [Abstract]

Loan Portfolio and Allowance for Credit Losses

(4)	Loan Portfolio and Allowance for Credit Losses

The following table presents loans by portfolio segment:

	December 31, 2024
(dollars in thousands)	New York and
	other states*		Florida		Total
Commercial:
Commercial real estate	$	227,771	$	39,529	$	267,300
Other		19,144		413		19,557
Real estate mortgage - 1 to 4 family:
First mortgages		2,741,334		1,590,229		4,331,563
Home equity loans		43,096		13,643		56,739
Home equity lines of credit		235,939		173,322		409,261
Installment		9,885		3,753		13,638
Total loans, net	$	3,277,169	$	1,820,889		5,098,058
Less: Allowance for credit losses on loans						50,248
Net loans					$	5,047,810

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

	December 31, 2023
(dollars in thousands)	New York and
	other states*		Florida		Total
Commercial:
Commercial real estate	$	212,754	$	39,501	$	252,255
Other		20,863		397		21,260
Real estate mortgage - 1 to 4 family:
First mortgages		2,756,914		1,550,191		4,307,105
Home equity loans		44,152		13,806		57,958
Home equity lines of credit		212,298		135,117		347,415
Installment		12,057		4,829		16,886
Total loans, net	$	3,259,038	$	1,743,841		5,002,879
Less: Allowance for credit losses on loans						48,578
Net loans					$	4,954,301

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

Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $241 thousand and $620 thousand as of December 31, 2024 and 2023, respectively.

At December 31, 2024 and 2023, the Company had approximately $29.7 million and $29.1 million, respectively, of real estate construction loans. Of the $29.7 million in real estate construction loans at December 31, 2024, approximately $10.7 million are secured by first mortgages to residential borrowers while approximately $19.0 million were to commercial borrowers for residential construction projects. Of the $29.1 million in real estate construction loans at December 31, 2023, approximately $8.0 million are secured by first mortgages to residential borrowers while approximately $21.1 million were to commercial borrowers for residential construction projects. The majority of construction loans are in the Company’s New York market.

At December 31, 2024 and 2023, loans to executive officers, directors, and to associates of such persons aggregated $27.6 million and $29.3 million, respectively. During 2024, approximately $6.4 million of new loans were made, and repayments of loans totaled approximately $3.6 million. The composition of the related parties’ loan balances were reduced by $4.5 million as a result of a director resignation. All loans are current according to their term.

TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory.

Allowance for credit losses on loans

During the year ended December 31, 2024, the Company enhanced its ACLL calculation. The Company continues to utilize a discounted cash flow approach, now incorporating peer data and updated forecast and reversion periods. Since the adoption of CECL, the Company has been estimating the quantitative reserves based on internal data and an 8-quarter forecast and immediate reversion. We are now utilizing peer data, and using baseline scenario with a 4-quarter forecast and 4-quarter straight line reversion to produce reasonable and supportable results. Forecast data is sourced from Moody’s Analytics (“Moody’s”). The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. The Company has determined the Moody’s Baseline forecast scenario to be appropriate for the December 31, 2024, ACLL calculation. The Company selected the Moody’s Baseline economic forecast for credit losses as Moody's baseline economic scenario represents their most probable outlook. We continue to use the regulatory interagency qualitative framework, we now utilize a weighted scorecard approach. The weighted scorecard approach considers each qualitative factor with respect to risks in our portfolio and the economic environment, weighting is assigned based on our evaluation and understanding of the underlying risks and economic conditions within each portfolio segment. This change did not result in a material impact to the Company’s financial statements.

Activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2024, and 2023 are summarized as follows:

	For the year ended December 31, 2024
(dollars in thousands)			Real Estate
			Mortgage-
	Commercial		1 to 4 Family			Installment		Total
Balance at beginning of period	$	2,735	$	45,625		$	218	$	48,578
Loans charged off:
New York and other states*		127		311			120		558
Florida		314		17			50		381
Total loan chargeoffs		441		328			170		939

Recoveries of loans previously charged off:
New York and other states*		-		675			34		709
Florida		-		-			-		-
Total recoveries		-		675			34		709
Net loans (recoveries) charged off		441		(347	)		136		230
Provision for credit losses		1,126		664			110		1,900
Balance at end of period	$	3,420	$	46,636		$	192	$	50,248

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

	For the year ended December 31, 2023
(dollars in thousands)				Real Estate
				Mortgage-
	Commercial			1 to 4 Family			Installment		Total
Balance at beginning of period	$	2,596		$	43,271		$	165	$	46,032
Loans charged off:
New York and other states*		-			371			97		468
Florida		-			-			79		79
Total loan chargeoffs		-			371			176		547

Recoveries of loans previously charged off:
New York and other states*		129			392			45		566
Florida		-			25			2		27
Total recoveries		129			417			47		593
Net loans (recoveries) charged off		(129	)		(46	)		129		(46	)
Provision for loan losses		10			2,308			182		2,500
Balance at end of period	$	2,735		$	45,625		$	218	$	48,578

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

The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of December 31, 2024 and 2023:

	As of December 31, 2024
(dollars in thousands)			1-to-4 Family
	Commercial		Residential		Installment
	Loans		Real Estate		Loans		Total
Allowance for credit losses on loans:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	-	$	-	$	-	$	-
Collectively evaluated for impairment		3,420		46,636		192		50,248

Total ending allowance balance	$	3,420	$	46,636	$	192	$	50,248

Loans:
Individually evaluated for impairment	$	443	$	23,835	$	112	$	24,390
Collectively evaluated for impairment		286,414		4,773,728		13,526		5,073,668

Total ending loans balance	$	286,857	$	4,797,563	$	13,638	$	5,098,058

	As of December 31, 2023
(dollars in thousands)			1-to-4 Family
	Commercial		Residential		Installment
	Loans		Real Estate		Loans		Total
Allowance for credit losses on loans:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	-	$	-	$	-	$	-
Collectively evaluated for impairment		2,735		45,625		218		48,578

Total ending allowance balance	$	2,735	$	45,625	$	218	$	48,578

Loans:
Individually evaluated for impairment	$	957	$	23,628	$	144	$	24,729
Collectively evaluated for impairment		272,558		4,688,850		16,742		4,978,150

Total ending loans balance	$	273,515	$	4,712,478	$	16,886	$	5,002,879

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in (credit) provision for credit losses in the consolidated statements of income.

The Company’s activity in the allowance for credit losses on unfunded commitments were as follows:

(In thousands)	For the year ended
	December 31, 2024
Balance at January 1, 2024		$	1,662
Provision for credit losses			100
Balance at December 31, 2024		$	1,762

(In thousands)	For the year ended December 31, 2023

Balance at January 1, 2023	$	2,912
(Credit) provision for credit losses		(1,250	)
Balance at December 31, 2023	$	1,662

Loan Credit Quality

The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The Company’s internal loan review department in accordance with the Company’s internal loan review policy tests the loan grades assigned to all loan types.

The Company uses the following definitions for classified loans:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans.

For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of December 31, 2024 and December 31, 2023 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over 90 days past due and accruing.

As of December 31, 2024 and 2023, and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows:

Loan Credit Quality
(in thousands)	As of December 31, 2024
	Term Loans Amortized Cost Basis by Origination Year
Commercial :	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loan Converted to Term		Total
Risk rating
Pass	$	47,687	$	54,877	$	73,094	$	22,215	$	15,014	$	50,052	$	2,169	$	-	$	265,108
Special Mention		-		-		242		-		-		-		-		-		242
Substandard		-		-		1,003		-		22		887		-		-		1,912
Doubtful		-		-		-		-		-		38		-		-		38
Total Commercial Loans	$	47,687	$	54,877	$	74,339	$	22,215	$	15,036	$	50,977	$	2,169	$	-	$	267,300

Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	10	$	431	$	-	$	-	$	-	$	-	$	441
	$	-	$	-	$	10	$	431	$	-	$	-	$	-	$	-	$	441

Commercial Other:
Risk rating
Pass	$	1,842	$	7,417	$	1,796	$	407	$	184	$	2,108	$	5,634	$	-	$	19,388
Special mention		-		-		-		-		-		-		-		-		-
Substandard		13		-		-		22		-		134		-		-		169
Total Commercial Real Estate Loans	$	1,855	$	7,417	$	1,796	$	429	$	184	$	2,242	$	5,634	$	-	$	19,557

Other Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential First Mortgage:
Risk rating
Performing	$	313,944	$	398,722	$	535,702	$	821,804	$	681,840	$	1,563,659	$	938	$	-	$	4,316,609
Nonperforming		-		987		391		870		243		12,463		-		-		14,954
Total First Mortgage:	$	313,944	$	399,709	$	536,093	$	822,674	$	682,083	$	1,576,122	$	938	$	-	$	4,331,563

Residential First Mortgage Loans:
Current-period Gross writeoffs	$	194	$	-	$	-	$	-	$	-	$	18	$	-	$	-	$	212
	$	194	$	-	$	-	$	-	$	-	$	18	$	-	$	-	$	212

Home Equity Loans:
Risk rating
Performing	$	6,621	$	8,586	$	5,354	$	6,490	$	5,066	$	24,096	$	-	$	-	$	56,213
Nonperforming		-		-		155		-		-		371		-		-		526
Total Home Equity Loans:	$	6,621	$	8,586	$	5,509	$	6,490	$	5,066	$	24,467	$	-	$	-	$	56,739

Home Equity Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Home Equity Lines of Credit:
Risk rating
Performing	$	4,793	$	1,558	$	1,110	$	887	$	46	$	14,595	$	383,425	$	-	$	406,414
Nonperforming		-		-		70		-		-		2,532		245		-		2,847
Total Home Equity Credit Lines:	$	4,793	$	1,558	$	1,180	$	887	$	46	$	17,127	$	383,670	$	-	$	409,261

Home Equity Lines of Credit:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	116	$	-	$	-	$	116
	$	-	$	-	$	-	$	-	$	-	$	116	$	-	$	-	$	116

Installments:
Risk rating
Performing	$	2,846	$	5,513	$	2,788	$	705	$	123	$	505	$	1,028	$	-	$	13,508
Nonperforming		16		5		55		19		-		35		-		-		130
Total Installments	$	2,862	$	5,518	$	2,843	$	724	$	123	$	540	$	1,028	$	-	$	13,638

Installments Loans:
Current-period Gross writeoffs	$	-	$	53	$	47	$	35	$	4	$	31	$	-	$	-	$	170
	$	-	$	53	$	47	$	35	$	4	$	31	$	-	$	-	$	170

Loan Credit Quality
(in thousands)	As of December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year
Commercial :	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loan Converted to Term		Total
Risk rating
Pass	$	61,148	$	82,339	$	23,940	$	16,653	$	19,835	$	41,153	$	5,664	$	-	$	250,732
Special Mention		-		-		-		42		-		225		-		-		267
Substandard		-		-		-		-		-		1,256		-		-		1,256
Total Commercial Loans	$	61,148	$	82,339	$	23,940	$	16,695	$	19,835	$	42,634	$	5,664	$	-	$	252,255

Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Commercial Other:
Risk rating
Pass	$	7,873	$	2,164	$	1,933	$	1,386	$	321	$	2,641	$	4,482	$	-	$	20,800
Special mention		-		-		-		-		-		-		34		-		34
Substandard		-		-		328		-		-		98		-		-		426
Total Commercial Real Estate Loans	$	7,873	$	2,164	$	2,261	$	1,386	$	321	$	2,739	$	4,516	$	-	$	21,260

Other Commercial Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential First Mortgage:
Risk rating
Performing	$	418,891	$	566,617	$	878,015	$	732,851	$	342,559	$	1,354,867	$	-	$	-	$	4,293,800
Nonperforming		64		210		383		229		1,119		11,300		-		-		13,305
Total First Mortgage:	$	418,955	$	566,827	$	878,398	$	733,080	$	343,678	$	1,366,167	$	-	$	-	$	4,307,105

Residential First Mortgage Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	27	$	336	$	-	$	-	$	363
	$	-	$	-	$	-	$	-	$	27	$	336	$	-	$	-	$	363

Home Equity Loans:
Risk rating
Performing	$	9,660	$	5,963	$	7,770	$	5,668	$	6,542	$	22,076	$	-	$	-	$	57,679
Nonperforming		-		-		-		-		-		279		-		-		279
Total Home Equity Loans:	$	9,660	$	5,963	$	7,770	$	5,668	$	6,542	$	22,355	$	-	$	-	$	57,958

Home Equity Lines Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Home Equity Credit Lines:
Risk rating
Performing	$	355	$	641	$	248	$	75	$	10	$	15,964	$	327,059	$	-	$	344,352
Nonperforming		-		-		8		56		-		2,813		186		-		3,063
Total Home Equity Credit Lines:	$	355	$	641	$	256	$	131	$	10	$	18,777	$	327,245	$	-	$	347,415

Home Equity Credit Lines Loans:
Current-period Gross writeoffs	$	-	$	-	$	-	$	-	$	-	$	8	$	-	$	-	$	8
	$	-	$	-	$	-	$	-	$	-	$	8	$	-	$	-	$	8

Installments:
Risk rating
Performing	$	8,473	$	4,592	$	1,484	$	360	$	198	$	605	$	1,008	$	-	$	16,720
Nonperforming		-		49		51		-		63		3		-		-		166
Total Installments	$	8,473	$	4,641	$	1,535	$	360	$	261	$	608	$	1,008	$	-	$	16,886

Installments Loans:
Current-period Gross writeoffs	$	16	$	67	$	50	$	1	$	21	$	21	$	-	$	-	$	176
	$	16	$	67	$	50	$	1	$	21	$	21	$	-	$	-	$	176

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of December 31, 2024 and 2023:

	As of December 31, 2024

New York and other states*:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	1,189	$	-	$	329	$	1,518	$	226,253	$	227,771
Other		-		-		14		14		19,130		19,144
Real estate mortgage - 1 to 4 family:
First mortgages		2,438		773		6,091		9,302		2,732,032		2,741,334
Home equity loans		15		22		318		355		42,741		43,096
Home equity lines of credit		401		-		1,267		1,668		234,271		235,939
Installment		18		19		69		106		9,779		9,885

Total	$	4,061	$	814	$	8,088	$	12,963	$	3,264,206	$	3,277,169

Florida:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	39,529	$	39,529
Other		-		-		-		-		413		413
Real estate mortgage - 1 to 4 family:
First mortgages		2,037		629		1,773		4,439		1,585,790		1,590,229
Home equity loans		-		6		-		6		13,637		13,643
Home equity lines of credit		220		-		-		220		173,102		173,322
Installment		109		22		16		147		3,606		3,753

Total	$	2,366	$	657	$	1,789	$	4,812	$	1,816,077	$	1,820,889

Total:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	1,189	$	-	$	329	$	1,518	$	265,782	$	267,300
Other		-		-		14		14		19,543		19,557
Real estate mortgage - 1 to 4 family:
First mortgages		4,475		1,402		7,864		13,741		4,317,822		4,331,563
Home equity loans		15		28		318		361		56,378		56,739
Home equity lines of credit		621		-		1,267		1,888		407,373		409,261
Installment		127		41		85		253		13,385		13,638

Total	$	6,427	$	1,471	$	9,877	$	17,775	$	5,080,283	$	5,098,058

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

	As of December 31, 2023

New York and other states*:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	-	$	-	$	521	$	521	$	212,233	$	212,754
Other		-		26		-		26		20,837		20,863
Real estate mortgage - 1 to 4 family:
First mortgages		4,330		811		6,008		11,149		2,745,765		2,756,914
Home equity loans		20		138		157		315		43,837		44,152
Home equity lines of credit		591		135		1,499		2,225		210,073		212,298
Installment		6		18		95		119		11,938		12,057

Total	$	4,947	$	1,128	$	8,280	$	14,355	$	3,244,683	$	3,259,038

Florida:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	39,501	$	39,501
Other		-		-		314		314		83		397
Real estate mortgage - 1 to 4 family:
First mortgages		1,290		78		1,433		2,801		1,547,390		1,550,191
Home equity loans		73		6		-		79		13,727		13,806
Home equity lines of credit		184		-		56		240		134,877		135,117
Installment		16		-		60		76		4,753		4,829

Total	$	1,563	$	84	$	1,863	$	3,510	$	1,740,331	$	1,743,841

Total:	30-59		60-89		90 +		Total
	Days		Days		Days		30+ days				Total
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Loans

Commercial:
Commercial real estate	$	-	$	-	$	521	$	521	$	251,734	$	252,255
Other		-		26		314		340		20,920		21,260
Real estate mortgage - 1 to 4 family:
First mortgages		5,620		889		7,441		13,950		4,293,155		4,307,105
Home equity loans		93		144		157		394		57,564		57,958
Home equity lines of credit		775		135		1,555		2,465		344,950		347,415
Installment		22		18		155		195		16,691		16,886

Total	$	6,510	$	1,212	$	10,143	$	17,865	$	4,985,014	$	5,002,879

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

At December 31, 2024 and 2023, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or modified loans.

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). Other real estate owned is included in other assets on the Consolidated Statements of Condition. As of December 31, 2024 other real estate owned included $2.2 million of residential foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $8.1 million as of December 31, 2024. As of December 31, 2023 other real estate owned included $194 thousand of residential foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of $6.6 million as of December 31, 2023.

Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications. As of December 31, 2024, there was no allowance for credit losses based on loans individually evaluated for impairment. Residential and installment non-accrual loans which are not loan modifications or greater than 180 days delinquent are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment as of December 31, 2024 and 2023:

	As of December 31, 2024
(dollars in thousands)	New York and other states*		Florida		Total
Loans in non-accrual status:
Commercial:
Commercial real estate	$	329	$	-	$	329
Other		14		-		14
Real estate mortgage - 1 to 4 family:
First mortgages		11,586		3,368		14,954
Home equity loans		432		94		526
Home equity lines of credit		2,653		194		2,847
Installment		108		22		130
Total non-accrual loans		15,122		3,678		18,800
Restructured real estate mortgages - 1 to 4 family		-		-		-
Total nonperforming loans	$	15,122	$	3,678	$	18,800

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

	As of December 31, 2023
(dollars in thousands)	New York and other states*		Florida		Total
Loans in non-accrual status:
Commercial:
Commercial real estate	$	536	$	-	$	536
Other		-		314		314
Real estate mortgage - 1 to 4 family:
First mortgages		11,324		1,981		13,305
Home equity loans		235		44		279
Home equity lines of credit		2,816		247		3,063
Installment		151		15		166
Total non-accrual loans		15,062		2,601		17,663
Restructured real estate mortgages - 1 to 4 family		3		-		3
Total nonperforming loans	$	15,065	$	2,601	$	17,666

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

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of December 31, 2024 and 2023:

	As of December 31, 2024
(dollars in thousands)	Non-accrual With No Allowance for Credit Loss		Non-accrual With Allowance for Credit Loss		Loans Past Due Over 89 Days Still Accruing


Commercial:
Commercial real estate	$	329	$	-		-
Other		14		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		13,560		1,394		-
Home equity loans		526		-		-
Home equity lines of credit		2,724		123		-
Installment		112		18		-
Total loans, net	$	17,265	$	1,535		-

	As of December 31, 2023
(dollars in thousands)	Non-accrual With No Allowance for Credit Loss		Non-accrual With Allowance for Credit Loss		Loans Past Due Over 89 Days Still Accruing


Commercial:
Commercial real estate	$	536	$	-		-
Other		314		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		12,584		721		-
Home equity loans		271		8		-
Home equity lines of credit		2,395		668		-
Installment		144		22		-
Total loans, net	$	16,244	$	1,419		-

The non-accrual balance of $1.5 million and $1.4 million disclosed above was collectively evaluated and the associated allowance for credit losses on loans was not material as of December 31, 2024 and 2023, respectively.

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of December 31, 2024 and 2023:

	As of December 31, 2024
	Type of Collateral
(dollars in thousands)
	Real Estate		Investment Securities/Cash		Other
Commercial:
Commercial real estate	$	429		-		-
Other		14		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		19,928		-		-
Home equity loans		535		-		-
Home equity lines of credit		3,372		-		-
Installment		112		-		-
Total	$	24,390		-		-

	As of December 31, 2023
	Type of Collateral
(dollars in thousands)
	Real Estate		Investment Securities/Cash		Other
Commercial:
Commercial real estate	$	643		-		-
Other		314		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		20,018		-		-
Home equity loans		371		-		-
Home equity lines of credit		3,239		-		-
Installment		144		-		-
Total	$	24,729		-		-

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the years ended December 31, 2024, 2023 and 2022.

A loan for which the terms have been modified, and for which a borrower is experiencing financial difficulties, is considered a loan modification and is classified as individually evaluated. Loan modifications at December 31, 2024 are measured at the amortized cost using the loan’s effective rate at inception or fair value of the underlying collateral if the loan is considered collateral dependent.

As of December 31, 2024 and 2023 loans individually evaluated included approximately $7.0 million and $8.3 million, respectively, of loans in accruing status that were identified as loan modifications.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

The following table presents the amortized cost basis of loans at December 31, 2024 and 2023 that were both experiencing financial difficulty and modified during the year ended December 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the year ended:

New York and other states*:	December 31, 2024						December 31, 2023
	Payment			% of Total Class			Payment			% of Total Class
(dollars in thousands)	Delay			of Loans			Delay			of Loans

Commercial:
Commercial real estate		$	-		-			$	-		-
Other			-		-				-		-
Real estate mortgage - 1 to 4 family:
First mortgages			267		0.01	%			895		0.03	%
Home equity loans			19		0.04	%			-		-
Home equity lines of credit			238		0.10	%			50		0.02	%
Installment			-		-				-		-

Total		$	524		0.02	%		$	945		0.03	%

Florida:
	Payment			% of Total Class			Payment			% of Total Class
(dollars in thousands)	Delay			of Loans			Delay			of Loans

Commercial:
Commercial real estate		$	-		-			$	-		-
Other			-		-				-		-
Real estate mortgage - 1 to 4 family:
First mortgages			84		0.01	%			338		0.02	%
Home equity loans			88		0.65	%			-		-
Home equity lines of credit			70		0.04	%			-		-
Installment			-		-				-		-

Total		$	242		0.01	%		$	338		0.02	%

Total
	Payment			% of Total Class			Payment			% of Total Class
(dollars in thousands)	Delay			of Loans			Delay			of Loans

Commercial:
Commercial real estate		$	-		-			$	-		-
Other			-		-				-		-
Real estate mortgage - 1 to 4 family:
First mortgages			351		0.01	%			1,233		0.03	%
Home equity loans			107		0.19	%			-		-
Home equity lines of credit			308		0.08	%			50		0.02	%
Installment			-		-				-		-

Total		$	766		0.02	%		$	1,283		0.03	%

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

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of December 31, 2024 and 2023:

	As of December 31, 2024

New York and other states*:				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		137		49		-		81		267
Home equity loans		19		-		-		-		19
Home equity lines of credit		238		-		-		-		238
Installment		-		-		-		-		-

Total	$	394	$	49	$	-	$	81	$	524

Florida:				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		84		-		-		-		84
Home equity loans		88		-		-		-		88
Home equity lines of credit		70		-		-		-		70
Installment		-		-		-		-		-

Total	$	242	$	-	$	-	$	-	$	242

Total				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		221		49		-		81		351
Home equity loans		107		-		-		-		107
Home equity lines of credit		308		-		-		-		308
Installment		-		-		-		-		-

Total	$	636	$	49	$	-	$	81	$	766

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

	As of December 31, 2023

New York and other states*:				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		691		152		-		52		895
Home equity loans		-		-		-		-		-
Home equity lines of credit		50		-		-		-		50
Installment		-		-		-		-		-

Total	$	741	$	152	$	-	$	52	$	945

Florida:				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		338		-		-		-		338
Home equity loans		-		-		-		-		-
Home equity lines of credit		-		-		-		-		-
Installment		-		-		-		-		-

Total	$	338	$	-	$	-	$	-	$	338

Total				30-59		60-89		90+
				Days		Days		Days
(dollars in thousands)	Current			Past Due		Past Due		Past Due	Total

Commercial:
Commercial real estate	$	-	$	-	$	-	$	-	$	-
Other		-		-		-		-		-
Real estate mortgage - 1 to 4 family:
First mortgages		1,029		152		-		52		1,233
Home equity loans		-		-		-		-		-
Home equity lines of credit		50		-		-		-		50
Installment		-		-		-		-		-

Total	$	1,079	$	152	$	-	$	52	$	1,283

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

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the year ended:

	December 31, 2024			December 31, 2023
	Weighted			Weighted
New York and other states*:	Average			Average
	Payment			Payment
(dollars in thousands)	Delay (Months)			Delay (Months)

Commercial:
Commercial real estate		$	-		$	-
Other			-			-
Real estate mortgage - 1 to 4 family:			-			-
First mortgages			15			21
Home equity loans			24			-
Home equity lines of credit			17			18
Installment			-			-

Total		$	56		$	39

	Weighted			Weighted
Florida:	Average			Average
	Payment			Payment
(dollars in thousands)	Delay (Months)			Delay (Months)

Commercial:
Commercial real estate		$	-		$	-
Other			-			-
Real estate mortgage - 1 to 4 family:
First mortgages			12			24
Home equity loans			9			-
Home equity lines of credit			6			-
Installment			-			-

Total		$	27		$	24

	Weighted			Weighted
	Average			Average
	Payment			Payment
(dollars in thousands)	Delay (Months)			Delay (Months)

Commercial:
Commercial real estate		$	-		$	-
Other			-			-
Real estate mortgage - 1 to 4 family:
First mortgages			27			45
Home equity loans			33			-
Home equity lines of credit			23			18
Installment			-			-

Total		$	83		$	63

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

There were no commitments to lend additional funds to the borrowers and there were no charge-offs recorded against the loans. The Company had no allowance for credit losses recorded against these loans as of December 31, 2024. The Company had 13 loan modifications totaling $1.2 million that had a payment default during the year ended December 31, 2024.

Bank Premises and Equipment

12 Months Ended

Dec. 31, 2024

Bank Premises and Equipment [Abstract]

Bank Premises and Equipment

(5)	Bank Premises and Equipment

A summary of premises and equipment at December 31, 2024 and 2023 follows:

(dollars in thousands)
	2024			2023
Land	$	2,651		$	2,444
Buildings		37,103			36,347
Furniture, fixtures and equipment		64,059			62,902
Leasehold improvements		36,448			36,418
Total bank premises and equipment		140,261			138,111
Accumulated depreciation and amortization		(106,479	)		(104,104	)
Total	$	33,782		$	34,007

Depreciation and amortization expense was approximately $4.5 million, $4.1 million, and $4.1 million for the years 2024, 2023, and 2022, respectively. Occupancy expense of the Bank’s premises included rental expense of $8.4 million in 2024, and $8.2 million in both 2023 and 2022.

Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

(6)

Deposits

Interest expense on deposits was as follows:

(dollars in thousands)	For the year ended December 31,
	2024		2023		2022

Interest bearing checking accounts	$	1,236	$	382	$	190
Savings accounts		2,876		2,531		920
Time deposits and money market accounts		86,474		50,439		4,617
Total	$	90,586	$	53,352	$	5,727

At December 31, 2024, the maturity of total time deposits is as follows:

(dollars in thousands)

Under 1 year	$	1,943,813
1 to 2 years		10,226
2 to 3 years		94,237
3 to 4 years		963
4 to 5 years		472
Over 5 years		48
	$	2,049,759

Included in total time deposits as of December 31, 2024 and 2023 is $561.3 million and $474.4 million in time deposits with balances in excess of $250,000.

Borrowings

12 Months Ended

Dec. 31, 2024

Borrowings [Abstract]

Borrowings

(7)	Borrowings

Short-term borrowings (repurchase agreements) of the Company were cash management accounts as follows:

(dollars in thousands)	2024			2023			2022

Amount outstanding at December 31,	$	84,781		$	88,990		$	122,700
Maximum amount outstanding at any month end		102,954			134,293			253,219
Average amount outstanding		89,707			114,639			177,599
Weighted average interest rate:
For the year		0.88	%		0.88	%		0.42	%
As of year end		0.88			0.86			0.86

Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral.

As of December 31, 2024 the Company also has borrowing capacity of $937.9 million available with the Federal Home Loan Bank of New York. The borrowings capacity is secured by the loans pledged by the Company. As of December 31, 2024 and 2023, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.

Trustco Bank is approved to borrow on short-term basis from the Federal Reserve Bank of New York. The Bank can pledge certain securities to the Federal Reserve Bank to support this arrangement. As of December 31, 2024 and 2023, the bank had no outstanding borrowings and loans with the Federal Reserve Bank of New York.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income Taxes

(8)	Income Taxes

A summary of income tax expense included in the Consolidated Statements of Income follows:

(dollars in thousands)	For the year ended December 31,
	2024		2023		2022
Current tax expense:
Federal	$	12,300	$	15,224	$	17,136
State		927		1,587		2,933
Total current tax expense		13,227		16,811		20,069
Deferred tax expense		1,986		2,156		4,114
Total income tax expense	$	15,213	$	18,967	$	24,183

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023, are as follows:

	As of December 31,
(dollars in thousands)	2024			2023
	Deductible temporary differences			Deductible temporary differences

Benefits and deferred remuneration	$	(10,595	)	$	(9,490	)
Difference in reporting the allowance for credit losses, net		13,271			12,995
Other income or expense not yet reported for tax purposes		(2,409	)		(1,188	)
Depreciable assets		(2,432	)		(2,496	)
Net deferred tax liability at end of year		(2,165	)		(179	)

Net deferred tax (liability) asset at beginning of year		(179	)		1,977
Deferred tax expense	$	1,986		$	2,156

Deferred tax liabilities and assets are recognized subject to management’s judgment that realization is more likely than not. Based primarily on the sufficiency of expected future taxable income, management believes it is more likely than not that the remaining deferred tax liability of $2.2 million and $179 thousand at December 31, 2024 and 2023, respectively, will be realized.

In addition to the deferred tax items described in the preceding table, the Company has deferred tax assets of $7.6 million and $8.4 million at December 31, 2024 and 2023, respectively, relating to the net unrealized losses on securities available for sale and deferred tax liabilities of approximately $6.3 million and $3.7 million at December 31, 2024 and 2023, respectively, as a result of changes in the unrecognized overfunded position in the Company’s pension and postretirement benefit plans recorded, net of tax, as an adjustment to accumulated other comprehensive income.

The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows:

	For the year ended December 31,
	2024			2023			2022
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
Increase/(decrease) in taxes resulting from:
State income tax, net of federal tax benefit		2.1			3.1			3.0
Other items		0.7			0.3			0.3
Effective income tax rate		23.8	%		24.4	%		24.3	%

On a periodic basis, the Company evaluates its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the status of taxing authorities’ current examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment in relation to uncertain tax positions. As of December 31, 2024 and 2023, no uncertain tax positions have been recorded.

The Company does not anticipate a material charge to the amount of unrecognized tax benefits in the next twelve months.

The Company recognizes interest and/or penalties related to income tax matters in noninterest expense. For the years 2024, 2023, and 2022, these amounts were not material. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as in various states. In the normal course of business, the Company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The Company’s federal and state income tax returns for the years 2021 through 2024 remain open to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Benefit Plans

12 Months Ended

Dec. 31, 2024

Benefit Plans [Abstract]

Benefit Plans

(9)	Benefit Plans

(a)	Retirement Plan

The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service while the plan was in effect. This plan was frozen as of December 31, 2006. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees’ highest five consecutive years’ compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank’s Financial Services Department.

The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2024 and 2023:

Change in Projected Benefit Obligation:

	December 31,
(dollars in thousands)	2024			2023

Projected benefit obligation at beginning of year	$	23,159		$	23,042
Service cost		-			-
Interest cost		1,155			1,213
Benefit payments and expected expenses		(1,664	)		(1,741	)
Net actuarial (gain) loss		(1,058	)		645

Projected benefit obligation at end of year	$	21,592		$	23,159

Change in Plan Assets and Reconciliation of Funded Status:

	December 31,
(dollars in thousands)	2024			2023

Fair Value of plan assets at beginning of year	$	59,641		$	52,673
Actual gain on plan assets		9,491			8,747
Benefit payments and actual expenses		(1,711	)		(1,779	)
Fair value of plan assets at end of year		67,421			59,641

Funded status at end of year	$	45,829		$	36,482

Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of:

	December 31,
	2024		2023
Net actuarial gain	$	13,915	$	6,550

The accumulated benefit obligation was $21.6 million and $23.2 million at December 31, 2024 and 2023, respectively.

Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss):

	For the years ended December 31,
(dollars in thousands)	2024			2023			2022

Service cost	$	-		$	-		$	-
Interest cost		1,155			1,213			888
Expected return on plan assets		(3,050	)		(2,684	)		(3,227	)
Amortization of net gain		(86	)		-			-
Net periodic pension credit		(1,981	)		(1,471	)		(2,339	)

Amortization of net gain		86			-			-
Net actuarial (gain) loss included in other comprehensive loss		(7,451	)		(5,380	)		4,869
Total recognized in other comprehensive loss		(7,365	)		(5,380	)		4,869

Total recognized in net periodic benefit (credit) cost and other comprehensive loss	$	(9,346	)	$	(6,851	)	$	2,530

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(dollars in thousands)

Year	Pension Benefits
2025	$	1,698
2026		1,721
2027		1,728
2028		1,782
2029		1,782
2030 - 2034		8,551

The assumptions used to determine benefit obligations at December 31 are as follows:

		2024				2023				2022
Discount rate			5.69	%			5.18	%			5.44	%

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

	2024			2023			2022
Discount rate		5.18	%		5.44	%		2.96	%
Expected long-term rate of return on assets		5.25			5.25			5.25

The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries.

(b)	Supplemental Retirement Plan

The Company also has a supplementary pension plan under which additional retirement benefits are accrued for eligible executive officers. This plan supplements the defined benefit retirement plan for eligible employees that exceed the Internal Revenue Service limit on the amount of pension payments that are allowed from a retirement plan. The supplemental plan provides eligible employees with total benefit payments as calculated by the retirement plan without regard to this limitation. Benefits under this plan are calculated using the same actuarial assumptions and interest rates as used for the retirement plan calculations. The accumulated benefits under this supplementary pension plan were approximately $2.3 million as of December 31, 2024 and 2023. Effective as of December 31, 2008, this plan has been frozen and no additional benefits will accrue. Instead, the amount of the Company’s annual contribution to the plan plus interest is paid directly to each eligible employee. The expense recorded for this plan was $2.8 million in 2024 and $2.9 million in 2023.

Rabbi trusts have been established for this plan. These trust accounts are administered by the Trustco Financial Services Department and invest primarily in bonds issued by government-sponsored enterprises and money market instruments. These assets are recorded at their fair value and are included in short-term investments in the Consolidated Statements of Condition. As of December 31, 2024 and 2023, the trusts had assets totaling $2.5 million and $2.4 million, respectively.

(c)	Postretirement Benefits

The Company permits retirees under age 65 to participate in the Company’s medical plan by making certain payments. In addition, the plan provides a death benefit to certain eligible employees and retirees. In 2003, the Company amended the medical plan to reflect changes to the retiree medical insurance coverage portion. The Company’s subsidy of the retiree medical insurance premiums was eliminated at that time. The Company continues to provide postretirement medical benefits for a limited number of executives in accordance with their employment contracts.

The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2024 and 2023:

Change in Accumulated Benefit Obligation:

(dollars in thousands)	December 31,
	2024			2023
Accumulated benefit obligation at beginning of year	$	5,628		$	4,893
Service cost		18			11
Interest cost		284			271
Prior Service cost		-			-
Benefits paid		(194	)		(74	)
Net actuarial loss		478			527

Accumulated benefit obligation at end of year	$	6,214		$	5,628

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)	December 31,
	2024			2023
Fair value of plan assets at beginning of year	$	33,224		$	28,988
Actual gain on plan assets		4,877			4,260
Company contributions		172			50
Benefits paid and actual expenses		(194	)		(74	)
Fair value of plan assets at end of year		38,079			33,224

Funded status at end of year	$	31,865		$	27,596

Amounts recognized in accumulated other comprehensive income consist of the following as of:

(dollars in thousands)	December 31,
	2024			2023
Net actuarial gain	$	(10,247	)	$	(7,912	)
Prior service cost		55			68

Total	$	(10,192	)	$	(7,844	)

The accumulated benefit obligation was $6.2 million and $5.6 million at December 31, 2024 and 2023, respectively.

Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss):

(dollars in thousands)	December 31,
	2024			2023			2022
Service cost	$	18		$	11		$	18
Interest cost		284			271			207
Expected return on plan assets		(1,326	)		(1,157	)		(1,332	)
Amortization of net actuarial gain		(738	)		(423	)		(1,008	)
Amortization of prior service cost		13			13			(313	)
Net periodic benefit credit		(1,749	)		(1,285	)		(2,428	)

Net (gain) loss		(3,073	)		(2,575	)		3,397
Amortization of prior service (cost) credit		(13	)		(13	)		313
Prior service cost		-			-			-
Amortization of net gain		738			423			1,008
Total amount recognized in other comprehensive loss		(2,348	)		(2,165	)		4,718

Total amount recognized in net periodic benefit cost and other comprehensive loss	$	(4,097	)	$	(3,450	)	$	2,290

The estimated amount of net gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income over the next fiscal year is approximately $738 thousand. The estimated amount of prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income (loss) over the next fiscal year is approximately $13 thousand.

Expected Future Benefit Payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits

2025	$	268
2026		319
2027		360
2028		405
2029		439
2030 - 2034		2,102

The discount rate assumption used to determine benefit obligations at December 31 is as follows:

		2024				2023				2022
Discount rate			5.69	%			5.18	%			5.44	%

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

	2024			2023			2022
Discount rate		5.18	%		5.44	%		2.96	%
Expected long-term rate of return on assets, net of tax		4.00			4.00			4.00

The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries.

(d)	Components of Accumulated Other Comprehensive Income (Loss) Related to Retirement and Postretirement Benefit Plans

The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2024 and 2023, respectively:

(dollars in thousands)	December 31, 2024
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(7,451	)	$	(3,073	)	$	(10,524	)
Prior service cost		-			-			-
Amortization of net actuarial gain		86			738			824
Amortization of prior service cost		-			(13	)		(13	)
Total	$	(7,365	)	$	(2,348	)	$	(9,713	)

	December 31, 2023
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(5,380	)	$	(2,575	)	$	(7,955	)
Prior service cost		-			-			-
Amortization of net actuarial gain		-			423			423
Amortization of prior service cost		-			(13	)		(13	)
Total	$	(5,380	)	$	(2,165	)	$	(7,545	)

(e)	Major Categories of Pension and Postretirement Benefit Plan Assets:

The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows:

	Pension Benefit Plan Assets						Postretirement Benefit Plan Assets
	2024			2023			2024			2023
Debt Securities		34	%		34	%		32	%		27	%
Equity Securities		62			63			62			61
Other		4			3			6			12
Total		100	%		100	%		100	%		100	%

The expected long-term rate-of-return on plan assets, noted in sections (a) and (b) above, reflects long-term earnings expectations on existing plan assets. In estimating that rate, appropriate consideration was given to historical returns earned by plan assets and the rates of return expected to be available for reinvestment. Rates of return were adjusted to reflect current capital market assumptions and changes in investment allocations.

The Company’s investment policies and strategies for the pension benefit and postretirement benefit plans prescribe a target allocation of 50% to 70% equity securities, 25% to 40% debt securities, and 0% to 10% for other securities for the asset categories. The Company’s investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit direct investments in equity and debt securities and mutual funds while prohibiting direct investment in derivative financial instruments. The Company addresses diversification by the use of mutual fund investments whose underlying investments are in domestic and international debt and equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable.

Fair Value of Plan Assets:

Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date.

The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

Equity mutual funds, Fixed Income mutual funds and Debt Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2).

The fair value of the plan assets at December 31, 2024 and 2023, by asset category, is as follows:

			Fair Value Measurements at December 31, 2024 Using:
Retirement Plan (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	2,848	$	2,848	$	-	$	-
Equity mutual funds		41,384		41,384		-		-
U.S. government sponsored enterprises		22,659		-		22,659		-
Fixed income mutual funds		530		530		-		-

Total Plan Assets	$	67,421	$	44,762	$	22,659	$	-

			Fair Value Measurements at December 31, 2024 Using:
Postretirement Benefits (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	2,407	$	2,407	$	-	$	-
Equity mutual funds		23,377		23,377		-		-
U.S. government sponsored enterprises		12,295		-		12,295		-

Total Plan Assets	$	38,079	$	25,784	$	12,295	$	-

			Fair Value Measurements at December 31, 2023 Using:
Retirement Plan (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	1,811	$	1,811	$	-	$	-
Equity mutual funds		37,615		37,615		-		-
U.S. government sponsored enterprises		19,674		-		19,674		-
Corporate bonds		-		-		-		-
Fixed income mutual funds		541		541		-		-

Total Plan Assets	$	59,641	$	39,967	$	19,674	$	-

				Fair Value Measurements at December 31, 2023 Using:
Postretirement Benefits (dollars in thousands)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents		$	3,986		$	3,986		$	-		$	-
Equity mutual funds			20,236			20,236			-			-
U.S. government sponsored enterprises			9,002			-			9,002			-

Total Plan Assets		$	33,224		$	24,222		$	9,002		$	-

At December 31, 2024 and 2023, the majority of the equity mutual funds included in the plan assets of the retirement plan and postretirement benefit plan consist of large-cap index funds, while the remainder of the equity mutual funds consists of mid‑cap, small‑cap and international funds.

There were no transfers between Level 1 and Level 2 in 2024 and 2023.

The Company made no contributions to its pension and postretirement benefit plans in 2024 or 2023. The Company does not expect to make any contributions to its pension and postretirement benefit plans in 2025.

(f)	Incentive and Bonus Plans

During 2006, the Company amended its profit sharing plan to include a 401(k) feature. Under the 401(k) feature, the Company matches 100% of the aggregate salary contribution up to the first 3% of compensation and 50% of the aggregate contribution of the next 3%. No profit sharing contributions were made in 2023, 2022 or 2021 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan equaled $1.4 million for 2024 and 2023, and $1.3 million for 2022.

The Company also has an officers and executive incentive plan. The expense of these plans generally is based on the Company’s performance and estimated distributions to participants are accrued during the year and generally paid in the following year. The expense recorded for this plan was $625 thousand, $2.3 million, and $1.3 million in 2024, 2023 and 2022, respectively.

The Company has also awarded 284 thousand performance bonus units to the executive officers and directors. These units become vested and exercisable only under a change of control as defined in the plan. The units were awarded based upon the stock price at the time of grant and, if exercised under a change of control, allow the holder to receive the increase in value offered in the exchange over the stock price at the date of grant for each unit, if any. As of December 31, 2024, the weighted average strike price of each unit was $53.61.

(g)	Stock-Based Compensation Plans-Equity Awards

Equity awards are types of stock-based compensation that are to be settled in shares. As such, the amount of compensation expense to be paid at the time of settlement is included in surplus in the Consolidated Statement of Condition.

In May 2019, shareholders of the Company approved the TrustCo Bank Corp NY 2019 Equity Incentive Plan (“2019 Equity Incentive Plan”) which replaced and combined into one plan both the Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan (“2010 Equity Incentive Plan”) and the Amended and Restated TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan (“Directors Plan”), and all remaining shares eligible for issuance thereunder were canceled. Awards previously made under the prior plans remain in effect in accordance with the terms of those awards. The shareholders of the Company subsequently approved the amendment and restatement of the 2019 Equity Incentive Plan (“A&R 2019 Equity Incentive Plan”) in May 2023. Under the A&R 2019 Equity Incentive Plan, the Company may provide for the issuance of 700,000 shares of our common stock which is available for issuance pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance based), to eligible employees and directors. This allotment of 700,000 shares includes the authorized but unissued shares remaining available for issuance under the 2010 Equity Incentive Plan and the Directors Plan. As of December 31, 2024, the Company did not issue any shares of our common stock pursuant to options or SARs. The Company did, however, grant restricted stock units (both time based and performance based) to certain executives in November 2023 and 2024 that will settle in shares of common stock upon vesting as described below. The Company also granted restricted stock units (both time based and performance based) to directors and certain eligible officers that will settle in cash upon vesting as described below.

Under the A&R 2019 Equity Incentive Plan, the exercise price of each option may not be less than 100% of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten-percent shareholder the option price may not be less than 110% of the fair value of the Company’s stock on the date of the ISO grant. The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement. Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire ten years, and vest over five years, from the date the options were granted.

A summary of the status of TrustCo’s stock option awards as of December 31, 2024 and changes during the year then ended, are as follows:

	Outstanding Options
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance, January 1, 2024		47,541		$	34.01
New options awarded - 2024		-			-
Expired options - 2024		(9,600	)		36.10
Options forfeited - 2024		-			-
Exercised options - 2024		(29,905	)		33.84
Balance, December 31, 2024		8,036		$	32.15	.88 years

	Exercisable Options

Balance, December 31, 2024		8,036	$	32.15	.88 years

At December 31, 2024, the intrinsic value of stock options was $9 thousand. All outstanding options were vested as of December 31, 2024.

During 2024 approximately 30 thousand shares of stock were exercised. In 2023 there was no options exercised and during 2022 approximately 12 thousand shares of stock were exercised.The intrinsic value and related tax benefits of stock options exercised in these years were not material. It is the Company’s policy to generally issue stock upon stock option exercises from previously unissued shares of common stock or treasury shares.

Income tax benefits recognized in the accompanying Consolidated Statements of Income related to stock-based compensation were not material.

Valuation of Stock-Based Compensation: The fair value of the Company’s employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The Company did not grant new stock option awards in 2024, 2023, or 2022.

There was no stock-based compensation expense for stock options recognized in 2024,2023, and 2022.

Restricted stock units

	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		27,316		$	27.09
Granted		20,348
Vested		(9,105	)
Forfeited		-
Nonvested at December 31, 2024		38,559		$	31.99

Service-Based Awards: During 2024 and 2023, the Company issued restricted stock units to certain eligible officers. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. Depending on the year of the grant the awards vest in whole units in equal installments from the first through the third year following the award date. Upon issuance, the fair value of these awards is the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based on the fair value of the Company’s stock.

During 2024 and 2023, the Company recognized $287 thousand and $41 thousand, respectively, in compensation expense related to these awards. Unrecognized compensation expense related to the outstanding restricted share units totaled approximately $1.2 million at December 31, 2024. During 2024, one third of the awards granted in 2023 became vested and settled. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 29 months as of December 31, 2024.

Performance share units

	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024		40,977	$	27.09
Granted		30,520
Vested		-
Forfeited		-
Nonvested at December 31, 2024		71,497	$	31.05

Performance Based Awards: During 2024 and 2023, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. Upon issuance, fair value of these units was the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company’s achievement of certain performance criteria in accordance with Plan provisions as well as the fair value of the Company’s stock.

During 2024 and 2023, the Company recognized approximately $432 thousand and $62 thousand, respectively, in compensation expense related to these units. Unrecognized compensation expense related to the outstanding performance share units totaled $1.7 million at December 31, 2024. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 29 months as of December 31, 2024.

(h)	Stock-Based Compensation Plans-Liability Awards

Liability awards are types of compensation that are settled in cash (not shares). As such, the amount of compensation expense to be paid at the time of settlement is included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The Company granted both service-based and performance based liability awards in 2024, 2023 and 2022.

The activity for service-based awards during 2024 was as follows:

Restricted share units

	Outstanding Units
Balance, December 31, 2023		64,151
New cash settled awards granted		21,660
Forfeited awards		(4,271	)
Awards settled		(36,475	)
Balance, December 31, 2024		45,065

Service-Based Awards: During 2024 and 2023, the Company issued restricted share units to certain eligible officers, executives and members of its board of directors. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. The awards granted to the members of the board of directors become 100% vested after one year, and all other awards granted vest in whole units in equal installments from the first through the third year following the award date. Upon issuance, the fair value of these awards is the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based on the fair value of the Company’s stock.

During 2024, 2023 and 2022, the Company recognized $1.3 million, $1.1 million and $1.6 million, respectively, in compensation expense related to these awards. Unrecognized compensation expense related to the outstanding restricted share units totaled approximately $1.3 million at December 31, 2024. During 2024, one third of the awards granted in 2021, 2022 and 2023 became vested and settled. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 23 months as of December 31, 2024.

The liability related to service-based liability awards was approximately $156 thousand and $202 thousand at December 31, 2024 and 2023, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition.

The activity for performance-based awards during 2024 was as follows:

Performance share units

	Outstanding Units
Balance, December 31, 2023		135,666
New cash settled awards granted		29,092
Forfeited awards		(1,027	)
Awards settled		(63,008	)
Balance, December 31, 2024		100,723

Performance Based Awards: During 2024, 2023 and 2022, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. Upon issuance, fair value of these units was the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company’s achievement of certain performance criteria in accordance with Plan provisions as well as the fair value of the Company’s stock.

For units granted in 2021, those have been fully vested and unpaid. For units granted subsequent to 2021, all of the units are unvested as of December 31, 2024, and the Company expects to meet the required performance criteria of the awards.

During 2024, 2023 and 2022, the Company recognized approximately $2.1 million, $1.5 million and $1.3 thousand, respectively, in compensation expense related to these units. Unrecognized compensation expense related to the outstanding performance share units totaled $870 thousand at December 31, 2024. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 19 months as of December 31, 2024.

The liability related to performance-based liability awards totaled $3.6 million and $3.5 million at December 31, 2024 and 2023, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition.

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2024

Commitments and Contingent Liabilities [Abstract]

Commitments and Contingent Liabilities

(10)	Commitments and Contingent Liabilities

(a)	Litigation

In the normal course of business, TrustCo and Trustco Bank become involved in a variety of routine legal proceedings. At present, there are no legal proceedings pending or threatened, which in the opinion of management and counsel, would result in a material loss to TrustCo or Trustco Bank.

Like many banks, Trustco Bank has been subject to putative class-action claims alleging improper overdraft practices. Trustco Bank has reached an agreement to settle all claims thus asserted. That settlement agreement, which is subject to court approval, calls for the creation of a fund (“Fund”) to be overseen by a court-supervised administrator that will determine which Trustco Bank customers and former customers meet the criteria for participation in the settlement. That administrator also will distribute the Fund on a pro rata basis to eligible customers and former customers. The fees of the plaintiffs’ attorneys and other expenses also will be paid out of the Fund. The total liability of TrustCo and Trustco Bank in connection with this settlement will be $2.75 million. The Company has accrued for this amount as of December 31, 2024.

(b)	Outsourced Services

The Company contracted with third-party service providers to perform certain banking functions. The outsourced services include data and item processing for the Bank and trust operations. The service expense can vary based upon the volume and nature of transactions processed. Outsourced service expense was $10.9 million for 2024, $10.0 million for 2023 and $9.2 million in 2022. The Company is contractually obligated to pay these third -party service providers approximately $10 million to $11 million per year through 2030.

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

(11)	Earnings Per Share

The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). TrustCo adopted FASB Staff Position on Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, as codified in FASB ASC 260-10 (“ASC 260-10”), which clarified that unvested share-based payment awards that contain non-forfeitable rights to receive dividends or divided equivalents (whether paid or unpaid) are participating securities, and thus, should be included in the two-class method of computing earnings per share (“EPS”). Participating securities under this statement include the unvested employees’ and directors’ restricted stock awards with time-based vesting, which receive non-forfeitable dividend payments. For the years presented, the Company no longer has unvested awards that would be considered participating securities.

A reconciliation of the component parts of earnings per share for 2024, 2023, and 2022 follows:

(dollars in thousands,
except per share data)	For the years ended December 31,
	2024		2023		2022

Net income	$	48,833	$	58,646	$	75,234
Weighted average common shares		19,018		19,024		19,131

Effect of dilutive common stock options		19		1		2

Weighted average common shares including potential dilutive shares		19,037		19,025		19,133

Basic EPS	$	2.57	$	3.08	$	3.93

Diluted EPS	$	2.57	$	3.08	$	3.93

For the years ended December 31, 2024 and 2023, there were 42 thousand and 73 thousand, respectively, of antidilutive stock options excluded from diluted earnings per share. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented.

Off-Balance Sheet Financial Instruments

12 Months Ended

Dec. 31, 2024

Off-Balance Sheet Financial Instruments [Abstract]

Off-Balance Sheet Financial Instruments

(12)	Off-Balance Sheet Financial Instruments

Loan commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a fee. Commitments sometimes expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Bank’s normal credit policies, including obtaining collateral. The Bank’s maximum exposure to credit loss for loan commitments, including unused lines of credit, at December 31, 2024 and 2023, was $601.2 million and $596.8 million, respectively. Approximately 62% and 71% of these commitments were for variable rate products at the end of 2024 and 2023, respectively.

The Company does not issue any guarantees that require liability-recognition or disclosure, other than its standby letters of credit. The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $4.6 Million and $4.8 million at December 31, 2024 and 2023, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan‑to‑value ratios are generally consistent with loan‑to‑value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company’s standby letters of credit at December 31, 2024 and 2023 was insignificant.

No losses are anticipated as a result of loan commitments or standby letters of credit.

Fair Value

12 Months Ended

Dec. 31, 2024

Fair Value [Abstract]

Fair Value

(13)	Fair Value

Fair value measurements (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices or similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities:

Securities Available for Sale: The fair value of securities available for sale are determined utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual method and included in the income statement in the respective investment class under total interest income. The Company does not have any securities that would be designated as level 3.

Other Real Estate Owned: Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. This results in a Level 3 classification of the inputs for determining fair value.

Individually Evaluated Loans: Loans individually evaluated carried at fair value generally have had a charge-off through the allowance for credit losses on loans. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. When obtained, non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Loans individually evaluated are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

There were no transfers between Level 1 and Level 2 in 2024 and 2023.

	Fair Value Measurements at December 31, 2024 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Securities available for sale:
U.S. government sponsored enterprises	$	85,617	$	-	$	85,617	$	-
State and political subdivisions		18		-		18		-
Mortgage backed securities and collateralized mortgage obligations - residential		213,128		-		213,128		-
Corporate bonds		44,581		-		44,581		-
Small Business Administration - guaranteed participation securities		14,141		-		14,141		-
Other		700		-		700		-

Total securities available for sale	$	358,185	$	-	$	358,185	$	-

	Fair Value Measurements at December 31, 2023 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Securities available for sale:
U.S. government sponsored enterprises	$	118,668	$	-	$	118,668	$	-
State and political subdivisions		26		-		26		-
Mortgage backed securities and collateralized mortgage obligations - residential		237,677		-		237,677		-
Corporate bonds		78,052		-		78,052		-
Small Business Administration - guaranteed participation securities		17,186		-		17,186		-
Other		680		-		680		-

Total securities available for sale	$	452,289	$	-	$	452,289	$	-

Assets measured at fair value on a non-recurring basis are summarized below:

	Fair Value Measurements at December 31, 2024 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)

Other real estate owned	$	2,174	$	-	$	-	$	2,174	Sales comparison approach	Adjustments for differences between comparable sales		0% - 44% (18	%)

Individually evaluated loans:
Real estate mortgage - 1 to 4 family		-		-		-		-	Sales comparison approach	Adjustments for differences between comparable sales		N/A

	Fair Value Measurements at December 31, 2023 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)

Other real estate owned	$	194	$	-	$	-	$	194	Sales comparison approach	Adjustments for differences between comparable sales		0% - 39% (20	%)

Individually evaluated loans:
Real estate mortgage - 1 to 4 family		-		-		-		-	Sales comparison approach	Adjustments for differences between comparable sales		N/A

Other real estate owned, which is carried at fair value less costs to sell, was approximately $2.2 million at December 31, 2024, and consisted of residential and commercial real estate properties. A valuation charge of $350 thousand is included in earnings for the year ended December 31, 2024.

Of the total individually evaluated loans of $24.4 million at December 31, 2024, there are no loans that were collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2024. There were no gross charge-offs related to residential impaired loans included in the table above.

Other real estate owned, which is carried at fair value less costs to sell, was approximately $194 thousand at December 31, 2023, and consisted of only residential real estate properties. A valuation charge of $143 thousand is included in earnings for the year ended December 31, 2023.

Of the total individually evaluated loans of $24.7 million at December 31, 2023, there are no loans that were collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2023. There were no gross charge-offs related to residential impaired loans included in the table above.

In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2024 and 2023 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2024 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	641,812		641,812		-		-		641,812
Securities available for sale		358,185		-		358,185		-		358,185
Held to maturity securities		5,365		-		5,306		-		5,306
Federal Reserve Bank and
Federal Home Loan Bank stock		6,507		N/A		N/A		N/A		N/A
Net loans		5,047,810		-		-		4,589,822		4,589,822
Accrued interest receivable		13,194		271		1,317		11,606		13,194
Financial liabilities:
Demand deposits		762,101		762,101		-		-		762,101
Interest bearing deposits		4,628,882		2,579,123		2,038,200		-		4,617,323
Short-term borrowings		84,781		-		84,781		-		84,781
Accrued interest payable		3,817		216		3,601		-		3,817

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2023 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	578,004		578,004		-		-		578,004
Securities available for sale		452,289		-		452,289		-		452,289
Held to maturity securities		6,458		-		6,396		-		6,396
Federal Reserve Bank and
Federal Home Loan Bank stock		6,203		N/A		N/A		N/A		N/A
Net loans		4,954,301		-		-		4,422,027		4,422,027
Accrued interest receivable		13,683		234		1,920		11,529		13,683
Financial liabilities:
Demand deposits		754,532		754,532		-		-		754,532
Interest bearing deposits		4,596,245		2,760,221		1,819,789		-		4,580,010
Short-term borrowings		88,990		-		88,990		-		88,990
Accrued interest payable		3,612		256		3,356		-		3,612

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2024

Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements

(14)	Regulatory Capital Requirements

Depository institutions and their holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy rules and regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. The capital rules include a capital conservation buffer of 2.5% that is designed to absorb losses during periods of economic stress and to require increased capital levels before capital distributions and certain other payments can be made. Failure to meet the full amount of the buffer will result in restrictions on capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. For regulatory capital purposes, the ratios exclude the impact of accumulated other comprehensive income (loss). As of December 31, 2023, the Company and Bank meet all capital adequacy requirements to which they are subject and reported capital in levels that exceeded the capital conservation buffer.

Prompt corrective action regulations, to which banks, but not their holding companies, are subject, provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. If a bank is not classified as well capitalized, its ability to accept brokered deposits is restricted. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of December 31, 2024 and December 31, 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The following is a summary of actual capital amounts and ratios as of December 31, 2024 and 2023, for Trustco Bank:

	As of December 31, 2024						Well			Minimum for Capital Adequacy plus Capital Conservation
(dollars in thousands)	Amount			Ratio			Capitalized⁽¹⁾			Buffer⁽¹⁾⁽²⁾

Tier 1 leverage ratio		$	652,668		10.618	%		5.000	%		4.000	%
Common equity Tier 1 capital			652,668		18.542			6.500			7.000
Tier 1 risk-based capital			652,668		18.542			8.000			8.500
Total risk-based capital			696,767		19.795			10.000			10.500

	As of December 31, 2023						Well			Minimum for Capital Adequacy plus Capital Conservation
(dollars in thousands)	Amount			Ratio			Capitalized⁽¹⁾			Buffer⁽¹⁾⁽²⁾

Tier 1 leverage ratio		$	636,327		10.428	%		5.000	%		4.000	%
Common equity Tier 1 capital			636,327		18.280			6.500			7.000
Tier 1 risk-based capital			636,327		18.280			8.000			8.500
Total risk-based capital			679,924		19.532			10.000			10.500

The following is a summary of actual capital amounts and ratios as of December 31, 2024 and 2023 for TrustCo on a consolidated basis.

	As of December 31, 2024						Minimum for Capital Adequacy plus Capital Conservation
(dollars in thousands)	Amount			Ratio			Buffer⁽¹⁾⁽²⁾

Tier 1 leverage ratio		$	679,651		11.054	%		4.000	%
Common equity Tier 1 capital			679,651		19.303			7.000
Tier 1 risk-based capital			679,651		19.303			8.500
Total risk-based capital			723,762		20.556			10.500

	As of December 31, 2023						Minimum for Capital Adequacy plus Capital Conservation
(dollars in thousands)	Amount			Ratio			Buffer⁽¹⁾⁽²⁾

Tier 1 leverage ratio		$	657,968		10.780	%		4.000	%
Common equity Tier 1 capital			657,968		18.896			7.000
Tier 1 risk-based capital			657,968		18.896			8.500
Total risk-based capital			701,577		20.149			10.500

(1)	Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized.

(2)	The December 31, 2024 and 2023 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

(15)	Accumulated Other Comprehensive Income

The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax:

	December 31, 2024
(dollars in thousands)	Balance at 12/31/2023				Other Comprehensive Income (loss)- Before Reclassifications			Amount reclassified from Accumulated Other Comprehensive Income				Other Comprehensive Income (loss)- year ended 12/31/2024				Balance at 12/31/2024

Net unrealized holding gain (loss) on securities available for sale, net of tax		$	(23,899	)		$	2,186		$	-			$	2,186			$	(21,713	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax			13,476				7,790			-				7,790				21,266
Net change in net actuarial gain and prior service cost on pension and pension and postretirement benefit plans, net of tax			(2,814	)			-			(600	)			(600	)			(3,414	)

Accumulated other comprehensive (loss) income, net of tax		$	(13,237	)		$	9,976		$	(600	)		$	9,376			$	(3,861	)

	December 31, 2023
(dollars in thousands)	Balance at 12/31/2022			Other Comprehensive Income (loss)- Before Reclassifications		Amount reclassified from Accumulated Other Comprehensive Income			Other Comprehensive Income (loss)- year ended 12/31/2023			Balance at 12/31/2023

Net unrealized holding gain on securities available for sale, net of tax	$	(32,271	)	$	8,372	$	-		$	8,372		$	(23,899	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		7,588			5,888		-			5,888			13,476
Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax		(2,511	)		-		(303	)		(303	)		(2,814	)

Accumulated other comprehensive income (loss), net of tax	$	(27,194	)	$	14,260	$	(303	)	$	13,957		$	(13,237	)

	December 31, 2022
(dollars in thousands)	Balance at 12/31/2021			Other Comprehensive Income (loss)- Before Reclassifications			Amount reclassified from Accumulated Other Comprehensive Income			Other Comprehensive Income (loss)- year ended 12/31/2022			Balance at 12/31/2022

Net unrealized holding (loss) gain on securities available for sale, net of tax	$	(26	)	$	(32,245	)	$	-		$	(32,245	)	$	(32,271	)
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax		13,706			(6,118	)		-			(6,118	)		7,588
Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax		(1,533	)		-			(978	)		(978	)		(2,511	)

Accumulated other comprehensive income, net of tax	$	12,147		$	(38,363	)	$	(978	)	$	(39,341	)	$	(27,194	)

The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022:

(dollars in thousands)	Years ended December 31,
	2024			2023			2022			Affected Line Item in Financial Statements
Amortization of pension and postretirement benefit items:
Amortization of net actuarial gain		824			423			1,008		Salaries and employee benefits
Amortization of prior service (cost) credit		(13	)		(13	)		313		Salaries and employee benefits
Income tax benefit		(211	)		(107	)		(343	)	Income taxes
Net of tax		600			303			978

Total reclassifications, net of tax	$	600		$	303		$	978

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers [Abstract]

Revenue from Contracts with Customers

(16)	Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of Non-Interest Income for the years ended December 31, 2024, 2023 and 2022. Items outside the scope of ASC 606 are noted as such.

(dollars in thousands)	December 31,
	2024		2023		2022
Non-interest income
Service Charges on Deposits
Overdraft fees	$	2,733	$	2,939	$	2,708
Other		2,172		2,110		2,044
Interchange Income		5,139		5,819		6,348
Net gain on equity securities (a)		1,383		-		-
Wealth management fees		7,247		6,425		7,037
Other (a)		1,160		1,022		1,123

Total non-interest income	$	19,834	$	18,315	$	19,260

(a)	Not within the scope of ASC 606.

A description of the Company’s revenue streams accounted in accordance with ASC 606 as follows:

Service charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Interchange Income: Interchange revenue primarily consists of interchange fees, volume-related incentives and ATM charges. As the card-issuing bank, interchange fees represent our portion of discount fees paid by merchants for credit / debit card transactions processed through the interchange network. The levels and structure of interchange rates are set by the card processing companies and are based on cardholder purchase volumes. The Company earns interchange income as cardholder transactions occur and interchange fees are settled on a daily basis concurrent with the transaction processing services provided to the cardholder.

Wealth Management fees: Trustco Financial Services provides a comprehensive suite of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, corporate retirement plan recordkeeping and administration of which a fee is charged to manage assets for investment or transact on accounts. These fees are earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed over the period in which services are performed based on a percentage of the fair value of assets under management or administration. Other services are based on a fixed fee for certain account types, or based on transaction activity and are recognized when services are rendered. Fees are withdrawn from the customer’s account balance.

Gains/Losses on Sales of Other real Estate Owned “OREO”: The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain/(loss) on sale if a significant financing component is present.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Operating Leases

12 Months Ended

Dec. 31, 2024

Operating Leases [Abstract]

Operating Leases

(17)	Operating leases

The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets.

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight -line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2024, the Company did not have any leases with terms of twelve months or less.

As of December 31, 2024 the Company did not have any leases for which any related construction had not yet started. At December 31, 2024 lease expiration dates ranged from one month to 19.8 years and have a weighted average remaining lease term of 8.3 years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments.

Other information related to leases was as follows:

(dollars in thousands)	2024		2023		2022
Operating lease cost	$	8,422	$	8,165	$	8,213
Variable lease cost		2,232		2,226		2,183
Total Lease costs	$	10,654	$	10,391	$	10,396

Supplemental cash flows information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,524		$	8,393		$	8,327

Right-of-use assets obtained in exchange for lease obligations:	$	2,980		$	2,487		$	3,089

Weighted average remaining lease term (years)		8.3			8.5			8.9
Weighted average discount rate		3.2	%		3.1	%		3.0	%

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:

(dollars in thousands)
Year ending December 31,
2025	$	8,339
2026		7,456
2027		6,248
2028		5,060
2029		3,682
Thereafter		15,167
Total lease payments	$	45,952
Less: Interest		5,793
Present value of lease liabilities	$	40,159

A member of the Board of Directors has an ownership interest in five entities that own commercial real estate leased by the Company for use as branch locations. Total future lease payments from the Company to those entities, which are included in the table above, at December 31, 2024, were $2.3 million, which includes interest in the amount of $236 thousand. The Company paid total rent and fees to these entities in the amounts of $564 thousand, $534 thousand, and $500 thousand for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, the Company had amounts no amounts outstanding due to the entities.

As of December 31, 2024 and 2023, the operating lease right-of-use asset was $36.6 million and $40.5 million, respectively.

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

(18)	Segment Reporting

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the chief operating decision maker, based upon information provided about the Company's products and services offered, primarily banking operations. Consolidated net income of the company is the primary performance metric utilized by the CODM. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources.

The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses, and compensation provide the significant expenses in the banking operation. While the Company has assigned certain management responsibilities by region and business line, the Company’s chief decision-maker monitors and evaluate financial performance on a Company-wide basis. The majority of the Company’s revenue is from the business of banking and the Company’s assigned regions have similar economic characteristics, products, services and customers. Accordingly, all of the Company’s operations are considered by management to be aggregated in one reportable operating segment. All operations are domestic.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2024

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

(19)	Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. While the Company is currently evaluating the impact applying this standard will have on its income tax disclosures, the adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Parent Company Only

12 Months Ended

Dec. 31, 2024

Parent Company Only [Abstract]

Parent Company Only

(20)	Parent Company Only

The following statements pertain to TrustCo Bank Corp NY (Parent Company):

Statements of Comprehensive Income

(dollars in thousands)	Years ended December 31,
	2024			2023			2022
Income:
Dividends and interest from subsidiaries	$	34,244		$	34,220		$	34,125
Net gain on securities transactions		-			-			-
Miscellaneous income		-			-			-
Total income		34,244			34,220			34,125

Expense:
Operating supplies		-			-			-
Professional services		865			972			585
Miscellaneous expense		408			1,371			1,752
Total expense		1,273			2,343			2,337
Income before income taxes and subsidiaries’ undistributed earnings		32,971			31,877			31,788
Income tax benefit		(228	)		(530	)		(559	)
Income before subsidiaries’ undistributed earnings		33,199			32,407			32,347
Equity in undistributed earnings of subsidiaries		15,634			26,239			42,887
Net income	$	48,833		$	58,646		$	75,234
Change in other comprehensive income		9,376			13,957			(39,341	)
Comprehensive income	$	58,209		$	72,603		$	35,893

Statements of Condition

(dollars in thousands)	December 31,
	2024		2023
Assets:
Cash in subsidiary bank	$	32,083	$	28,547
Investments in subsidiaries		649,373		623,658
Securities available for sale		49		48
Other assets		890		869

Total assets		682,395		653,122
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		6,052		7,837
Total liabilities		6,052		7,837
Shareholders’ equity		676,343		645,285

Total liabilities and shareholders’ equity	$	682,395	$	653,122

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2024			2023			2022
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	48,833		$	58,646		$	75,234
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(15,634	)		(26,239	)		(42,887	)
Stock based compensation expense		-			-			-
Net change in other assets and accrued expenses		(1,796	)		(1,563	)		(440	)
Total adjustments		(17,430	)		(27,802	)		(43,327	)

Net cash provided by operating activities		31,403			30,844			31,907

Cash flows from investing activities:
Purchases of securities available for sale		-			-			-

Net cash used in investing activities		-			-			-

Cash flows from financing activities:
Stock based award tax withholding payments		(193	)		-			-
Proceeds from exercise of stock options		95			-			429
Dividends paid		(27,395	)		(27,376	)		(26,978	)
Payments to acquire treasury stock		(374	)		-			(7,004	)
Proceeds from sales of treasury stock		-			-			-
Net cash used in financing activities		(27,867	)		(27,376	)		(33,553	)

Net increase in cash and cash equivalents		3,536			3,468			(1,646	)

Cash and cash equivalents at beginning of year		28,547			25,079			26,725

Cash and cash equivalents at end of year	$	32,083		$	28,547		$	25,079

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy At TrustCo, we recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that our customers share with us. TrustCo Bank maintains a formal enterprise wide risk management (“ERM”) program which identifies, measures, monitors, and controls risk. The ERM Program and framework is designed to ensure that all elements of the risk management process are in place and operating effectively across all risk categories. Risk categories include credit, interest rate risk, liquidity, price, operational, compliance, reputation, and strategic risks. Cybersecurity risk is a critical component of our technology risk management program, specifically our information security program given the increasing reliance on technology and potential of cyber risk threats. Using guidance set forth in our ERM program, we have implemented an Information Security Program to lead and support the management of information security risks in accordance with our risk profile and business strategy. We utilize the Federal Financial Institutions Examination Council (“FFIEC”) Cybersecurity Assessment Tool to benchmark these controls and procedures. Our Information Security Program includes a number of components designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies, controls, and policies designed to detect, mitigate, and contain cybersecurity threats. As part of our Information Security Program, we maintain an Information Security Policy that outlines internal controls and procedures designed to protect information systems. Information security program risk assessments and third-party attestations and assessments are conducted periodically by both internal and external resources. We leverage qualified third-party security assessors to identify vulnerabilities through both internal and external penetration tests and perform internal cybersecurity maturity assessments. In addition, our internal audit team conducts an information security and information technology audit on an annual basis. We are also subject to examinations by applicable regulators. We conduct annual cybersecurity awareness training for employees to enhance awareness of how to detect and respond to cybersecurity threats, as well as periodic phishing training campaigns. We also provide quarterly cybersecurity updates for our employees, and table-top exercises are conducted annually to simulate a response to a cybersecurity incident. As part of our Information Security Program, TrustCo maintains a formal Third-Party Risk Management program that provides oversight of cybersecurity risks related to supplier relationships. During supplier onboarding, we perform risk-based due diligence for suppliers with access to confidential TrustCo information or that require technical integration with TrustCo systems. This program includes encryption and password requirements for our suppliers, as well as ongoing monitoring and assessment, and contract review. Furthermore, we recognize the growing risk associated with highly sophisticated actors targeting corporations and maintain an Incident Response Plan, which is part of our broader business continuity planning. We have access through our insurer to computer forensics firms and specialized legal counsel in case of a cybersecurity incident. While we maintain cybersecurity insurance to assist in the cost of recovery from a cybersecurity incident, such coverage may not be sufficient to cover all costs resulting from such incidents. We did not experience any material losses relating to cybersecurity threats or incidents for the year ended December 31, 2024. We are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, the sophistication of and risks from cybersecurity threats and incidents continue to increase, and the preventative actions that we have taken and continue to take to reduce the risk of cybersecurity threats and incidents and protect our systems and information may not successfully protect against all cybersecurity threats and incidents. For more information on the risks that we face from cybersecurity threats, see “Risk Factors - Risks Related to Cybersecurity, Third Parties, and Technology.” in Part I, Item 1A of this report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our Information Security Program includes a number of components designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies, controls, and policies designed to detect, mitigate, and contain cybersecurity threats. As part of our Information Security Program, we maintain an Information Security Policy that outlines internal controls and procedures designed to protect information systems. Information security program risk assessments and third-party attestations and assessments are conducted periodically by both internal and external resources. We leverage qualified third-party security assessors to identify vulnerabilities through both internal and external penetration tests and perform internal cybersecurity maturity assessments. In addition, our internal audit team conducts an information security and information technology audit on an annual basis. We are also subject to examinations by applicable regulators. We conduct annual cybersecurity awareness training for employees to enhance awareness of how to detect and respond to cybersecurity threats, as well as periodic phishing training campaigns. We also provide quarterly cybersecurity updates for our employees, and table-top exercises are conducted annually to simulate a response to a cybersecurity incident. As part of our Information Security Program, TrustCo maintains a formal Third-Party Risk Management program that provides oversight of cybersecurity risks related to supplier relationships. During supplier onboarding, we perform risk-based due diligence for suppliers with access to confidential TrustCo information or that require technical integration with TrustCo systems. This program includes encryption and password requirements for our suppliers, as well as ongoing monitoring and assessment, and contract review. Furthermore, we recognize the growing risk associated with highly sophisticated actors targeting corporations and maintain an Incident Response Plan, which is part of our broader business continuity planning. We have access through our insurer to computer forensics firms and specialized legal counsel in case of a cybersecurity incident. While we maintain cybersecurity insurance to assist in the cost of recovery from a cybersecurity incident, such coverage may not be sufficient to cover all costs resulting from such incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	However, the sophistication of and risks from cybersecurity threats and incidents continue to increase, and the preventative actions that we have taken and continue to take to reduce the risk of cybersecurity threats and incidents and protect our systems and information may not successfully protect against all cybersecurity threats and incidents.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Board has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to both our Risk Committee and our Audit Committee. The Risk Committee directly oversees information technology and information security risks through regular reports from management on information technology, cyber security, and related risk assessments. The Risk Committee also receives annual reports on the Information Security Program and approves the Information Security Policy. In addition, the Audit Committee of the Board monitors internal audit’s coverage of cybersecurity governance, risks, and related controls, including any identified deficiencies, from cybersecurity or other risks, that could adversely affect the ability to record, process, summarize, and report financial data. The Risk Committee coordinates with the Audit Committee for review of information security matters, as needed. The Board also receives an annual update on the Company’s enterprise services, which includes both information technology and information security. Our Information Security Program is run by our Senior Vice President, Chief Risk Officer, Chief Compliance Officer and Information Security Officer (“ISO”), who reports to our Executive Vice President, Chief Operating Officer (“EVP”). Our ISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, and through the use of technological tools and software and results from third party audits. Our management-level IT Steering Committee meets on a monthly basis to discuss cybersecurity and related topics. Our ISO and EVP have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our ISO has served in that position since 2013, is a Certified Information Security Manager, and has over 20 years of experience working at TrustCo. Our EVP, who has been an employee of TrustCo since 1986, has served in his role as Executive Vice President of TrustCo since 2013. Our ISO and EVP report directly to the Risk Committee on our cybersecurity program and efforts to prevent, detect, mitigate, and remediate issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to both our Risk Committee and our Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Committee directly oversees information technology and information security risks through regular reports from management on information technology, cyber security, and related risk assessments. The Risk Committee also receives annual reports on the Information Security Program and approves the Information Security Policy. In addition, the Audit Committee of the Board monitors internal audit’s coverage of cybersecurity governance, risks, and related controls, including any identified deficiencies, from cybersecurity or other risks, that could adversely affect the ability to record, process, summarize, and report financial data. The Risk Committee coordinates with the Audit Committee for review of information security matters, as needed. The Board also receives an annual update on the Company’s enterprise services, which includes both information technology and information security.
Cybersecurity Risk Role of Management [Text Block]	The Risk Committee directly oversees information technology and information security risks through regular reports from management on information technology, cyber security, and related risk assessments. The Risk Committee also receives annual reports on the Information Security Program and approves the Information Security Policy. In addition, the Audit Committee of the Board monitors internal audit’s coverage of cybersecurity governance, risks, and related controls, including any identified deficiencies, from cybersecurity or other risks, that could adversely affect the ability to record, process, summarize, and report financial data. The Risk Committee coordinates with the Audit Committee for review of information security matters, as needed. The Board also receives an annual update on the Company’s enterprise services, which includes both information technology and information security.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Information Security Program is run by our Senior Vice President, Chief Risk Officer, Chief Compliance Officer and Information Security Officer (“ISO”), who reports to our Executive Vice President, Chief Operating Officer (“EVP”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our ISO has served in that position since 2013, is a Certified Information Security Manager, and has over 20 years of experience working at TrustCo. Our EVP, who has been an employee of TrustCo since 1986, has served in his role as Executive Vice President of TrustCo since 2013.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Information Security Program is run by our Senior Vice President, Chief Risk Officer, Chief Compliance Officer and Information Security Officer (“ISO”), who reports to our Executive Vice President, Chief Operating Officer (“EVP”). Our ISO is informed about and monitors prevention, detection, mitigation, and remediation efforts through regular communication and reporting from professionals in the information security team, and through the use of technological tools and software and results from third party audits. Our management-level IT Steering Committee meets on a monthly basis to discuss cybersecurity and related topics.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2024

Basis of Presentation [Abstract]

Consolidation

The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities Available for Sale and Held to Maturity (Debt Securities)

Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method.

A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income.

The Company measures expected credit losses on securities held to maturity debt on a collective basis. Accrued interest receivable on held to maturity debt securities is excluded from the estimate of credit losses and was not material as of December 31, 2024 and 2023. The estimate of expected credit losses considers nature of the issuers, historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Based on the nature of the issuer, there is no allowance for credit losses on held to maturity securities for the periods ended December 31, 2024 and 2023.

The Company evaluates securities available for sale in an unrealized loss position by first assessing whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

Equity Securities

Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment. Restrictions on the sale of equity securities held are not considered in the fair value measurement unless the restriction is a characteristic of the actual securities.

Federal Reserve Bank of New York (Reserve Bank) stock

The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income.

Loans

Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

Interest income from mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured.

Allowance for Credit Losses on Loans

The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses.

During the year ended December 31, 2024, the Company enhanced its ACLL calculation as follows:

•	Continued to use a Discounted Cash Flow Methodology using the probability of default and loss given default approach, now incorporating peer data.

•	Reasonable and supportable forecast period, which is now based on four quarters.

•	Reversion period - which is the period after the forecast period when the ACLL factors revert to historical averages, using a four-quarter straight line reversion.