Exhibit 99(a)

News Release

5 Sarnowski Drive, Glenville, New York, 12302

(518) 377-3311

Fax:  (518) 381-3668

Subsidiary:

Trustco Bank

NASDAQ -- TRST

TrustCo Reports Second Quarter Net Income of $16.4 Million and $346 Million

of Loan Growth; Maintains Strong Liquidity and Demonstrates Deposit Stability

Executive Snapshot:

Glenville, New York –July 24, 2023

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced second quarter 2023 net income of $16.4 million or $0.86 diluted earnings per share, compared to net income of $17.9 million or $0.93 diluted earnings per share for the second quarter 2022; and net income of $34.1 million or $1.79 diluted earnings per share for the six months ended June 30, 2023, compared to net income of $35.0 million or $1.82 diluted earnings per share for the six months ended June 30, 2022.  Total loan growth increased $346.3 million or 7.6% for the second quarter 2023 over the same period in 2022.

Overview

Chairman, President, and CEO, Robert J. McCormick said “The value of business fundamentals in corporate success cannot be overstated.  At Trustco Bank, our fundamental goals are to achieve strength and stability.  At the management level, we accomplish this by taking a long view on balance sheet management, avoiding trends and costly quick fixes. Our team then applies the fruit of that effort to deliver industry-leading deposit products that allow us to build customer relationships that endure over time and survive economic ups and downs.  The results announced today offer proof of the success of that work.  In a time when other banks are experiencing loss of deposits to non-bank investment products, through strong customer relationships we have seen deposit growth since year end. We have taken a careful approach to pricing and moderated downward pressure on net interest margin. Additionally, our industry best loan products continue to retain existing customers and attract new ones. All loan categories have grown each successive quarter since the same period in the prior year and have grown by $346 million year over year.  Once again, where others have faltered, Trustco Bank has excelled.  This success allows us to satisfy our driving goal – to provide our owners with a long-term, top-tier return on their investment.”

TrustCo continued to see deposit balances rebound from the end of the year with net deposit inflows during both the first and second quarters of 2023.  Loan growth continued in the second quarter 2023 compared to the prior year’s second quarter, led by an increase in residential mortgages. Loan portfolio expansion was funded by a combination of utilizing a portion of our strong cash balances and by cash flow from investments, deposit inflows, and the existing loan portfolio.  The Federal Reserve’s decision to raise the target Federal Funds rate multiple times since March 2022 has contributed to our results in the second quarter 2023, as our cash position and other variable rate products continue to reprice upward, and are likely to continue to do so to the extent there are additional rate increases.  We also note that current mortgage rates significantly exceed the yield on our existing portfolio of mortgages, which, if sustained, should be positive to net interest margin going forward.  TrustCo’s strong liquidity position continues to allow us to take advantage of opportunities as they arise.

Details

Average loans were up $336.0 million or 7.5% in the second quarter 2023 over the same period in 2022.  Average residential loans, our primary lending focus, were up $220.0 million, or 5.4%, in the second quarter 2023 over the same period in 2022.  Average commercial loans and home equity lines of credit also increased $50.1 million or 25.2% and $59.5 million or 24.4%, respectively, in the second quarter 2023 over the same period in 2022.

We are actively retaining deposits, which is evident in the quarter over quarter results.  Total deposits as of June 30, 2023 increased $46.0 million to $5.3 billion from March 31, 2023.  As we move forward, our objective is to continue to encourage customers to retain these funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.  We understood the big inflows of deposits during the pandemic were temporary and that is why we did not invest that liquidity into securities or loans, but we instead retained that liquidity on the balance sheet for when the depositors would start to absorb the funds.  This gave us flexibility to strategically price deposits while retaining core customers.

Net interest income was $44.1 million for the second quarter 2023, an increase of $991 thousand or 2.3% compared to the same period in 2022, driven by a strong cash balance at the Federal Reserve Bank, loan growth, investment income, and the increases in the Federal Funds target rate over the past year.  The net interest margin for the second quarter 2023 was 2.98%, up 15 basis points from 2.83% in the second quarter of 2022.    The yield on interest earnings assets increased to 3.80%, up 90 basis points from 2.90% in the second quarter of 2022.  The cost of interest bearing liabilities increased to 1.06% in the second quarter 2023 from 0.10% in the second quarter 2022.  The increase in net interest income is primarily a result of our ability to maintain a $551.1 million average cash balance at the Federal Reserve Bank during the second quarter of 2023, continued strong loan volume, and being able to retain deposit balances at competitive market rates.

Asset quality remains strong and has been consistent over the past twelve months.  The Company recorded a benefit for credit losses of $500 thousand in the second quarter of 2023, which is the result of a benefit for credit losses on unfunded commitments of $500 thousand as a result of a corresponding decrease in unfunded loan commitments.  There was no provision for credit losses on loans during the second quarter of 2023.  The ratio of allowance for credit losses on loans to total loans was 0.96% and 1.00% as of June 30, 2023 and 2022, respectively.  The allowance for credit losses on loans was $46.9 million at June 30, 2023, compared to $45.3 million at June 30, 2022.  Nonperforming loans (NPLs) were $19.4 million at June 30, 2023, compared to $18.7 million at June 30, 2022.  NPLs were 0.40% and 0.41% of total loans at June 30, 2023 and 2022, respectively.  The coverage ratio, or allowance for credit losses on loans to NPLs, was 241.6% at June 30, 2023, compared to 242.0% at June 30, 2022.  Nonperforming assets (NPAs) were $20.8 million at June 30, 2023, compared to $19.4 million at June 30, 2022.  Additionally, we have also had minimal charge-offs, and have been in a net recovery position for the past six quarters.

At June 30, 2023 our equity to asset ratio was 10.23%, compared to 9.55% at June 30, 2022.  Book value per share at June 30, 2023 was $32.66, up 5.2% compared to $31.06 a year earlier.

A conference call to discuss second quarter 2023 results will be held at 9:00 a.m. Eastern Time on July 25, 2023.  Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 775800.  A replay of the call will be available for thirty days by dialing toll-free for the United States and Canada at 1-866-813-9403, Access code 419365.  The call will also be audio webcast at https://events.q4inc.com/attendee/812116418, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 143 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at June 30, 2023.

In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services.  The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance during 2023, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, the growth of loans and deposits throughout our branch network, the increase in residential mortgage rates, and our ability to capitalize on economic changes in the areas in which we operate.  Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, rising interest rates and the war in Ukraine. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement:  changes in interest rates, including recent and possible future increases fueled by inflation; inflationary pressures and rising prices; exposure to credit risk in our lending activities; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the COVID-19 pandemic; the soundness of other financial institutions; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the risk of data breaches and cyber-attacks; the risk of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

(Unaudited)

(1)	Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income. See Non-GAAP Financial Measures Reconciliation.

(2)	Non-GAAP measure; calculated as total shareholders' equity less $553 of intangible assets divided by total assets less  $553 of intangible assets.  See Non-GAAP Financial Measures Reconciliation.

FINANCIAL HIGHLIGHTS, Continued

(Unaudited)

(1)	Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income.  See Non-GAAP Financial Measures Reconciliation.

CONSOLIDATED STATEMENTS OF INCOME, Continued

(Unaudited)

(Unaudited)

(Unaudited)

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

(1)  At period-end

(2)  For the three-month period ended