$TRST
TRUSTCO BANK CORP N Y
CIK:0000357301|SEC Filings
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Cash flows from operating activities: | ||
| Net income | $ 33,250 | $ 29,314 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 2,506 | 2,318 |
| Amortization of right-of-use asset | 3,291 | 3,335 |
| Net gain on sale of other real estate owned | (3) | (40) |
| Writedown of other real estate owned | 30 | 547 |
| Provision for credit losses | 1,600 | 950 |
| Deferred tax expense | 1,233 | 2,315 |
| Net amortization of securities | 366 | 477 |
| Stock based compensation expense | 950 | 616 |
| Net gain on sale of bank premises and equipment | (20) | 0 |
| Net unrealized holding gain on equity securities | (844) | 0 |
| Decrease (Increase) in taxes receivable | 3,143 | (7,252) |
| Increase in interest receivable | (982) | (772) |
| (Decrease) increase in interest payable | (220) | 448 |
| Increase in other assets | (744) | (1,215) |
| Decrease in operating lease liabilities | (3,555) | (3,839) |
| (Decrease) increase in accrued expenses and other liabilities | (192) | 1,130 |
| Total adjustments | 6,559 | (982) |
| Net cash provided by operating activities | 39,809 | 28,332 |
| Cash flows from investing activities: | ||
| Proceeds from sales, paydowns and calls of securities available for sale | 28,961 | 24,364 |
| Proceeds from paydowns of held to maturity securities | 484 | 512 |
| Purchases of securities available for sale | (39,822) | (54,770) |
| Proceeds from maturities of securities available for sale | 15,000 | 60,050 |
| Purchases of Federal Home Loan Bank stock | (155) | (94) |
| Net increase in loans | (124,648) | (58,376) |
| Proceeds from dispositions of other real estate owned | 133 | 531 |
| Proceeds from dispositions of bank premises and equipment | 74 | 0 |
| Purchases of bank premises and equipment | (4,126) | (6,665) |
| Net cash used in investing activities | (124,099) | (34,448) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 124,149 | 99,331 |
| Net change in short-term borrowings | (11,672) | (2,411) |
| Purchases of treasury stock | (48,474) | (5,333) |
| Dividends paid | (13,501) | (13,692) |
| Net cash provided by financing activities | 50,502 | 77,895 |
| Net (decrease) increase in cash and cash equivalents | (33,788) | 71,779 |
| Cash and cash equivalents at beginning of period | 730,427 | 641,812 |
| Cash and cash equivalents at end of period | 696,639 | 713,591 |
| Cash paid during the year for: | ||
| Interest paid | 43,855 | 44,722 |
| Income taxes paid | 7,727 | 6,598 |
| Other non cash items: | ||
| Decrease in dividends payable | (252) | (33) |
| Change in unrealized gain (loss) on securities available for sale-gross of deferred taxes | (2,685) | 8,485 |
| Change in deferred tax effect on unrealized (gain) loss on securities available for sale | 685 | (2,201) |
| Amortization of net actuarial gain and prior service cost on pension and postretirement plans | (1,428) | (1,027) |
| Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | $ 371 | $ 267 |
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Consolidated Statements of Financial Condition (Unaudited) [Abstract] | ||
| Cash and due from banks | $ 44,503 | $ 50,569 |
| Federal funds sold and other short term investments | 652,136 | 679,858 |
| Total cash and cash equivalents | 696,639 | 730,427 |
| Securities available for sale | 303,241 | 310,418 |
| Held to maturity securities ($3,867 and $4,389 fair value at June 30, 2026 and December 31, 2025, respectively) | 3,842 | 4,339 |
| Federal Home Loan Bank stock | 6,756 | 6,601 |
| Loans, net of deferred costs | 5,377,235 | 5,252,460 |
| Less: Allowance for credit losses on loans | 54,082 | 52,205 |
| Net loans | 5,323,153 | 5,200,255 |
| Bank premises and equipment, net | 42,273 | 40,707 |
| Operating lease right-of-use assets | 33,872 | 33,638 |
| Other assets | 115,137 | 114,315 |
| Total assets | 6,524,913 | 6,440,700 |
| Deposits: | ||
| Demand | 824,717 | 814,908 |
| Interest-bearing checking | 1,089,746 | 1,077,141 |
| Savings accounts | 1,076,934 | 1,069,564 |
| Money market deposit accounts | 438,799 | 457,389 |
| Time deposits | 2,251,370 | 2,138,415 |
| Total deposits | 5,681,566 | 5,557,417 |
| Short-term borrowings | 108,382 | 120,054 |
| Operating lease liabilities | 36,361 | 36,391 |
| Accrued expenses and other liabilities | 42,595 | 40,249 |
| Total liabilities | 5,868,904 | 5,754,111 |
| SHAREHOLDERS’ EQUITY: | ||
| Capital stock par value $1.00; 30,000,000 shares authorized; 20,118,509 shares issued at both June 30, 2026 and December 31, 2025, 17,027,740 and 18,029,107 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 20,119 | 20,119 |
| Surplus | 261,283 | 260,333 |
| Undivided profits | 499,997 | 479,996 |
| Accumulated other comprehensive income, net of tax | 6,967 | 10,024 |
| Treasury stock at cost - 3,090,769 and 2,089,402 shares at June 30, 2026 and December 31, 2025, respectively | (132,357) | (83,883) |
| Total shareholders’ equity | 656,009 | 686,589 |
| Total liabilities and shareholders’ equity | $ 6,524,913 | $ 6,440,700 |