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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TrustCo Bank Corporation of NY | NASDAQ:TRST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.29 | -1.01% | 28.31 | 27.75 | 28.83 | 28.67 | 28.10 | 28.48 | 37,846 | 00:55:30 |
|
|
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
(d)
|
Exhibits
|
Reg S-K Exhibit No.
|
Description
|
Press release dated January 22, 2024 for the period ending December 31, 2023, regarding quarterly results.
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
|
Dated: January 22, 2024
|
||
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By:
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
News Release
|
Subsidiary:
|
Trustco Bank
|
Nasdaq -- TRST
|
Contact:
|
Robert Leonard
|
Executive Vice President
|
|
(518) 381-3693
|
• |
Loan portfolio reaches all-time high:
|
o |
At $5.0 billion as of December 31, 2023, loans continued to set new all-time highs
|
o |
On average, total loans were up $309.9 million or 6.6% for the fourth quarter 2023 compared to fourth quarter 2022
|
• |
Continued solid financial results:
|
o |
Key metrics for 2023:
|
◾ |
Net income of $58.6 million
|
◾ |
Net interest income of $171.8 million
|
◾ |
Return on average assets (ROAA) of 0.97%
|
◾ |
Return on average equity (ROAE) of 9.46%
|
◾ |
Book value per share at period end was $33.92, up from $31.54 compared to December 31, 2022
|
• |
Superior asset quality:
|
o |
Nonperforming loans (NPLs) were $17.7 million as of December 31, 2023, up slightly from December 31, 2022, and continue to remain at low levels
|
o |
NPLs to total loans improved to 0.35% compared to 0.37% at December 31, 2022
|
o |
Nonperforming assets (NPAs) to total assets improved to 0.29% compared to 0.33% at December 31, 2022
|
• |
Capital continues to grow:
|
o |
Consolidated equity to assets increased to 10.46% at December 31, 2023 from 10.00% at December 31, 2022
|
Three months ended
|
||||||||||||
12/31/2023
|
9/30/2023
|
12/31/2022
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income
|
$
|
38,607
|
$
|
42,221
|
$
|
49,186
|
||||||
Provision for credit losses
|
1,350
|
100
|
50
|
|||||||||
Noninterest income
|
4,474
|
4,574
|
4,775
|
|||||||||
Noninterest expense
|
28,831
|
27,460
|
26,405
|
|||||||||
Net income
|
9,848
|
14,680
|
20,910
|
|||||||||
Per share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.52
|
$
|
0.77
|
$
|
1.10
|
||||||
- Diluted
|
0.52
|
0.77
|
1.10
|
|||||||||
Cash dividends
|
0.36
|
0.36
|
0.36
|
|||||||||
Book value at period end
|
33.92
|
32.80
|
31.54
|
|||||||||
Market price at period end
|
31.05
|
27.29
|
37.59
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
750
|
764
|
750
|
|||||||||
Full service banking offices
|
140
|
143
|
143
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.64
|
%
|
0.96
|
%
|
1.38
|
%
|
||||||
Return on average equity
|
6.21
|
9.32
|
13.91
|
|||||||||
Efficiency ratio (1)
|
60.16
|
58.33
|
48.75
|
|||||||||
Net interest spread
|
2.21
|
2.55
|
3.28
|
|||||||||
Net interest margin
|
2.60
|
2.85
|
3.34
|
|||||||||
Dividend payout ratio
|
69.54
|
46.65
|
32.81
|
|||||||||
Capital ratios at period end
|
||||||||||||
Consolidated equity to assets
|
10.46
|
%
|
10.31
|
%
|
10.00
|
%
|
||||||
Consolidated tangible equity to tangible assets (2)
|
10.45
|
%
|
10.30
|
%
|
9.99
|
%
|
||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.35
|
%
|
0.36
|
%
|
0.37
|
%
|
||||||
Nonperforming assets to total assets
|
0.29
|
0.31
|
0.33
|
|||||||||
Allowance for credit losses on loans to total loans
|
0.97
|
0.95
|
0.97
|
|||||||||
Coverage ratio (3)
|
2.7
|
x
|
2.6
|
x
|
2.6
|
x
|
(1)
|
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense and non-recurring expenses) divided by taxable equivalent net interest income plus noninterest
income (excluding non-recurring loss). 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.
|
(3)
|
Calculated as allowance for credit losses on loans divided by total nonperforming loans.
|
Year ended
|
||||||||
12/31/23
|
12/31/22
|
|||||||
Summary of operations
|
||||||||
Net interest income
|
$
|
171,845
|
180,135
|
|||||
Provision (Credit) for credit losses
|
1,250
|
(341
|
)
|
|||||
Noninterest income
|
18,315
|
19,260
|
||||||
Noninterest expense
|
111,297
|
100,319
|
||||||
Net income
|
58,646
|
75,234
|
||||||
Per share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
3.08
|
3.93
|
|||||
- Diluted
|
3.08
|
3.93
|
||||||
Cash dividends
|
1.44
|
1.41
|
||||||
Book value at period end
|
33.92
|
31.54
|
||||||
Market price at period end
|
31.05
|
37.59
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.97
|
%
|
1.22
|
|||||
Return on average equity
|
9.46
|
12.60
|
||||||
Efficiency ratio (1)
|
56.72
|
50.22
|
||||||
Net interest spread
|
2.64
|
2.96
|
||||||
Net interest margin
|
2.91
|
2.99
|
||||||
Dividend payout ratio
|
46.71
|
35.86
|
(1)
|
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense and non-recurring expenses) divided by taxable equivalent net interest income plus noninterest
income (excluding non-recurring loss). See Non-GAAP Financial Measures Reconciliation.
|
Three months ended
|
||||||||||||||||||||
12/31/2023
|
9/30/2023
|
6/30/2023
|
3/31/2023
|
12/31/2022
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
49,201
|
$
|
47,921
|
$
|
46,062
|
$
|
44,272
|
$
|
42,711
|
||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
750
|
672
|
691
|
692
|
693
|
|||||||||||||||
State and political subdivisions
|
1
|
-
|
1
|
-
|
-
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,533
|
1,485
|
1,543
|
1,585
|
1,606
|
|||||||||||||||
Corporate bonds
|
477
|
473
|
516
|
521
|
523
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
102
|
107
|
111
|
117
|
124
|
|||||||||||||||
Other securities
|
3
|
2
|
3
|
2
|
2
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
2,866
|
2,739
|
2,865
|
2,917
|
2,948
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
70
|
73
|
75
|
78
|
81
|
|||||||||||||||
Total interest on held to maturity securities
|
70
|
73
|
75
|
78
|
81
|
|||||||||||||||
Federal Home Loan Bank stock
|
149
|
131
|
110
|
110
|
98
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
6,354
|
6,688
|
6,970
|
6,555
|
6,246
|
|||||||||||||||
Total interest income
|
58,640
|
57,552
|
56,082
|
53,932
|
52,084
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
165
|
102
|
49
|
66
|
61
|
|||||||||||||||
Savings
|
707
|
639
|
655
|
530
|
401
|
|||||||||||||||
Money market deposit accounts
|
2,500
|
2,384
|
1,756
|
814
|
389
|
|||||||||||||||
Time deposits
|
16,460
|
11,962
|
9,291
|
5,272
|
1,839
|
|||||||||||||||
Interest on short-term borrowings
|
201
|
244
|
279
|
285
|
208
|
|||||||||||||||
Total interest expense
|
20,033
|
15,331
|
12,030
|
6,967
|
2,898
|
|||||||||||||||
|
||||||||||||||||||||
Net interest income
|
38,607
|
42,221
|
44,052
|
46,965
|
49,186
|
|||||||||||||||
Less: Provision (Credit) for credit losses
|
1,350
|
100
|
(500
|
)
|
300
|
50
|
||||||||||||||
Net interest income after provision (credit) for credit losses
|
37,257
|
42,121
|
44,552
|
46,665
|
49,136
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,612
|
1,627
|
1,412
|
1,774
|
1,773
|
|||||||||||||||
Fees for services to customers
|
2,563
|
2,590
|
2,847
|
2,648
|
2,783
|
|||||||||||||||
Other
|
299
|
357
|
339
|
247
|
219
|
|||||||||||||||
Total noninterest income
|
4,474
|
4,574
|
4,598
|
4,669
|
4,775
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
12,444
|
12,393
|
13,122
|
13,283
|
13,067
|
|||||||||||||||
Net occupancy expense
|
4,209
|
4,358
|
4,262
|
4,598
|
4,261
|
|||||||||||||||
Equipment expense
|
1,852
|
1,923
|
1,873
|
1,962
|
1,700
|
|||||||||||||||
Professional services
|
1,561
|
1,717
|
1,360
|
1,607
|
1,251
|
|||||||||||||||
Outsourced services
|
2,532
|
2,720
|
2,491
|
2,296
|
2,102
|
|||||||||||||||
Advertising expense
|
384
|
586
|
518
|
390
|
532
|
|||||||||||||||
FDIC and other insurance
|
1,085
|
1,078
|
1,085
|
1,052
|
770
|
|||||||||||||||
Other real estate (income) expense, net
|
(12
|
)
|
163
|
148
|
225
|
101
|
||||||||||||||
Other
|
4,776
|
2,522
|
2,468
|
2,266
|
2,621
|
|||||||||||||||
Total noninterest expenses
|
28,831
|
27,460
|
27,327
|
27,679
|
26,405
|
|||||||||||||||
Income before taxes
|
12,900
|
19,235
|
21,823
|
23,655
|
27,506
|
|||||||||||||||
Income taxes
|
3,052
|
4,555
|
5,451
|
5,909
|
6,596
|
|||||||||||||||
Net income
|
$
|
9,848
|
$
|
14,680
|
$
|
16,372
|
$
|
17,746
|
$
|
20,910
|
||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.52
|
$
|
0.77
|
$
|
0.86
|
$
|
0.93
|
$
|
1.10
|
||||||||||
- Diluted
|
0.52
|
0.77
|
0.86
|
0.93
|
1.10
|
|||||||||||||||
Average basic shares (in thousands)
|
19,024
|
19,024
|
19,024
|
19,024
|
19,045
|
|||||||||||||||
Average diluted shares (in thousands)
|
19,026
|
19,024
|
19,024
|
19,027
|
19,050
|
Year ended
|
||||||||
12/31/23
|
12/31/22
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
187,456
|
162,214
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
2,805
|
1,405
|
||||||
State and political subdivisions
|
2
|
2
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
6,146
|
5,677
|
||||||
Corporate bonds
|
1,987
|
1,804
|
||||||
Small Business Administration - guaranteed participation securities
|
437
|
551
|
||||||
Other securities
|
10
|
9
|
||||||
Total interest and dividends on securities available for sale
|
11,387
|
9,448
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
296
|
343
|
||||||
Total interest on held to maturity securities
|
296
|
343
|
||||||
Federal Home Loan Bank stock
|
500
|
305
|
||||||
Interest on federal funds sold and other short-term investments
|
26,567
|
14,292
|
||||||
Total interest income
|
226,206
|
186,602
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
382
|
190
|
||||||
Savings
|
2,531
|
920
|
||||||
Money market deposit accounts
|
7,454
|
1,050
|
||||||
Time deposits
|
42,985
|
3,567
|
||||||
Interest on short-term borrowings
|
1,009
|
740
|
||||||
Total interest expense
|
54,361
|
6,467
|
||||||
Net interest income
|
171,845
|
180,135
|
||||||
Less: Provision (Credit) for credit losses
|
1,250
|
(341
|
)
|
|||||
Net interest income after provision (credit) for credit losses
|
170,595
|
180,476
|
||||||
Noninterest income:
|
||||||||
Trustco Financial Services income
|
6,425
|
7,037
|
||||||
Fees for services to customers
|
10,648
|
10,947
|
||||||
Other
|
1,242
|
1,276
|
||||||
Total noninterest income
|
18,315
|
19,260
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
51,242
|
45,904
|
||||||
Net occupancy expense
|
17,427
|
17,527
|
||||||
Equipment expense
|
7,610
|
6,487
|
||||||
Professional services
|
6,245
|
5,577
|
||||||
Outsourced services
|
10,039
|
9,210
|
||||||
Advertising expense
|
1,878
|
2,046
|
||||||
FDIC and other insurance
|
4,300
|
3,159
|
||||||
Other real estate expense, net
|
524
|
310
|
||||||
Other
|
12,032
|
10,099
|
||||||
Total noninterest expenses
|
111,297
|
100,319
|
||||||
Income before taxes
|
77,613
|
99,417
|
||||||
Income taxes
|
18,967
|
24,183
|
||||||
Net income
|
$
|
58,646
|
75,234
|
|||||
Net income per common share:
|
||||||||
- Basic
|
$
|
3.08
|
3.93
|
|||||
- Diluted
|
3.08
|
3.93
|
||||||
Average basic shares (in thousands)
|
19,024
|
19,131
|
||||||
Average diluted shares (in thousands)
|
19,025
|
19,133
|
12/31/2023
|
9/30/2023
|
6/30/2023
|
3/31/2023
|
12/31/2022
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
49,274
|
$
|
45,940
|
$
|
55,662
|
$
|
47,595
|
$
|
43,429
|
||||||||||
Federal funds sold and other short term investments
|
528,730
|
461,321
|
547,695
|
589,389
|
607,170
|
|||||||||||||||
Total cash and cash equivalents
|
578,004
|
507,261
|
603,357
|
636,984
|
650,599
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
118,668
|
121,474
|
113,570
|
119,132
|
118,187
|
|||||||||||||||
States and political subdivisions
|
26
|
34
|
34
|
34
|
34
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
237,677
|
233,719
|
243,444
|
255,556
|
260,316
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
17,186
|
17,316
|
18,382
|
19,821
|
20,977
|
|||||||||||||||
Corporate bonds
|
78,052
|
76,935
|
76,618
|
81,464
|
81,346
|
|||||||||||||||
Other securities
|
680
|
657
|
656
|
652
|
653
|
|||||||||||||||
Total securities available for sale
|
452,289
|
450,135
|
452,704
|
476,659
|
481,513
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
6,458
|
6,724
|
7,043
|
7,382
|
7,707
|
|||||||||||||||
Total held to maturity securities
|
6,458
|
6,724
|
7,043
|
7,382
|
7,707
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
6,203
|
6,203
|
6,203
|
5,797
|
5,797
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
273,515
|
268,642
|
251,434
|
246,307
|
231,011
|
|||||||||||||||
Residential mortgage loans
|
4,365,063
|
4,343,006
|
4,310,005
|
4,241,459
|
4,203,451
|
|||||||||||||||
Home equity line of credit
|
347,415
|
332,028
|
308,976
|
296,490
|
286,432
|
|||||||||||||||
Installment loans
|
16,886
|
16,605
|
16,396
|
15,326
|
12,307
|
|||||||||||||||
Loans, net of deferred net costs
|
5,002,879
|
4,960,281
|
4,886,811
|
4,799,582
|
4,733,201
|
|||||||||||||||
Less: Allowance for credit losses on loans
|
48,578
|
47,226
|
46,914
|
46,685
|
46,032
|
|||||||||||||||
Net loans
|
4,954,301
|
4,913,055
|
4,839,897
|
4,752,897
|
4,687,169
|
|||||||||||||||
Bank premises and equipment, net
|
34,007
|
32,135
|
32,351
|
32,305
|
32,556
|
|||||||||||||||
Operating lease right-of-use assets
|
40,542
|
41,475
|
43,113
|
43,478
|
44,727
|
|||||||||||||||
Other assets
|
96,387
|
97,310
|
90,957
|
90,306
|
89,984
|
|||||||||||||||
Total assets
|
$
|
6,168,191
|
$
|
6,054,298
|
$
|
6,075,625
|
$
|
6,045,808
|
$
|
6,000,052
|
||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
754,532
|
$
|
773,293
|
$
|
791,353
|
$
|
806,075
|
$
|
838,147
|
||||||||||
Interest-bearing checking
|
1,015,213
|
1,033,898
|
1,082,989
|
1,124,785
|
1,183,321
|
|||||||||||||||
Savings accounts
|
1,179,241
|
1,235,658
|
1,315,893
|
1,400,887
|
1,521,473
|
|||||||||||||||
Money market deposit accounts
|
565,767
|
610,012
|
625,253
|
600,410
|
621,106
|
|||||||||||||||
Time deposits
|
1,836,024
|
1,581,504
|
1,442,959
|
1,280,301
|
1,028,763
|
|||||||||||||||
Total deposits
|
5,350,777
|
5,234,365
|
5,258,447
|
5,212,458
|
5,192,810
|
|||||||||||||||
Short-term borrowings
|
88,990
|
103,110
|
113,765
|
134,293
|
122,700
|
|||||||||||||||
Operating lease liabilities
|
44,471
|
45,418
|
47,172
|
47,643
|
48,980
|
|||||||||||||||
Accrued expenses and other liabilities
|
38,668
|
47,479
|
34,852
|
36,711
|
35,575
|
|||||||||||||||
Total liabilities
|
5,522,906
|
5,430,372
|
5,454,236
|
5,431,105
|
5,400,065
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
20,058
|
20,058
|
20,058
|
20,058
|
20,058
|
|||||||||||||||
Surplus
|
257,181
|
257,078
|
257,078
|
257,078
|
257,078
|
|||||||||||||||
Undivided profits
|
425,069
|
422,082
|
414,251
|
404,728
|
393,831
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(13,237
|
)
|
(31,506
|
)
|
(26,212
|
)
|
(23,375
|
)
|
(27,194
|
)
|
||||||||||
Treasury stock at cost
|
(43,786
|
)
|
(43,786
|
)
|
(43,786
|
)
|
(43,786
|
)
|
(43,786
|
)
|
||||||||||
|
||||||||||||||||||||
Total shareholders' equity
|
645,285
|
623,926
|
621,389
|
614,703
|
599,987
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,168,191
|
$
|
6,054,298
|
$
|
6,075,625
|
$
|
6,045,808
|
$
|
6,000,052
|
||||||||||
|
||||||||||||||||||||
Outstanding shares (in thousands)
|
19,024
|
19,024
|
19,024
|
19,024
|
19,024
|
12/31/2023
|
9/30/2023
|
6/30/2023
|
3/31/2023
|
12/31/2022
|
||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
536
|
$
|
540
|
$
|
545
|
$
|
560
|
$
|
219
|
||||||||||
Real estate mortgage - 1 to 4 family
|
14,375
|
14,633
|
16,260
|
15,722
|
14,949
|
|||||||||||||||
Installment
|
151
|
93
|
124
|
59
|
23
|
|||||||||||||||
Total non-accrual loans
|
15,062
|
15,266
|
16,929
|
16,341
|
15,191
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
3
|
5
|
7
|
8
|
10
|
|||||||||||||||
Total nonperforming loans
|
15,065
|
15,271
|
16,936
|
16,349
|
15,201
|
|||||||||||||||
Other real estate owned
|
194
|
1,185
|
1,412
|
1,869
|
2,061
|
|||||||||||||||
Total nonperforming assets
|
$
|
15,259
|
$
|
16,456
|
$
|
18,348
|
$
|
18,218
|
$
|
17,262
|
||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
314
|
$
|
314
|
$
|
314
|
$
|
314
|
$
|
314
|
||||||||||
Real estate mortgage - 1 to 4 family
|
2,272
|
2,228
|
2,170
|
2,437
|
1,895
|
|||||||||||||||
Installment
|
15
|
65
|
-
|
62
|
83
|
|||||||||||||||
Total non-accrual loans
|
2,601
|
2,607
|
2,484
|
2,813
|
2,292
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,601
|
2,607
|
2,484
|
2,813
|
2,292
|
|||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
2,601
|
$
|
2,607
|
$
|
2,484
|
$
|
2,813
|
$
|
2,292
|
||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
850
|
$
|
854
|
$
|
859
|
$
|
874
|
$
|
533
|
||||||||||
Real estate mortgage - 1 to 4 family
|
16,647
|
16,861
|
18,430
|
18,159
|
16,844
|
|||||||||||||||
Installment
|
166
|
158
|
124
|
121
|
106
|
|||||||||||||||
Total non-accrual loans
|
17,663
|
17,873
|
19,413
|
19,154
|
17,483
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
3
|
5
|
7
|
8
|
10
|
|||||||||||||||
Total nonperforming loans
|
17,666
|
17,878
|
19,420
|
19,162
|
17,493
|
|||||||||||||||
Other real estate owned
|
194
|
1,185
|
1,412
|
1,869
|
2,061
|
|||||||||||||||
Total nonperforming assets
|
$
|
17,860
|
$
|
19,063
|
$
|
20,832
|
$
|
21,031
|
$
|
19,554
|
||||||||||
|
||||||||||||||||||||
Quarterly Net (Recoveries) Chargeoffs
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
(129
|
)
|
$
|
-
|
$
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family
|
219
|
(26
|
)
|
(161
|
)
|
(53
|
)
|
(46
|
)
|
|||||||||||
Installment
|
23
|
14
|
21
|
(6
|
)
|
31
|
||||||||||||||
Total net chargeoffs (recoveries)
|
$
|
242
|
$
|
(12
|
)
|
$
|
(269
|
)
|
$
|
(59
|
)
|
$
|
(15
|
)
|
||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Real estate mortgage - 1 to 4 family
|
-
|
-
|
-
|
(25
|
)
|
-
|
||||||||||||||
Installment
|
6
|
-
|
40
|
31
|
-
|
|||||||||||||||
Total net chargeoffs (recoveries)
|
$
|
6
|
$
|
-
|
$
|
40
|
$
|
6
|
$
|
-
|
||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
(129
|
)
|
$
|
-
|
$
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family
|
219
|
(26
|
)
|
(161
|
)
|
(78
|
)
|
(46
|
)
|
|||||||||||
Installment
|
29
|
14
|
61
|
25
|
31
|
|||||||||||||||
Total net chargeoffs (recoveries)
|
$
|
248
|
$
|
(12
|
)
|
$
|
(229
|
)
|
$
|
(53
|
)
|
$
|
(15
|
)
|
||||||
Asset Quality Ratios
|
||||||||||||||||||||
Total nonperforming loans (1)
|
$
|
17,666
|
$
|
17,878
|
$
|
19,420
|
$
|
19,162
|
$
|
17,493
|
||||||||||
Total nonperforming assets (1)
|
17,860
|
19,063
|
20,832
|
21,031
|
19,554
|
|||||||||||||||
Total net chargeoffs (recoveries) (2)
|
248
|
(12
|
)
|
(229
|
)
|
(53
|
)
|
(15
|
)
|
|||||||||||
Allowance for credit losses on loans (1)
|
48,578
|
47,226
|
46,914
|
46,685
|
46,032
|
|||||||||||||||
Nonperforming loans to total loans
|
0.35
|
%
|
0.36
|
%
|
0.40
|
%
|
0.40
|
%
|
0.37
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.29
|
%
|
0.31
|
%
|
0.34
|
%
|
0.35
|
%
|
0.33
|
%
|
||||||||||
Allowance for credit losses on loans to total loans
|
0.97
|
%
|
0.95
|
%
|
0.96
|
%
|
0.97
|
%
|
0.97
|
%
|
||||||||||
Coverage ratio (1)
|
275.0
|
%
|
264.2
|
%
|
241.6
|
%
|
243.6
|
%
|
263.1
|
%
|
||||||||||
Annualized net chargeoffs (recoveries) to average loans (2)
|
0.02
|
%
|
0.00
|
%
|
-0.02
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||
Allowance for credit losses on loans to annualized net
chargeoffs (recoveries) (2)
|
49.0
|
x
|
N/A
|
N/A
|
N/A
|
N/A
|
* |
Includes New York, New Jersey, Vermont and Massachusetts.
|
(1) |
At period-end
|
(2) |
For the three-month period ended
|
(Unaudited)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
December 31, 2023
|
December 31, 2022
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
125,572
|
$
|
750
|
2.39
|
%
|
$
|
120,415
|
$
|
693
|
2.30
|
%
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
267,341
|
1,533
|
2.28
|
292,845
|
1,606
|
2.18
|
||||||||||||||||||
State and political subdivisions
|
32
|
1
|
6.62
|
40
|
1
|
7.81
|
||||||||||||||||||
Corporate bonds
|
80,207
|
477
|
2.38
|
85,701
|
523
|
2.44
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
18,990
|
102
|
2.15
|
23,805
|
124
|
2.10
|
||||||||||||||||||
Other
|
689
|
3
|
1.74
|
686
|
2
|
1.17
|
||||||||||||||||||
Total securities available for sale
|
492,831
|
2,866
|
2.33
|
523,492
|
2,949
|
2.25
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
461,889
|
6,354
|
5.46
|
669,280
|
6,246
|
3.70
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
6,591
|
70
|
4.25
|
7,886
|
81
|
4.12
|
||||||||||||||||||
Total held to maturity securities
|
6,591
|
70
|
4.25
|
7,886
|
81
|
4.12
|
||||||||||||||||||
Federal Home Loan Bank stock
|
6,203
|
149
|
9.61
|
5,797
|
98
|
6.76
|
||||||||||||||||||
Commercial loans
|
273,622
|
3,589
|
5.25
|
223,164
|
2,756
|
4.94
|
||||||||||||||||||
Residential mortgage loans
|
4,353,660
|
40,009
|
3.68
|
4,161,481
|
36,109
|
3.47
|
||||||||||||||||||
Home equity lines of credit
|
340,670
|
5,338
|
6.22
|
278,853
|
3,661
|
5.21
|
||||||||||||||||||
Installment loans
|
16,359
|
265
|
6.44
|
10,886
|
185
|
6.74
|
||||||||||||||||||
Loans, net of unearned income
|
4,984,311
|
49,201
|
3.94
|
4,674,384
|
42,711
|
3.65
|
||||||||||||||||||
Total interest earning assets
|
5,951,825
|
$
|
58,640
|
3.93
|
5,880,839
|
$
|
52,085
|
3.54
|
||||||||||||||||
Allowance for credit losses on loans
|
(47,458
|
)
|
(45,722
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
169,791
|
171,921
|
||||||||||||||||||||||
Total assets
|
$
|
6,074,158
|
$
|
6,007,038
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,004,744
|
$
|
165
|
0.07
|
%
|
$
|
1,164,178
|
$
|
61
|
0.02
|
%
|
||||||||||||
Money market accounts
|
586,025
|
2,500
|
1.69
|
668,537
|
389
|
0.23
|
||||||||||||||||||
Savings
|
1,205,388
|
707
|
0.23
|
1,540,163
|
401
|
0.10
|
||||||||||||||||||
Time deposits
|
1,720,871
|
16,460
|
3.79
|
983,590
|
1,839
|
0.74
|
||||||||||||||||||
Total interest bearing deposits
|
4,517,028
|
19,832
|
1.74
|
4,356,468
|
2,690
|
0.25
|
||||||||||||||||||
Short-term borrowings
|
92,529
|
201
|
0.86
|
126,562
|
208
|
0.65
|
||||||||||||||||||
Total interest bearing liabilities
|
4,609,557
|
$
|
20,033
|
1.72
|
4,483,030
|
$
|
2,898
|
0.26
|
||||||||||||||||
Demand deposits
|
754,078
|
845,493
|
||||||||||||||||||||||
Other liabilities
|
81,297
|
82,085
|
||||||||||||||||||||||
Shareholders' equity
|
629,226
|
596,430
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,074,158
|
$
|
6,007,038
|
||||||||||||||||||||
Net interest income, GAAP and non-GAAP tax equivalent (1)
|
$
|
38,607
|
$
|
49,187
|
||||||||||||||||||||
Net interest spread, GAAP and non-GAAP tax equivalent (1)
|
2.21
|
%
|
3.28
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets), GAAP and non-GAAP tax equivalent (1)
|
2.60
|
%
|
3.34
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (1)
|
-
|
(1
|
)
|
|||||||||||||||||||||
Net interest income
|
$
|
38,607
|
$
|
49,186
|
(1)
|
Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
|
(dollars in thousands)
|
||||||||||||||||||||||||
(Unaudited)
|
Year ended
|
Year ended
|
||||||||||||||||||||||
December 31, 2023
|
December 31, 2022
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
121,574
|
2,805
|
2.31
|
%
|
$
|
89,557
|
1,405
|
1.57
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
275,565
|
6,146
|
2.23
|
284,901
|
5,677
|
1.99
|
||||||||||||||||||
State and political subdivisions
|
33
|
2
|
6.71
|
41
|
3
|
6.66
|
||||||||||||||||||
Corporate bonds
|
82,865
|
1,987
|
2.40
|
78,266
|
1,804
|
2.31
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
20,410
|
437
|
2.14
|
26,679
|
551
|
2.07
|
||||||||||||||||||
Other
|
686
|
10
|
1.46
|
686
|
9
|
1.31
|
||||||||||||||||||
Total securities available for sale
|
501,133
|
11,387
|
2.27
|
480,130
|
9,449
|
1.97
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
521,021
|
26,567
|
5.10
|
969,043
|
14,292
|
1.47
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
7,053
|
296
|
4.20
|
8,647
|
343
|
3.97
|
||||||||||||||||||
Total held to maturity securities
|
7,053
|
296
|
4.20
|
8,647
|
343
|
3.97
|
||||||||||||||||||
Federal Home Loan Bank stock
|
6,018
|
500
|
8.31
|
5,749
|
305
|
5.31
|
||||||||||||||||||
Commercial loans
|
255,666
|
13,306
|
5.20
|
206,144
|
10,168
|
4.93
|
||||||||||||||||||
Residential mortgage loans
|
4,290,241
|
154,235
|
3.60
|
4,081,120
|
140,420
|
3.44
|
||||||||||||||||||
Home equity lines of credit
|
313,914
|
18,936
|
6.03
|
254,168
|
10,950
|
4.31
|
||||||||||||||||||
Installment loans
|
15,345
|
979
|
6.38
|
9,849
|
676
|
6.87
|
||||||||||||||||||
Loans, net of unearned income
|
4,875,166
|
187,456
|
3.84
|
4,551,281
|
162,214
|
3.56
|
||||||||||||||||||
Total interest earning assets
|
5,910,391
|
226,206
|
3.83
|
6,014,850
|
186,603
|
3.10
|
||||||||||||||||||
Allowance for credit losses on loans
|
(46,971
|
)
|
(46,124
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
172,641
|
190,278
|
||||||||||||||||||||||
Total assets
|
$
|
6,036,061
|
$
|
6,159,004
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,067,972
|
382
|
0.04
|
%
|
$
|
1,190,337
|
190
|
0.02
|
%
|
||||||||||||||
Money market accounts
|
606,230
|
7,454
|
1.23
|
745,714
|
1,050
|
0.14
|
||||||||||||||||||
Savings
|
1,323,995
|
2,531
|
0.19
|
1,553,016
|
920
|
0.06
|
||||||||||||||||||
Time deposits
|
1,437,336
|
42,985
|
2.99
|
974,428
|
3,567
|
0.37
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
4,435,533
|
53,352
|
1.20
|
4,463,495
|
5,727
|
0.13
|
||||||||||||||||||
Short-term borrowings
|
114,639
|
1,009
|
0.88
|
177,599
|
740
|
0.42
|
||||||||||||||||||
Total interest bearing liabilities
|
4,550,172
|
54,361
|
1.19
|
4,641,094
|
6,467
|
0.14
|
||||||||||||||||||
Demand deposits
|
784,021
|
838,944
|
||||||||||||||||||||||
Other liabilities
|
81,658
|
81,880
|
||||||||||||||||||||||
Shareholders' equity
|
620,212
|
597,086
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,036,063
|
$
|
6,159,004
|
||||||||||||||||||||
Net interest income, GAAP and non-GAAP tax equivalent (1)
|
171,845
|
180,136
|
||||||||||||||||||||||
Net interest spread, GAAP and non-GAAP tax equivalent (1)
|
2.64
|
%
|
2.96
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets), GAAP and non-GAAP tax equivalent (1)
|
2.91
|
%
|
2.99
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (1)
|
-
|
(1
|
)
|
|||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
171,845
|
180,135
|
(1)
|
Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
|
12/31/2023
|
9/30/2023
|
12/31/2022
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity (GAAP)
|
$
|
645,285
|
$
|
623,926
|
$
|
599,987
|
||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity (Non-GAAP)
|
$
|
644,732
|
$
|
623,373
|
$
|
599,434
|
||||||
Shares outstanding
|
19,024
|
19,024
|
19,024
|
|||||||||
Tangible book value per share
|
33.89
|
32.77
|
31.51
|
|||||||||
Book value per share
|
33.92
|
32.80
|
31.54
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets (GAAP)
|
$
|
6,168,191
|
$
|
6,054,298
|
$
|
6,000,052
|
||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets (Non-GAAP)
|
$
|
6,167,638
|
$
|
6,053,745
|
$
|
5,999,499
|
||||||
Tangible Equity to Tangible Assets (Non-GAAP)
|
10.45
|
%
|
10.30
|
%
|
9.99
|
% |
||||||
Equity to Assets (GAAP)
|
10.46
|
%
|
10.31
|
%
|
10.00
|
% |
Three months ended
|
Year ended
|
|||||||||||||||||||
Efficiency Ratio
|
12/31/2023
|
9/30/2023
|
12/31/2022
|
12/31/2023
|
12/31/2022
|
|||||||||||||||
Net interest income (GAAP)
|
$
|
38,607
|
$
|
42,221
|
$
|
49,186
|
$
|
171,845
|
$
|
180,135
|
||||||||||
Taxable equivalent adjustment
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||
Net interest income (fully taxable equivalent) (Non-GAAP)
|
38,607
|
42,221
|
49,187
|
171,845
|
180,136
|
|||||||||||||||
Non-interest income (GAAP)
|
4,474
|
4,574
|
4,775
|
18,315
|
19,260
|
|||||||||||||||
Add: Non-recurring loss (1)
|
101
|
-
|
-
|
101
|
-
|
|||||||||||||||
Less: Net gain on sale of building
|
-
|
-
|
-
|
-
|
268
|
|||||||||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
$
|
43,182
|
$
|
46,795
|
$
|
53,962
|
$
|
190,261
|
$
|
199,128
|
||||||||||
Total noninterest expense (GAAP)
|
$
|
28,831
|
$
|
27,460
|
$
|
26,405
|
$
|
111,297
|
$
|
100,319
|
||||||||||
Less: Branch closure expense
|
114
|
-
|
-
|
114
|
-
|
|||||||||||||||
Less: Non-recurring expenses (1)
|
2,750
|
-
|
-
|
2,750
|
-
|
|||||||||||||||
Less: Other real estate (income) expense, net
|
(12
|
)
|
163
|
101
|
524
|
310
|
||||||||||||||
Expense used for efficiency ratio (Non-GAAP)
|
$
|
25,979
|
$
|
27,297
|
$
|
26,304
|
$
|
107,909
|
$
|
100,009
|
||||||||||
Efficiency Ratio
|
60.16
|
%
|
58.33
|
%
|
48.75
|
%
|
56.72
|
%
|
50.22
|
%
|
(1)
|
There were no non-recurring losses or expenses in the prior period.
|
Page
|
14 |
Document and Entity Information |
Jan. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 22, 2024 |
Entity File Number | 0-10592 |
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 Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year TrustCo Bank Corporation... Chart |
1 Month TrustCo Bank Corporation... Chart |
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