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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to _________
Commission File Number 000-10592
TRUSTCO BANK CORP NY
(Exact name of registrant as specified in its charter)
NEW YORK
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14-1630287
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK
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12302
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(Address of principal executive offices)
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(Zip Code)
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(518) 377-3311
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Registrant’s telephone number, including area code: |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol (s)
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Name of each exchange on which registered
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Common Stock, $1.00 par value
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TRST
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Nasdaq Global Select Market
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes
☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. (Check one):
Large accelerated filer ☒
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company ☐
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock
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Number of Shares Outstanding
as of July 31, 2023
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$1 Par Value
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19,024,433
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TrustCo Bank Corp NY
DESCRIPTION
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PAGE NO.
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3
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Part I.
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FINANCIAL INFORMATION
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Item 1.
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Consolidated Interim Financial Statements (Unaudited):
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4
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5
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6
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7
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|
8
|
|
|
|
|
|
9-47
|
|
|
|
|
|
48
|
|
|
|
Item 2.
|
|
49-67
|
|
|
|
Item 3.
|
|
68
|
|
|
|
Item 4.
|
|
68
|
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
|
69
|
|
|
|
Item 1A.
|
|
69
|
|
|
|
Item 2.
|
|
72
|
|
|
|
Item 3.
|
|
72
|
|
|
|
Item 4.
|
|
72
|
|
|
|
Item 5.
|
|
72
|
|
|
|
Item 6.
|
|
74
|
Forward-looking Statements
Statements included in this report and in future filings by TrustCo with the Securities and Exchange Commission, in TrustCo’s press releases, and in oral statements made with the approval of an authorized executive
officer that are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical earnings and those presently anticipated or projected. Forward-looking statements can be identified by the use of such words as may, will, should, could, would, estimate, project, believe, intend,
anticipate, plan, seek, expect and similar expressions. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
In addition to factors described under Part II, Item 1A, Risk Factors, and under the Risk Factor discussion in TrustCo’s Annual Report on Form 10-K for the year ended December 31, 2022, the factors listed below, 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. Additionally, many of these
risks and uncertainties are currently elevated by and may or will continue to be elevated by the effects of adverse developments in the financial services industry, such as the recent bank failures and any related impact on depositor behavior, macroeconomic or geopolitical concerns related to inflation, rising interest rates and the war in Ukraine.
|
• |
changes in interest rates, including recent and possible future increases fueled by inflation, may significantly impact our financial condition and results of operations;
|
|
• |
inflationary pressures and rising prices may affect our results of operations and financial condition;
|
|
• |
exposure to credit risk in our lending activities;
|
|
• |
Any downgrade in the credit rating of the U.S. government or default by the U.S. government as a result of political conflicts over legislation to raise the U.S. government’s debt limit may have a material
adverse effect on us;
|
|
• |
the soundness of other financial institutions could adversely affect us;
|
|
• |
Any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;
|
|
• |
the allowance for credit losses on loans (“ACLL”) is not sufficient to cover expected loan losses, resulting in a decrease in earnings;
|
|
• |
our inability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities;
|
|
• |
we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability;
|
|
• |
our dependency upon the services of the management team;
|
|
• |
our disclosure controls and procedures may not prevent or detect all errors or acts of fraud;
|
|
• |
if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations in the event of a disaster, the business disruption can adversely impact its operations;
|
|
• |
our risk management framework may not be effective in mitigating risk and loss;
|
|
• |
a prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations and financial results;
|
|
• |
instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition;
|
|
• |
the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings;
|
|
• |
regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both;
|
|
• |
changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and our income;
|
|
• |
non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions;
|
|
• |
changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax positions, which may result in adverse effects on our business, financial condition, results of
operations or cash flows;
|
|
• |
our ability to pay dividends is subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock;
|
|
• |
we may be subject to a higher effective tax rate if Trustco Realty Corp. (“Trustco Realty”) fails to qualify as a real estate investment trust (“REIT”);
|
|
• |
changes in accounting standards could impact reported earnings;
|
|
• |
strong competition within the Bank’s market areas could hurt profits and slow growth;
|
|
• |
consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations;
|
|
• |
our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks;
|
|
• |
a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our results of operations, liquidity and financial
condition, as well as cause reputational harm;
|
|
• |
unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm our business;
|
|
• |
we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems;
|
|
• |
new lines of business or new products and services may subject us to additional risks;
|
|
• |
provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and these provisions may have the effect of reducing the market price of
our stock;
|
|
• |
we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value;
|
|
• |
we are exposed to climate risk;
|
|
• |
societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers; and,
|
|
• |
other risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2022, as well as risks and uncertainties, if any, discussed elsewhere in this
Form 10-Q and in our other filings made from time to time with the SEC, or in materials incorporated therein by reference.
|
You should not rely upon forward-looking statements as predictions of future events. Although TrustCo believes that the expectations reflected in the
forward‑looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. The foregoing list should not
be construed as exhaustive, and the Company disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or
unanticipated events, except to the extent required by law.
TRUSTCO BANK CORP NY
Consolidated
Statements of Income (Unaudited)
(dollars in thousands, except per share data)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
$
|
46,062
|
|
|
$
|
39,604
|
|
|
$
|
90,334
|
|
|
$
|
78,607
|
|
Interest and dividends on securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises
|
|
|
691
|
|
|
|
147
|
|
|
|
1,383
|
|
|
|
233
|
|
State and political subdivisions
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
Mortgage-backed securities and collateralized mortgage obligations - residential
|
|
|
1,543
|
|
|
|
1,367
|
|
|
|
3,128
|
|
|
|
2,454
|
|
Corporate bonds
|
|
|
516
|
|
|
|
522
|
|
|
|
1,037
|
|
|
|
755
|
|
Small Business Administration-guaranteed participation securities
|
|
|
111
|
|
|
|
140
|
|
|
|
228
|
|
|
|
294
|
|
Other securities
|
|
|
3
|
|
|
|
2
|
|
|
|
5
|
|
|
|
4
|
|
Total interest and dividends on securities available for sale
|
|
|
2,865
|
|
|
|
2,178
|
|
|
|
5,782
|
|
|
|
3,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on held to maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage obligations-residential
|
|
|
75
|
|
|
|
87
|
|
|
|
153
|
|
|
|
177
|
|
Total interest on held to maturity securities
|
|
|
75
|
|
|
|
87
|
|
|
|
153
|
|
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank and
Federal Home Loan Bank stock
|
|
|
110
|
|
|
|
65
|
|
|
|
220
|
|
|
|
127
|
|
Interest on federal funds sold and other short-term investments
|
|
|
6,970
|
|
|
|
2,253
|
|
|
|
13,525
|
|
|
|
2,825
|
|
Total interest income
|
|
|
56,082
|
|
|
|
44,187
|
|
|
|
110,014
|
|
|
|
85,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
|
|
|
49
|
|
|
|
42
|
|
|
|
115
|
|
|
|
86
|
|
Savings accounts
|
|
|
655
|
|
|
|
163
|
|
|
|
1,185
|
|
|
|
319
|
|
Money market deposit accounts
|
|
|
1,756
|
|
|
|
210
|
|
|
|
2,570
|
|
|
|
424
|
|
Time deposits
|
|
|
9,291
|
|
|
|
536
|
|
|
|
14,563
|
|
|
|
1,082
|
|
Interest on short-term borrowings
|
|
|
279
|
|
|
|
176
|
|
|
|
564
|
|
|
|
410
|
|
Total interest expense
|
|
|
12,030
|
|
|
|
1,127
|
|
|
|
18,997
|
|
|
|
2,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
44,052
|
|
|
|
43,060
|
|
|
|
91,017
|
|
|
|
83,156
|
|
Credit provision for credit losses
|
|
|
(500
|
)
|
|
|
(491
|
)
|
|
|
(200
|
)
|
|
|
(691
|
)
|
Net interest income after credit provision for credit losses
|
|
|
44,552
|
|
|
|
43,551
|
|
|
|
91,217
|
|
|
|
83,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustco financial services income
|
|
|
1,412
|
|
|
|
1,996
|
|
|
|
3,186
|
|
|
|
3,829
|
|
Fees for services to customers
|
|
|
2,847
|
|
|
|
2,658
|
|
|
|
5,495
|
|
|
|
5,459
|
|
Other
|
|
|
339
|
|
|
|
262
|
|
|
|
586
|
|
|
|
811
|
|
Total noninterest income
|
|
|
4,598
|
|
|
|
4,916
|
|
|
|
9,267
|
|
|
|
10,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
13,122
|
|
|
|
11,464
|
|
|
|
26,405
|
|
|
|
20,703
|
|
Net occupancy expense
|
|
|
4,262
|
|
|
|
4,254
|
|
|
|
8,860
|
|
|
|
8,783
|
|
Equipment expense
|
|
|
1,873
|
|
|
|
1,667
|
|
|
|
3,835
|
|
|
|
3,255
|
|
Professional services
|
|
|
1,360
|
|
|
|
1,484
|
|
|
|
2,967
|
|
|
|
2,951
|
|
Outsourced services
|
|
|
2,491
|
|
|
|
2,500
|
|
|
|
4,787
|
|
|
|
4,780
|
|
Advertising expense
|
|
|
518
|
|
|
|
389
|
|
|
|
908
|
|
|
|
1,006
|
|
FDIC and other insurance
|
|
|
1,085
|
|
|
|
804
|
|
|
|
2,137
|
|
|
|
1,616
|
|
Other real estate expense, net
|
|
|
148
|
|
|
|
74
|
|
|
|
373
|
|
|
|
85
|
|
Other
|
|
|
2,468
|
|
|
|
2,369
|
|
|
|
4,734
|
|
|
|
4,591
|
|
Total noninterest expenses
|
|
|
27,327
|
|
|
|
25,005
|
|
|
|
55,006
|
|
|
|
47,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
21,823
|
|
|
|
23,462
|
|
|
|
45,478
|
|
|
|
46,176
|
|
Income taxes
|
|
|
5,451
|
|
|
|
5,591
|
|
|
|
11,360
|
|
|
|
11,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,372
|
|
|
$
|
17,871
|
|
|
$
|
34,118
|
|
|
$
|
34,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
$
|
0.86
|
|
|
$
|
0.93
|
|
|
$
|
1.79
|
|
|
$
|
1.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Diluted
|
|
$
|
0.86
|
|
|
$
|
0.93
|
|
|
$
|
1.79
|
|
|
$
|
1.82
|
|
See accompanying notes to unaudited consolidated interim financial statements.
TRUSTCO BANK CORP NY
Consolidated
Statements of
Comprehensive Income (Unaudited)
(dollars in thousands)
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,372
|
|
|
$
|
17,871
|
|
|
$
|
34,118
|
|
|
$
|
34,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized holding (loss) gain on securities available for sale
|
|
|
(3,718
|
)
|
|
|
(9,211
|
)
|
|
|
1,533
|
|
|
|
(28,436
|
)
|
Tax effect
|
|
|
963
|
|
|
|
2,382
|
|
|
|
(387
|
)
|
|
|
7,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized (loss) gain on securities available for sale, net of tax
|
|
|
(2,755
|
)
|
|
|
(6,829
|
)
|
|
|
1,146
|
|
|
|
(21,080
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net actuarial gain
|
|
|
(114
|
)
|
|
|
(426
|
)
|
|
|
(228
|
)
|
|
|
(504
|
)
|
Amortization of prior service cost (credit)
|
|
|
3
|
|
|
|
123
|
|
|
|
6
|
|
|
|
(157
|
)
|
Tax effect
|
|
|
29
|
|
|
|
79
|
|
|
|
58
|
|
|
|
172
|
|
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans, net of tax
|
|
|
(82
|
)
|
|
|
(224
|
)
|
|
|
(164
|
)
|
|
|
(489
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) gain, net of tax
|
|
|
(2,837
|
)
|
|
|
(7,053
|
)
|
|
|
982
|
|
|
|
(21,569
|
)
|
Comprehensive income
|
|
$
|
13,535
|
|
|
$
|
10,818
|
|
|
$
|
35,100
|
|
|
$
|
13,391
|
|
See accompanying notes to unaudited consolidated interim financial statements.
TRUSTCO BANK CORP NY
Consolidated Statements of
Financial
Condition (Unaudited)
(dollars in thousands, except per share data)
|
|
June 30, 2023
|
|
|
December 31, 2022
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
55,662
|
|
|
$
|
43,429
|
|
Federal funds sold and other short term investments
|
|
|
547,695
|
|
|
|
607,170
|
|
Total cash and cash equivalents
|
|
|
603,357
|
|
|
|
650,599
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale
|
|
|
452,704
|
|
|
|
481,513
|
|
Held to maturity securities ($6,926
and $7,580 fair value at June 30, 2023 and December 31, 2022, respectively)
|
|
|
7,043
|
|
|
|
7,707
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
6,203
|
|
|
|
5,797
|
|
Loans, net of deferred net costs
|
|
|
4,886,811
|
|
|
|
4,733,201
|
|
Less:
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans
|
|
|
46,914
|
|
|
|
46,032
|
|
Net loans
|
|
|
4,839,897
|
|
|
|
4,687,169
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net
|
|
|
32,351
|
|
|
|
32,556
|
|
Operating lease right-of-use assets
|
|
|
43,113
|
|
|
|
44,727
|
|
Other assets
|
|
|
90,957
|
|
|
|
89,984
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
6,075,625
|
|
|
$
|
6,000,052
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
791,353
|
|
|
$
|
838,147
|
|
Interest-bearing checking
|
|
|
1,082,989
|
|
|
|
1,183,321
|
|
Savings accounts
|
|
|
1,315,893
|
|
|
|
1,521,473
|
|
Money market deposit accounts
|
|
|
625,253
|
|
|
|
621,106
|
|
Time deposits
|
|
|
1,442,959
|
|
|
|
1,028,763
|
|
Total deposits
|
|
|
5,258,447
|
|
|
|
5,192,810
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
113,765
|
|
|
|
122,700
|
|
Operating lease liabilities
|
|
|
47,172
|
|
|
|
48,980
|
|
Accrued expenses and other liabilities
|
|
|
34,852
|
|
|
|
35,575
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
5,454,236
|
|
|
|
5,400,065
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
Capital stock par value $1.00;
30,000,000 shares authorized; 20,058,142 shares issued at June 30, 2023 and December 31, 2022, and 19,024,433 shares outstanding at June 30, 2023 and December 31, 2022
|
|
|
20,058
|
|
|
|
20,058
|
|
Surplus
|
|
|
257,078
|
|
|
|
257,078
|
|
Undivided profits
|
|
|
414,251
|
|
|
|
393,831
|
|
Accumulated other comprehensive loss, net of tax
|
|
|
(26,212
|
)
|
|
|
(27,194
|
)
|
Treasury stock at cost - 1,033,709 shares at June 30, 2023 and December 31, 2022, respectively
|
|
|
(43,786
|
)
|
|
|
(43,786
|
)
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity
|
|
|
621,389
|
|
|
|
599,987
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
6,075,625
|
|
|
$
|
6,000,052
|
|
See accompanying notes to unaudited consolidated interim financial statements.
TRUSTCO BANK CORP NY
Consolidated Statements of
Changes in Shareholders’ Equity (Unaudited)
(dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
Undivided |
|
|
Comprehensive |
|
|
Treasury |
|
|
|
|
|
|
Stock
|
|
|
Surplus
|
|
|
Profits
|
|
|
Loss
|
|
|
Stock
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|