TrustCo Bank Corp N.Y. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TrustCo Bank Corp N.Y. has submitted its 2023 annual report (10-K) detailing its financial performance and position as of December 31, 2023.</b>

AI Summary

TRUSTCO BANK CORP N Y (TRST) filed a Annual Report (10-K) with the SEC on March 11, 2024. TrustCo Bank Corp N.Y. filed its 2023 Form 10-K on March 11, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in New York and operates under SIC code 6022 (State Commercial Banks). The filing includes financial data and disclosures for the fiscal year 2023. Key dates related to financial reporting and adjustments are noted within the filing.

Why It Matters

For investors and stakeholders tracking TRUSTCO BANK CORP N Y, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TrustCo Bank's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess the bank's stability and growth prospects. The detailed financial statements and risk factor disclosures within this report are essential for understanding the bank's regulatory compliance, market positioning, and potential challenges in the current economic environment.

Risk Assessment

Risk Level: low — TRUSTCO BANK CORP N Y shows low risk based on this filing. The filing is a standard 10-K for a publicly traded bank, indicating routine disclosure requirements rather than immediate significant risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand TrustCo Bank's performance drivers and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240311 — Filing Date (Filed as of Date)
• 136 — Public Document Count (Document count in the filing)
• 2023 — Fiscal Year (Fiscal year covered by the report)

Key Players & Entities

• TRUSTCO BANK CORP N Y (company) — Filer name
• 0000357301 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• NY (company) — State of Incorporation
• 6 METRO PARK ROAD (company) — Business Address Street 1
• ALBANY (company) — Business Address City
• 12205 (company) — Business Address ZIP
• 5183773311 (company) — Business Phone

FAQ

Industry Context

TrustCo Bank Corp N.Y. operates within the commercial banking sector, subject to federal and state regulations governing financial institutions.

Regulatory Implications

As a state commercial bank, TrustCo Bank is subject to oversight from state banking authorities and potentially federal regulators like the Federal Reserve or FDIC, depending on its charter and activities.

What Investors Should Do

1. Analyze the financial statements for revenue trends, net income, and key balance sheet items.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the bank's strategy and risk management.
3. Review any disclosed risk factors to understand potential challenges and their impact on the bank's operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $1.00 — ge on which registered) Common Stock, $1.00 par value TRST The Nasdaq Global Se
• $28.61 — illion (based upon the closing price of $28.61 on June 30, 2023 as reported on the Nas
• $31.05 — 2023 (the last trading day of 2023) was $31.05. Subsidiaries Trustco Bank Trustco
• $967 million — epartment of the Bank was approximately $967 million as of December 31, 2023. The daily ope
• $10 billion — y institutions with assets of less than $10 billion and for large banks with assets of more
• $50 billion — or large banks with assets of more than $50 billion. Many of these changes resulted in mean

Filing Documents

• ef20015301_10k.htm (10-K) — 1055KB
• ex20015301_ex4-a.htm (EX-4.(A)) — 25KB
• ef20015301_ex10-ii.htm (EX-10.II) — 29KB
• ef20015301_ex13.htm (EX-13) — 7314KB
• ef20015301_ex21.htm (EX-21) — 7KB
• ef20015301_ex23.htm (EX-23) — 3KB
• ef20015301_ex24.htm (EX-24) — 11KB
• ef20015301_ex31-ia.htm (EX-31.IA) — 8KB
• ef20015301_ex31-ib.htm (EX-31.IB) — 8KB
• ef20015301_ex32.htm (EX-32) — 5KB
• ef20015301_ex97.htm (EX-97) — 37KB
• image0.jpg (GRAPHIC) — 169KB
• image1.jpg (GRAPHIC) — 166KB
• image00002.jpg (GRAPHIC) — 219KB
• image3.jpg (GRAPHIC) — 125KB
• image00004.jpg (GRAPHIC) — 14KB
• image00005.jpg (GRAPHIC) — 2KB
• image29.jpg (GRAPHIC) — 101KB
• image00031.jpg (GRAPHIC) — 46KB
• 0001140361-24-012641.txt (&nbsp;) — 35468KB
• trst-20231231.xsd (EX-101.SCH) — 103KB
• trst-20231231_cal.xml (EX-101.CAL) — 145KB
• trst-20231231_def.xml (EX-101.DEF) — 717KB
• trst-20231231_lab.xml (EX-101.LAB) — 1451KB
• trst-20231231_pre.xml (EX-101.PRE) — 1000KB
• ef20015301_10k_htm.xml (XML) — 9034KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 20 Item 1B Unresolved Staff Comments 33 Item 1C Cybersecurity 33 Item 2

Properties

Properties 34 Item 3

Legal Proceedings

Legal Proceedings 34 Item 4 Mine Safety Disclosures 34 PART II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6 [Reserved] 37 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9 Changes in and Disagreements with Accountants On Accounting and Financial Disclosure 37 Item 9A

Controls and Procedures

Controls and Procedures 37 Item 9B Other Information 38 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 38 PART III Item 10 Directors, Executive Officers and Corporate Governance 38 Item 11

Executive Compensation

Executive Compensation 38 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13 Certain Relationships and Related Transactions and Director Independence 39 Item 14 Principal Accounting Fees and Services 39 PART IV Item 15 Exhibits, Financial Statement Schedules 39 Item 16 Form 10-K Summary 44 EXHIBITS INDEX 40

Signatures

Signatures 45 2 Index CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements included in this Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") and in future filings by TrustCo with the Securities and Exchange Commission ("SEC"), 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 such 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. The risk factors listed in Item 1A, Risk Factors of this 2023 Form 10-K and TrustCo's 2022 Annual Report to Shareholders, which is included as Exhibit 13 hereto, and in TrustCo's other filings with the SEC, 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 heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). You should not rely upon forward-looking statements as predictions of future events. Although TrustCo believes that t

Business

Business General TrustCo Bank Corp NY ( " TrustCo " or the " Company " ) is a savings and loan holding company having its principal place of business at 5 Sarnowski Drive, Glenville, New York 12302. TrustCo was incorporated under the laws of New York in 1981 to be the parent holding company of The Schenectady Trust Company, which subsequently was renamed Trustco Bank New York and, later, Trustco Bank, National Association. The Company ' s principal subsidiary, Trustco Bank (also referred to as the " Bank " ), is the successor by merger to Trustco Bank, National Association. Through policy and practice, TrustCo continues to emphasize that it is an equal opportunity employer. There were 750 full-time equivalent employees of TrustCo at year-end. TrustCo had 7,358 shareholders of record as of December 31, 2023 and the closing price of the TrustCo common stock on December 29, 2023 (the last trading day of 2023) was $31.05. Subsidiaries Trustco Bank Trustco Bank is a federal savings bank engaged in providing general banking services to individuals and business. At year-end 2023, the Bank operated 156 automatic teller machines and 140 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties of New York, Brevard, Charlotte, Flagler, Hillsborough, Indian River, Lake, Manatee, Martin, Orange, Osceola, Palm Beach, Polk, Sarasota, Seminole, and Volusia counties in Florida, Bennington County in Vermont, Berkshire County in Massachusetts and Bergen County in New Jersey. The largest part of such business consists of accepting deposits and making loans and investments. Trustco Bank also lends in Essex and Fulton counties of New York, Essex, Hudson, Morris, and Passaic counties of New Jersey, Collier, Lee, Marion, Pasco, Pinellas, St. Johns, St. Lucie, and Sumter counties of Florida, where it has no branch locations. 3 Index The Bank pr