TrustCo Bank Corp N.Y. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>TrustCo Bank Corp N.Y. has filed its Q1 2024 10-Q report.</b>

AI Summary

TRUSTCO BANK CORP N Y (TRST) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. TrustCo Bank Corp N.Y. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing was made on May 9, 2024. The company is incorporated in New York.

Why It Matters

For investors and stakeholders tracking TRUSTCO BANK CORP N Y, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for TrustCo Bank Corp N.Y. for the first quarter of 2024. As a publicly traded company, these regular filings are crucial for transparency and allow stakeholders to assess the bank's financial health and strategic direction.

Risk Assessment

Risk Level: low — TRUSTCO BANK CORP N Y shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Monitor future filings for detailed financial performance, including revenue growth, net income, and any changes in debt levels or asset composition.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed As Of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• NY — State of Incorporation (State of Incorporation)

Key Players & Entities

• TRUSTCO BANK CORP N Y (company) — Filer
• 0000357301 (company) — Central Index Key
• 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
• 2024-03-31 (date) — Conformed Period of Report

FAQ

Industry Context

TrustCo Bank Corp N.Y. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a bank, TrustCo Bank Corp N.Y. is subject to extensive regulation by federal and state authorities, including the Federal Reserve and New York State Department of Financial Services.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with previous quarters and the same period in 2023.
3. Analyze any disclosed risk factors or legal proceedings that may impact the company's future performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value TRST Nasdaq Global Select
• $1 — es Outstanding as of April 30, 2024 $1 Par Value 19,024,433 TrustCo Bank Co

Filing Documents

• ef20026316_10q.htm (10-Q) — 5222KB
• ef20026316_ex15.htm (EX-15) — 2KB
• ef20026316_ex31-a.htm (EX-31.A) — 13KB
• ef20026316_ex31-b.htm (EX-31.B) — 13KB
• ef20026316_ex32.htm (EX-32) — 7KB
• image00006.jpg (GRAPHIC) — 2KB
• 0001140361-24-025190.txt (&nbsp;) — 23749KB
• trst-20240331.xsd (EX-101.SCH) — 63KB
• trst-20240331_cal.xml (EX-101.CAL) — 110KB
• trst-20240331_def.xml (EX-101.DEF) — 428KB
• trst-20240331_lab.xml (EX-101.LAB) — 877KB
• trst-20240331_pre.xml (EX-101.PRE) — 598KB
• ef20026316_10q_htm.xml (XML) — 7220KB

Forward-Looking Statements

Forward-Looking Statements 3 Part I. FINANCIAL INFORMATION Item 1. Consolidated Interim Financial Statements (Unaudited): Consolidated Statements of Income for the three month periods ended March 31, 2024 and 2023 6 Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2024 and 2023 7 Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 8 Consolidated Statements of Changes in Shareholders' Equity for the three month periods ended March 31, 2024 and 2023 9 Consolidated Statements of Cash Flows for the three month periods ended March 31, 2024 and 2023 10 Notes to Consolidated Interim Financial Statements 11-44 Report of Independent Registered Public Accounting Firm 45 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46-62 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 4.

Controls and Procedures

Controls and Procedures 63 Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 65 2 Index

Forward Looking Statements

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, 2023, 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 heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to ongoing inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). Risks Related to Our Operations changes in interest rates may significantly impact our financial condition and results of operations; ongoing inflationary pressures and continued elevated prices may affect our results of operations an