TrustCo Bank Corp NY Files Q3 2024 10-Q

TL;DR

**TrustCo Bank Corp NY Q3 10-Q filed. Financials updated.**

AI Summary

TrustCo Bank Corp NY filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including balance sheet and income statement data for the third quarter and year-to-date periods of 2024 compared to 2023. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for TrustCo Bank Corp NY, crucial for understanding its performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated in the provided header information.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241108 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Covers the financial performance from the beginning of the year up to the end of Q3 2024.)
• 2023-01-01 to 2023-09-30 — Prior Year-to-Date Period (Provides a comparative financial performance for the same period in the previous year.)

Key Players & Entities

• TRUSTCO BANK CORP N Y (company) — Filer
• 0000357301 (company) — Central Index Key
• NY (location) — State of Incorporation
• ALBANY (location) — Business Address City
• 5183773311 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value TRST Nasdaq Global Select

Filing Documents

• ef20034528_10q.htm (10-Q) — 6868KB
• ef20034528_ex15.htm (EX-15) — 2KB
• ef20034528_ex31-a.htm (EX-31.(A)) — 12KB
• ef20034528_ex31-b.htm (EX-31.(B)) — 12KB
• ef20034528_ex32.htm (EX-32) — 6KB
• image00001.jpg (GRAPHIC) — 2KB
• 0001140361-24-045861.txt ( ) — 29003KB
• trst-20240930.xsd (EX-101.SCH) — 65KB
• trst-20240930_cal.xml (EX-101.CAL) — 118KB
• trst-20240930_def.xml (EX-101.DEF) — 433KB
• trst-20240930_lab.xml (EX-101.LAB) — 906KB
• trst-20240930_pre.xml (EX-101.PRE) — 613KB
• ef20034528_10q_htm.xml (XML) — 9171KB

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 and nine-month periods ended September 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income for the three-month and nine-month periods ended September 30, 2024 and 2023 7 Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 8 Consolidated Statements of Changes in Shareholders' Equity for the three-month and nine-month periods ended September 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2024 and 2023 10 Notes to Consolidated Interim Financial Statements 11 Report of Independent Registered Public Accounting Firm 51 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 52 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 4.

Controls and Procedures

Controls and Procedures 72 Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 73 Item 1A.

Risk Factors

Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75 Item 3. Defaults Upon Senior Securities 75 Item 4. Mine Safety Disclosures 75 Item 5. Other Information 75 Item 6. Exhibits 76 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 have impacted and may continue to impact our financial condition and results of operations; ongoing inflationary pressures and continued elevated prices have affected and may c