Parent Company Only

12 Months Ended

Dec. 31, 2019

Parent Company Only [Abstract]

Parent Company Only

(19) Parent Company Only

The following statements pertain to TrustCo Bank Corp NY (Parent Company):

 Statements of Comprehensive Income

(dollars in thousands)	Years ended December 31,
	2019			2018			2017
Income:
Dividends and interest from subsidiaries	$	28,340			24,920			24,510
Net gain on securities transactions		-			-			-
Miscellaneous income		-			-			-
Total income		28,340			24,920			24,510
Expense:
Operating supplies		82			122			26
Professional services		651			438			122
Miscellaneous expense		2,811			1,755			2,573
Total expense		3,544			2,315			2,721
Income before income taxes and subsidiaries’ undistributed earnings		24,796			22,605			21,789
Income tax benefit		(837	)		(523	)		(1,171	)
Income before subsidiaries’ undistributed earnings		25,633			23,128			22,960
Equity in undistributed earnings of subsidiaries		32,207			38,317			20,185
Net income	$	57,840			61,445			43,145
Change in other comprehensive income (loss)		14,770			(7,157	)		4,445
Comprehensive income	$	72,610			54,288			47,590

Statements of Condition

(dollars in thousands)	December 31,
	2019		2018
Assets:
Cash in subsidiary bank	$	24,118		22,665
Investments in subsidiaries		521,802		474,838
Securities available for sale		35		35
Other assets		558		683
Total assets		546,513		498,221
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		8,256		8,350
Total liabilities		8,256		8,350
Shareholders’ equity		538,257		489,871
Total liabilities and shareholders’ equity	$	546,513		498,221

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2019			2018			2017
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	57,840			61,445			43,145
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(32,207	)		(38,317	)		(20,185	)
Stock based compensation expense		5			173			150
Net change in other assets and accrued expenses		246			214			853
Total adjustments		(31,956	)		(37,930	)		(19,182	)
Net cash provided by operating activities		25,884			23,515			23,963
Cash flows from financing activities:
Proceeds from exercise of stock options		185			1,259			5,236
Dividends paid		(26,372	)		(25,555	)		(25,184	)
Payments to acquire treasury stock		(35	)		(718	)		(4,608	)
Proceeds from sales of treasury stock		1,791			2,391			2,480
Net cash used in financing activities		(24,431	)		(22,623	)		(22,076	)
Net increase in cash and cash equivalents		1,453			892			1,887
Cash and cash equivalents at beginning of year		22,665			21,773			19,886
Cash and cash equivalents at end of year	$	24,118			22,665			21,773