Parent Company Only

12 Months Ended

Dec. 31, 2020

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,
	2020			2019			2018
Income:
Dividends and interest from subsidiaries	$	31,100			28,340			24,920
Net gain on securities transactions		-			-			-
Miscellaneous income		-			-			-
Total income		31,100			28,340			24,920
Expense:
Operating supplies		20			82			122
Professional services		655			651			438
Miscellaneous expense		1,666			2,811			1,755
Total expense		2,341			3,544			2,315
Income before income taxes and subsidiaries’ undistributed earnings		28,759			24,796			22,605
Income tax benefit		(558	)		(837	)		(523	)
Income before subsidiaries’ undistributed earnings		29,317			25,633			23,128
Equity in undistributed earnings of subsidiaries		23,135			32,207			38,317
Net income	$	52,452			57,840			61,445
Change in other comprehensive income (loss)		7,475			14,770			(7,157	)
Comprehensive income	$	59,927			72,610			54,288

Statements of Condition

(dollars in thousands)	December 31,
	2020		2019
Assets:
Cash in subsidiary bank	$	24,154		24,118
Investments in subsidiaries		552,399		521,802
Securities available for sale		36		35
Other assets		555		558
Total assets		577,144		546,513
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		8,983		8,256
Total liabilities		8,983		8,256
Shareholders’ equity		568,161		538,257
Total liabilities and shareholders’ equity	$	577,144		546,513

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2020			2019			2018
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	52,452			57,840			61,445
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(23,135	)		(32,207	)		(38,317	)
Stock based compensation expense		15			5			173
Net change in other assets and accrued expenses		515			246			214
Total adjustments		(22,605	)		(31,956	)		(37,930	)
Net cash provided by operating activities		29,847			25,884			23,515
Cash flows from investing activities:
Purchases of securities available for sale		(1	)		-			-
Net cash used in investing activities		(1	)		-			-
Cash flows from financing activities:
Proceeds from exercise of stock options		-			185			1,259
Dividends paid		(26,317	)		(26,372	)		(25,555	)
Payments to acquire treasury stock		(3,493	)		(35	)		(718	)
Proceeds from sales of treasury stock		-			1,791			2,391
Net cash used in financing activities		(29,810	)		(24,431	)		(22,623	)
Net increase in cash and cash equivalents		36			1,453			892
Cash and cash equivalents at beginning of year		24,118			22,665			21,773
Cash and cash equivalents at end of year	$	24,154			24,118			22,665