Parent Company Only

12 Months Ended

Dec. 31, 2021

Parent Company Only [Abstract]

Parent Company Only

(19) Parent Company Only

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

Statements of Comprensive Income

(dollars in thousands)	Years ended December 31,
	2021			2020			2019
Income:
Dividends and interest from subsidiaries	$	34,096			31,100			28,340
Net gain on securities transactions		–			–			–
Miscellaneous income		–			–			–
Total income		34,096			31,100			28,340
Expense:
Operating supplies		21			20			82
Professional services		819			655			651
Miscellaneous expense		3,419			1,666			2,811
Total expense		4,259			2,341			3,544
Income before income taxes and subsidiaries’ undistributed earnings		29,837			28,759			24,796
Income tax benefit		(972	)		(558	)		(837	)
Income before subsidiaries’ undistributed earnings		30,809			29,317			25,633
Equity in undistributed earnings of subsidiaries		30,710			23,135			32,207
Net income	$	61,519			52,452			57,840
Change in other comprehensive income		211			7,475			14,770
Comprehensive income	$	61,730			59,927			72,610

Statement of Condition

(dollars in thousands)	December 31,
	2021		2020
Assets:
Cash in subsidiary bank	$	26,725		24,154
Investments in subsidiaries		583,307		552,399
Securities available for sale		36		36
Other assets		681		555
Total assets		610,749		577,144
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		9,621		8,983
Total liabilities		9,621		8,983
Shareholders’ equity		601,128		568,161
Total liabilities and shareholders’ equity	$	610,749		577,144

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2021			2020			2019
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	61,519			52,452			57,840
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(30,710	)		(23,135	)		(32,207	)
Stock based compensation expense		–			15			5
Net change in other assets and accrued expenses		354			515			246
Total adjustments		(30,356	)		(22,605	)		(31,956	)
Net cash provided by operating activities		31,163			29,847			25,884
Cash flows from investing activities:
Purchases of securities available for sale		–			(1	)		–
Net cash used in investing activities		–			(1	)		–
Cash flows from financing activities:
Cash used to settle fractional shares in the Reverse Stock Split		(200	)		–			–
Proceeds from exercise of stock options		260			–			185
Dividends paid		(26,266	)		(26,317	)		(26,372	)
Payments to acquire treasury stock		(2,386	)		(3,493	)		(35	)
Proceeds from sales of treasury stock		–			–			1,791
Net cash used in financing activities		(28,592	)		(29,810	)		(24,431	)
Net increase in cash and cash equivalents		2,571			36			1,453
Cash and cash equivalents at beginning of year		24,154			24,118			22,665
Cash and cash equivalents at end of year	$	26,725			24,154			24,118