Operating cash flow of $28.0M in Q2 2026 represented a 1.65x multiple of net income, yet buybacks of $24.6M consumed 88% of OCF, leaving limited room for organic growth if cash generation reverts to historical averages.
TrustCo Bank Corp NY (TRST) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 69.08M | 57.6M | 59.44M | 64.13M | 78.63M | 55.37M | 62.16M | 63.8M | 67.64M | 61.69M | 54.89M | 60.01M | 54.99M | 69.89M | 58.63M | 61.32M | 48.48M | 142.07M | 388.53M | 109.96M | 48.38M | 44.64M | 44.93M | 38.1M | 52.55M | 43.76M | 56.22M | 42.6M | 50.3M | 53M | 26.4M |
| Operating CF Growth % | 819.1% | -3.09% | -7.31% | -18.44% | 42.01% | -10.93% | -2.57% | -5.68% | 9.64% | 12.38% | -8.52% | 9.12% | -21.31% | 19.21% | -4.39% | 26.48% | -65.88% | -63.43% | 253.34% | 127.26% | 8.38% | -0.65% | 17.93% | -27.49% | 20.08% | -22.15% | 31.96% | -15.31% | -5.09% | 100.76% | -27.87% |
| Net Income | 65.07M | 61.14M | 48.83M | 58.65M | 75.23M | 61.52M | 52.45M | 57.84M | 61.45M | 43.15M | 42.6M | 42.24M | 44.19M | 39.81M | 37.53M | 33.09M | 29.32M | 28.12M | 34.08M | 39.47M | 45.33M | 58.99M | 56.54M | 53.03M | 49.24M | 45.51M | 41.7M | 38.2M | 35M | 32.2M | 28.7M |
| Depreciation & Amortization | 11.6M | 11.46M | 11.44M | 10.79M | 10.55M | 10.6M | 10.18M | 9.94M | 4.11M | 3.82M | 4.04M | 4.55M | 4.78M | 5.02M | 5.03M | 4.84M | 4.73M | 4.5M | 3.77M | 3.12M | 2.67M | 2.69M | 1.9M | 2.49M | 2.17M | 2.72M | 2.74M | 2.2M | 2.5M | 3.3M | 3M |
| Deferred Taxes | 3.05M | 4.13M | 1.99M | 2.16M | 4.11M | -238K | -1.07M | 1.14M | 2.56M | -183K | 3.26M | 3.01M | 2.96M | -1.43M | 1.44M | -2.34M | 581K | 2.15M | -1.66M | 1.78M | 1.1M | 2.87M | 3.11M | -2.65M | 10.5M | -4.13M | -1.3M | -1.9M | 1.4M | -3.7M | -4.1M |
| Other Non-Cash Items | -239K | 3.12M | 1.89M | 2.87M | 1.56M | -1.59M | 8.1M | 2.18M | 4.7M | 6.52M | 7.73M | 9.71M | 7.65M | 13.95M | 11.26M | 21.25M | 23.53M | 126.4M | 352.37M | 1.31M | -2.9M | -13.61M | -14.1M | -9.39M | -6.08M | 406K | 10.72M | 9.3M | 3.1M | 5.2M | 11.1M |
| Working Capital Changes | -12.01M | -23.51M | -5.42M | -10.44M | -12.83M | -14.93M | -7.52M | -7.31M | -5.34M | 8.25M | -2.96M | 296K | -4.92M | 12.16M | 2.96M | 4.19M | -9.86M | -19.32M | -217K | 64.28M | 2.18M | -6.3M | -2.51M | -5.38M | -3.29M | -736K | 2.36M | -5.2M | 8.3M | 16M | -12.3M |
| Cash from Investing | -194.32M | -104.67M | -3.75M | -233.59M | -416.63M | -175.26M | -35.35M | -248.76M | -173.82M | -144.88M | -157.79M | -61.27M | -34.56M | -176.28M | -106.39M | -226.6M | 690K | -390.39M | -586.83M | -230.42M | -267.21M | -428.59M | 186.09M | -271.88M | 76.18M | -62.41M | -40.82M | 6.6M | -138.9M | -30.4M | -19.4M |
| Purchase of Investments | -81.17M | -96.11M | -42.77M | -19.68M | -203.52M | -139.96M | -145.34M | -262.75M | -61.81M | -83.03M | -275.3M | -189.82M | -126.11M | -423.55M | -1.21B | -1.32B | -1.3B | -1.65B | -721.53M | -223.03M | -95.31M | -477.21M | -889.62M | -1.59B | -468.27M | -402.76M | -248.3M | -360.9M | -372M | -350.1M | -503.9M |
| Sale/Maturity of Investments | 116.11M | 157.07M | 141.16M | 59.71M | 86.15M | 161.55M | 291.48M | 205.76M | 128.88M | 147.56M | 258.85M | 273.46M | 347.55M | 487.48M | 1.29B | 1.28B | 1.4B | 1.41B | 376.94M | 176.78M | 123.63M | 277.64M | 1.16B | 1.07B | 418.93M | 427.44M | 319.97M | 396.4M | 262.2M | 392.2M | 508.8M |
| Net Investment Activity | 34.94M | 60.96M | 98.39M | 40.03M | -117.36M | 21.59M | 146.14M | -56.99M | 67.08M | 64.53M | -16.45M | 83.64M | 221.44M | 63.93M | 79.59M | -39.49M | 99.49M | -246.19M | -344.6M | -46.26M | 28.31M | -199.57M | 267.07M | -524.82M | -49.33M | 24.68M | 71.67M | 35.5M | -109.8M | 42.1M | 4.9M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -224.06M | -153.77M | -97.25M | -267.96M | -295.48M | -194M | -177.65M | -187.88M | -237.25M | -205.8M | -139.29M | -141.16M | -247.5M | -233.82M | -181.71M | -181.85M | -95.19M | 4.67M | 1.4M | -175.9M | -290.4M | -225.16M | -76.69M | 255.9M | 128.67M | -83.64M | -109.76M | -26.6M | -27.3M | -70.1M | -23.3M |
| Cash from Financing | 108.29M | 135.69M | 8.12M | 96.87M | -230.87M | 232.26M | 623.44M | 138.1M | -2.85M | -11.34M | 92.02M | 47.97M | 67.97M | 145.41M | 58.83M | 253.98M | 249.19M | 144.61M | 102.99M | 174.04M | 197.3M | 377K | 53.72M | 39.38M | 78.78M | 71.78M | -458K | -143.6M | 75.8M | 59.4M | 59M |
| Dividends Paid | -27.43M | -27.62M | -27.41M | -27.39M | -26.99M | -26.28M | -26.33M | -26.39M | -25.57M | -25.2M | -25.06M | -24.95M | -24.85M | -24.72M | -24.59M | -21.33M | -19.46M | -26.33M | -37.04M | -48.07M | -47.89M | -44.91M | -44.5M | -45.01M | -43.19M | -37.01M | -32.09M | -29.6M | -25.7M | -22.4M | -19.4M |
| Share Repurchases | -81.28M | -38.13M | -374K | 0 | -7M | -2.59M | -3.49M | -35K | -718K | -4.61M | -701K | -147K | -282K | 0 | 0 | 0 | 0 | 0 | -8.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 24K | 0 | 0 | 0 | 0 | 0 | 1.79M | 2.39M | 2.48M | 2.45M | 2.67M | 2.85M | 2.91M | 2.91M | 70.48M | 2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -81.28M | -38.11M | -374K | 0 | -7M | -2.59M | -3.49M | 1.76M | 1.67M | -2.13M | 1.75M | 2.52M | 2.57M | 2.91M | 2.91M | 70.48M | 2.83M | 0 | -8.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 190.98M | 166.14M | 40.11M | 157.97M | -74.89M | 231.2M | 587.18M | 175.95M | 102.14M | -17.6M | 97.15M | 68.28M | 105.3M | 122.91M | 68.22M | 178.99M | 246.09M | 168.89M | 124.88M | 220.91M | 236.9M | 35.38M | 107.29M | 145.54M | 181.36M | 81.92M | -5.33M | -112.5M | 85.5M | 68.7M | 22.5M |
| Net Change in Cash | -16.95M | 88.61M | 63.81M | -72.59M | -568.87M | 112.37M | 650.25M | -46.86M | -109.03M | -94.53M | -10.88M | 46.71M | 88.4M | 39.03M | 11.07M | 88.69M | 298.36M | -103.71M | -95.32M | 53.58M | -21.52M | -383.57M | 284.75M | -194.4M | 207.51M | 53.13M | 14.93M | -94.4M | -12.8M | 82M | -289.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M |
| Cash at Beginning | 768.11M | 641.81M | 578M | 650.6M | 1.22B | 1.11B | 456.85M | 503.71M | 612.74M | 707.27M | 718.16M | 671.45M | 583.04M | 544.02M | 532.94M | 444.25M | 145.89M | 249.6M | 344.92M | 291.34M | 312.86M | 696.43M | 411.68M | 606.08M | 398.57M | 345.45M | 330.51M | 424.9M | 437.7M | 355.8M | 289.9M |
| Cash at End | 696.64M | 730.43M | 641.81M | 578M | 650.6M | 1.22B | 1.11B | 456.85M | 503.71M | 612.74M | 707.27M | 718.16M | 671.45M | 583.04M | 544.02M | 532.94M | 444.25M | 145.89M | 249.6M | 344.92M | 291.34M | 312.86M | 696.43M | 411.68M | 606.08M | 398.57M | 345.45M | 330.5M | 424.9M | 437.8M | 348.9M |
| Interest Paid | 67.28M | 90.61M | 91.17M | 51.35M | 6.03M | 7.88M | 25.69M | 35.89M | 19.74M | 14.58M | 15.28M | 16.24M | 15.41M | 15.26M | 20.29M | 26.55M | 35.51M | 50.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 16.81M | 19.08M | 8.87M | 19.06M | 19.46M | 20.49M | 18.18M | 16.81M | 16.36M | 26.13M | 23.49M | 21M | 26.73M | 23.82M | 21.05M | 18.82M | 27.63M | 14.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 63.88M | 45.74M | 54.56M | 58.46M | 74.84M | 52.52M | 58.33M | 59.9M | 63.99M | 58.08M | 52.84M | 56.26M | 46.5M | 63.51M | 54.36M | 56.1M | 44.87M | -6.8M | 144.88M | 101.7M | 43.27M | 40.79M | 40.65M | 35.15M | 49.38M | 40.31M | 53.48M | 40.3M | 48.5M | 50.6M | 25.4M |
| FCF Growth % | 29.78% | -16.17% | -6.68% | -21.88% | 42.49% | -9.95% | -2.63% | -6.39% | 10.19% | 9.91% | -6.09% | 21% | -26.78% | 16.82% | -3.1% | 25.04% | 759.37% | -104.7% | 42.46% | 135.05% | 6.08% | 0.35% | 15.64% | -28.83% | 22.51% | -24.62% | 32.69% | -16.91% | -4.15% | 99.21% | -25.95% |
Quick answers to the most common questions about buying TRST stock.
TrustCo Bank Corp NY (TRST) generated $57.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TrustCo Bank Corp NY (TRST) generated $45.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TrustCo Bank Corp NY (TRST) spent $11.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TrustCo Bank Corp NY (TRST) returned $27.6M to shareholders via cash dividends and spent $38.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Buyback reliance on volatile OCF
Metrics are mathematically derived from official filings.
Earnings Retention Funds Buybacks
TrustCo generated $28.0 million operating cash flow in Q2 2026, a 1.65x multiple of net income, according to the latest cash flow statement, supporting capital return while maintaining a fortress balance sheet.
Operating cash flow has been volatile, ranging from $1.3 million in Q1 2025 to $28.0 million in Q2 2026, but the recent quarter shows strong earnings conversion. The bank's exceptionally low debt-to-equity ratio of 0.23% suggests minimal reliance on external funding, allowing internally generated capital to fund both growth and shareholder returns. This internal capital generation appears sufficient to support the ongoing buyback program without straining regulatory buffers.
Securities Portfolio Actively Managed
Investment securities sales outpaced purchases by $3.8 million in Q2 2026, based on reported cash flow data, indicating the bank is trimming its securities book to fund loan growth and buybacks.
Over the past five quarters, securities sales have consistently exceeded purchases, with net proceeds averaging $12.6 million per quarter. This suggests TrustCo is deliberately reducing its investment portfolio, likely to redeploy capital into higher-yielding residential mortgages or to fund the accelerated share repurchase program. The trend may also reflect a strategic response to the low-yield environment, as the bank seeks to optimize its asset mix.
Loan Growth Supported by Cash Flows
Loan loss provisions remained minimal at $351,000 in Q2 2026, as per the cash flow statement, while operating cash flows funded continued mortgage portfolio expansion, indicating stable credit quality and disciplined lending.
The bank's portfolio lender model, focused on holding residential mortgages, requires steady cash generation to support loan originations. With provisions averaging just $430,000 per quarter over the last five quarters, credit costs are not constraining cash flows. The modest loan loss provisions suggest the mortgage book is performing well, though investors should monitor whether the recent EPS beat driven by loan repricing is sustainable as the portfolio matures.
Aggressive Buybacks Outpace Dividends
TrustCo repurchased $24.6 million of shares in Q2 2026, nearly four times its $6.7 million dividend payment, according to the cash flow statement, signaling a shift toward buybacks as the primary capital return vehicle.
Buybacks have accelerated dramatically from zero in 2024 to $24.6 million in Q2 2026, while dividends have remained stable at approximately $6.8 million per quarter. This shift suggests management believes the stock is undervalued and is deploying excess capital opportunistically. However, the sustainability of this pace depends on continued strong operating cash flow, which has been volatile; the $24.6 million buyback in Q2 2026 exceeded the quarter's operating cash flow of $28.0 million, leaving little buffer for other needs.
Stable Deposit Base Underpins Liquidity
Short-term debt changes were negligible, with only $1.0 million fluctuations in Q2 2026, as reported in the cash flow statement, reflecting a stable, low-cost deposit base that funds the bank's operations.
The minimal reliance on short-term borrowings indicates that TrustCo's core deposit franchise in Upstate New York provides ample liquidity. This stability is a key competitive advantage, allowing the bank to maintain a high net interest margin despite a low absolute level. However, the bank's deposit beta in a rising rate environment warrants monitoring, as any acceleration in deposit repricing could compress margins and reduce the cash flow available for buybacks.
Buyback Pace May Outstrip Cash Generation
Q2 2026 buybacks consumed 88% of operating cash flow, based on the cash flow statement, leaving limited room for organic growth if operating cash flow reverts to its historical average.
While the Q2 2026 operating cash flow of $28.0 million was robust, the prior quarter generated only $11.8 million, and Q1 2025 produced just $1.3 million. If operating cash flow reverts to these lower levels, the current buyback pace would require drawing down cash reserves or reducing loan growth. The $50.5 million cash position provides a buffer, but investors should monitor whether the buyback program is sustainable without compromising the bank's ability to fund mortgage originations or maintain its fortress balance sheet.