TrustCo has transitioned to a more aggressive capital allocation model, evidenced by a surge in share repurchases to $23.9 million in 2026Q1, supported by consistent liquidity generated from an investment securities portfolio that grew to $6.3 billion.
| 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 | 68.14M | 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 % | 860.14% | -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 | 63.15M | 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 | 11.54M | 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 | 770K | 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 | 8.27M | 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 | -12.44M | -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 | -152.67M | -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 | -111.28M | -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 | 141.19M | 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 | 29.91M | 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 | -164.2M | -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 | 96.5M | 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 | -27.53M | -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 | -62.04M | -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 | 35K | 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 | -62M | -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) | 1.09M | 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 | 155.38M | 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 | 11.97M | 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 | 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 | 330.51M | 424.9M | 437.7M | 355.8M | 289.9M |
| Cash at End | 768.11M | 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 | 89.4M | 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 | 59.18M | 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 % | 41.25% | -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% |
Residential mortgage concentration risk
Based on the provided quarterly data, TrustCo has transitioned from a dividend-focused model to one incorporating significant share repurchases, with buybacks reaching $23.9 million in 2026Q1, a notable escalation from the zero-buyback activity observed throughout the 2024 fiscal year as reported in historical financial statements.
The recent surge in share repurchases suggests management is increasingly comfortable deploying excess capital rather than allowing it to accumulate on the balance sheet. Investors should monitor whether this pace of capital return remains sustainable given the bank's reliance on organic earnings to fund its residential mortgage-heavy growth strategy.
As indicated by the bank's cash flow statements, TrustCo consistently maintains a high level of investment activity, with quarterly sales of securities frequently exceeding $30 million, which appears to provide the necessary liquidity to fund both loan originations and the bank's recent uptick in shareholder capital returns.
The consistent recycling of the investment portfolio suggests a proactive approach to managing interest rate risk and liquidity. This activity implies that the bank is not merely holding assets to maturity but is actively adjusting its duration profile to navigate the current interest rate environment.
According to the reported financial figures, TrustCo's net income has shown a steady upward trend, providing a reliable foundation for capital generation that supports the bank's conservative residential mortgage lending model while simultaneously funding consistent quarterly dividend payments of approximately $6.8 million to $7.1 million.
The bank's ability to generate consistent net income while maintaining a fortress-like balance sheet indicates a high degree of operational stability. This internal capital generation appears sufficient to support current growth initiatives without the immediate need for external debt financing, reinforcing the bank's low-leverage profile.
Based on the provided cash flow data, the provision for credit losses has remained consistently low, with quarterly figures rarely exceeding $1 million, which suggests that the bank's residential mortgage portfolio continues to perform well despite broader macroeconomic volatility and potential shifts in the housing market.
The minimal impact of credit loss provisions on cash flow underscores the high quality of the bank's underlying mortgage assets. This trend warrants further investigation into whether these low levels are sustainable or if they reflect a period of unusually benign credit conditions that may eventually normalize.
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.