2023 Q3 Form 10-Q Financial Statement

#000114036123038556 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $57.55M $56.08M $53.93M
YoY Change 17.35% 26.92% 30.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.100M $1.013M $1.008M
YoY Change 6.38% -1.94% -1.56%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $15.33M $12.03M $6.967M
YoY Change 1128.45% 967.44% 483.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $19.24M $21.82M $23.66M
YoY Change -25.26% -6.99% 4.14%
Income Tax $4.555M $5.451M $5.909M
% Of Pretax Income 23.68% 24.98% 24.98%
Net Earnings $14.68M $16.37M $17.75M
YoY Change -24.19% -8.39% 3.84%
Net Earnings / Revenue 25.51% 29.19% 32.9%
Basic Earnings Per Share $0.77 $0.86 $0.93
Diluted Earnings Per Share $0.77 $0.86 $0.93
COMMON SHARES
Basic Shares Outstanding 19.02M 19.02M 19.02M
Diluted Shares Outstanding 19.02M 19.02M 19.03M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $507.3M $603.4M $637.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $32.14M $75.46M $32.31M
YoY Change -58.62% 133.05% -60.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $6.054B $6.076B $6.046B
YoY Change -0.41% -2.43% -3.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $92.90M $82.02M $84.35M
YoY Change 10.99% -6.83% -6.88%
Deferred Revenue
YoY Change
Short-Term Debt $103.1M $113.8M $134.3M
YoY Change -17.47% -22.76% -45.93%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $196.0M $195.8M $218.6M
YoY Change 134.16% 122.4% 141.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $196.0M $195.8M $218.6M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.430B $5.454B $5.431B
YoY Change -1.09% -3.16% -4.53%
SHAREHOLDERS EQUITY
Retained Earnings $422.1M $414.3M $404.7M
YoY Change 11.14% 12.84%
Common Stock $277.1M $277.1M $277.1M
YoY Change 0.16% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $623.9M $621.4M $614.7M
YoY Change
Total Liabilities & Shareholders Equity $6.054B $6.076B $6.046B
YoY Change -0.41% -2.43% -3.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $14.68M $16.37M $17.75M
YoY Change -24.19% -8.39% 3.84%
Depreciation, Depletion And Amortization $1.100M $1.013M $1.008M
YoY Change 6.38% -1.94% -1.56%
Cash From Operating Activities $11.90M $15.67M $18.78M
YoY Change -47.86% -28.84% 71.08%
INVESTING ACTIVITIES
Capital Expenditures $800.0K $1.059M $757.0K
YoY Change -236.99% -237.53% -195.1%
Acquisitions
YoY Change
Other Investing Activities -$65.60M -$66.89M -$56.02M
YoY Change -18.63% -63.7% 58.52%
Cash From Investing Activities -$66.40M -$67.95M -$56.78M
YoY Change -18.23% -63.28% 57.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.50M 18.66M 24.38M
YoY Change -71.68% -129.45% -68.84%
NET CHANGE
Cash From Operating Activities 11.90M 15.67M 18.78M
Cash From Investing Activities -66.40M -67.95M -56.78M
Cash From Financing Activities -41.50M 18.66M 24.38M
Net Change In Cash -96.00M -33.63M -13.62M
YoY Change -53.15% -85.14% -125.65%
FREE CASH FLOW
Cash From Operating Activities $11.90M $15.67M $18.78M
Capital Expenditures $800.0K $1.059M $757.0K
Free Cash Flow $11.10M $14.61M $18.02M
YoY Change -52.58% -35.89% 53.09%

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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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FinancingReceivableAllowanceForCreditLossesWriteOffs
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FinancingReceivableAllowanceForCreditLossesRecovery
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CY2022Q2 us-gaap Financing Receivable Allowance For Credit Loss Writeoff After Recovery
FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery
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FinancingReceivableCreditLossExpenseReversalGross
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FinancingReceivableAllowanceForCreditLosses
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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FinancingReceivableAllowanceForCreditLossesWriteOffs
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FinancingReceivableAllowanceForCreditLossesRecovery
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FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery
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FinancingReceivableCreditLossExpenseReversalGross
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CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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FinancingReceivableAllowanceForCreditLossesRecovery
242000
us-gaap Financing Receivable Allowance For Credit Loss Writeoff After Recovery
FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery
-165000
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FinancingReceivableCreditLossExpenseReversalGross
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CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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0
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2023Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
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FinancingReceivableCollectivelyEvaluatedForImpairment
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CY2023Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
CY2022Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
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CY2023Q2 us-gaap Real Estate Acquired Through Foreclosure
RealEstateAcquiredThroughForeclosure
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RealEstateAcquiredThroughForeclosure
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CY2023Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
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CY2023Q2 trst Other Real Estate Mortgage Loans
OtherRealEstateMortgageLoans
7000
CY2023Q2 trst Financing Receivable Recorded Investment Nonaccrual Status And Other Nonperforming Real Estate Mortgages
FinancingReceivableRecordedInvestmentNonaccrualStatusAndOtherNonperformingRealEstateMortgages
19420000
CY2022Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
17483000
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OtherRealEstateMortgageLoans
10000
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FinancingReceivableRecordedInvestmentNonaccrualStatusAndOtherNonperformingRealEstateMortgages
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CY2023Q2 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
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CY2023Q2 trst Financing Receivable Nonaccrual With Allowance For Credit Loss
FinancingReceivableNonaccrualWithAllowanceForCreditLoss
1492000
CY2023Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
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FinancingReceivableNonaccrualNoAllowance
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FinancingReceivableNonaccrualWithAllowanceForCreditLoss
1333000
CY2022Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
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FinancingReceivableNonaccrualWithAllowanceForCreditLoss
1500000
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FinancingReceivableNonaccrualWithAllowanceForCreditLoss
1300000
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TdrSClassificationsFromPreviouslyPerformingLoans
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TdrSClassificationsFromPreviouslyPerformingLoans
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CY2023Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
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CY2023Q2 us-gaap Loans And Leases Receivable Impaired Commitment To Lend
LoansAndLeasesReceivableImpairedCommitmentToLend
0
trst Financing Receivable Modified Allowance For Credit Loss Write Off
FinancingReceivableModifiedAllowanceForCreditLossWriteOff
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FinancingReceivableModifiedAllowanceForCreditLosses
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us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2022Q2 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2023Q2 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
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ImpairedFinancingReceivableRecordedInvestment
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CollateralDependentImpairedFinancingReceivableRecordedInvestment
0
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RealEstateOwnedValuationAllowance
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GrossChargeOffsResidentialImpairedLoans
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RealEstateOwnedValuationAllowanceAmountsApplied
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ImpairedFinancingReceivableRecordedInvestment
25700000
CY2022Q4 trst Collateral Dependent Impaired Financing Receivable Recorded Investment
CollateralDependentImpairedFinancingReceivableRecordedInvestment
0
CY2022Q4 us-gaap Real Estate Owned Valuation Allowance
RealEstateOwnedValuationAllowance
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CashAndCashEquivalentsAtCarryingValue
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CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2023Q2 trst Debt Securities Held To Maturity Fair Value Disclosures
DebtSecuritiesHeldToMaturityFairValueDisclosures
6926000
CY2023Q2 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
4428975000
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InterestReceivableFairValueDisclosure
11762000
CY2023Q2 trst Demand Deposit Accounts Fair Value Disclosure
DemandDepositAccountsFairValueDisclosure
791353000
CY2023Q2 trst Interest Bearing Deposit Fair Value Disclosure
InterestBearingDepositFairValueDisclosure
4442696000
CY2023Q2 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
113765000
CY2023Q2 trst Interest Payable Fair Value Disclosure
InterestPayableFairValueDisclosure
2046000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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481513000
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DebtSecuritiesHeldToMaturityFairValueDisclosures
7580000
CY2022Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
4328508000
CY2022Q4 trst Interest Receivable Fair Value Disclosure
InterestReceivableFairValueDisclosure
11492000
CY2022Q4 trst Demand Deposit Accounts Fair Value Disclosure
DemandDepositAccountsFairValueDisclosure
838147000
CY2022Q4 trst Interest Bearing Deposit Fair Value Disclosure
InterestBearingDepositFairValueDisclosure
4338428000
CY2022Q4 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
122700000
CY2022Q4 trst Interest Payable Fair Value Disclosure
InterestPayableFairValueDisclosure
602000
CY2023Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-2755000
CY2023Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
82000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2837000
CY2022Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-6829000
CY2022Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
224000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7053000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
1146000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
164000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
982000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-21080000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
489000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-21569000
CY2023Q2 trst Other Non Interest Income
OtherNonInterestIncome
281000
CY2022Q2 trst Other Non Interest Income
OtherNonInterestIncome
234000
trst Other Non Interest Income
OtherNonInterestIncome
485000
trst Other Non Interest Income
OtherNonInterestIncome
759000
CY2023Q2 us-gaap Noninterest Income
NoninterestIncome
4598000
CY2022Q2 us-gaap Noninterest Income
NoninterestIncome
4916000
us-gaap Noninterest Income
NoninterestIncome
9267000
us-gaap Noninterest Income
NoninterestIncome
10099000
CY2023Q2 trst Number Of Leases For Which Construction Not Started
NumberOfLeasesForWhichConstructionNotStarted
0
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2037000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2071000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
619000
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
545000
CY2023Q2 us-gaap Lease Cost
LeaseCost
2656000
CY2022Q2 us-gaap Lease Cost
LeaseCost
2616000
us-gaap Operating Lease Cost
OperatingLeaseCost
4087000
us-gaap Operating Lease Cost
OperatingLeaseCost
4123000
us-gaap Variable Lease Cost
VariableLeaseCost
1204000
us-gaap Variable Lease Cost
VariableLeaseCost
1141000
us-gaap Lease Cost
LeaseCost
5291000
us-gaap Lease Cost
LeaseCost
5264000
us-gaap Operating Lease Payments
OperatingLeasePayments
4165000
us-gaap Operating Lease Payments
OperatingLeasePayments
4186000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1653000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2484000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y2M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0305
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0297
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4212000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8379000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7978000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7004000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5767000
CY2023Q2 trst Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
20522000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
53862000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6690000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
47172000
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