Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Change in component of other comprehensive income related to retirement plan and post-retirement benefit plan

The following table details the change in the components of other comprehensive income related to the retirement plan and the postretirement benefit plan, at December 31, 2014 and 2013, respectively:

(dollars in thousands)
	December 31, 2014
			Post-
	Retirement		Retirement
	Plan		Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	5,337		3,030			8,367
Amortization of net actuarial gain (loss)		-		297			297
Amortization of prior service credit		-		(199	)		(199	)
Total	$	5,337		3,128			8,465

	December 31, 2013
				Post-
	Retirement			Retirement
	Plan			Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(8,156	)		(2,403	)		(10,559	)
Amortization of net actuarial gain (loss)		(516	)		49			(467	)
Amortization of prior service credit		-			262			262
Total	$	(8,672	)		(2,092	)		(10,764	)

Asset allocation of pension and postretirement benefit plans

The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows:

	Pension Benefit					Postretirement Benefit
	Plan Assets					Plan Assets
	2014			2013		2014		2013
Debt Securities		32	%		26		33		27
Equity Securities		63			69		65		68
Other		5			5		2		5
Total		100	%		100		100		100

Fair value of plan assets by type of financial instrument and level hierarchy

The fair value of the plan assets at December 31, 2014 and 2013, by asset category, is as follows:

Retirement Plan	Fair Value Measurements at December 31, 2014 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Plan Assets
Cash and cash equivalents	$	2,043		2,043		-		-
Equity mutual funds		27,149		27,149		-		-
U.S. government sponsored enterprises		6,691		-		6,691		-
Corporate bonds		6,502		-		6,502		-
Fixed income mutual funds		608		608		-		-
Total Plan Assets	$	42,993		29,800		13,193		-

Postretirement Benefits	Fair Value Measurements at December 31, 2014 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Plan Assets
Cash and cash equivalents	$	285		285		-		-
Equity mutual funds		12,583		12,583		-		-
U.S. government sponsored enterprises		2,342		-		2,342		-
Corporate bonds		1,520		-		1,520		-
State and political subdivisions		2,555		-		2,555		-
Total Plan Assets	$	19,285		12,868		6,417		-

Retirement Plan	Fair Value Measurements at December 31, 2013 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Plan Assets
Cash and cash equivalents	$	1,916		1,916		-		-
Equity mutual funds		27,296		27,296		-		-
U.S. government sponsored enterprises		5,091		-		5,091		-
Corporate bonds		4,517		-		4,517		-
Fixed income mutual funds		599		599		-		-
Total Plan Assets	$	39,419		29,811		9,608		-

Postretirement Benefits	Fair Value Measurements at December 31, 2013 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(dollars in thousands)
Plan Assets
Cash and cash equivalents	$	950		950		-		-
Equity mutual funds		12,135		12,135		-		-
U.S. government sponsored enterprises		1,020		-		1,020		-
Corporate bonds		449		-		449		-
State and political subdivisions		3,381		-		3,381		-
Total Plan Assets	$	17,935		13,085		4,850		-

Summary of the status of stock option plans

A summary of the status of TrustCo’s stock option plans as of December 31, 2014 and changes during the year then ended, are as follows:

	Outstanding Options
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance, January 1, 2014		3,158,800		$	9.54
New options awarded-2014		188,250			7.22
Expired options - 2014		(636,500	)		13.55
Cancelled options-2014		-			-
Exercised options - 2014		(17,500	)		5.15
Balance, December 31, 2014		2,693,050		$	8.27	4.7 years

	Exercisable Options
Balance, December 31, 2014		1,919,500	$	9.10	3.2 years

Assumptions used to determine the fair value of options granted

The assumptions used to determine the fair value of options granted during 2014, 2013 and 2012 are detailed in the table below:

	2014			2013			2012
	Employees' Plan			Employees' Plan			Employees' Plan
Expected dividend yield		3.64	%		3.72	%		5.08	%
Risk-free interest rate		1.74			1.45			0.80
Expected volatility rate		21.62			25.83			30.18
Expected lives	5.0 years			5.0 years			5.0 years

Restricted common shares

The 2014 activity for the restricted common shares was as follows:

Restricted common shares
	Outstanding
	Shares
Balance, December 31, 2013		106,000
New awards granted		-
Awards became vested		(106,000	)
Balance, December 31, 2014		-

Restricted share units

Restricted share units

	Outstanding
	Units
Balance, December 31, 2013		133,750
New awards granted		68,650
Awards settled		-
Balance, December 31, 2014		202,400

Performance share units

The activity for performance based awards during 2014 was as follows:

Performance share units

	Outstanding
	Units
Balance, December 31, 2013		146,500
New awards granted		83,000
Awards settled		-
Balance, December 31, 2014		229,500

Retirement Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Change in projected/accumulated benefit obligation

The following tables set forth the plan’s funded (unfunded) status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2014 and 2013:

Change in Projected Benefit Obligation:	December 31,
(dollars in thousands)	2014			2013
Projected benefit obligation
at beginning of year	$	27,822			31,990
Service cost		58			69
Interest cost		1,374			1,273
Benefits paid		(1,751	)		(2,045	)
Net actuarial loss (gain)		6,159			(3,465	)
Projected benefit obligation at end of year	$	33,662			27,822

Change in plan assets and reconciliation of funded status

Change in Plan Assets and
Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2014			2013
Fair Value of plan assets at
beginning of year	$	39,419			34,584
Actual gain on plan assets		3,325			6,880
Company contributions		2,000			-
Benefits paid		(1,751	)		(2,045	)
Fair value of plan assets at end of year		42,993			39,419
Funded status at end of year	$	9,331			11,597

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of the following as of:

	December 31,
	2014		2013
Net actuarial loss	$	6,150		813

Components of net periodic pension inome and other amounts recognized in other comprehensive income

Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income:

(dollars in thousands)
	Year ended December 31,
	2014			2013			2012
Service cost	$	58			69			55
Interest cost		1,374			1,273			1,426
Expected return on plan assets		(2,504	)		(2,190	)		(1,912	)
Amortization of net loss		-			516			335
Net periodic pension (credit) expense		(1,072	)		(332	)		(96	)
Amortization of net loss		-			(516	)		(335	)
Net actuarial (gain) / loss included in other comprehensive income		5,337			(8,156	)		1,834
		5,337			(8,672	)		1,499
Total recognized in net periodic benefit (credit) cost and other comprehensive income	$	4,265			(9,004	)		1,401

Estimated future benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(dollars in thousands)
Year	Pension Benefits
2015	$	1,709
2016		1,749
2017		1,764
2018		1,799
2019		1,828
2020 - 2024		9,474

Assumptions used to determine benefit obligation and net periodic expense

The assumptions used to determine benefit obligations at December 31 are as follows:

	2014			2013		2012
Discount rate		4.03	%		5.08		4.07

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

	2014			2013		2012
Discount rate		5.08	%		4.07		5.17
Expected long-term rate of return on assets		6.50			6.50		6.50

Post-Retirement Benefits Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Change in projected/accumulated benefit obligation

The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2014 and 2013:

Change in Accumulated Benefit Obligation:	December 31,
(dollars in thousands)	2014			2013
Accumulated benefit obligation at beginning of year	$	2,513			2,413
Service cost		100			50
Interest cost		217			101
Plan amendments		1,811			465
Benefits paid		(83	)		(60	)
Net actuarial (gain) loss		1,897			(456	)
Accumulated benefit obligation at end of year	$	6,455			2,513

Change in plan assets and reconciliation of funded status

Change in Plan Assets and
Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2014			2013
Fair value of plan assets at beginning of year	$	17,935			15,026
Actual gain on plan assets		1,350			2,909
Company contributions		83			60
Benefits paid		(83	)		(60	)
Fair value of plan assets at end of year		19,285			17,935
Funded status at end of year	$	12,830			15,422

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive	December 31,
income consist of the following as of:	2014			2013
Net actuarial gain	$	(3,429	)		(4,945	)
Prior service credit		(1,367	)		(2,979	)
Total	$	(4,796	)		(7,924	)

Components of net periodic pension inome and other amounts recognized in other comprehensive income

Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income:

	Year ended December 31,
(dollars in thousands)	2014			2013			2012
Service cost	$	100		$	50			33
Interest cost		217			101			97
Expected return on plan assets		(672	)		(495	)		(451	)
Amortization of net actuarial gain		(297	)		(49	)		(29	)
Amortization of prior service credit		199			(262	)		(262	)
Net periodic benefit credit		(453	)		(655	)		(612	)
Net (gain) loss		1,219			(2,868	)		(590	)
Prior service cost		1,811			465			-
Amortization of prior service cost		(199	)		262			262
Amortization of net gain		297			49			29
Total amount recognized in other comprehensive income		3,128			(2,092	)		(299	)
Total amount recognized in net periodic benefit cost and other comprehensive income	$	2,675		$	(2,747	)		(911	)

Estimated future benefit payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2015	$	81
2016		86
2017		92
2018		101
2019		115
2020 - 2024		882

Assumptions used to determine benefit obligation and net periodic expense

	2014			2013		2012
Discount rate		4.03	%		5.08		4.07

The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows:

	2014			2013		2012
Discount rate		5.08	%		4.07		5.17
Expected long-term rate of return on assets, net of tax		3.75			3.30		3.30