Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

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 (loss) income related to the retirement plan and the postretirement benefit plan, at December 31, 2015 and 2014, respectively:

(dollars in thousands)	December 31, 2015
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(109	)		(602	)		(711	)
Amortization of net actuarial (loss) gain		(210	)		140			(70	)
Amortization of prior service cost (credit)		-			(90	)		(90	)
Total	$	(319	)		(552	)		(871	)

	December 31, 2014
	Retirement Plan		Post- Retirement 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

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 Plan Assets					Postretirement Benefit Plan Assets
	2015			2014		2015		2014
Debt Securities		32	%		32		25		33
Equity Securities		60			63		60		65
Other		8			5		15		2
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, 2015 and 2014, by asset category, is as follows:

Retirement Plan			Fair Value Measurements at December 31, 2015 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	$	3,182		3,182		-		-
Equity mutual funds		25,352		25,352		-		-
U.S. government sponsored enterprises		5,779		-		5,779		-
Corporate bonds		6,771		-		6,771		-
Fixed income mutual funds		593		593		-		-
Total Plan Assets	$	41,677		29,127		12,550		-

Postretirement Benefits			Fair Value Measurements at December 31, 2015 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	$	2,832		2,832		-		-
Equity mutual funds		11,513		11,513		-		-
U.S. government sponsored enterprises		1,843		-		1,843		-
Corporate bonds		1,074		-		1,074		-
State and political subdivisions		1,976		-		1,976		-
Total Plan Assets	$	19,238		14,345		4,893		-

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		-

Summary of the status of stock option plans

A summary of the status of TrustCo’s stock option plans as of December 31, 2015 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, 2015		2,693,050		$	8.27
New options awarded - 2015		168,250			6.43
Expired options - 2015		(501,500	)		12.15
Options forfeited-2015		(6,000	)		7.78
Exercised options - 2015		(28,829	)		5.15
Balance, December 31, 2015		2,324,971		$	7.34	5.1 years
	Exercisable Options
Balance, December 31, 2015		1,642,373		$	7.73	3.8 years

Assumptions used to determine the fair value of options granted

The assumptions used to determine the fair value of options granted during 2015, 2014 and 2013 are detailed in the table below:

	2015			2014			2013
	Employees' Plan			Employees' Plan			Employees' Plan
Expected dividend yield		4.09	%		3.64	%		3.72	%
Risk-free interest rate		1.74			1.74			1.45
Expected volatility rate		26.20			21.62			25.83
Expected lives		5.0	years		5.0	years		5.0	years

Restricted share units

Restricted share units

	Outstanding Units
Balance, December 31, 2014		202,400
New awards granted		68,300
Forfeited awards		(4,500	)
Awards settled		(81,000	)
Balance, December 31, 2015		185,200

Performance share units

Performance share units

	Outstanding Units
Balance, December 31, 2014		229,500
New awards granted		84,200
Awards settled		-
Balance, December 31, 2015		313,700

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 status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2015 and 2014:

Change in Projected Benefit Obligation:	December 31,
(dollars in thousands)	2015			2014
Projected benefit obligation at beginning of year	$	33,662			27,822
Service cost		60			58
Interest cost		1,329			1,374
Benefits paid		(1,676	)		(1,751	)
Net actuarial (gain) loss		(2,486	)		6,159
Projected benefit obligation at end of year	$	30,889			33,662

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2015			2014
Fair Value of plan assets at beginning of year	$	42,993			39,419
Actual gain on plan assets		360			3,325
Company contributions		-			2,000
Benefits paid		(1,676	)		(1,751	)
Fair value of plan assets at end of year		41,677			42,993
Funded status at end of year	$	10,788			9,331

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income (pre-tax) consist of the following as of:

	December 31,
	2015		2014
Net actuarial loss	$	5,830		6,150

Components of net periodic pension income 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)	For the years ended
	December 31,
	2015			2014			2013
Service cost	$	60			58			69
Interest cost		1,329			1,374			1,273
Expected return on plan assets		(2,735	)		(2,504	)		(2,190	)
Amortization of net loss		210			-			516
Net periodic pension credit		(1,136	)		(1,072	)		(332	)
Amortization of net loss		(210	)		-			(516	)
Net actuarial (gain) / loss included in other comprehensive income		(109	)		5,337			(8,156	)
		(319	)		5,337			(8,672	)
Total recognized in net periodic benefit (credit) cost and other comprehensive income	$	(1,455	)		4,265			(9,004	)

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
2016	$	1,738
2017		1,754
2018		1,788
2019		1,829
2020		1,867
2021 - 2025		9,554

Assumptions used to determine benefit obligation and net periodic expense

The assumptions used to determine benefit obligations at December 31 of the following years are as follows:

	2015			2014		2013
Discount rate		4.55	%		4.03		5.08

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

	2015			2014		2013
Discount rate		4.03	%		5.08		4.07
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, 2015 and 2014:

Change in Accumulated Benefit Obligation:	December 31,
(dollars in thousands)	2015			2014
Accumulated benefit obligation at beginning of year	$	6,455			2,513
Service cost		165			100
Interest cost		268			217
Plan amendments		-			1,811
Benefits paid		(85	)		(83	)
Net actuarial (gain) loss		(1,369	)		1,897
Accumulated benefit obligation at end of year	$	5,434			6,455

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)		2015		2014
Fair value of plan assets at beginning of year	$	19,285		17,935
Actual gain on plan assets		(47	)	1,350
Company contributions		85		83
Benefits paid		(85	)	(83	)
Fair value of plan assets at end of year		19,238		19,285
Funded status at end of year	$	13,804		12,830

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of the following as of:	December 31,
	2015			2014
Net actuarial gain	$	(3,890	)		(3,429	)
Prior service credit		(1,457	)		(1,367	)
Total	$	(5,347	)		(4,796	)

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

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

	For the years ended December 31,
(dollars in thousands)	2015			2014			2013
Service cost	$	165		$	100			50
Interest cost		268			217			101
Expected return on plan assets		(722	)		(672	)		(495	)
Amortization of net actuarial gain		(140	)		(297	)		(49	)
Amortization of prior service cost (credit)		90			199			(262	)
Net periodic benefit credit		(339	)		(453	)		(655	)
Net (gain) loss		(602	)		1,219			(2,868	)
Prior service cost		-			1,811			465
Amortization of prior service cost		(90	)		(199	)		262
Amortization of net gain		140			297			49
Total amount recognized in other comprehensive income		(552	)		3,128			(2,092	)
Total amount recognized in net periodic benefit cost and other comprehensive income	$	(891	)	$	2,675			(2,747	)

Estimated future benefit payments

The following benefit payments are expected to be paid:

(dollars in thousands) Year	Postretirement Benefits
2016	$	87
2017		91
2018		103
2019		117
2020		130
2021 - 2025		989

Assumptions used to determine benefit obligation and net periodic expense

The discount rate assumption used to determine benefit obligations at December 31 is as follows:

	2015			2014		2013
Discount rate		4.55	%		4.03		5.08

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

	2015			2014		2013
Discount rate		4.03	%		5.08		4.07
Expected long-term rate of return on assets, net of tax		3.75			3.75		3.30