Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, respectively:

(dollars in thousands)
	December 31, 2016
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(367	)		(966	)		(1,333	)
Amortization of net actuarial (loss) gain		(184	)		274			90
Amortization of prior service cost		-			(90	)		(90	)
Total	$	(551	)		(782	)		(1,333	)

	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 gain (loss)		(210	)		140			(70	)
Amortization of prior service credit		-			(90	)		(90	)
Total	$	(319	)		(552	)		(871	)

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
	2016			2015		2016		2015
Debt Securities		31	%		32		33		25
Equity Securities		64			60		62		60
Other		5			8		6		15
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, 2016 and 2015, by asset category, is as follows:

Retirement Plan			Fair Value Measurements at December 31, 2016 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	$	2,027		2,027		-		-
Equity mutual funds		27,706		27,706		-		-
U.S. government sponsored enterprises		4,233		-		4,233		-
Corporate bonds		8,535		-		8,535		-
Fixed income mutual funds		599		599		-		-
Total Plan Assets	$	43,100		30,332		12,768		-

Postretirement Benefits			Fair Value Measurements at December 31, 2016 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	$	1,172		1,172		-		-
Equity mutual funds		12,540		12,540		-		-
U.S. government sponsored enterprises		2,049		-		2,049		-
Corporate bonds		3,127		-		3,127		-
State and political subdivisions		1,450		-		1,450		-
Total Plan Assets	$	20,338		13,712		6,626		-

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		-

Summary of the status of stock option plans

A summary of the status of TrustCo’s stock option awards as of December 31, 2016 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, 2016		2,324,971		$	7.34
New options awarded - 2016		-			-
Expired options - 2016		-			-
Options forfeited-2016		-			-
Exercised options - 2016		(240,930	)		5.32
Balance, December 31, 2016		2,084,041		$	7.57	4.0 years

	Exercisable Options
Balance, December 31, 2016		1,674,741	$	7.80	3.1 years

Assumptions used to determine the fair value of options granted

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

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

Restricted share units

Restricted share units

	Outstanding Units
Balance, December 31, 2015		185,200
New awards granted		81,200
Forfeited awards		(1,600	)
Awards settled		(49,750	)
Balance, December 31, 2016		215,050

Performance share units

Performance share units

	Outstanding Units
Balance, December 31, 2015		313,700
New awards granted		108,300
Awards settled		(65,000	)
Balance, December 31, 2016		357,000

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, 2016 and 2015:

Change in Projected Benefit Obligation:	December 31,
(dollars in thousands)	2016			2015
Projected benefit obligation at beginning of year	$	30,889			33,662
Service cost		61			60
Interest cost		1,371			1,329
Benefit payments and expected expenses		(1,782	)		(1,676	)
Net actuarial loss (gain)		191			(2,486	)
Projected benefit obligation at end of year	$	30,730			30,889

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2016			2015
Fair Value of plan assets at beginning of year	$	41,677			42,993
Actual gain on plan assets		3,187			360
Company contributions		-			-
Benefit payments and actual expenses		(1,764	)		(1,676	)
Fair value of plan assets at end of year		43,100			41,677
Funded status at end of year	$	12,370			10,788

Amounts recognized in accumulated other comprehensive income

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

	December 31,
	2016		2015
Net actuarial loss	$	5,279		5,830

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 (Loss) Income:

(dollars in thousands)	For the years ended December 31,
	2016			2015			2014
Service cost	$	61			60			58
Interest cost		1,371			1,329			1,374
Expected return on plan assets		(2,648	)		(2,735	)		(2,504	)
Amortization of net loss		184			210			-
Net periodic pension credit		(1,032	)		(1,136	)		(1,072	)
Amortization of net loss		(184	)		(210	)		-
Net actuarial (gain) / loss included in other comprehensive (loss) income		(367	)		(109	)		5,337
Total recognized in other comprehensive loss		(551	)		(319	)		5,337
Total recognized in net periodic benefit (credit) cost and other comprehensive (loss) income	$	(1,583	)		(1,455	)		4,265

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
2017	$	1,776
2018		1,802
2019		1,828
2020		1,862
2021		1,912
2022 - 2026		9,442

Assumptions used to determine benefit obligation and net periodic expense

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

	2016			2015		2014
Discount rate		4.41	%		4.55		4.03

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

	2016			2015		2014
Discount rate		4.55	%		4.03		5.08
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, 2016 and 2015:

Change in Accumulated Benefit Obligation:	December 31,
(dollars in thousands)	2016			2015
Accumulated benefit obligation at beginning of year	$	5,434			6,455
Service cost		116			165
Interest cost		221			268
Plan amendments		-			-
Benefits paid		(70	)		(85	)
Net actuarial gain		(581	)		(1,369	)
Accumulated benefit obligation at end of year	$	5,120			5,434

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2016			2015
Fair value of plan assets at
beginning of year	$	19,238			19,285
Actual gain on plan assets		1,104			(47	)
Company contributions		66			85
Benefits paid		(70	)		(85	)
Fair value of plan assets at end of year		20,338			19,238
Funded status at end of year	$	15,218			13,804

Amounts recognized in accumulated other comprehensive income

	December 31,
Amounts recognized in accumulated other comprehensive loss consist of the following as of:	2016			2015
Net actuarial gain	$	(4,581	)		(3,890	)
Prior service credit		(1,547	)		(1,457	)
Total	$	(6,128	)		(5,347	)

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

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

	For the years ended December 31,
(dollars in thousands)	2016			2015			2014
Service cost	$	116		$	165			100
Interest cost		221			268			217
Expected return on plan assets		(720	)		(722	)		(672	)
Amortization of net actuarial gain		(274	)		(140	)		(297	)
Amortization of prior service cost		90			90			199
Net periodic benefit credit		(567	)		(339	)		(453	)
Net (gain) loss		(966	)		(602	)		1,219
Prior service cost		-			-			1,811
Amortization of prior service cost		(90	)		(90	)		(199	)
Amortization of net gain		274			140			297
Total amount recognized in other comprehensive (loss) income		(782	)		(552	)		3,128
Total amount recognized in net periodic benefit cost and other comprehensive (loss) income	$	(1,349	)	$	(891	)		2,675

Estimated future benefit payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2017	$	87
2018		98
2019		112
2020		117
2021		146
2022 - 2026		965

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:

	2016			2015		2014
Discount rate		4.41	%		4.55		4.03

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

	2016			2015		2013
Discount rate		4.55	%		4.03		5.08
Expected long-term rate of return on assets, net of tax		3.75			3.75		3.75