Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

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

Change in component of other comprehensive (loss) 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, 2017 and 2016, respectively:

(dollars in thousands)
	December 31, 2017
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(2,240	)		(1,584	)		(3,824	)
Amortization of net actuarial (loss) gain		(67	)		356			289
Amortization of prior service cost		-			(90	)		(90	)
Total	$	(2,307	)		(1,318	)		(3,625	)

	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 gain (loss)		(184	)		274			90
Amortization of prior service credit		-			(90	)		(90	)
Total	$	(551	)		(782	)		(1,333	)

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
	2017			2016		2017		2016
Debt Securities		29	%		31		34		33
Equity Securities		69			64		64		62
Other		2			5		2		6
Total		100	%		100		100		100

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

Retirement Plan

			Fair Value Measurements at December 31, 2017 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	$	1,034		1,034		-		-
Equity mutual funds		32,509		32,509		-		-
U.S. government sponsored enterprises		6,920		-		6,920		-
Corporate bonds		6,163		-		6,163		-
Fixed income mutual funds		601		601		-		-
Total Plan Assets	$	47,227		34,144		13,083		-

Postretirement Benefits

			Fair Value Measurements at December 31, 2017 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	$	409		406		-		-
Equity mutual funds		14,703		14,703		-		-
U.S. government sponsored enterprises		3,512		-		3,512		-
Corporate bonds		3,610		-		3,610		-
State and political subdivisions		688		-		688		-
Total Plan Assets	$	22,922		15,112		7,810		-

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		-

Summary of the status of stock option plans

A summary of the status of TrustCo’s stock option awards as of December 31, 2017 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, 2017		2,084,041		$	7.57
New options awarded - 2017		-			-
Expired options - 2017		(553,000	)		-
Options forfeited-2017		(4,000	)		-
Exercised options - 2017		(784,100	)		6.68
Balance, December 31, 2017		742,941		$	6.78	5.8 years

	Exercisable Options
Balance, December 31, 2017		531,641	$	6.77	5.2 years

Restricted share units

Restricted share units

	Outstanding Units
Balance, December 31, 2016		215,050
New awards granted		70,650
Forfeited awards		(9,200	)
Awards settled		(63,400	)
Balance, December 31, 2017		213,100

Performance share units

Performance share units

	Outstanding Units
Balance, December 31, 2016		357,000
New awards granted		94,600
Awards settled		(81,500	)
Balance, December 31, 2017		370,100

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, 2017 and 2016:

Change in Projected Benefit Obligation:	December 31,
(dollars in thousands)	2017			2016
Projected benefit obligation at beginning of year	$	30,730			30,889
Service cost		42			61
Interest cost		1,303			1,371
Benefit payments and expected expenses		(2,050	)		(1,782	)
Net actuarial loss		1,194			191
Projected benefit obligation at end of year	$	31,219			30,730

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2017			2016
Fair Value of plan assets at beginning of year	$	43,100			41,677
Actual gain on plan assets		6,169			3,187
Benefit payments and actual expenses		(2,042	)		(1,764	)
Fair value of plan assets at end of year		47,227			43,100
Funded status at end of year	$	16,008			12,370

Amounts recognized in accumulated other comprehensive income

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

	December 31,
	2017		2016
Net actuarial  loss	$	2,972		5,279

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

Components of Net Periodic Pension (Credit) Expense and Other Amounts

Recognized in Other Comprehensive Income:

(dollars in thousands)	For the years ended December 31,
	2017			2016			2015
Service cost	$	42			61			60
Interest cost		1,303			1,371			1,329
Expected return on plan assets		(2,742	)		(2,648	)		(2,735	)
Amortization of net loss		67			184			210
Net periodic pension credit		(1,330	)		(1,032	)		(1,136	)
Amortization of net loss		(67	)		(184	)		(210	)
Net actuarial (gain) loss included in other comprehensive (loss) income		(2,240	)		(367	)		(109	)
Total recognized in other comprehensive loss		(2,307	)		(551	)		(319	)
Total recognized in net periodic benefit (credit) cost and other comprehensive (loss) income	$	(3,637	)		(1,583	)		(1,455	)

Estimated future benefit payments

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
2018	$	1,773
2019		1,802
2020		1,839
2021		1,894
2022		1,875
2023 - 2027		9,327

Assumptions used to determine benefit obligation and net periodic expense

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

	2017			2016		2015
Discount rate		3.93	%		4.41		4.55

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

	2017			2016		2015
Discount rate		4.41	%		4.55		4.03
Expected long-term rate of return on assets		6.50			6.50		6.50

Postretirement Benefits [Member]

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

Change in projected/accumulated benefit obligation

Change in Accumulated Benefit Obligation:	December 31,
(dollars in thousands)	2017			2016
Accumulated benefit obligation at beginning of year	$	5,120			5,434
Service cost		103			116
Interest cost		218			221
Benefits paid		(93	)		(70	)
Net actuarial loss (gain)		265			(581	)
Accumulated benefit obligation at end of year	$	5,613			5,120

Change in plan assets and reconciliation of funded status

Change in Plan Assets and Reconciliation of Funded Status:	December 31,
(dollars in thousands)	2017			2016
Fair value of plan assets at beginning of year	$	20,338			19,238
Actual gain on plan assets		2,611			1,104
Company contributions		66			66
Benefits paid		(93	)		(70	)
Fair value of plan assets at end of year		22,922			20,338
Funded status at end of year	$	17,309			15,218

Amounts recognized in accumulated other comprehensive income

	December 31,
Amounts recognized in accumulated other comprehensive loss consist of the following as of:	2017			2016
Net actuarial gain	$	(5,810	)		(4,581	)
Prior service credit		(1,636	)		(1,547	)
Total	$	(7,446	)		(6,128	)

Components of net periodic pension income and other amounts recognized in other comprehensive (loss) 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)	2017			2016			2015
Service cost	$	103		$	116			165
Interest cost		218			221			268
Expected return on plan assets		(761	)		(720	)		(722	)
Amortization of net actuarial gain		(356	)		(274	)		(140	)
Amortization of prior service cost		90			90			90
Net periodic benefit credit		(706	)		(567	)		(339	)
Net (gain) loss		(1,584	)		(966	)		(602	)
Amortization of prior service cost		(90	)		(90	)		(90	)
Amortization of net gain		356			274			140
Total amount recognized in other comprehensive (loss) income		(1,318	)		(782	)		(552	)
Total amount recognized in net periodic benefit cost and other comprehensive (loss) income	$	(2,024	)	$	(1,349	)		(891	)

Estimated future benefit payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2018		98
2019		112
2020		117
2021		146
2022		158
2023 - 2027		1,040

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:

	2017			2016			2015
Discount rate		3.93	%		4.41	%		4.55

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

	2016			2015			2014
Discount rate		4.41	%		4.55	%		4.03
Expected long-term rate of return on assets, net of tax		3.75			3.75			3.75