Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017, respectively:

(dollars in thousands)	December 31, 2018
	Retirement Plan		Post- Retirement Benefit Plan		Total
Change in overfunded position of pension and postretirement benefits	$	2,149		830		2,979
Prior service cost		-		705		705
Amortization of net actuarial gain		-		556		556
Amortization of prior service credit		-		100		100
Total	$	2,149		2,191		4,340

	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 gain (loss)		(67	)		356			289
Amortization of prior service cost		-			(90	)		(90	)
Total	$	(2,307	)		(1,318	)		(3,625	)

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
	2018			2017		2018		2017
Debt Securities		31	%		29		29		34
Equity Securities		62			69		62		64
Other		7			2		9		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, 2018 and 2017, by asset category, is as follows:

			Fair Value Measurements at December 31, 2018 Using:
Retirement Plan (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	3,147		3,147		-		-
Equity mutual funds		27,420		27,420		-		-
U.S. government sponsored enterprises		9,376		-		9,376		-
Corporate bonds		3,638		-		3,638		-
Fixed income mutual funds		576		576		-		-
Total Plan Assets	$	44,157		31,143		13,014		-

			Fair Value Measurements at December 31, 2018 Using:
Postretirement Benefits (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	2,046		2,046		-		-
Equity mutual funds		13,590		13,590		-		-
U.S. government sponsored enterprises		3,111		-		3,111		-
Corporate bonds		3,118		-		3,118		-
State and political subdivisions		226		-		226		-
Total Plan Assets	$	22,091		15,636		6,455		-

			Fair Value Measurements at December 31, 2017 Using:
Retirement Plan (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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		-

			Fair Value Measurements at December 31, 2017 Using:
Postretirement Benefits (dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets
Cash and cash equivalents	$	406		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	$	22,919		15,109		7,810		-

Summary of the Status of Stock Option Plans

A summary of the status of TrustCo’s stock option awards as of December 31, 2018 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, 2018		742,941		$	6.78
New options awarded - 2018		-			-
Expired options - 2018		-			-
Options forfeited - 2018		(11,750	)		-
Exercised options - 2018		(176,550	)		7.13
Balance, December 31, 2018		554,641			6.65	5.5  years

	Exercisable Options
Balance, December 31, 2018		458,891	$	6.64	5.3 years

Restricted Share Units

Restricted share units

	Outstanding Units
Balance, December 31, 2017		213,100
New awards granted		104,424
Forfeited awards		(13,350	)
Awards settled		(85,747	)
Balance, December 31, 2018		218,427

Performance Share Units

Performance share units

	Outstanding Units
Balance, December 31, 2017		370,100
New awards granted		138,643
Awards settled		(82,076	)
Forfeited awards		(17,774	)
Balance, December 31, 2018		408,893

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, 2018 and 2017:

Change in Projected Benefit Obligation:

	December 31,
(dollars in thousands)	2018			2017
Projected benefit obligation at beginning of year	$	31,219			30,730
Service cost		34			42
Interest cost		1,197			1,303
Benefit payments and expected expenses		(1,937	)		(2,050	)
Net actuarial (gain) loss		(1,995	)		1,194
Projected benefit obligation at end of year	$	28,518			31,219

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

	December 31,
(dollars in thousands)	2018			2017
Fair Value of plan assets at beginning of year	$	47,227			43,100
Actual (loss) gain on plan assets		(1,126	)		6,169
Benefit payments and actual expenses		(1,944	)		(2,042	)
Fair value of plan assets at end of year		44,157			47,227
Funded status at end of year	$	15,639			16,008

Amounts Recognized in Accumulated Other Comprehensive Income

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

	December 31,
	2018		2017
Net actuarial loss	$	5,122		2,972

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

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

	For the years ended December 31,
(dollars in thousands)	2018			2017			2016
Service cost	$	34			42			61
Interest cost		1,197			1,303			1,371
Expected return on plan assets		(3,012	)		(2,742	)		(2,648	)
Amortization of net loss		-			67			184
Net periodic pension credit		(1,781	)		(1,330	)		(1,032	)
Amortization of net loss		-			(67	)		(184	)
Net actuarial loss (gain) included in other comprehensive income (loss)		2,149			(2,240	)		(367	)
Total recognized in other comprehensive income (loss)		2,149			(2,307	)		(551	)
Total recognized in net periodic benefit cost (credit) and other comprehensive income (loss)	$	368			(3,637	)		(1,583	)

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
2019	$	1,743
2020		1,782
2021		1,857
2022		1,842
2023		1,832
2024 - 2028		9,255

Assumptions used to Determine Benefit Obligation and Net Periodic Expense

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

	2018			2017		2016
Discount rate		4.53	%		3.93		4.41

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

	2018			2017		2016
Discount rate		3.93	%		4.41		4.55
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:

(dollars in thousands)
	December 31,
	2018			2017
Accumulated benefit obligation at beginning of year	$	5,613			5,120
Service cost		53			103
Interest cost		202			218
Benefits paid		(178	)		(93	)
Net actuarial (gain) loss		(290	)		265
Accumulated benefit obligation at end of year	$	5,400			5,613

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)
	December 31,
	2018			2017
Fair value of plan assets at beginning of year	$	22,922			20,338
Actual (loss) gain on plan assets		(798	)		2,611
Company contributions		145			66
Benefits paid		(178	)		(93	)
Fair value of plan assets at end of year		22,091			22,922
Funded status at end of year	$	16,691			17,309

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 Income (Loss):

(dollars in thousands)	For the years ended December 31,
	2018			2017			2016
Service cost	$	53			103			116
Interest cost		202			218			221
Expected return on plan assets		(1,028	)		(761	)		(720	)
Amortization of net actuarial gain		(556	)		(356	)		(274	)
Amortization of prior service (credit) cost		(100	)		90			90
Net periodic benefit credit		(1,429	)		(706	)		(567	)
Net loss (gain)		830			(1,584	)		(966	)
Amortization of prior service credit (cost)		100			(90	)		(90	)
Prior service cost		705			-			-
Amortization of net gain		556			356			274
Total amount recognized in other comprehensive (loss) income		2,191			(1,318	)		(782	)
Total amount recognized in net periodic benefit cost and other comprehensive income (loss)	$	762			(2,024	)		(1,349	)

Estimated Future Benefit Payments

Expected Future Benefit Payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2019	$	177
2020		163
2021		137
2022		155
2023		172
2024 - 2028		1,225

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:

	2018			2017		2016
Discount rate		4.53	%		3.93		4.41

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

	2018			2017		2016
Discount rate		3.93	%		4.41		4.55
Expected long-term rate of return on assets, net of tax		4.50			3.75		3.75