Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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

Change in Component of Other Comprehensive income (Loss) Related to Retirement Plan and Post-retirement Benefit Plan

The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2021 and 2020, respectively:

(dollars in thousands)	December 31, 2021
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(7,439	)		(3,469	)		(10,908	)
Prior service cost		-			611			611
Amortization of net actuarial gain		-			674			674
Amortization of prior service cost		-			(405	)		(405	)
Total	$	(7,439	)		(2,589	)		(10,028	)

	December 31, 2020
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(386	)		(1,295	)		(1,681	)
Amortization of net actuarial gain		-			708			708
Amortization of prior service credit		-			196			196
Total		(386	)		(391	)		(777	)

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
	2021			2020		2021		2020
Debt Securities		33	%		23		32		24
Equity Securities		62			68		63		66
Other		5			9		5		10
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, 2021 and 2020, by asset category, is as follows:

			Fair Value Measurements at December 31, 2021 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	$	3,075		3,075		-		-
Equity mutual funds		39,249		39,249		-		-
U.S. government sponsored enterprises		17,032		-		17,032		-
Corporate bonds		3,041		-		3,041		-
Fixed income mutual funds		669		669		-		-
Total Plan Assets	$	63,066		42,993		20,073		-

			Fair Value Measurements at December 31, 2021 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	$	1,600		1,600		-		-
Equity mutual funds		21,005		21,005		-		-
U.S. government sponsored enterprises		8,712		-		8,712		-
Corporate bonds		2,027		-		2,027		-
Total Plan Assets	$	33,344		22,605		10,739		-

			Fair Value Measurements at December 31, 2020 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	$	4,809		4,809		-		-
Equity mutual funds		38,352		38,352		-		-
U.S. government sponsored enterprises		4,983		-		4,983		-
Corporate bonds		7,427		-		7,427		-
Fixed income mutual funds		666		666		-		-
Total Plan Assets	$	56,237		43,827		12,410		-

			Fair Value Measurements at December 31, 2020 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	$	2,887		2,887		-		-
Equity mutual funds		19,304		19,304		-		-
U.S. government sponsored enterprises		3,607		-		3,607		-
Corporate bonds		3,328		-		3,328		-
Total Plan Assets	$	29,126		22,191		6,935		-

Summary of the Status of Stock Option Plans

Under the 2019 Equity Incentive Plan, the exercise price of each option may not be less than 100% of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten percent shareholder the option price may not be less than 110% of the fair value of the Company’s stock on the date of the ISO grant.  The vesting period and term of the option will be determined at the time of the option grant as set forth in the Award Agreement.  Options granted under the 2010 Equity Incentive Plan and the Directors Plan will continue to expire ten years, and vest over five years, from the date the options were granted.  A summary of the status of TrustCo’s stock option awards as of December 31, 2021 and changes during the year then ended, are as follows and are adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021:

	Outstanding Options
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Balance, January 1, 2021		103,824		$	33.35
New options awarded - 2021		-			-
Expired options - 2021		(3,590	)		27.08
Options forfeited - 2021		-			-
Exercised options - 2021		(9,923	)		26.23
Balance, December 31, 2021		90,311		$	34.38	2.81  years

	Exercisable Options
Balance, December 31, 2021		90,311	$	34.38	2.81 years

Restricted Share Units

Restricted share units

	Outstanding Units
Balance, December 31, 2020 (1)		69,264
New awards granted		46,940
Forfeited awards		-
Awards settled (1)		(33,572	)
Balance, December 31, 2021 (1)		82,632

(1) Unit amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021.

Performance Share Units

Performance share units

	Outstanding Units
Balance, December 31, 2020 (1)		118,320
New awards granted (1)		54,478
Forfeited awards		-
Awards settled (1)		(27,683	)
Balance, December 31, 2021 (1)		145,115

(1) Unit amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021.

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, 2021 and 2020:

Change in Projected Benefit Obligation:

	December 31,
(dollars in thousands)	2021			2020
Projected benefit obligation at beginning of year	$	33,504			30,824
Service cost		-			37
Interest cost		856			1,076
Benefit payments and expected expenses		(2,142	)		(1,956	)
Net actuarial (gain) loss		(1,313	)		3,523
Projected benefit obligation at end of year	$	30,905			33,504

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

	December 31,
(dollars in thousands)	2021			2020
Fair Value of plan assets at beginning of year	$	56,237			51,264
Actual gain on plan assets		8,952			6,953
Benefit payments and actual expenses		(2,123	)		(1,980	)
Fair value of plan assets at end of year		63,066			56,237
Funded status at end of year	$	32,161			22,733

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

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

	December 31,
	2021			2020
Net actuarial (gain) loss	$	(6,038	)		1,401

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

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

	For the years ended December 31,
(dollars in thousands)	2021			2020			2019
Service cost	$	-			37			42
Interest cost		856			1,076			1,244
Expected return on plan assets		(2,846	)		(3,020	)		(2,811	)
Amortization of net loss		-			-			59
Net periodic pension credit		(1,990	)		(1,907	)		(1,466	)
Amortization of net loss		-			-			(59	)
Net actuarial (gain) loss included in other comprehensive income (loss)		(7,439	)		(386	)		(3,275	)
Total recognized in other comprehensive income (loss)		(7,439	)		(386	)		(3,334	)
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss)	$	(9,429	)		(2,293	)		(4,800	)

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
2022	$	1,743
2023		1,739
2024		1,753
2025		1,763
2026		1,780
2027 - 2031		8,984

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:

	2021			2020		2019
Discount rate		2.96	%		2.65		3.56

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

	2021			2020		2019
Discount rate		2.65	%		3.56		4.53
Expected long-term rate of return on assets, net of tax		4.00			4.50		4.50

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,
	2021			2020
Accumulated benefit obligation at beginning of year	$	6,609			6,134
Service cost		75			73
Interest cost		190			203
Prior Service cost		611			-
Benefits paid		(80	)		(116	)
Net actuarial (gain) loss		(389	)		315
Accumulated benefit obligation at end of year	$	7,016			6,609

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)	December 31,
	2021			2020
Fair value of plan assets at beginning of year	$	29,126			26,358
Actual gain on plan assets		4,243			2,793
Company contributions		55			91
Benefits paid and actual expenses		(80	)		(116	)
Fair value of plan assets at end of year		33,344			29,126
Funded status at end of year	$	26,328			22,517

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

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

(dollars in thousands)	December 31,
	2021			2020
Net actuarial gain	$	(10,165	)		(7,370	)
Prior service credit		(232	)		(438	)
Total	$	(10,397	)		(7,808	)

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

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

(dollars in thousands)	December 31,
	2021			2020			2019
Service cost	$	75			73			65
Interest cost		190			203			239
Expected return on plan assets		(1,163	)		(1,183	)		(990	)
Amortization of net actuarial gain		(674	)		(708	)		(333	)
Amortization of prior service cost (credit)		405			(196	)		(197	)
Net periodic benefit credit		(1,167	)		(1,811	)		(1,216	)
Net (gain) loss		(3,469	)		(1,295	)		(2,692	)
Amortization of prior service (cost) credit		(405	)		196			197
Prior service cost		611			-			-
Amortization of net gain		674			708			333
Total amount recognized in other comprehensive loss		(2,589	)		(391	)		(2,162	)
Total amount recognized in net periodic benefit cost and other comprehensive loss	$	(3,756	)		(2,202	)		(3,378	)

Estimated Future Benefit Payments

Expected Future Benefit Payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2022	$	114
2023		130
2024		148
2025		172
2026		199
2027 - 2031		1,412

Assumptions used to Determine Benefit Obligation and Net Periodic Expense

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

	2021			2020		2019
Discount rate		2.96	%		2.65		3.56

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

	2021			2020		2019
Discount rate		2.65	%		3.56		4.53
Expected long-term rate of return on assets		5.25			6.00		6.50