Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, respectively:

(dollars in thousands)	December 31, 2023
	Retirement Plan			Post- Retirement Benefit Plan			Total
Change in overfunded position of pension and postretirement benefits	$	(5,380	)	$	(2,575	)	$	(7,955	)
Amortization of net actuarial gain		-			423			423
Amortization of prior service credit		-			(13	)		(13	)
Total	$	(5,380	)	$	(2,165	)	$	(7,545	)

	December 31, 2022
	Retirement Plan		Post- Retirement Benefit Plan		Total
Change in overfunded position of pension and postretirement benefits	$	4,869	$	3,397	$	8,266
Prior service cost		-		-		-
Amortization of net actuarial gain		-		1,008		1,008
Amortization of prior service cost		-		313		313
Total	$	4,869	$	4,718	$	9,587

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
	2023			2022			2023			2022
Debt Securities		34	%		30	%		27	%		29	%
Equity Securities		63			59			61			57
Other		3			11			12			14
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, 2023 and 2022, by asset category, is as follows:

			Fair Value Measurements at December 31, 2023 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	$	1,811	$	1,811	$	-	$	-
Equity mutual funds		37,615		37,615		-		-
U.S. government sponsored enterprises		19,674		-		19,674		-
Corporate bonds		-		-		-		-
Fixed income mutual funds		541		541		-		-
Total Plan Assets	$	59,641	$	39,967	$	19,674	$	-

			Fair Value Measurements at December 31, 2023 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	$	3,986	$	3,986	$	-	$	-
Equity mutual funds		20,236		20,236		-		-
U.S. government sponsored enterprises		9,002		-		9,002		-
Total Plan Assets	$	33,224	$	24,222	$	9,002	$	-

			Fair Value Measurements at December 31, 2022 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	$	5,734	$	5,734	$	-	$	-
Equity mutual funds		30,972		30,972		-		-
U.S. government sponsored enterprises		15,423		-		15,423		-
Corporate bonds		-		-		-		-
Fixed income mutual funds		544		544		-		-
Total Plan Assets	$	52,673	$	37,250	$	15,423	$	-

			Fair Value Measurements at December 31, 2022 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	$	3,945	$	3,945	$	-	$	-
Equity mutual funds		16,646		16,646		-		-
U.S. government sponsored enterprises		8,397		-		8,397		-
Corporate bonds		-		-		-		-
Total Plan Assets	$	28,988	$	20,591	$	8,397	$	-

Summary of the Status of Stock Option Plans

Under the A&R 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, 2023 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, 2023		76,853		$	34.48
New options awarded - 2023		-			-
Expired options - 2023		(29,312	)		35.23
Options forfeited - 2023		-			-
Exercised options - 2023		-			-
Balance, December 31, 2023		47,541		$	34.01	1.41  years

	Exercisable Options
Balance, December 31, 2023		47,541	$	34.01	1.41 years

Restricted Share Units

Restricted share units

	Outstanding Units
Balance, December 31, 2022		83,228
New cash settled awards granted		26,567
Forfeited awards		(2,792	)
Awards settled		(42,852	)
Balance, December 31, 2023		64,151

Performance Share Units

Performance share units

	Outstanding Units
Balance, December 31, 2022		155,633
New cash settled awards granted		22,476
Forfeited awards		-
Awards settled		(42,443	)
Balance, December 31, 2023		135,666

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, 2023 and 2022:

Change in Projected Benefit Obligation:

	December 31,
(dollars in thousands)	2023			2022
Projected benefit obligation at beginning of year	$	23,042		$	30,905
Interest cost		1,213			888
Benefit payments and expected expenses		(1,741	)		(1,823	)
Net actuarial loss (gain)		645			(6,928	)
Projected benefit obligation at end of year	$	23,159		$	23,042

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)	December 31,
	2023			2022
Fair value of plan assets at beginning of year	$	28,988		$	33,344
Actual gain (loss) on plan assets		4,260			(4,341	)
Company contributions		50			57
Benefits paid and actual expenses		(74	)		(72	)
Fair value of plan assets at end of year		33,224			28,988
Funded status at end of year	$	27,596		$	24,095

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

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

	December 31,
	2023		2022
Net actuarial loss (gain)	$	6,550	$	1,170

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)	2023			2022			2021
Service cost	$	-		$	-		$	-
Interest cost		1,213			888			856
Expected return on plan assets		(2,684	)		(3,227	)		(2,846	)
Net periodic pension credit		(1,471	)		(2,339	)		(1,990	)
Amortization of net loss		-			-			-
Net actuarial (gain) loss included in other comprehensive income (loss)		(5,380	)		4,869			(7,439	)
Total recognized in other comprehensive income (loss)		(5,380	)		4,869			(7,439	)
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss)	$	(6,851	)	$	2,530		$	(9,429	)

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
2024	$	1,706
2025		1,721
2026		1,746
2027		1,747
2028		1,794
2029 - 2033		8,715

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:

	2023			2022			2021
Discount rate		5.18	%		5.44	%		2.96	%

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

	2023			2022			2021
Discount rate		5.44	%		2.96	%		2.65	%
Expected long-term rate of return on assets, net of tax		4.00			4.00			4.00

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,
	2023			2022
Accumulated benefit obligation at beginning of year	$	4,893		$	7,016
Service cost		11			18
Interest cost		271			207
Prior Service cost		-			-
Benefits paid		(74	)		(72	)
Net actuarial loss (gain)		527			(2,276	)
Accumulated benefit obligation at end of year	$	5,628		$	4,893

Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

	December 31,
(dollars in thousands)	2023			2022
Fair Value of plan assets at beginning of year	$	52,673		$	63,066
Actual gain (loss) on plan assets		8,747			(8,532	)
Benefit payments and actual expenses		(1,779	)		(1,861	)
Fair value of plan assets at end of year		59,641			52,673
Funded status at end of year	$	36,482		$	29,631

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,
	2023			2022
Net actuarial gain	$	(7,912	)	$	(5,760	)
Prior service cost		68			81
Total	$	(7,844	)	$	(5,679	)

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,
	2023			2022			2021
Service cost	$	11		$	18		$	75
Interest cost		271			207			190
Expected return on plan assets		(1,157	)		(1,332	)		(1,163	)
Amortization of net actuarial gain		(423	)		(1,008	)		(674	)
Amortization of prior service cost (credit)		13			(313	)		405
Net periodic benefit credit		(1,285	)		(2,428	)		(1,167	)
Net loss (gain)		(2,575	)		3,397			(3,469	)
Amortization of prior service credit (cost)		(13	)		313			(405	)
Prior service cost		-			-			611
Amortization of net gain		423			1,008			674
Total amount recognized in other comprehensive loss		(2,165	)		4,718			(2,589	)
Total amount recognized in net periodic benefit cost and other comprehensive loss	$	(3,450	)	$	2,290		$	(3,756	)

Estimated Future Benefit Payments

Expected Future Benefit Payments

The following benefit payments are expected to be paid:

(dollars in thousands)
Year	Postretirement Benefits
2024	$	132
2025		160
2026		199
2027		229
2028		270
2029 - 2033		1,717

Assumptions used to Determine Benefit Obligation and Net Periodic Expense

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

	2023			2022			2021
Discount rate		5.18	%		5.44	%		2.96	%

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

	2023			2022			2021
Discount rate		5.44	%		2.96	%		2.65	%
Expected long-term rate of return on assets		5.25			5.25			5.25