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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018, respectively:

(dollars in thousands)
  
December 31, 2019
  
 
  
Retirement
Plan
    
Post-
Retirement
Benefit Plan
    
Total
  
Change in overfunded position of pension and postretirement benefits
  
$
(3,275
)
    
(2,692
)
    
(5,967
)
Amortization of net actuarial (loss) gain
    
(59
)
    
333
      
274
  
Amortization of prior service credit
    
-
      
197
      
197
  
Total
  
$
(3,334
)
    
(2,162
)
    
(5,496
)

 
  
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
  
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
  
 
  
2019
    
2018
    
2019
    
2018
  
Debt Securities
    
33
%
    
31
      
34
      
29
  
Equity Securities
    
63
      
62
      
63
      
62
  
Other
    
4
      
7
      
3
      
9
  
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, 2019 and 2018, by asset category, is as follows:

 
        
Fair Value Measurements at
December 31, 2019 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
  
$
2,165
      
2,165
      
-
      
-
  
Equity mutual funds
    
32,411
      
32,411
      
-
      
-
  
U.S. government sponsored enterprises
    
4,434
      
-
      
4,434
      
-
  
Corporate bonds
    
11,646
      
-
      
11,646
      
-
  
Fixed income mutual funds
    
608
      
608
      
-
      
-
  
 
                                
Total Plan Assets
  
$
51,264
      
35,184
      
16,080
      
-
  

 
        
Fair Value Measurements at
December 31, 2019 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
  
$
677
      
677
      
-
      
-
  
Equity mutual funds
    
16,794
      
16,794
      
-
      
-
  
U.S. government sponsored enterprises
    
2,560
      
-
      
2,560
      
-
  
Corporate bonds
    
6,327
      
-
      
6,327
      
-
  
State and political subdivisions
    
-
      
-
      
-
      
-
  
 
                                
Total Plan Assets
  
$
26,358
      
17,471
      
8,887
      
-
  

 
        
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
      
-
  
Summary of the Status of Stock Option Plans

Under the 2019 Equity Incentive Plan, the exercise price of each option shall 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 shall 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, 2019 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, 2019
    
554,641
    
$
6.65
  
 
New options awarded - 2019
    
-
      
-
  
 
Expired options - 2019
    
(5,750
)
    
-
  
 
Options forfeited - 2019
    
-
      
-
  
 
Exercised options - 2019
    
(29,800
)
    
6.21
  
 
Balance, December 31, 2019
    
519,091
    
$
6.67
  
4.5  Years
                      
   
Exercisable Options
                      
Balance, December 31, 2019
    
486,791
    
$
6.69
  
4.5 Years
Restricted Share Units
Restricted share units

 
  
Outstanding
Units
  
Balance, December 31, 2018
    
218,427
  
New awards granted
    
151,668
  
Forfeited awards
    
-
  
Awards settled
    
(125,822
)
Balance, December 31, 2019
    
244,273
  
Performance Share Units
Performance share units

 
  
Outstanding
Units
  
Balance, December 31, 2018
    
408,893
  
New awards granted
    
172,006
  
Forfeited awards
    
-
  
Awards settled
    
(102,348
)
Balance, December 31, 2019
    
478,551
  
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, 2019 and 2018:

Change in Projected Benefit Obligation:

 
  
December 31,
  
(dollars in thousands)
  
2019
    
2018
  
 
            
Projected benefit obligation at beginning of year
  
$
28,518
      
31,219
  
Service cost
    
42
      
34
  
Interest cost
    
1,244
      
1,197
  
Benefit payments and expected expenses
    
(1,798
)
    
(1,937
)
Net actuarial loss (gain)
    
2,818
      
(1,995
)
Projected benefit obligation at end of year
  
$
30,824
      
28,518
  
Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

 
  
December 31,
  
(dollars in thousands)
  
2019
    
2018
  
 
            
Fair Value of plan assets at beginning of year
  
$
44,157
      
47,227
  
Actual gain (loss) on plan assets
    
8,902
      
(1,126
)
Benefit payments and actual expenses
    
(1,795
)
    
(1,944
)
Fair value of plan assets at end of year
    
51,264
      
44,157
  
 
                
Funded status at end of year
  
$
20,440
      
15,639
  
Amounts Recognized in Accumulated Other Comprehensive Income

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

 
  
December 31,
  
 
  
2019
    
2018
  
Net actuarial loss
  
$
1,787
      
5,122
  
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)
  
2019
    
2018
    
2017
  
 
                  
Service cost
  
$
42
      
34
      
42
  
Interest cost
    
1,244
      
1,197
      
1,303
  
Expected return on plan assets
    
(2,811
)
    
(3,012
)
    
(2,742
)
Amortization of net loss
    
59
      
-
      
67
  
Net periodic pension credit
    
(1,466
)
    
(1,781
)
    
(1,330
)
 
                        
Amortization of net loss
    
(59
)
    
-
      
(67
)
Net actuarial (gain) loss included in other comprehensive (loss) income
    
(3,275
)
    
2,149
      
(2,240
)
Total recognized in other comprehensive (loss) income
    
(3,334
)
    
2,149
      
(2,307
)
 
                        
Total recognized in net periodic benefit (credit) cost and other comprehensive (loss) income
  
$
(4,800
)
    
368
      
(3,637
)
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
  
2020
  
$
1,762
  
2021
    
1,810
  
2022
    
1,793
  
2023
    
1,781
  
2024
    
1,790
  
2025 - 2029
    
9,002
  


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

 
  
2019
    
2018
    
2017
  
Discount rate
    
3.56
%
    
4.53
      
3.93
  


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

 
  
2019
    
2018
    
2017
  
Discount rate
    
4.53
%
    
3.93
      
4.41
  
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,
  
 
  
2019
    
2018
  
Accumulated benefit obligation at beginning of year
  
$
5,400
      
5,613
  
Service cost
    
65
      
53
  
Interest cost
    
239
      
202
  
Benefits paid
    
(173
)
    
(178
)
Net actuarial loss (gain)
    
603
      
(290
)
Accumulated benefit obligation at end of year
  
$
6,134
      
5,400
  
Change in Plan Assets and Reconciliation of Funded Status

Change in Plan Assets and Reconciliation of Funded Status:

(dollars in thousands)
            
 
  
December 31,
  
 
  
2019
    
2018
  
Fair value of plan assets at beginning of year
  
$
22,091
      
22,922
  
Actual gain (loss) on plan assets
    
4,285
      
(798
)
Company contributions
    
155
      
145
  
Benefits paid
    
(173
)
    
(178
)
Fair value of plan assets at end of year
    
26,358
      
22,091
  
 
                
Funded status at end of year
  
$
20,224
      
16,691
  
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,
  
 
  
2019
    
2018
    
2017
  
Service cost
  
$
65
      
53
      
103
  
Interest cost
    
239
      
202
      
218
  
Expected return on plan assets
    
(990
)
    
(1,028
)
    
(761
)
Amortization of net actuarial gain
    
(333
)
    
(556
)
    
(356
)
Amortization of prior service (credit) cost
    
(197
)
    
(100
)
    
90
  
Net periodic benefit credit
    
(1,216
)
    
(1,429
)
    
(706
)
 
                        
Net (gain) loss
    
(2,692
)
    
830
      
(1,584
)
Amortization of prior service credit (cost)
    
197
      
100
      
(90
)
Prior service cost
    
-
      
705
      
-
  
Amortization of net gain
    
333
      
556
      
356
  
Total amount recognized in other comprehensive (loss) income
    
(2,162
)
    
2,191
      
(1,318
)
 
                        
Total amount recognized in net periodic benefit cost and other comprehensive (loss) income
  
$
(3,378
)
    
762
      
(2,024
)
Estimated Future Benefit Payments
Expected Future Benefit Payments


The following benefit payments are expected to be paid:

(dollars in thousands)
      
 
      
Year
  
Postretirement Benefits
  
 
      
2020
  
$
161
  
2021
    
134
  
2022
    
147
  
2023
    
163
  
2024
    
181
  
2025 - 2029
    
1,295
  
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:

 
  
2019
    
2018
    
2017
  
Discount rate
    
3.56
%
    
4.53
      
3.93
  


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

 
  
2019
    
2018
    
2017
  
Discount rate
    
4.53
%
    
3.93
      
4.41
  
Expected long-term rate of return on assets, net of tax
    
4.50
      
4.50
      
3.75