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Employee Benefits | 12 Months Ended
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Dec. 31, 2011
Employee Benefits [Abstract] |
Employee Benefits | 15. Employee Benefits CTBI maintains two separate retirement savings plans, a 401(k) Plan and an Employee Stock Ownership Plan ("ESOP"). The 401(k) Plan is available to all employees (age 21 and over) with one year of service and who work at least 1,000 hours per year. Participants in the plan have the option to contribute from 1% to 15% of their annual compensation. CTBI matches 50% of participant contributions up to 4% of gross pay. CTBI may at its discretion, contribute an additional percentage of covered employees' compensation. CTBI's matching contributions were $0.9 million for each of the years ended December 31, 2011, 2010, and 2009. The 401(k) Plan owned 531,361, 507,932, and 533,473 shares of CTBI's common stock at December 31, 2011, 2010, and 2009, respectively. Substantially all shares owned by the 401(k) were allocated to employee accounts on those dates. The market price of the shares at the date of allocation is essentially the same as the market price at the date of purchase. The ESOP Plan has the same entrance requirements as the 401(k) Plan above. CTBI currently contributes 4% of covered employees' gross compensation to the ESOP. The ESOP uses the contributions to acquire shares of CTBI's common stock. CTBI's contributions to the ESOP were $1.4 million, $1.3 million, and $1.3 million for the years ending December 31, 2011, 2010, and 2009, respectively. The ESOP owned 661,691, 647,158, and 623,392 shares of CTBI's common stock at December 31, 2011, 2010, and 2009, respectively. Substantially all shares owned by the ESOP were allocated to employee accounts on those dates. The market price of the shares at the date of allocation is essentially the same as the market price at the date of purchase. Stock-Based Compensation: CTBI currently maintains one active and one inactive incentive stock option plan covering key employees. The 2006 Stock Ownership Incentive Plan ("2006 Plan") was approved by the Board of Directors and the shareholders in 2006. The 1998 Stock Option Plan ("1998 Plan") was approved by the Board of Directors and the shareholders in 1998. The 1998 Plan was rendered inactive as of April 26, 2006. The 2006 Plan had 1,500,000 shares authorized, 1,244,795 of which were available at December 31, 2011 for future grants. In addition, any shares reserved for issuance under the 1998 Stock Option Plan ("1998 Plan") in excess of the number of shares as to which options or other benefits are awarded thereunder, plus any shares as to which options or other benefits granted under the 1998 Plan may lapse, expire, terminate or be canceled, shall also be reserved and available for issuance or reissuance under the 2006 Plan. As of December 31, 2011, the 1998 Plan had 1,046,831 shares authorized, 197,924 of which were transferred to the 2006 Plan. The total shares available for issuance under the 2006 Plan as of December 31, 2011 was 1,442,719. The following table provides detail of the number of shares to be issued upon exercise of outstanding stock-based awards and remaining shares available for future issuance under all of CTBI's equity compensation plans as of December 31, 2011:
Plan Category (shares in thousands) | Number of Shares to Be Issued Upon Exercise/Vesting | Weighted Average Price ($) | Shares Available for Future Issuance
Equity compensation plans approved by shareholders: |  |  |
Stock options | 474 | 29.33 | 1,443 (a)
Restricted stock | 97 (c) | 27.91 | (a)
Performance units | (d) | (b) | (a)
Stock appreciation rights ("SARs") | (e) | (b) | (a)
Total |  |  | 1,443
(a) | Under the 2006 Plan, 1.5 million shares (plus any shares reserved for issuance under the 1998 Stock Option Plan) were authorized for issuance as nonqualified and incentive stock options, SARS, restricted stock and performance units. As of December 31, 2011, the above shares remained available for issuance.
(b) | Not applicable
(c) | The maximum number of shares of Restricted Stock that may be granted is 400,000 shares, and the maximum that may be granted to a participant during any calendar year is 40,000 shares.
(d) | No performance units had been issued as of December 31, 2011. The maximum payment that can be made pursuant to Performance Units granted to any one Participant in any calendar year shall be $250,000.
(e) | No SARS have been issued. The maximum number of shares with respect to which SARs may be granted to a Participant during any calendar year shall be 100,000 shares.
The following table details the shares available for future issuance under the 2006 Plan at December 31, 2011.
Plan Category (shares in thousands) |  | Shares Available for Future Issuance |
Shares available at January 1, 2011 |  |  | 1,420,778 |
1998 Plan forfeitures in 2011 |  |  | 42,713 |
2006 Plan stock option issuances in 2011 |  |  | 0 |
2006 Plan restricted stock issuances in 2011 |  |  | (45,542 | )
2006 Plan forfeitures in 2011 |  |  | 24,770 |
Shares available for future issuance |  |  | 1,442,719 |
CTBI uses a Black-Scholes option pricing model with the following weighted average assumptions, which are evaluated and revised as necessary, in estimating the grant-date fair value of each option grant for the year end:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Expected option life (in years) |  |  | -- |  |  |  | 7.5 |  |  |  | 7.5 |
Expected volatility |  |  | -- |  |  |  | 0.391 |  |  |  | 0.371 |
Expected dividend yield |  |  | -- |  |  |  | 4.78 | % |  |  | 4.02 | %
Risk-free interest rate |  |  | -- |  |  |  | 3.139 | % |  |  | 2.23 | %
The expected option life is derived from the "safe-harbor" rules for estimating option life in ASC 718, Share-Based Payment. The expected volatility is based on historical volatility of the stock using a historical look back that approximates the expected life of the option grant. The interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. CTBI's stock-based compensation expense for the years 2011, 2010, and 2009 was $0.7 million, $0.8 million, and $0.5 million, respectively. Dividends paid on restricted stock shares was $120 thousand, $74 thousand, and $20 thousand, respectively, for the same periods. CTBI's stock option activity for the 2006 Plan for the years ended December 31, 2011, 2010, and 2009 is summarized as follows:
December 31 |  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 177,125 |  |  | $ | 34.61 |  |  |  | 174,678 |  |  | $ | 34.85 |  |  |  | 165,678 |  |  | $ | 35.12 |
Granted |  |  | 0 |  |  |  | -- |  |  |  | 4,525 |  |  |  | 25.09 |  |  |  | 9,000 |  |  |  | 29.82 |
Exercised |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |
Forfeited/expired |  |  | (24,554 | ) |  |  | 34.84 |  |  |  | (2,078 | ) |  |  | 33.83 |  |  |  | 0 |  |  |  | -- |
Outstanding at end of year |  |  | 152,571 |  |  | $ | 34.57 |  |  |  | 177,125 |  |  | $ | 34.61 |  |  |  | 174,678 |  |  | $ | 34.85 |
Exercisable at end of year |  |  | 101,092 |  |  | $ | 37.81 |  |  |  | 90,962 |  |  | $ | 37.70 |  |  |  | 55,717 |  |  | $ | 38.43 |
A summary of the status of CTBI's 2006 Plan for nonvested shares as of December 31, 2011, and changes during the year ended December 31, 2011, is presented as follows:
Nonvested Shares |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at January 1, 2011 |  |  | 86,163 |  |  | $ | 8.35 |
Granted |  |  | 0 |  |  |  | -- |
Vested |  |  | (10,130 | ) |  |  | 12.89 |
Forfeited |  |  | (24,554 | ) |  |  | 10.29 |
Nonvested at December 31, 2011 |  |  | 51,479 |  |  | $ | 6.53 |
The 2006 Plan had options with the following remaining lives at December 31, 2011:
2006 Option Plan |
Remaining Life |  | Outstanding Options |  |  | Weighted Average Price |
Five years |  |  | 89,846 |  |  | $ | 38.95 |
Six years |  |  | 49,200 |  |  |  | 28.32 |
Seven years |  |  | 9,000 |  |  |  | 29.82 |
Eight years |  |  | 4,525 |  |  |  | 25.09 |
Total outstanding |  |  | 152,571 |  |  |  |  |
Weighted average price |  |  |  |  |  | $ | 34.57 |
No stock options were granted during 2011. The weighted-average fair value of options granted from the 2006 Plan during the years 2010 and 2009 was $0.03 million or $6.53 per share and $0.10 million or $7.69 per share, respectively. The intrinsic values of in-the-money exercisable and outstanding stock options in the 2006 Plan were $0.04 million and $0.34 million, respectively, at December 31, 2011. No stock options were exercised in the 2006 Plan during 2011. There was no intrinsic value of options exercised, exercisable, or outstanding for the years ended December 31, 2010 and 2009 in the 2006 Plan, as the exercise price exceeded the year-end fair value of the stock. The following table shows restricted stock activity for the years ended December 31, 2011, 2010, and 2009:
December 31 |  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Grants |  |  | Weighted Average Fair Value |  |  | Grants |  |  | Weighted Average Fair Value |  |  | Grants |  |  | Weighted Average Fair Value |
Outstanding at beginning of year |  |  | 52,834 |  |  | $ | 26.10 |  |  |  | 16,786 |  |  | $ | 28.83 |  |  |  | 11,076 |  |  | $ | 28.32 |
Granted |  |  | 45,542 |  |  |  | 30.09 |  |  |  | 44,996 |  |  |  | 25.09 |  |  |  | 5,710 |  |  |  | 29.82 |
Exercised |  |  | (1,617 | ) |  |  | 30.09 |  |  |  | (4,474 | ) |  |  | 26.14 |  |  |  | 0 |  |  |  | -- |
Forfeited/expired |  |  | (216 | ) |  |  | 30.09 |  |  |  | (4,474 | ) |  |  | 26.14 |  |  |  | 0 |  |  |  | -- |
Outstanding at end of year |  |  | 96,543 |  |  | $ | 27.91 |  |  |  | 52,834 |  |  | $ | 26.10 |  |  |  | 16,786 |  |  | $ | 28.83 |
Exercisable at end of year |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |
During 2011 and 2010, the Compensation Committee of the Board of Directors approved the accelerated vesting of restricted stock grants of certain employees who had retired. The total amount of restricted stock grants for which vesting was accelerated during the years 2011 and 2010 was 1,617 shares at a weighted average fair value of $30.09 and 4,474 shares at a weighted average fair value of $26.14, respectively. During 2010, the Compensation Committee also approved the accelerated vesting of regular stock options consisting of 5,215 shares with an option price of $38.95 and 3,750 shares with an option price of $28.32. CTBI's stock option activity for the 1998 Plan for the years ended December 31, 2011, 2010, and 2009 is summarized as follows:
December 31 |  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 371,077 |  |  | $ | 27.07 |  |  |  | 420,731 |  |  | $ | 25.64 |  |  |  | 500,454 |  |  | $ | 23.91 |
Granted |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |
Exercised |  |  | (6,824 | ) |  |  | 19.63 |  |  |  | (48,730 | ) |  |  | 14.66 |  |  |  | (79,723 | ) |  |  | 14.75 |
Forfeited/expired |  |  | (42,713 | ) |  |  | 29.94 |  |  |  | (924 | ) |  |  | 32.44 |  |  |  | 0 |  |  |  | -- |
Outstanding at end of year |  |  | 321,540 |  |  | $ | 26.85 |  |  |  | 371,077 |  |  | $ | 27.07 |  |  |  | 420,731 |  |  | $ | 25.64 |
Exercisable at end of year |  |  | 321,540 |  |  | $ | 26.85 |  |  |  | 361,077 |  |  | $ | 26.92 |  |  |  | 386,498 |  |  | $ | 25.03 |
The 1998 Plan had options with the following remaining lives at December 31, 2011:
1998 Option Plan |
Remaining Life |  | Outstanding Options |  |  | Weighted Average Price |
One year or less |  |  | 74,819 |  |  | $ | 18.94 |
Two years |  |  | 39,062 |  |  |  | 20.99 |
Three years |  |  | 48,950 |  |  |  | 27.62 |
Four years |  |  | 69,786 |  |  |  | 30.88 |
Five years |  |  | 88,923 |  |  |  | 32.44 |
Total outstanding |  |  | 321,540 |  |  |  |  |
Weighted average price |  |  |  |  |  | $ | 26.84 |
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 1998 Plan for the years ended December 31, 2011, 2010, and 2009:
(in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Options exercised |  | $ | 27 |  |  | $ | 627 |  |  | $ | 1,017 |
Options exercisable |  |  | 833 |  |  |  | 1,206 |  |  |  | 1,057 |
Outstanding options |  |  | 833 |  |  |  | 1,206 |  |  |  | 1,057 |
A summary of the status of CTBI's 1998 Plan nonvested shares as of December 31, 2011 and changes during the year ended December 31, 2011 is presented below:
Nonvested Shares |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at January 1, 2011 |  |  | 10,000 |  |  | $ | 10.51 |
Granted |  |  | 0 |  |  |  | -- |
Vested |  |  | (10,000 | ) |  |  | 10.51 |
Forfeited |  |  | 0 |  |  |  | -- |
Nonvested at December 31, 2011 |  |  | 0 |  |  | $ | -- |
As of December 31, 2011, there was $1.7 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. The total unrecognized compensation cost related to nonvested share-based compensation arrangements granted as of December 31, 2010 and 2009 was $1.0 million and $0.5 million, respectively. The total grant-date fair value of shares vested during the years ended December 31, 2011, 2010, and 2009, was $0.3 million, $0.7 million, and $1.3 million, respectively. Cash received from option exercises under all share-based payment arrangements for the years ended December 31, 2011, 2010, and 2009 was $0.1 million, $0.7 million, and $1.2 million, respectively. The actual tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements totaled $22 thousand, $0.2 million, and $0.4 million, respectively, for the years ended December 31, 2011, 2010, and 2009.

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