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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2013
Employee Benefits [Abstract] |
Schedule of shares to be issued and remaining shares available for future issuance | 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, 2013:
Plan Category (shares in thousands) |  | Number of Shares to Be Issued Upon Exercise |  |  | Weighted Average Price |  |  | Shares Available for Future Issuance |
Equity compensation plans approved by shareholders: |  |  |  |  |  |  |  |  |
Stock options |  |  | 159 |  |  | $ | 33.86 |  |  |  | 1,431 | (a)
Restricted stock |  | (c) |  |  | (b) |  |  | (a) |
Performance units |  | (d) |  |  | (b) |  |  | (a) |
Stock appreciation rights (“SARs”) |  | (e) |  |  | (b) |  |  | (a) |
Total |  |  |  |  |  |  |  |  |  |  | 1,431 |
(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, 2013, 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, 2013. 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, 2013.
Plan Category |  | Shares Available for Future Issuance |
Shares available at January 1, 2013 |  |  | 1,443,213 |
1998 Plan forfeitures in 2013 |  |  | 0 |
2006 Plan stock option issuances for 2013 |  |  | (1,500 | )
2006 Plan restricted stock issuances in 2013 |  |  | (10,822 | )
2006 Plan forfeitures in 2013 |  |  | 0 |
Shares available for future issuance |  |  | 1,430,891 |
Schedule of weighted average assumptions used for estimating the grant-date fair value of each option grant | 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:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Expected option life (in years) |  |  | 7.5 |  |  |  | -- |  |  |  | -- |
Expected volatility |  |  | 39.11 | % |  |  | -- |  |  |  | -- |
Expected dividend yield |  |  | 3.74 | % |  |  | -- |  |  |  | -- |
Risk-free interest rate |  |  | 1.331 | % |  |  | -- |  |  |  | -- |
Schedule of stock option activity | CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2013, 2012, and 2011 is summarized as follows:
December 31 |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 148,658 |  |  | $ | 34.72 |  |  |  | 152,571 |  |  | $ | 34.57 |  |  |  | 177,125 |  |  | $ | 34.61 |
Granted |  |  | 1,500 |  |  |  | 33.70 |  |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |
Exercised |  |  | (61,933 | ) |  |  | 33.57 |  |  |  | (3,188 | ) |  |  | 28.51 |  |  |  | 0 |  |  |  | -- |
Forfeited/expired |  |  | 0 |  |  |  | -- |  |  |  | (725 | ) |  |  | 30.05 |  |  |  | (24,554 | ) |  |  | 34.84 |
Outstanding at end of year |  |  | 88,225 |  |  | $ | 35.52 |  |  |  | 148,658 |  |  | $ | 34.72 |  |  |  | 152,571 |  |  | $ | 34.57 |
Exercisable at end of year |  |  | 84,543 |  |  | $ | 35.82 |  |  |  | 102,323 |  |  | $ | 37.69 |  |  |  | 101,092 |  |  | $ | 37.81 |
CTBI’s stock option activity for the 1998 Plan for the years ended December 31, 2013, 2012, and 2011 is summarized as follows:
December 31 |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 177,526 |  |  | $ | 30.89 |  |  |  | 321,540 |  |  | $ | 26.85 |  |  |  | 371,077 |  |  | $ | 27.07 |
Granted |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |
Exercised |  |  | (106,557 | ) |  |  | 30.29 |  |  |  | (143,914 | ) |  |  | 21.83 |  |  |  | (6,824 | ) |  |  | 19.63 |
Forfeited/expired |  |  | 0 |  |  |  | -- |  |  |  | (100 | ) |  |  | 32.44 |  |  |  | (42,713 | ) |  |  | 29.94 |
Outstanding at end of year |  |  | 70,969 |  |  | $ | 31.80 |  |  |  | 177,526 |  |  | $ | 30.89 |  |  |  | 321,540 |  |  | $ | 26.85 |
Exercisable at end of year |  |  | 70,969 |  |  | $ | 31.80 |  |  |  | 177,526 |  |  | $ | 30.89 |  |  |  | 321,540 |  |  | $ | 26.85 |
Summary for nonvested shares | A summary of the status of CTBI’s 2006 Plan for nonvested options as of December 31, 2013, and changes during the year ended December 31, 2013, is presented as follows:
Nonvested Options |  | Options |  |  | Weighted Average Grant Date Fair Value |
Nonvested at January 1, 2013 |  |  | 46,335 |  |  | $ | 6.48 |
Granted |  |  | 1,500 |  |  |  | 9.05 |
Vested |  |  | (44,153 | ) |  |  | 6.48 |
Forfeited |  |  | 0 |  |  |  | -- |
Nonvested at December 31, 2013 |  |  | 3,682 |  |  | $ | 7.56 |
Schedule of remaining life of options with weighted average price | The 2006 Plan had options with the following remaining lives at December 31, 2013:
2006 Option Plan |
Remaining Life |  | Outstanding Options |  |  | Weighted Average Price |
Three years |  |  | 59,563 |  |  | $ | 38.95 |
Four years |  |  | 18,700 |  |  |  | 28.32 |
Five years |  |  | 4,500 |  |  |  | 29.82 |
Six years |  |  | 3,962 |  |  |  | 25.09 |
Nine years |  |  | 1,500 |  |  |  | 33.70 |
Total outstanding |  |  | 88,225 |  |  |  |  |
Weighted average price |  |  |  |  |  | $ | 35.52 |
The 1998 Plan had options with the following remaining lives at December 31, 2013:
1998 Option Plan |
Remaining Life |  | Outstanding Options |  |  | Weighted Average Price |
One year or less |  |  | 28,971 |  |  | $ | 30.88 |
Two years |  |  | 41,998 |  |  |  | 32.44 |
Total outstanding |  |  | 70,969 |  |  |  |  |
Weighted average price |  |  |  |  |  | $ | 31.80 |
Schedule of restricted stock activity | The following table shows restricted stock activity for the years ended December 31, 2013, 2012, and 2011:
December 31 |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Grants |  |  | Weighted Average Fair Value at Grant |  |  | Grants |  |  | Weighted Average Fair Value at Grant |  |  | Grants |  |  | Weighted Average Fair Value at Grant |
Outstanding at beginning of year |  |  | 96,874 |  |  | $ | 27.92 |  |  |  | 96,543 |  |  | $ | 27.91 |  |  |  | 52,834 |  |  | $ | 26.10 |
Granted |  |  | 10,822 |  |  |  | 33.70 |  |  |  | 331 |  |  |  | 30.92 |  |  |  | 45,542 |  |  |  | 30.09 |
Vested |  |  | (9,959 | ) |  |  | 28.46 |  |  |  | 0 |  |  |  | -- |  |  |  | (1,617 | ) |  |  | 30.09 |
Forfeited |  |  | 0 |  |  |  | -- |  |  |  | 0 |  |  |  | -- |  |  |  | (216 | ) |  |  | 30.09 |
Outstanding at end of year |  |  | 97,737 |  |  | $ | 28.50 |  |  |  | 96,874 |  |  | $ | 27.92 |  |  |  | 96,543 |  |  | $ | 27.91 |
Summary of intrinsic values of options exercised, exercisable, and outstanding | The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2013, 2012, and 2011:
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Options exercised |  | $ | 477 |  |  | $ | 22 |  |  | $ | 0 |
Options exercisable |  |  | 790 |  |  |  | 88 |  |  |  | 43 |
Outstanding options |  |  | 849 |  |  |  | 388 |  |  |  | 345 |
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 1998 Plan for the years ended December 31, 2013, 2012, and 2011:
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Options exercised |  | $ | 1,175 |  |  | $ | 690 |  |  | $ | 27 |
Options exercisable |  |  | 948 |  |  |  | 1,517 |  |  |  | 833 |
Outstanding options |  |  | 948 |  |  |  | 1,517 |  |  |  | 833 |
Schedule of unrecognized compensation cost related to nonvested awards, grant-date fair value of vested shares, and cash received from option exercises | The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2013, 2012, and 2011 and the total grant-date fair value of shares vested, cash received from option exercises under all share-based payment arrangements, and the actual tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the years ended December 31, 2013, 2012, and 2011.
(in thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end |  | $ | 1,366 |  |  | $ | 1,133 |  |  | $ | 1,729 |
Grant date fair value of shares vested for the year |  |  | 521 |  |  |  | 34 |  |  |  | 284 |
Cash received from option exercises under all share-based payment arrangements for the year |  |  | 5,306 |  |  |  | 3,137 |  |  |  | 134 |
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year |  |  | 303 |  |  |  | 496 |  |  |  | 23 |

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