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Employee Benefits (Tables)

12 Months Ended

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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