XML 60 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
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, 2018:

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
  
33
  
$
32.47
   
509
(a)
Restricted stock
 
(c)
  
(b)
  
(a)
 
Performance units
 
(d)
  
(b)
  
(a)
 
Stock appreciation rights (“SARs”)
 
(e)
  
(b)
  
(a)
 
Total
          
509
 

(a)
Under the 2015 Plan, 550,000 shares are authorized for issuance; 44,988 have been issued as of December 31, 2018.  In January of 2016, 18,069 restricted stock shares were issued under the terms of the 2015 Plan pursuant to awards granted under the 2006 Plan.  Additional shares will not be issued pursuant to awards granted from prior plans.
(b)
Not applicable
(c)
The maximum number of shares of restricted stock that may be granted is 550,000 shares, and the maximum that may be granted to a participant during any calendar year is 75,000 shares.
(d)
No performance units payable in stock had been issued as of December 31, 2018.  The maximum payment that can be made pursuant to performance units granted to any one participant in any calendar year is $1,000,000.
(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 is 100,000 shares.
Schedule of Weighted Average Assumptions Used for Estimating 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:

 
2016
Expected option life (in years)
7.5
Expected volatility
34.34%
Expected dividend yield
3.70%
Risk-free interest rate
1.45%
Unrecognized Compensation Cost, Grant-Date Fair Value of Shares Vested, Cash Received from Option Exercises and Actual Tax Benefit Realized for Tax Deductions 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, 2018, 2017, and 2016 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, 2018, 2017, and 2016.

(in thousands)
 
2018
  
2017
  
2016
 
Unrecognized compensation cost of unvested share-based compensation arrangements granted under the plan at year-end
 
$
1,072
  
$
1,242
  
$
835
 
Grant date fair value of shares vested for the year
  
645
   
564
   
1,490
 
Cash received from option exercises under all share-based payment arrangements for the year
  
399
   
693
   
2,099
 
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year
  
49
   
138
   
3
 
2015 Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Shares to be Issued and Remaining Shares Available for Future Issuance
The following table details the shares available for future issuance under the 2015 Plan at December 31, 2018.

Plan Category
Shares Available for Future Issuance
Shares available at January 1, 2018
519,140
Stock option issuances
0
Restricted stock issuances
(11,320)
Forfeitures
1,515
Shares available for future issuance
509,335
Schedule of Stock Option Activity
CTBI’s stock option activity for the 2015 Plan for the years ended December 31, 2018, 2017, and 2016 is summarized as follows:

December 31
 
2018
  
2017
  
2016
 
  
Options
  
Weighted Average Exercise Price
  
Options
  
Weighted Average Exercise Price
  
Options
  
Weighted Average Exercise Price
 
Outstanding at beginning of year
  
10,000
  
$
33.55
   
10,000
  
$
33.55
   
0
  
$
0
 
Granted
  
0
   
0
   
0
   
0
   
10,000
   
33.55
 
Exercised
  
(10,000)
   
33.55
   
0
   
0
   
0
   
0
 
Forfeited/expired
  
0
   
0
   
0
   
0
   
0
   
0
 
Outstanding at end of year
  
0
  
$
0
   
10,000
  
$
33.55
   
10,000
  
$
33.55
 
                         
Exercisable at end of year
  
0
  
$
0
   
0
  
$
0
   
0
  
$
0
 

*Pursuant to the 2015 Plan provisions, the death of the option holder accelerated the vesting of 10,000 shares during the year.
Summary for Status of Nonvested Options
A summary of the status of CTBI’s 2015 Plan for nonvested options as of December 31, 2018, and changes during the year ended December 31, 2018, is presented as follows:

Nonvested Options
 
Options
  
Weighted Average Grant Date Fair Value
 
Nonvested at January 1, 2018
  
10,000
  
$
6.82
 
Granted
  
0
   
0
 
Vested
  
(10,000)
   
6.82
 
Forfeited
  
0
   
0
 
Nonvested at December 31, 2018
  
0
  
$
0
 
Schedule of Intrinsic Values of Options Exercised, Exercisable, and Outstanding
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2015 Plan for the years ended December 31, 2018 and 2017:

(in thousands)
 
2018
  
2017
 
Options exercised
 
$
140
  
$
0
 
Options exercisable
  
0
   
0
 
Outstanding options
  
0
   
136
 
Schedule of Restricted Stock Activity
The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2018 and 2017:

December 31
 
2018
  
2017
  
2016
 
  
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
  
33,085
  
$
41.84
   
17,496
  
$
33.55
   
0
  
$
0
 
Granted
  
11,320
   
49.30
   
23,668
   
46.45
   
18,069
   
33.55
 
Vested
  
(8,761
)
  
40.46
   
(5,751
)
  
35.79
   
(442
)
  
33.55
 
Forfeited
  
(1,389
)
  
46.77
   
(2,328
)
  
41.31
   
(131
)
  
33.55
 
Outstanding at end of year
  
34,255
  
$
44.46
   
33,085
  
$
41.84
   
17,496
  
$
33.55
 

* Grants issued in 2016 were issued under the terms of the 2015 Plan pursuant to awards granted and earned under the 2006 Plan.
2006 Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock Option Activity
CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2018, 2017, and 2016 is summarized as follows:

December 31
 
2018
  
2017
  
2016
 
  
Options
  
Weighted Average Exercise Price
  
Options
  
Weighted Average Exercise Price
  
Options
  
Weighted Average Exercise Price
 
Outstanding at beginning of year
  
35,376
  
$
31.90
   
61,041
  
$
29.84
   
118,574
  
$
32.36
 
Granted
  
0
   
0
   
0
   
0
   
0
   
0
 
Exercised
  
(2,475
)
  
25.52
   
(25,665
)
  
27.01
   
(57,423
)
  
35.02
 
Forfeited/expired
  
(330
)
  
23.79
   
0
   
0
   
(110
)
  
35.41
 
Outstanding at end of year
  
32,571
  
$
32.47
   
35,376
  
$
31.90
   
61,041
  
$
29.84
 
                         
Exercisable at end of year
  
2,571
  
$
25.11
   
5,376
  
$
25.22
   
30,629
  
$
26.64
 
Summary for Status of Nonvested Options
A summary of the status of CTBI’s 2006 Plan for nonvested options as of December 31, 2018, and changes during the year ended December 31, 2018, is presented as follows:

Nonvested Options
 
Options
  
Weighted Average Grant Date Fair Value
 
Nonvested at January 1, 2018
  
30,000
  
$
6.98
 
Granted
  
0
   
0
 
Vested
  
0
   
0
 
Forfeited
  
0
   
0
 
Nonvested at December 31, 2018
  
30,000
  
$
6.98
 
Schedule 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, 2018, 2017, and 2016:

(in thousands)
 
2018
  
2017
  
2016
 
Options exercised
 
$
56
  
$
537
  
$
139
 
Options exercisable
  
37
   
118
   
703
 
Outstanding options
  
233
   
538
   
1,206
 
Schedule of Restricted Stock Activity
The following table shows restricted stock activity for the years ended December 31, 2018, 2017, and 2016:

December 31
 
2018
  
2017
  
2016
 
  
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
  
5,426
  
$
33.24
   
11,989
  
$
32.85
   
64,735
  
$
28.92
 
Granted
  
0
   
0
   
0
   
0
   
0
   
0
 
Vested
  
(3,236
)
  
33.90
   
(6,214
)
  
32.48
   
(52,521
)
  
28.01
 
Forfeited
  
(126
)
  
32.27
   
(349
)
  
33.31
   
(225
)
  
32.52
 
Outstanding at end of year
  
2,064
  
$
32.27
   
5,426
  
$
33.24
   
11,989
  
$
32.85
 
1998 Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock Option Activity
CTBI’s stock option activity for the 1998 Plan for the year ended December 31, 2016 is summarized as follows:

December 31
 
2016
 
  
Options
  
Weighted Average Exercise Price
 
Outstanding at beginning of year
  
2,980
  
$
29.49
 
Granted
  
0
   
0
 
Exercised
  
(2,980
)
  
29.49
 
Forfeited/expired
  
0
   
0
 
Outstanding at end of year
  
0
  
$
0
 
         
Exercisable at end of year
  
0
  
$
0
 
Schedule of Intrinsic Values of Options Exercised, Exercisable, and Outstanding
The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 1998 Plan for the year ended December 31, 2016:

(in thousands)
 
2016
 
Options exercised
 
$
13
 
Options exercisable
  
0
 
Outstanding options
  
0