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Employee Benefits | 12 Months Ended
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Dec. 31, 2022
Employee Benefits [Abstract] |
Employee Benefits | 14. 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) who are credited with one year of service (12 consecutive month period with at least 1,000 hours). The year of service requirement for participant contributions was changed in 2022 to 90 days of service effective January 1, 2023. The company match will continue to begin with one year of credited service. Participants in the plan have the option to contribute from 1% to 20% of their annual compensation. CTBI matches 50% of participant contributions up to 8% of gross pay. CTBI may, at our discretion, contribute an additional percentage of covered employees’ compensation. CTBI’s matching contributions were $1.2 million, $1.1 million, and $1.2 million for the three years ended December 31, 2022, 2021, and 2020, respectively. The 401(k) Plan owned 348,859, 445,562, and 479,489 shares of CTBI’s common stock at December 31, 2022, 2021, and 2020, respectively. Substantially all shares owned by the 401(k) Plan 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 is available to all employees (age 21 and over) who are credited with one year of service (12 consecutive month period with at least 1,000 hours). CTBI currently contributes 4% of covered employees’ compensation to the ESOP. The ESOP uses the contributions to acquire shares of CTBI’s common stock. CTBI’s contributions to the ESOP were $1.7 million, $1.8 million, and $1.8 million for the three years ended December 31, 2022, 2021, and 2020, respectively. The ESOP owned 734,677, 774,562, and 778,269 shares of CTBI’s common stock at December 31, 2022, 2021, and 2020, 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: As of December 31, 2022, CTBI maintained one active and one inactive incentive stock ownership plans covering key employees. The 2015 Stock Ownership Incentive Plan (“2015 Plan”) was approved by the Board of Directors and the Shareholders in 2015. The 2006 Stock Ownership Incentive Plan (“2006 Plan”) was approved by the Board of Directors and the Shareholders in 2006. The 2006 Plan was rendered inactive as of April 28, 2015. The 2015 Plan has 550,000 shares authorized, 400,221 of which were available at December 31, 2022. Shares issuable pursuant to awards which were granted under the prior plans on or before their respective expiration or termination dates will be issued from the remaining shares reserved for issuance under the prior plans. The shares of common stock reserved for issuance under the prior plans in excess of the number of shares as to which options or other benefits are awarded thereunder, and any shares as to which options or other benefits granted under the prior plans may lapse, expire, terminate, or be canceled, will not be reserved and available for issuance or reissuance under the 2015 Plan. 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, 2022:
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 |  |  | 20 |  |  | $ | 32.27 |  |  |  | 400 | (a)
Restricted stock |  | (c) |  |  | (b) |  |  | (a) |
Performance units |  | (d) |  |  | (b) |  |  | (a) |
Stock appreciation rights (“SARs”) |  | (e) |  |  | (b) |  |  | (a) |
Total |  |  |  |  |  |  |  |  |  |  | 400 |
(a) | Under the 2015 Plan, 550,000 shares are authorized for issuance; 154,084 have been issued as of December 31, 2022. 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, 2022. 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.
The following table details the shares available for future issuance under the 2015 Plan at December 31, 2022.
Plan Category |  | Shares Available for Future Issuance |
Shares available at January 1, 2022 |  |  | 450,659 |
Stock option grants |  |  | 0 |
Restricted stock grants |  |  | (50,438 | )
Forfeitures |  |  | 0 |
Shares available for future issuance at December 31, 2022 |  |  | 400,221 |
There were no stock options granted in 2022, 2021, or 2020. The 2015 Plan: There was no stock option activity for the 2015 Plan for the years ended December 31, 2022, 2021, and 2020. The following table shows restricted stock activity for the 2015 Plan for the years ended December 31, 2022, 2021, and 2020:
December 31 |  | 2022 |  |  | 2021 |  |  | 2020 |
|  | 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 |  |  | 47,063 |  |  | $ | 42.90 |  |  |  | 55,551 |  |  | $ | 44.04 |  |  |  | 50,992 |  |  | $ | 43.08 |
Granted |  |  | 50,438 |  |  |  | 45.15 |  |  |  | 9,193 |  |  |  | 38.70 |  |  |  | 21,544 |  |  |  | 44.64 |
Vested |  |  | (29,364 | ) |  |  | 43.92 |  |  |  | (17,681 | ) |  |  | 44.31 |  |  |  | (16,985 | ) |  |  | 41.92 |
Forfeited |  |  | 0 |  |  |  | - |  |  |  | 0 |  |  |  | - |  |  |  | 0 |  |  |  | - |
Outstanding at end of year |  |  | 68,137 |  |  | $ | 44.13 |  |  |  | 47,063 |  |  | $ | 42.90 |  |  |  | 55,551 |  |  | $ | 44.04 |
The 2006 Plan: CTBI’s stock option activity for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020 is summarized as follows:
December 31 |  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,495 |  |  | $ | 32.04 |
Granted |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Exercised |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (495 | ) |  |  | 22.81 |
Forfeited/expired |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Outstanding at end of year |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,000 |  |  | $ | 32.27 |
Exercisable at end of year |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,000 |  |  | $ | 32.27 |  |  |  | 20,000 |  |  | $ | 32.27 |
There were no nonvested options at December 31, 2022. Incentive stock options are exercisable four years from grant date, and management retention stock options are exercisable five years from grant date. All outstanding options as of December 31, 2022 are management retention stock options. Stock options expire 10 years from the grant date if not exercised within that timeframe. The weighted average remaining contractual term in years of the options outstanding at December 31, 2022 was 2.1 years. There were no options granted from the 2006 Plan during the years 2022, 2021, and 2020. The following table shows the intrinsic values of options exercised, exercisable, and outstanding for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020:
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Options exercised |  | $ | 0 |  |  | $ | 0 |  |  | $ | 11 |
Options exercisable |  |  | 273 |  |  |  | 227 |  |  |  | 96 |
Outstanding options |  |  | 273 |  |  |  | 227 |  |  |  | 96 |
There was no restricted stock activity for the 2006 Plan for the years ended December 31, 2022, 2021, and 2020. The following table shows the unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2022, 2021, and 2020 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, 2022, 2021, and 2020.
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Unrecognized compensation cost of nonvested share-based compensation arrangements granted under the plan at year-end |  | $ | 2,108 |  |  | $ | 1,093 |  |  | $ | 1,512 |
Total fair value of shares vested for the year |  |  | 1,306 |  |  |  | 664 |  |  |  | 887 |
Cash received from option exercises under all share-based payment arrangements for the year |  |  | 0 |  |  |  | 0 |  |  |  | 11 |
Tax benefit realized for the tax deductions from option exercises of the share-based payment arrangements for the year |  |  | 0 |  |  |  | 0 |  |  |  | 1 |
The unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the plans at December 31, 2022 is expected to be recognized over a weighted-average period of 3.2 years.

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