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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2021
Stock-Based Compensation [Abstract] |
STOCK-BASED COMPENSATION | Note 14 STOCK-BASED COMPENSATION At December 31, 2021, the Company had three stock-based compensation plans, consisting of the 2021 Associate Incentive Plan (“AIP”), the 2021 Associate Stock Purchase Plan (“ASPP”), and the 2021 Director Stock Purchase Plan (“DSPP”). These plans, which were approved by the shareowners in April 2021, replaced substantially similar plans approved by the shareowners in 2011. Total compensation expense associated with these plans for 2019 through 2021 was $ 2.2 million, $ 1.6 million, and $ 1.6 million, respectively. AIP. The AIP allows key associates and directors to earn various forms of equity-based incentive compensation. Under the 2021 AIP there were 700,000 shares reserved for issuance. On an annual basis, the Company, pursuant to the terms and conditions of the AIP, will create an annual incentive plan (“Plan”), under which all participants are eligible to earn performance shares. Awards for associates under the 2021 Plan were tied to internally established performance goals. At base level targets, the grant- date fair value of the shares eligible to be awarded in 2021 was approximately $ 1.0 million. Approximately 60 % of the award is in the form of stock and 40 % in the form of a cash bonus. For 2021, a total of 25,356 shares were eligible for issuance, but additional shares could be earned if performance exceeded established goals. A total of 29,926 shares were earned for 2021 that were issued in January 2022. For 2021, Directors earned 10,377 shares under the plan. The Company recognized expense of $ 1.2 million, $ 1.0 million and $ 0.9 million for the years ended December 31, 2021, 2020 and 2019, respectively related to the AIP. Executive Long-Term Incentive Plan (“LTIP”) . The Company has established a Performance Share Unit Plan under the provisions of the AIP that allows William G. Smith, Jr., the Chairman, President, and Chief Executive Officer of CCBG, Inc., Thomas A. Barron, the President of CCB, and J. Kimbrough Davis, Chief Financial Officer of the Company to earn shares based on the compound annual growth rate in diluted earnings per share over a three-year period. The Company recognized expense of $ 0.2 million, $ 0.4 million and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Shares issued under the plan were 27,915 , 32,482 , and 15,272 for the years ended December 31, 2021, 2020 and 2019, respectively. A total of 6,849 shares were earned in 2021 that were issued in January 2022. After deducting the shares earned, but not issued, in 2021 under the AIP and LTIP, 603,251 shares remain eligible for issuance under the 2021 AIP. DSPP. The Company’s DSPP allows the directors to purchase the Company’s common stock at a price equal to 90 % of the closing price on the date of purchase. Stock purchases under the DSPP are limited to the amount of the directors' annual retainer and meeting fees. Under the 2021 DSPP, there were 300,000 shares reserved for issuance. The Company recognized $ 0.1 million in expense under the DSPP for the years ended December 31, 2021, 2020 and 2019. The Company issued shares under the DSPP totaling 19,362 , 16,119 and 15,332 for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, there are 280,638 shares eligible for issuance under the 2021 DSPP. ASPP. Under the Company’s ASPP, substantially all associates may purchase the Company’s common stock through payroll deductions at a price equal to 90 % of the lower of the fair market value at the beginning or end of each six-month offering period. Stock purchases under the ASPP are limited to 10 % of an associate's eligible compensation, up to a maximum of $ 25,000 (fair market value on each enrollment date) in any plan year. Under the 2021 ASPP, there were 400,000 shares of common stock reserved for issuance. The Company recognized $ 0.1 million, $ 0.2 million and $ 0.1 million in expense under the ASPP for the years ended December 31, 2021, 2020 and 2019, respectively. The Company issued shares under the ASPP totaling 22,126 , 33,910 and 27,304 for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, 377,874 shares remained eligible for issuance under the ASPP. Based on the Black-Scholes option pricing model, the weighted average estimated fair value of each of the purchase rights granted under the ASPP was $ 3.96 for 2021. For 2020 and 2019, the weighted average fair value purchase right granted was $ 5.83 and $ 3.61 , respectively. In calculating compensation, the fair value of each stock purchase right was estimated on the date of grant using the following weighted average assumptions: 2021 2020 2019 Dividend yield 2.5 % 2.4 % 2.0 % Expected volatility 21.8 % 45.6 % 17.4 % Risk-free interest rate 0.1 % 0.9 % 2.3 % Expected life (in years) 0.5 0.5 0.5

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