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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Stock-Based Compensation [Abstract] |
STOCK-BASED COMPENSATION | Note 14 STOCK-BASED COMPENSATION At December 31, 2023, 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 2021 through 2023 was $ 1.6 million, $ 2.3 million, and $ 2.1 million, respectively. AIP. The AIP allows key associates and directors to earn various forms of equity-based incentive compensation. Under the 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 to associates under the 2021 Plan were tied to internally established goals. At base level targets, the grant-date fair value of the shares eligible to be awarded in 2023 was approximately $ 1.1 million. For 2023, a total of 27,577 shares were eligible for issuance, but additional shares could be earned if performance exceeded established goals. A total of 26,614 shares were earned for 2023 that were issued in January 2024. For the years ended December 31, 2023 and 2022, Directors earned 8,840 and 11,847 shares, respectively, under the Plan. The Company recognized expense of $ 1.1 million, $ 1.9 million, and $ 1.2 million for the years ended December 31, 2023, 2022 and 2021, 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. and Thomas A. Barron, the President of CCB 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 $ 0.9 million, $ 0.2 million, and $ 0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Shares issued under the plan were 4,909 , 6,849 , and 27,915 for the years ended December 31, 2023, 2022 and 2021, respectively. A total of 17,334 shares were earned in 2023 that were issued in January 2024. After deducting the shares earned, but not issued, in 2023 under the AIP and LTIP, 492,247 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 DSPP, there were 300,000 shares reserved for issuance. The Company recognized $ 0.1 million in expense under the DSPP for each of the years ended December 31, 2023, 2022 and 2021. The Company issued shares under the DSPP totaling 13,090 , 14,977 and 19,362 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, there were 252,571 shares eligible for issuance under the 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 ASPP, there were 400,000 shares of common stock reserved for issuance. The Company recognized $ 0.1 million in expense under the ASPP for each of the years ended December 31, 2023, 2022 and 2021, respectively. The Company issued shares under the ASPP totaling 17,651 , 31,101 and 22,126 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, 329,122 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 $ 5.32 for 2023. For 2022 and 2021, the weighted average fair value purchase right granted was $ 4.03 and $ 3.96 , 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: 2023 2022 2021 Dividend yield 2.3 % 2.4 % 2.5 % Expected volatility 22.5 % 17.6 % 21.8 % Risk-free interest rate 5.1 % 1.4 % 0.1 % Expected life (in years) 0.5 0.5 0.5

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