Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 2 – Stock-Based Compensation

Restricted stock expense for the three months ended March 31, 2022 and 2021 was $484 thousand and $213 thousand, respectively, including $23 thousand and $18 thousand, respectively, in dividends paid for those periods. Restricted stock expense for the first quarter 2022 included the accelerated vesting of restricted stock related to employee retirement in the amount of $245 thousand, pursuant to the terms of CTBI’s 2015 Stock Ownership Incentive Plan.  As of March 31, 2022, there was a total of $2.2 million of unrecognized compensation expense related to restricted stock grants that will be recognized as expense as the awards vest over a weighted average period of 3.1 years.  There were 35,438 and 9,193 shares of restricted stock granted during the three months ended March 31, 2022 and 2021, respectively.  The restricted stock was issued pursuant to the terms of CTBI’s 2015 Stock Ownership Incentive Plan. The restrictions on the restricted stock will lapse ratably over four years. However, in the event of certain participant employee termination events occurring within 24 months of a change in control of CTBI or the death of the participant, the restrictions will lapse, and in the event of the participant’s disability, the restrictions will lapse on a pro rata basis.  The Compensation Committee will have discretion to review and revise restrictions applicable to a participant’s restricted stock in the event of the participant’s retirement.

There was no compensation expense related to stock option grants for the three months ended March 31, 2022 or 2021, as all stock option awards have fully vested.  There were no stock options granted in the first three months of 2022 or 2021.